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Deals & Dealmakers

Selling points: Greystone to restore 164 West 74th St., Coltown JV buys Morningside Heights seminary

Greystone / Prime Rok

Greystone to restore Upper West Side beauty

Greystone Development has partnered with Prime Rok Real Estate to buy 164 West 74th Street for $26.8 million.

The partnership plans to turn the eight-story Beaux-Arts property currently occupied by the Pheonic House drug treatment organizationinto luxury condos, tapping architect Barry Rice to lead a team that will restore the property.

“It’s a gorgeous building with a pristine façade,ˮsaid Rice.

“We envision a new south facing rear façade that is inspired by the Grand Courtyard of the Upper West Side’s hotel/apartment buildings such as The Ansonia. The neoclassical aesthetic of the Upper West Sideʼs great apartment buildings will be recalled in fenestration and materials. The end product will be a classically inspired condominium building with expansive apartment layouts for 21st century living.”

Afshin Hedvat, principal oif midtown-based developer Prime Rok, added, “We look forward to working alongside of this talented team to bring these distinct homes to market.”

Acquisition financing for the purchase was provided by Mercantil Commercebank, a strategic partner of Greystone Development.

Newmark Grubb Knight Frank’s Justin DiMare and Stephen Gordon represented the seller in the sale.

Capital Property Partners’ Daniel and Joseph Rahmani represented the buyers.

GFI realty

Coltown JV buys seminary

GFI Realty Services announced the $35.25 million sale of 3060 Broadway, the Jewish Theological Seminary building in Morningside Heights.

Barak Jacobov and Shulem Paneth of GFI represented the buyer, a joint-venture partnership of Coltown Properties, Esplanade Partners and Avenue Realty Capital.

The Savills Studley team of David Carlos and Ira Schuman represented the seller.

The 48,000 s/f multifamily and retail contains 36 apartments and five commercial units. All of the commercial units are occupied by retail tenants with short-term leases.

“The demand for New York City real estate remains red hot and the Jewish Theological Seminary chose an excellent time to sell this building,” said Paneth. “Its prime location in this reinvigorated neighborhood made the asset very attractive to a host of potential buyers.”

“There is a limited amount of quality product available in this neighborhood, and the Seminary was able to capitalize on market conditions and redirect capital to other institutional needs,” said Jacobov.

Besen & Associates

Bronx seller turns hefty profit

A Bronx building owner just made $18 million on a property he bought for $1 million.

Besen & Associates sold 3873 Orloff Avenue in Van Cortlandt Village for $19.2 million on behalf of a private individual investor, who owned only this property, which he acquired in 1994 for $1 million.

“This is unquestionably a shining example of capital appreciation for The Bronx,” said Besenʼs Amit Doshi, who brokered the sale with Lynda Blumberg.

“Quality asset, excellent North Bronx location…the seller was rewarded for his patience.”

The seven-story residential building has 90 apartments and a 56-car garage. Built in 1964, the 93,767 s/f proeprty has two elevators and a full basement with windows.

3873 Orloff Avenue is situated in a cul-de-sac near Riverdale, the #4 subway stop, Lehman College, and Van Cortlandt Park.

The price per square foot of the property amounts to $203, the price per unit is $211,000, capitalization rate of 4.8 percent and a gross rent multiplier of 12.8.

“Many of the 1960’s construction buildings in this area and on Orloff have already been converted to co-ops, which speaks to the strength of this location,” noted Blumberg.

Cushman & Wakefield

Hudson Heights building fetches $25M

The residential condo portion of 92 Pinehurst Avenue in Hudson Heights has been sold $25.55 million.

The condo portion of the 72-unit building is 72,896 s/f above grade of which the usable residential area is about 60,000 s/f. The sale price equates to $350 ppsf. The seller was Pinehurst Partners, LP.

“This was a rare opportunity to own one of the finest multifamily elevator buildings in one of New York City’s most up-and-coming neighborhoods,ˮ said Cushman & Wakefield’s James Nelson who exclusively handled this transaction with Mitchell Levine.

“In fact, over the last five years, only three elevator apartment buildings with 50 or more units have sold in this coveted neighborhood enclave.”

Simon Baron Development

Developer dips toe in W’burg waterfront market

Simon Baron Development has acquired 12 Franklin Street in Brooklyn, New York, for $24 million.

The 30,500 s/f commercial building represents Simon Baron’s first acquisition along the Williamsburg and Greenpoint waterfront.

“We are excited for this to be our first property in the rapidly developing and vibrant Williamsburg/Greenpoint neighborhood,” said Matthew Baron, president of Simon Baron Development.

“We feel that the site presents an ideal opportunity to be among this pocket of retailers, creative offices, restaurants, galleries, hotels and new/old industrial uses, and that it’s following a similar trend to what was seen in Manhattan’s Meatpacking District neighborhood nearly 20 years ago.”

12 Franklin Street is located in the approximate 20-block area in between the residential development of Greenpoint to the North and the commercial area of North Williamsburg to the South.

Cushman & Wakefield’s Brendan Maddigan and Mark Lively represented the seller, 12 Franklin Street Realty Corp. and 8 Meserole LLC. Simon Baron was represented in-house and HKS Capital arranged the debt financing for the developer.

Maddigan said, “This manufacturing zoned area is currently experiencing an influx of commercial development, and we knew our efforts had to target retail investors and developers in order to achieve a successful sale.”

SL Green

Nice outcome on Renaissance roll

SL Green Realty Corp. and its joint venture partner, Renaissance Office Partners,have agreed to sell 7 Renaissance Square, a 65,600 s/foffice building at the Ritz Carlton complex in downtown White Plains, New York.

The gross sales price is $20.7 million, or $316 psf. The transaction is expected to close during the second quarter of 2016.

SL Green and Renaissance formed the joint venture to recapitalize 7 Renaissance Square in December, 2010. Along with taking a 50 percent ownership position in the joint venture, SL Green assumed management and leasing responsibilities. Renaissance Office Partners assumed all construction responsibilities.

Isaac Zion, SL Green’s co-chief investment sfficer, commented, “We are very pleased with the outcome of our 7 Renaissance investment. It represents one of the highest prices per square foot ever achieved for a Westchester County office asset.”

Jeff Dunne of CBRE represented the sellers.

Houlihan-Parnes Realtors

Buyer has eye on improvements

Houlihan-Parnes Realtors has arranged the acquisition of 1, 3, 5 Old Mamaroneck Road in White Plains, NY.

Rich Hendey from Houlihan-Parnes represented the purchasers in the transaction.

The leasehold purchase consists of a pre-war, six-story building with 16 retail / professional units, 78 apartments, and onsite parking for 60 cars.

Located at the corner of Mamaroneck Avenue and Old Mamaroneck Road, 1,3,5 Old Mamaroneck Road “presented a unique opportunity to use local expertise and a gradual reinvestment program to improve the performance of this asset,ˮ said Houlihan-Parnes, whose principals are part of the investment group

Doran Golubtchik, Esq. of Goldberg Weprin Finkel Goldstein LLP handled the transaction on behalf of the investment group.

Terra CRG

Brand new and now for sale

TerraCRG has been retained to sell a new construction portfolio in the Bedford-Stuyvesant neighborhood of Brooklyn.

Ofer Cohen and Matt Cosentino, along with their teams, are marketing the portfolio. The asking price is $13,950,000.

“This offering presents a unique opportunity to purchase three brand new construction buildings all in prime Bedford-Stuyvesant locations, a neighborhood that continues to be one of the most sought after by opportunistic investors,” said Cosentino, vice president at TerraCRG.

The three properties, located at 186 & 194 Herkimer Street and 643 Madison Street, combine for 25,561 s/f and contain a total of 29 residential units, 17 with private balconies and six with roof terraces. All of the units have access to a common outdoor space and have condo finishes

186 & 194 Herkimer Street are a few blocks from the Nostrand Avenue A and C trains and Restoration Plaza, the center point of retail expansion in the area. 643 Madison Street is close to the Utica Avenue A and C trains and the Gates Avenue J and Z trains.

Cushman & Wakefield

Queens theater for sale

Cushman & Wakefield has been retained to sell 135-35 Northern Boulevard, the former RKO Keith’s Theatreat the nexus of Northern Boulevard and Main Street in Flushing, Queens.

For 30 years, the once celebrated cinema palace has sat idle Bob Knakal, chairman, New York Investment Sales at Cushman & Wakefield believes itʼs now now ripe for redevelopment.

Knakal is marketing the property with Stephen Preuss and Jonathan Hageman on behalf of JK Equities.

It has fully approved and permitted plans for a 389,746 s/f mixed-use project with residential, retail and community facility components. The project is shovel ready and is fully qualified for the 421a real estate tax abatement.

In total, the approved plans allow for a 16-story, 269 residential unit, mixed-use development featuring 308,251 s/f of residential space, 24,493 s/f of multi-level retail and an approximately 15,727 s/f community facility.

The property offers nearly 160 feet of frontage and the plans call for a curb cut on Northern Boulevard, providing an entrance to the 305 parking space garage.

Due to the landmarked nature of the asset, the ticket booth lobby and grand foyer are required to be preserved in accordance with approvals that have already been granted by the Landmarks Preservation Commission (LPC).

Jerry Karlik of JK Equities said unsolicited offers had been made on the property. “We decided to complete the entitlement process and 421a tax abatement program and thereafter expose the property to the market as a whole before deciding on a course of action,” he added.

Mission Capital Advisors

BJ building on the block

Mission Capital Advisors has been named by UBS as the exclusive sales agent for a 119,600 S/F big-box retail property at 300 Bellwood Drive in Greece, New York.

Michael Britvan and Adam Grant are leading the search for a buyer for the triple-net-leased property, which is fully occupied with a long-term lease by BJ’s Wholesale Club.

“Given the long-term stability and strategic location of the asset, we expect there will be a great deal of investor interest in this property,” said Britvan.

“The property is ideal for a wide range of funds, REITs and other institutional investors that are attracted to its strength.”

The property encompasses more than 11 acres within the Canal Ponds Business Park, a 300-acre site on the western side of New York State Route 390.

The business park has more than two million square feet of industrial and office facilities, as well as 500,000 s/f of retail, hotel and restaurant facilities.

Gebroe-Hammer Associates

$47M Jersey apartment sale

Gebroe-Hammer Associates has arranged the $47 million sale Murray Hill Apartments, a 171-unit garden-apartment complex in the unincorporated Murray Hill community spanning New Providence and Berkeley Heights, N.J.,

Greg Pine, David Jarvis and Stephen Tragash represented the seller and the buyer, both unnamed private investors.

The property features 12 two-story walk-up buildings fronting Gales Drive, Springfield Avenue and Fifth Street. The 72 one-bedroom and 100 two-bedroom units have modern kitchens and hardwood floors. On-site amenities include parking and laundry facilities. The Murray Hill Train Station is within steps of the complex.

“Communities like Murray Hill have pervasive appeal among multi-family investors because, in general, the tenant pool has a higher college education level and higher median household income that influences the caliber of the area’s multi-family properties and market-rate rents,” said Pine.

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