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Deals & Dealmakers

Selling points: Inwood portfolio purchased for $19.7M, BFE sells Fort Lee building for $22M

Coney Realty & Management

Inwood portfolio purchased for $19.7 million

Cignature Realty Associates brokered the $19.7 million portfolio sale of two adjacent five-story multifamily walk-up rental buildings in the Inwood section of Manhattan to Coney Realty & Management. The seller was Hillcrest Acquisitions LLC.

Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and seller in the transaction that closed late last month.

The buildings, which were built in 1926 and renovated in 1988, are located at 14 & 28 Thayer Street. Together they total 64,255 square feet and feature 85 apartments: 61 – one-bedrooms, 15– two-bedrooms and 9 – three-bedrooms. They sold for $306 per square feet.

BFE

BFE sells Fort Lee building in emerging district for $22 million

Polygon Plaza, a 90,000-square-foot office building located at 2050 Center Ave., in the heart of Fort Lee’s bustling redevelopment district, has traded for $22 million. A BFE affiliate sold the fully leased asset to H&M Group, Inc., a New York investor.

BFE acquired the building in 1994 for $6.4 million; the seller, Connecticut Mutual Life, had acquired it through a foreclosure. Today, Polygon Plaza is leased to a mix of small and mid-sized tenants, including many long-term occupants. Trans-Hudson Management Corp., a BFE affiliate, will continue to manage the building for the new owner.

“BFE did a remarkable job stabilizing Polygon Plaza and enhancing its competitive position,” Cushman & Wakefield’s Andrew J. Merin, who represented BFE in the sale with Metropolitan Area Capital Markets Group team members David Bernhaut, Gary Gabriel and Brian Whitmer. “In turn, the organization achieved an impressive return on its initial investment by going out to market at a time when office investment demand is rebounding, especially in desirable New Jersey Gold Coast markets like Fort Lee.”

Ashley Kim and Bowen Pak of Eastern International Realty, Inc. served as co-brokers for the seller in the transaction.

Treetop Development

In-demand multifamily property picked up in Queens for $40M

Eastern Consolidated has arranged the sale of a 167-unit, 187,800-square-foot multifamily property at 94-25 57th Avenue in Elmhurst, Queens. The seven-story building traded for $40,725,000.

Matt Sparks, Senior Director and Principal, and Ted Volynets, Associate Director, represented the seller, a private investor, and Sparks procured the buyer, Treetop Development, in this off-market transaction.

The block front property on Junction Boulevard between 56th and 57th Avenues includes 15 studios, 101 one bedrooms, 35 two bedrooms, 12 three bedrooms, and three professional units. All of the units are fully occupied.

“The demand for this asset was tremendous,” Sparks said.  “There is a lot of velocity in the Queens multi-family market, which we were able to quietly harness to the seller’s benefit.”

Volynets continued, “94-25 57th Avenue presented a unique opportunity for an investor to acquire a property that boasts oversized apartments, phenomenal bones, and close proximity to one of Queens’ most sought-after retail thoroughfares. The seller, a long-term owner, trusted Eastern Consolidated to quietly and diligently find the right buyer, and we did just that.”

The property is located several blocks from major retailers including the Apple Store and Macy’s at Queens Center, Century 21, Sears, and Costco at Rego Center, and Target at Queens Place. The neighborhood is accessible by train on the M and R subway lines at Woodhaven Boulevard and Queens Center, and by car via the Long Island Expressway and Queens Boulevard.

Newmark Grubb Knight Frank

NGKF tapped to sell trio of Kips Bay buildings

Newmark Grubb Knight Frank (NGKF) announced that NGKF Capital Markets has been appointed as the exclusive broker for the sale of 165-169 Lexington Avenue, a 6,582-square-foot development site with over 42,000 buildable square feet between 30th and 31st Streets.

The three existing four-story buildings total approximately 17,000 square feet and will be delivered vacant or with short-term lease expirations. The properties are located in the highly sought after Midtown South submarket and offer an exciting development opportunity for retail, luxury condominiums, a boutique hotel, or a new office building.

Nestled between the bustling NoMad and Kips Bay neighborhoods, the location attracts a diverse demographic of workers, residents and shoppers. Nearby points-of-interest include a Ramada Hotel, the ever-popular Penelope restaurant and the new Dover Street Market, a seven-story shopping destination for luxury high-end fashion collections. The site offers 66 feet of frontage on the east side of Lexington Avenue providing an excellent opportunity for new retail and with nearly 40,000 buildable square feet for residential space, the possibilities are endless.

“This development site offers a tremendous opportunity in a vibrant neighborhood in the heart of Manhattan,” said Senior Managing Director David Noonan, NGKF Capital Markets. “The growth in high-end residential as well as upscale hospitality creates an exciting opportunity for buyers looking to capitalize on the development of this growing neighborhood.”

Noonan and NGKF Capital Markets Senior Managing Director Jennifer Schwartzman will be marketing the property for sale, with the assistance of Landauer Valuation & Advisory Chairman Robert Von Ancken. Senior Managing Director Paul Talbot of NGKF Capital Markets’ structured finance team can be contacted regarding financing.

GFI Realty Services

GFI tapped to sell five Greenpoint sites for $12.2M

GFI Realty Services, LLC announced that it has been named exclusive sales agent for the rare opportunity to acquire five contiguous land sites that feature a total of 30,558 square feet of buildable space in Greenpoint, Brooklyn’s Waterfront District.

Owned by two separate entities, the ideally located lots — 40 Commercial Street, 48 Commercial Street, 56 Commercial Street, 13 Clay Street and 15-17 Clay Street — have each been owner-occupied for more than 25 years.

The availability of the five-parcel assemblage provides prospective buyers with the opportunity to acquire a sizeable land site that is zoned for residential development, and features impressive views of Manhattan and the East River. GFI Realty Associate Sash Berg is overseeing the marketing of the assemblage, with pricing targeted at approximately $12.2 million.

The location of the parcels benefits from the potential implementation of the Brooklyn Queens Connector (BQX) — a proposed train route that would connect the 405,000 residents and 296,000 people that work along the Sunset Park to Astoria corridor. According to the New York City Economic Development Corporation, the BQX has the potential to generate more than $25 billion in economic impact over the next 30 years by providing affordable and convenient transit for communities with limited transportation options; supporting growing neighborhoods; increasing access to quality jobs; reducing greenhouse gas emissions; and calming traffic.

Gorjian family

Family buyer picks up two Midtown buildings for $16 million

Marcus & Millichap announced the sale of 314 and 316 West 39th St., two adjacent 25-foot wide mixed-use buildings between 8th and 9th avenues for $16 million to Gorjian family. The listing and selling agents are Nat Rockett and Jacob Kahn of the Marcus & Millichap’s Manhattan office, and the seller is Moses Wolf’s Jo & Wo Realty Corp.

“The Gorjian family proved to be the right buyer for this pair of properties,” said Kahn. “The Gorjian family has the right long-term vision for the properties given the income and long-term tenancy in the building; they plan to grow the occupancy, make physical improvements to the building systems and individual apartments, and renovate components of the building envelope.”

“We love the neighborhood,” said the Gorjian family. “After many years, we are finally seeing deals priced correctly and that makes us eager to purchase more investment properties.”

Both buildings each feature two retail units on the ground floor and eight apartment units above. Five units are currently rent stabilized with the balance at Free Market Status, deliverable vacant at closing. The properties include a 50-foot by 98.7-foot lot, with a zoning floor area of 10, but are only built to 2.73 respectively.

Combined, the site features a total buildable square footage of 49,830 square feet and has the potential to be built up 61,034 +/- square feet. The zoning also offers the purchaser the opportunity to build residential condos and rentals, office space or a hotel between Times Square and the Hudson Yards Project.

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