Cushman & Wakefield
Sugar Hill sells W’burg rental
Sugar Hill Capital Partners has sold a new Williamsburg rental it bought last year for $37 million.
GDC Properties acquired 385 Union Avenue for $45 million, or $1,173 per foot.
“We are delighted to buy our fourth apartment property in Brooklyn, and look forward to expanding our presence here in the coming months,” said Will Ingraham of GDC Properties.
Cushman & Wakefield’s Brendan Maddigan and Robert Shapiro arranged for the sale ofthe newly constructed building.
385 Union Avenue is a six-story, 149 ft. wide property totalling 53,023 s/f. It is comprised of 47 luxury residential units and two proposed retail units; Sugar Hill had previously filed plans for two prime retail units on the ground floor.
The building currently holds a 421-A tax exemption until July 2036.
“The sale price equates to $1,173 per net square foot and an in-place 4.25% capitalization rate. While we’re familiar with big numbers like this in the Northside, it’s exciting to see them reflected in the greater Williamsburg area,” said Maddigan.
“Sugar Hill Capital Partners did a terrific job of repositioning this asset since its acquisition just over a year ago. We were thrilled to present them an all-cash contract with a price tag that exemplifies all of their hard work,” added Shapiro.
Hip LES building hits market
A turnkey Lower East Side apartment building with a co-working ground floorspace has hit the market.
Eastern Consolidated’s Deborah Gutoff, Ron Solarz and Chris Matousek are the exclusive brokers for 207 Madison Street, a 13,910 s/f building listed at $14.95 million. The six-story property offers one retail store and 22 apartments, of which over two-thirds are free market units. The ground floor retail space is currently leased to popular neighborhood restaurant El Castillo de Madison.
“This 100 percent occupied, turnkey property is being offered at a going in cap rate of more than 4.4 percent, which is rare in Manhattan today,” Gutoff said.
The current owners renovated all of the free-market apartments and lobby and built out a hip lower level co-working space that includes a lounge, game room, bike storage, Wi-Fi, and full dining room; amenities that are particularly appealing to the millennials who are flocking to the Lower East Side.”
Extell Development is currently planning an 80-story luxury condominium at 250 South Street, and JDS and SHoP Architects are planning a 77-story, mixed-use residential tower with 600 apartments at 247 Cherry Street.
A few blocks away, L+M Development Partners, Taconic Investment Partners, and BFC Partners are currently under construction on Essex Crossing, which will bring 1.9 million square feet of brand new residential, retail, office, and community space to the area.
TOD site for sale in White Plains
Peckham Industries, Inc. has tapped CBRE to sell a 1.67-acre site in North White Plains ideal for a multi-family development.
Marketing of the transportation-oriented development (TOD) site will be spearheaded by CBRE real estate industry veteran William V. Cuddy Jr., and Jacqueline Novonty, senior associate.
The property consists of several adjacent parcels located at 20 Harlem Avenue, 18 Glenn Street and 2, 7, 11 and 20 Holland Avenue.
“Development of multi-family residential properties near transportation hubs is a major industry trend throughout the country and particularly in Westchester County,” said Cuddy.
“This unique site … is situated across from the North White Plains Metro-North Train Station, with a 35 minute commute to Grand Central Station.ˮ
Newmark Grubb Knight Frank
New Yorkers buy Florida mall
New York-based Mason Asset Management and Namdar Realty Group have purchased a Florida shipping mall for $33 million.
NGKF Capital Markets announced the sale of Merritt Square Mall at 777 East Merritt Island Causeway in Merritt Island, Florida.
Senior managing director Thomas Dobrowski represented the seller, LNR Partners as Special Servicer and REO Asset Manager John Mitchell, in the sale to New York-based firms Mason Asset Management and Namdar Realty Group.
The 811,277 s/f mall is anchored by Macy’s, Sears, Dillard’s, JCPenney and Cobb Theaters and was 95.69 percent occupied at the time of the sale.
“The mall attracted a wide array of interested parties, including high-net worth local and regional buyers coupled with nationally focused institutional buyers, which ultimately created a competitive bid environment and successful outcome for all parties involved,” said Dobrowski.
“The mall is well-positioned to capitalize on an improving economic environment within the greater Orlando MSA.”
Marcus & Millichap
Office park trades
Marcus & Millichap arranged the sale of Corporate Plaza, a 149,460 s/f office park in Albany.
The $14,475,000 sales price equates to just under $100 psf. The buyer was local area owner/developer, Cass Hill Development Cos.
“Corporate Plaza is located at the epicenter of New York State’s Tech Valley region with strong market fundamentals, high barriers to entry and excellent access to key transportation arterials,” said Ben Sgambati, vice president investments in Marcus & Millichap’s New Jersey office.
“These well maintained, solid B-plus-quality office properties were 93 percent occupied at the time of the sale, which leaves upside for the new owner.”
Sgambati, of the Cafiero Sgambati Team, Chip Collins, senior associate, and Anthony Asencio, associate, represented the seller, Rosenblum Companies. The team also procured the buyer.