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Deals & Dealmakers

Selling points: Uptown portfolio hits the market, Arts Tower condo offering

Cushman & Wakefield

Uptown portfolio hits market

Cushman & Wakefield is marketing a set of Upper West Side townhouses with a $51 million price tag.

The assets are situated along 70th, 87th, 88th and 89th Streets. Individual pricing is available upon request.

“The portfolio will appeal to investors seeking to add quality real estate to their legacy portfolios and those seeking fundamentally sound conversion opportunities featuring an ideal combination of width, location and quality,” said Oster who is marketing the portfolio with Paul Smadbeck.

The package features three adjacent 23-foot-wide houses on the south side of 88th Street along with 19-foot, 20-foot and 18-foot-wide houses respectively on the Central Park blocks of 87th, 88th and 89th Streets. The seventh house is located on the north side of west 70th Street between Broadway and West End Avenue.

Combined, the houses total 65 apartments, of which 41 are free market and 24 are rent stabilized. They consist of 45,287 s/f and offer 5,061 s/f of additional air rights.

Eastern Consolidated

Arts Tower condo offering

Eastern Consolidated has been retained to sell two full floor office condominiums totaling over 10,000 s/f in the Chelsea Arts Tower at 545 West 25th Street.

The asking price is $9.65 million for the 5,600 s/f condominium, which also includes a terrace, and $6.35 million for the 4,883 s/f unit. The condominiums can be purchased together or separately. Senior directors Jeff Nissani and Erik Nissani are marketing the condos on behalf of the owner, the Chelsea Development Group, which built the Chelsea Arts Tower in 2006 with Young Woo Associates. Chris Matousek, Director, Financial Services, is the analyst for the offering.

“These dynamic and chic spaces offer floor-to-ceiling windows and views of the Hudson River, Downtown, and Midtown Manhattan,” Jeff Nissani said.

“They would be ideal for an investor or owner-user such as a gallery, architect, or media company or even a financial services firm”

Gebroe-Hammer Associates

Senior community sold

 Gebroe-Hammer Associates announced the $19.2 million sale of Waterside Villas, a 100-unit luxury senior rental community at 1 Overlook Dr., in Monroe Township, N.J.

Vice president Adam Zweibel, the firm’s Central Jersey market specialist, represented the seller, Waterside Villas, LLC, and procured the buyer, a private investment group.

Waterside Villas is a three-story elevator building featuring a mix of studio, one and two-bedroom layouts. On-site conveniences range from a fitness center to dry cleaning and housekeeping services, an outdoor patio and a BBQ area.

“While a high percentage of the properties in the surrounding Concordia neighborhood were primarily built between 1970 and 1999,

Waterside Villas stands out for its new construction and classic architecture that reflects the area’s historic character,” said Zweibel.

“In addition to being drawn to the peaceful, quiet and highly accessible location, the buyer was attracted to the region’s diverse tenant base, which is a vibrant mix of highly educated over-65 and under-65 age groups with former or current professional executive-level occupations and upper-income levels,” added Zweibel.

“The Concordia neighborhood is extremely ‘retiree friendly,’ favored by those seeking to downsize and retain their New Jersey roots.”

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Preservation Development Partners

Partnersʼ Capital gain

 Preservation Development Partners, a joint venture of developers K & R Preservation led by Francine Kellman and Brian Raddock,  and BFC Partners, announced the acquisition and $23 million rehabilitation of four affordable senior living apartment complexes in New York State’s Capital District.

The Albany Properties comprise Summit Towers, a 183 unit complex located at 720 Albany Street in Schenectady; Thurlow Terrace, a 137 unit building located on 2 Thurlow Avenue in Albany; Cayuga Plaza Apartments, a 127 unit complex located on 100 Cayuga Plaza, Cohoes; and Hudson Shores Plaza, a 137 unit complex located at 1545 Broadway in Watervliet.

Taken together, there are 583 one bedroom units and one studio apartment. All four complexes currently receive federal Section 8 subsidy through HAP contracts, which will be renewed for the next 20 years. All units will be set-aside for tenants earning no more than 60 percent of Area Median Income.

Francine Kellman, co-principal of New York City-based Preservation Development Partners, said, “With a limited supply of senior affordable housing in the area, and very high demand for senior housing in general, this transaction will preserve affordable housing and provide a long-term benefit to the community.”

The four properties will also benefit from the long-term continuation of Payments in Lieu of Taxes (PILOTs), offered through their respective municipalities.

Brian Raddock, co-principal of Preservation Development Partners, said, “The continuation of these PILOT programs will enable us to provide not only the affordable housing necessary for seniors in the region, but housing with amenities and services that go beyond the basics. It also ensures that these senior housing projects are not put in jeopardy due to unpredictable property tax increases.”

Preservation Development Partners has a growing portfolio of housing units and the firm plans to acquire additional properties in the Capital Region.

Sinatra & Company

$53M apartment play

Sinatra & Company Real Estate, a Buffalo, NY-based company, has acquired an apartment community for $53.75 million in a joint venture with Chicago-based, Stadt Group, and a majority equity investment firm Torchlight Investors.

Fox Valley Villages is a 420-unit garden-style apartment community located on 20.93 acres in Aurora, IL. It is comprised of 18 three-story residential buildings, a stand-alone Clubhouse and three detached garage buildings.

Fox Valley Villages is Sinatra & Company’s third asset in the Chicago real estate market.

The strategic plan for the complex includes implementing a strong management and leasing platform coupled with unit renovations and amenity additions).

“This is a high quality property located in one of the strongest residential markets in the Chicago area and is well positioned to capture a significant amount of added value through the implementation of a strategic renovation program. We are excited about the opportunity to partner with both Sinatra and Stadt who are experienced owner/operators and have demonstrated success with similar projects in the surrounding area,” said Mike Butz, a partner at Torchlight Investors.

Chicago-based Moran & Company brokered the transaction.

Time Equities

TEI has new Colony

Time Equities Inc. (TEI) has acquired Colony Square, a 425,430 s/f enclosed regional mall located at 3575 Maple Avenue in Zanesville, Ohio, for $31.5 million, making it TEI’s largest retail asset in the state.

“Time Equities continues to source potential opportunities for growth and diversity within our retail portfolio, which now spans 24 states,” said Ami Ziff, director of national retail at TEI. “We were attracted to Colony Square’s strong leasing momentum, evidenced by recent leases signed with noted brands such as TJ MAXX, Shoe Carnival, Planet Fitness and several other national retailers.”

Ziff, along with Jonathan Kim and Adam Levitt, managed the acquisition on behalf of TEI. Margaret Caldwell and Eric Spencer of Jones Lang LaSalle represented the seller, Rouse Properties.

Urban Retail Properties, a national leader in third-party management of retail properties, will oversee the management.

Cushman & Wakefield

Team makes $12M splash

Cushman & Wakefield completed a 415-acre land sale at 2858 US Route 322 in Logan Township, NJ.

Greek Development acquired the property from Bridgeport Disposal, a corporate affiliate of Clean Harbors Corporation, for $12 million.

The seller was represented by Matthew Marshall and Jeffrey Williams in Philadelphia, Timothy Cahill in Chicago and Rory Murray in Boston. The buyer was represented in-house.

The property was the largest non-deep-water-port industrial land site sold in New Jersey in 2016.

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