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Deals & Dealmakers

Selling points: Clinton Hill buildings sell for $35M, Rhodium buys apartments for $30.5M

BESEN & ASSOCIATES

Pair of Clinton Hill buildings sell for $35M

The Corbin Group at Besen & Associates and MYC & Associates is pleased to announce the sale of 97 Grand Avenue and 96 Steuben Street.  Located in Prime Clinton Hill, just 6.5 miles from midtown Manhattan, 97 Grand Avenue and 96 Steuben Street are in close proximity to the best of Brooklyn’s retail, restaurant, and entertainment offerings.

The property is two elevator buildings including a total of 60,282 square feet, 62 apartments and 31 indoor parking spaces. It was sold for $35,250,000 by Greg Corbin, Miguel Jauregui and Marc Yaverbaum.

Constructed in 2012, both buildings have rooftop lounges featuring unobstructed 360 degree views of the Brooklyn and Manhattan skylines.

The sale price equates to $584 per square foot, $568,548 per unit, 14.6 GRM and Cap Rate of 5.1%. The subject properties enjoy the benefits of a 421-A tax abatement and are nestled among eight other new-construction buildings.

RHODIUM CAPITAL ADVISORS

Apartment portfolio in CT bought for $30.5 million

Rhodium Capital Advisors announced the acquisition of 462 apartment units in the Cambridge district of Bridgeport, Connecticut for $30.5 million.

The portfolio consists of one 179-unit complex and thirteen buildings (clustered in four areas around the city) with an average of 22 units each.

The properties are located at: 2209-2225 Main St., 1465 East Main St., 340 Putnam St., 299 Berkshire Ave., 644-654 Park St., 30 Granfield Ave., 80 Granfield Ave., 85 Price St., 1575 Iranistan Ave., 898-930 Norman St., 1421 Fairfield Ave., 850 Hancock Ave., 1054 Hancock Ave. and 1590 Barnum Ave.

Rhodium’s business plan for the portfolio involves spending approximately $1 million on building-wide capital improvements and $1.6 million to upgrade and modernize the apartment units.

For this transaction, Rhodium partnered again with the Firm Capital Organization, a Toronto-based boutique real estate private equity firm and alternative credit provider.

As with the partnership’s December 2016 acquisition of 127 apartment units in NYC, this transaction continues Firm Capital’s strategy of investing in undervalued multi-family assets in emerging neighborhoods in and around major metropolitan areas.

Jeffrey Seidenfeld, Managing Director of Eastern Union Funding, arranged the debt financing for the acquisition, and Mark Belsky, Principal of Eastern Union Equity, served as equity investment advisor. The acquisition was partially financed through a Freddie Mac loan from Arbor Realty Trust, Inc

Cashman Partner Ronald B. Kremnitzer, Co-Chair of the firm’s Real Estate Group, along with Partner Danielle L. Schechner and Associate Ari L. Tran, represented  Firm Capital . Rhodium Capital Advisors was represented by Jeffrey Zwick & Associates, P.C.

BESEN & ASSOCIATES

Residential building asks $23M in Rockaways

Lynda Blumberg, Alex Frants and Amit Doshi of Besen & Associates have been retained exclusively to sell 2932-2944 Beach Channel Drive, Far Rockaway, Queens, NY 11691 (the “Property”), an exceptionally large 6-story block-through elevator residential building consisting of 107 apartments plus indoor & outdoor parking spaces.

This 111,102± SF property is located in Far Rockaway, Queens. Built in 1959, this multifamily property is located near Beach 25th Street Wavecrest train station [“A”] and Far Rockaway – Mott Avenue station [“A”]. Bus lines are also available throughout the neighborhood, including Beach Channel Drive/Beach 35th Street Q22, QM17 & RES lines. For vehicular traffic, the area offers easy access to the Rockaway Freeway, Nassau Expressway and Rockaway Turnpike.

The property is right across the street from Bayswater Park and in close proximity to both Rockaway Beach and Atlantic Beach. A few blocks from the property you will find Far Rockaway High School, Queens High School for Information and Research and Wave Preparatory Elementary School. A few blocks traveling east is St. Josephs Episcopal Hospital. Additionally, the Property is a 15-minute car ride to JFK International Airport.  Asking Price is $23,000,000. Available as a package or sold individually.

Greysteel

Williamsburg property on market

Greysteel has been named exclusive advisor and agent by a private local investor for the sale of 373 South 4th Street, a 30-unit apartment building located in Williamsburg, NY.

Greysteel Senior Investment Associate, Michael Stimler from the firm’s New York office is marketing the property.

The Property, built in 1925 is a 30 unit, 50-foot wide multifamily building totaling 19,968 GSF and features a secure lobby. The Property consists of 17 one-bedrooms, 8 two-bedrooms and 5 three-bedrooms.

Located just blocks away from the M, J, Z and G lines as well as the Broadway retail corridor, which allows for purchasers to utilize the fact that the MTA will be shutting down the L train for 18 Months beginning January 2019. The Property is in the heart of Williamsburg, one of the most desired neighborhoods to own and live in throughout the five boroughs.

GFI REALTY SERVICES

Three Tribeca buildings bought for $59.5M

GFI Realty Services, LLC announced the $59.5-million sale of a three-building portfolio of multifamily properties located in the Tribeca section of Manhattan. The properties are located at 41 White Street, 45 White Street and 74 Franklin Street, and comprise a total of 29 apartments and three retail stores.

The three buildings were part of a larger property portfolio, for which DH Property Holdings initially entered contract in April. With the guidance of GFI’s Barak Jacobov, DH ultimately assigned the contract for these three properties to Benchmark Real Estate Group, which closed on the deals in July. Jacobov represented the seller, EJ Realty, as well as Benchmark in the transaction.

41 White Street is a five-story walk-up built in 1915 and comprising 12,000 square feet. The adjoining 45 White Street is seven-story elevator building, comprising 33,500 square feet. 74 Franklin Street is a five-story walk-up, which totals nearly 10,000 square feet. Retail tenants at the three properties include Haus Alkire and Uhuru Design, while the residential units are more than 90-percent occupied.

Historically an industrial section of the city, lower Manhattan’s Tribeca neighborhood has emerged in recent years as the most sought-after residential locale in the city. With the area attracting much of New York’s cultural elite, Tribeca condo and rental prices have skyrocketed, while its population has more than doubled since 1990.

CUSHMAN & WAKEFIELD

Private investor buys TD Bank branch in New Jersey

Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the sale of the bank branch and office building housing TD Bank at 1100 Lake St. to a private investor for $9.5 million. The bank will continue to occupy the 19,707-square-foot, three-story building with parking for 65 vehicles, Cushman & Wakefield Director Andrew Schwartz said.

Cushman & Wakefield served as exclusive agent for the owner, Office Court Atrium LLC, in the sale to New York-based private investor Dean Fong. Schwartz led the Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Larkin that orchestrated the sale.

TD Bank occupies the entire building and last March, when the 20-year lease it signed in 1997 expired, the Canadian-based bank with U.S. headquarters in Boston extended its lease for 10 years to 2027. The new lease gives the bank options to extend its term again. In 2013 and 2014, TD Bank replaced the roof and rooftop HVAC units, updated the brick façade, and made other improvements.

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