● ROSEWOOD REALTY GROUP
Clipper closes on Upper West Side rental
Rosewood Realty Group announced the $79 million sale of an Upper West Side 82-unit rental building at 10 West 65th Street, close to Central Park.
Aaron Jungreis and Devin Cohen represented both the buyer, Clipper Realty, and the seller, Touro, who bought the building for $44 million in 2008 from Extell Development, and renovated about half the units.
David Bistricer’s Clipper Realty received $34.5 million in financing for the acquisition. New York Community Bank provided the 10-year loan, which has an interest rate of 3.3 percent
“It’s an unbelievable basis,” said Bistricer, describing the six-story property as having “good bonesˮ and a “great location.ˮ
Clipper paid $585 psf for the 82,230 s/f building, plus an additional 53,000 s/f of air rights.
● HOLLIDAY FENOGLIO FOWLER
Performing loan portfolio offered for sale
Holliday Fenoglio Fowler (HFF) has been named to market for sale a $48 million sub-debt portfolio along with a $31.4 million senior mortgage loan portfolio on behalf of Värde Partners.
The sub-debt portfolio includes fourteen mezzanine loans with a weighted average coupon of 10.21 percent and a weighted average remaining term of 5.1 years. The senior mortgage portfolio includes nineteen loans with a weighted average coupon of 5.98 percent and a weighted average remaining term of 4.8 years.
The portfolios are being marketed separately and both sales are expected to close in December.
The HFF loan sales team representing the seller includes managing director Brock Cannon, director Patrick Arnold, senior director Sean Ryan and managing director Tom Hall.
“These portfolios provide investors with unique opportunities to acquire performing loans with attractive coupons and remaining terms,” Cannon said.
“With the high demand for yield in today’s environment, we believe it is a good time to market performing loan portfolios, which in turn provides the market with good opportunities to pick up some yield prior to year-end.”
● CUSHMAN & WAKEFIELD
Glick Family buys uptown earner
Cushman & Wakefield arranged the sale of an Upper East Side portfolio that consists of four contiguous buildings located at 212-218 East 85th Street in Manhattan.
The property was sold for $30 million to an investment group led by the Glick Family, owners and operators of multi-family properties in Manhattan.
Senior Managing Director Paul Smadbeck along with Thomas Gammino Jr., Hunter Moss and Bryan Smadbeck represented the seller.
The properties, which total 37,500s/f, sit on a 100 by 102 ft. lot. The walk-up buildings have 70 apartments, four office and two retail units, a large portion of which are free market.
The site also offers 3,368 s/f of additional air rights that can be used in the R8B zone.
According to Smadbeck, “With its close proximity to both the Lexington and 2nd Avenue 86th Street subways, the prospect of long-term land appreciation is unequivocal.ˮ
● EASTERN CONSOLIDATED
Multifamily opportunity offered in Woodhaven
Eastern Consolidated has been named the exclusive agent to sell a six-story, 59-unit multifamily building at 86-50 77th Street in Woodhaven, Queens. The asking price is $18.5 million.
Ronda Rogovin, Senior Director and Principal, is marketing the 51,000 s/f property. Gary Meese, Senior Director, Financial Services, is the analyst.
The property is located just off the corner and steps from Jamaica Avenue and the location enjoys accessibility to the 75th Street/ Elderts Lane station with Z and J subway service. The line runs directly into downtown Manhattan.
“This offering presents multifamily investors with the opportunity to acquire a well-located elevator apartment building in Woodhaven, Queens, with huge potential to convert many of the existing large one-bedroom apartments into two-bedroom units and to potentially convert the building to condominium or co-operative units,” Rogovin said.