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Deals & Dealmakers

SELLING POINTS: Cushman & Wakefield markets Little Neck temple

● CUSHMAN & WAKEFIELD
Temple selling Little Neck site

Cushman & Wakefield has been retained to arrange the sale of 54-27 Little Neck Parkway, a 1.5-acre development site with 68,829 buildable-square-feet in Little Neck, Queens.

The firm is currently taking offers for the property, which is currently home to a synagogue and car park.

The property includes a 26,989 s/f building currently occupied by Temple Tora, which is leasing on a month-to-month basis.

As of right, the site has 34,415 buildable square feet for residential development, and up to 68,829 buildable square feet with a community facility bonus.

Ownership is proposing an approximate 10,000 s/f build-back for religious use to be included in the potential development. The building can be delivered vacant or with the option to keep the existing school a tenant, said Cushman’s senior managing director Stephen R. Preuss, who is leading a sales team that includes Denise Prevete, Kevin Louie, Andreas Efthymiou and Kevin Schmitz in representing Temple Tora.

“The property offers is a great opportunity to develop in a highly sought-after neighborhood in Northern Queens,” said Preuss. “The site is an ideal location for several uses, including an educational facility, single-family homes and medical facilities.”

● CPEX
Heritage buys Greenwood Heights site

Heritage Equity Partners has purchased a Greenwood Heights development site to build a new 150-unit residential rental building.

The CPEX Development & Conversion Sales Team brokered the $19.75 million sale of 867-881 4th Avenue.

“The area is in need of new housing developments, particularly full-service elevator buildings, which do not exist in the vicinity,” said Brian Leary, managing partner at CPEX Real Estate.

The property consists of two adjacent tax lots at 867-881 4th Avenue, which span the entire 4th Avenue block front between 32nd and 33rd Streets and have a combined footprint of approximately 25,000 s/f. 20,000 s/f are zoned C2-4/R7A and 5,000 s/f are zoned R6B.

The site offers approximately 79,000 buildable square feet, and up to 102,000 buildable square feet with the inclusionary housing bonus, for a mixed-use residential development.
CPEX’s Development Sales Team, consisting of Leary, associate directors Jidan Kim and Sean Sears, and former CPEX real estate agent Sean R. Kelly, Esq., represented the seller and the purchaser .

● DANE REAL ESTATE
Harlem houses to stay affordable

Affordable housing giant LIHC Investment Group has paid $17 million for the two-building Paul Robeson Houses in Harlem.

Heidi Burkhart’s Dane Real Estate brokered the trade that will keep the 80-unit Section 8 portfolio once owned by Howard Parnes affordable.

Upon closing, LIHC Investment Group reached an agreement with the city for an Article XI that will keep it affordable for tenants earning at or below 80 percent AMI for a 40-year term, and includes a 20 percent set aside for homeless individuals and families.

Additionally, LIHC plans to make critical repairs, undertake façade work and conduct roof replacement. Being that this is a project-based Section 8 property, what tenants’ pay in rent is frozen at 30 percent of their annual income. The capital work will not raise rents.

“To be a part of the sale of Paul Robeson Houses is exciting, particularly as the property benefits from long-term affordability, and will continue to have ownership that cares deeply for workforce housing, inclusive of low, moderate, middle income families and individuals ” said Burkhart says of the transaction.

Dane represented both the buyer and the un-named seller.

● HFF
Hoboken attracts Middle East investor

A converted Hoboken warehouse has traded for $17.65 million in joint venture that includes a “prominent Middle Eastern family office.”

Spirit Bascom Ventures — a partnership between Irvine, CA-based The Bascom Group and Stamford, CT, based Spirit Investment Partners — acquired 1024 Clinton Street from a long-time family owner.

The acquisition is the second in partnership with the Middle Eastern family office, said Spirit Bascom in a press release announcing the deal.

The eight-story former warehouse facility was converted to multifamily use in the early 1990’s and contains 37 residential units including a standalone townhome, and a 37-space parking structure.

Many of the units feature loft style ceiling heights, Manhattan skyline views, and brick and timber accents.

The uptown Hoboken property is adjacent to Columbus Square Park near the Washington Street commercial corridor, Hudson River Walkway, and multiple public transit options.

The plan is to reposition the asset as a boutique institutional quality property.

Spirit Bascom has been focusing on acquiring urban and suburban value add multifamily properties along the eastern half of the country, acquiring over $500 million in assets in the partnership. Spirit Bascom is starting to turn its attention to neglected mixed use assets in the greater New York City area that can benefit from similar high-end renovations.

David Nachman, a principal of Spirit Investment Partners, said, “We’re excited to make our first acquisition in Hoboken. We see it as a market that is positioned favorably from a pricing standpoint to receive many residents unwilling or unable to pay top Manhattan rents.”

HFF’s Stephen Simonelli, Kevin O’Hearn, Jose Cruz and Michael Oliver worked with James Giaccio and Kevin Helsinki of Chelsea Realty representing the seller. Jamie Leachman and Mike Klein of HFF arranged the acquisition financing through CIT Group.

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