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Deals & Dealmakers

SELLING POINTS: Nolita retail spot sells for $14M, Compass closes on seven Village storefronts

AVISON YOUNG
Nolita retail spot sells for $14M

Avison Young announced the closing of 262 Mott Street in Nolita.
The 5,831-square-foot, ground-floor retail condominium property comprised of five individual units was purchased by a private investment group for $14 million.
Avison Young’s Tri-State Investment Sales Group led by James Nelson and his team arranged the sale on behalf of the seller, Madison Development.
“We knew the combination of efficiently-sized condominium units and a location within the dynamic NoLiTa market, made 262 Mott Street a rare and unique opportunity for a retail buyer,” said Nelson.
“We received substantial interest once we began marketing the property and we’re pleased to announce its sale to a highly-regarded investor looking to break back into the New York City market.”
Located between East Houston and Prince Streets, the property features 120 feet of frontage on the highly trafficked Mott Street, providing excellent visibility. The Nolita neighborhood has benefitted from an increase in commercial investment, elevating property values further as the area continues to mature.
The current tenant roster at the property includes retailers Fjällräven USA, Tai Jewelry, TAGS and Australian retailers Flannel and Chance.

AVISON YOUNG
Midtown South office goes to market

Avison Young has been named the exclusive agent for the sale of 109 West 27th Street, an 11-story, with more than 50,000 rentable square foot office building with ground floor retail.
Avison Young’s Tri-State Investment Sales team led by principals James Nelson, Neil Helman, Charles Kingsley and associate David Lawrence secured the assignment and are representing the seller, Icon Realty Management.
The strong demand for office space in Midtown South resulted in an 11 percent year-over-year increase in asking rents during the third quarter of 2018. The submarket also saw the largest demand for co-working tenants of any Manhattan market during the third quarter, with over 500,000 square feet worth of leases signed.
The office is located a block from the Fashion Institute of Technology, and near a variety of mass transit options including many bus routes

CBRE
Multifamily NJ development site sold

CBRE announced the $14.5 million sale of a 5.35-acre development site at 15 Essex Street in Harrison, New Jersey.
Located in a thriving transitoriented residential and mixed-use neighborhood, which lies within the Waterfront Redevelopment area, the site consisted of a 233,000 sq. ft. warehouse facility and a vacant lot utilized for parking.
CBRE’s Charles Berger, Elli Klapper, Mark Silverman, Thomas Sullivan and Paul Touhey represented the seller. GEO Specialty Chemicals, and also procured the buyer, 28th President LLC.
“Our Tri-State Investment Properties team is proud to have achieved excellent pricing for our client, while at the same time providing a tremendous opportunity for the buyer to continue taking advantage of the transformation of the Harrison landscape,” said Berger.
“We were able to help our client navigate this long and complicated process and are excited to be a part of Harrison’s downtown transformation. Along those lines, we also have a variety of similar deals coming to market over the next several months in Hudson County
and other up and coming urban centers.”
15 Essex Street provides an opportunity for a large-scale development blocks away from the PATH station consisting of residential apartments, retail and parking facilities in one of the most active areas in New Jersey.

COMPASS
Seven-storefront strip in Village sold

Compass’s Adelaide Polsinelli and Mitchell Goldstick arranged the sale of the entire retail component and parking garage located at 44-58 East Eighth Street, the main retail strip of the Greenwich Village.
The retail strip, between Mercer and Greene Streets, is comprised of seven retail stores spanning over 8,400 square feet and a 40 underground space parking garage. The new owner will have the option to build out over 1,500 square feet of additional retail space.
Tenants include Dunkin Donuts, Verizon, UBreakIFix, Jay’s nail salon, a brand new deli and corner Chinese restaurant.
Adelaide Polsinelli and Mitchell Goldstick, represented both the seller, Three Street Realty Co., and the purchaser, a local investor.
“This prime Greenwich Village location made the commercial space extremely attractive to the buyers,” Polsinelli said. “The area has one of the highest concentrations of students in New York City and is easily accessible with public transportation.”
Earlier in the year, Adelaide Polsinelli and Mitchell Goldstick, also sold the remaining unsold share package in the co-op.
Built in 1952, the six-story co-op has a total of 121 residential units, 40 car underground parking, air rights, and seven commercial units.

ARIEL PROPERTY ADVISORS
Nine-building Harlem portfolio up for grabs

Ariel Property Advisors has been retained to sell the HP Plaza Portfolio, a package of nine multifamily buildings located in the coveted Northern Manhattan neighborhood of Central Harlem.
The asking price for the asset is $26.5 million, equating to $248 per square foot and $220,833 per unit.
The portfolio spans 106,799 s/f and is comprised of 116 residential units, 3 retail units, and 1 super’s unit. Of the portfolio’s residential units, there are 17 studios, 29 one-bedroom, 62 two-bedroom, and nine three-bedroom units.
Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, Orry Michael and Matthew Lev are representing the seller.
The properties are situated in a transit-oriented section of Central Harlem that benefits from an array of public transportation.

AVISON YOUNG
$72M for set of Manhattan retail

Avison Young’s Tri-State Investment Sales group was named the exclusive sales agent for seven fully-leased, mixed-use properties located in the NoLita, Two Bridges and Lower East Side neighborhoods of Manhattan.
The asking price is $72 million for the portfolio.
The properties at 247 Broome Street, 5 Spring Street, 259 East Broadway, 21-23 Catherine Street and 40-42 Market Street are comprised of 100 residential units and 12 retail units spanning across 71,356 square feet.
Each property offers ground floor retail on commercial corridors with visibility and foot traffic, with five of the buildings being corner locations.
Avison Young’s Tri-State Investment Sales group led by Principal James Nelson, along with Director Brandon Polakoff and Associates Philip Bowman and Bradley Rothschild of the Tri-State Investment Sales group are representing the owner.
Of the 100 residential units, 31 are free-market, 39 are rent stabilized, six are rent controlled and 24 of the units are Altman Rule Stabilized, units that have exceeded the luxury deregulation rent threshold and will become deregulated when the current tenants vacate.
Four of the retail spaces are leased to popular restaurants–Sweet and Vicious, Ten Bells, Ernesto’s and Golden Diner.

JLL
680,000 s/f NJ office park sold

JLL completed the sale of Atrium Corporate Park in Somerset, N.J., a 679,251-square-foot office park that was bought for $33.5 million.
The buyer and seller were represented by JLL’s Joseph Garibaldi and Thomas Walsh, Heather Lombardi, Katelyn Borovsky Nick Vanderslice.
“Atrium Corporate Park is an institutionally owned and maintained office portfolio that offered the buyer a compelling combination of credit cash flow stability and value-add leasing upside,” said Garibaldi. “Atrium Corporate Park offers one of the best value propositions in the Lower 287 submarket.”
Atrium Corporate Park is comprised of three Class A office buildings — 300, 400 and 500 Atrium Drive in Somerset, N.J. — totaling 679,251 square feet of office space. The 47.8-acre Atrium Corporate Park provides easy commuting access to both Central and Northern New Jersey’s deep labor pools with convenient highway access to I-287, I-78, Route 22, NJ Turnpike and the Garden State Parkway.

STELLAR MANAGEMENT
SoHo residential goes for $12M

Stellar Management announced it has completed the sale of 26 Vandam Street, a residential building in SoHo, for $12 million to Danny Hakakian of Allied Realty.
Stellar originally purchased the approximately 12,000-square-foot building for $6.1 million in December 2012. During ownership of the property, Stellar renovated the building, including all common areas, mechanical systems and 12 of the 19 apartments.
“We bought this building six years ago because we saw the potential – it’s a beautiful property in a prime market. After completing a capital improvement program that spanned the entire building, we decided that it was an opportune time to sell,” said Matthew Lembo, Principal at Stellar Management. “We’re thankful to all parties involved in helping to complete this deal.”
Joe Koicim and Noah Kossoff of Marcus & Milichap brokered the deal.

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