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Deals & Dealmakers

SELLING POINTS: Longtime owner sells Village apartment building; Newark tower set for auction

● FRIEDMAN ROTH REALTY SERVICES
Longtime owner sells Village apartment building

The Sabet Group has picked up another Greenwich Village building in an off-market deal brokered by Friedman Roth Realty Services.
The family-owned residential investment firm purchased the six-story corner property located at 24 Avenue A from longtime owner Alan Luke for $15.8 million.
With an alternate address of 150 East 2nd Street, the property features 20 apartments, five retail stores with 57 ft. of Avenue frontage, and a rooftop antenna. It has been owned by Luke Realty for 30 years.
George Niblock, managing partner at Friedman Roth, represented the seller while the firm’s Joseph Arnold Smith repped the buyer. Signature Bank financed the purchase with a $9.75 million loan.
Last year, Sabet purchased two West Village properties from Ragone Real Estate for $36 million; the 27-unit rental at 145 West 10th Street and a 24-unit rental at 63 Perry Street.

● BESTREICH REALTY GROUP
Icon offloads multifamily in Williamsburg

Icon Realty’s Terrence Lowenberg and Todd Cohen have sold a 36-unit multifamily property in Williamsburg for $15,5 million.
Bestreich Realty Group (BRG) brokered the sale of 331 Keap Street, a six-story property comprised 21,740 s/f that was built in 1915.
Icon bought the building for $6.5 million in 2013 and has reconfigured and renovated apartments with stainless steel kitchen appliances, marble countertops, hardwood floors and recessed lighting. Average rents are $3,401, according to Streeteasy.
Derek Bestreich, Luke Sproviero, Donal Flaherty and Hakeem Lecky brokered the sale at $713 psf to Soonbin Kim’s West 8th Street Associates.

● JACOBSON PROPERTIES / C&W PYRAMID
Upstate medical office portfolio trades for $45M

A portfolio of upstate medical office properties has traded for $45 million.
Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Company brokered the sale of the New York State Medical Office Portfolio, composed of five institutional grade medical office properties located in the Capital Region and Hudson Valley.
The portfolio is anchored by St. Peter’s Hospital, Ellis Hospital, Seton Health System and Westchester Medical Center Health Network.
The properties involved in the sale are Slingerlands Crossing Phase One, Slingerlands; Slingerlands Crossing Phase Two, Slingerlands; Plank Road Medical Building, Clifton Park; Cushing Center, Schenectady and; Medical Center of New Windsor, New Windsor.
The 209,382 s/f portfolio was bought by a national private equity healthcare investor.
Menin and Jones served as the advisors to the un-named seller.

● NEWMARK KNIGHT FRANK
Online auction for Newark tower

Newmark Knight Frank (NKF) announced it handling the sale of 550 Broad Street in Newark, NJ.
The 18-story, multi-tenant Class A office tower is located in transit-friendly and rapidly growing Downtown Newark.
It is one of several properties that comprise Newark’s 12.7 million square feet of office space within walking distance of Newark Penn Station, a transit hub with PATH, NJ Transit and Amtrak train service.
The building recently underwent a $1.1 million-dollar renovation of its lobby and tenant amenity spaces, including the addition of a new fitness center and café.
NKF executive managing director Steven Schultz, managing directors Tony Georgiev, Josh Malka, and leasing expert Jeff Kolodkin are representing the seller, a JV of Heritage Management Company and the German investment company, Dr Peter’s Group.
“2019 is going to be another great year for Newark,” said Schultz. “Capital continues to flow into its real estate market from institutional and New York based investors alike, and the investments and developments made to the Broad Street corridor over the last five years have made that area a particularly attractive option.”
Added Kolodkin, “Millennials want to live, work and play all in the same area, and for this reason, Newark has emerged as a top option for both millennial-owned companies and older companies aiming to attract millennial talent.”
The sale will be conducted via RealINSIGHT Marketplace, a live-bid, commercial real estate sales platform.

● CBRE
Retail center fetches $27M

CBRE has arranged for the $26.75 million sale of a 67,449 s/f Stop & Shop center located at 245 Littleton Road in Morris Plains, New Jersey.
Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners represented the owner, JDA Development Co., in the sale and also procured the buyer, Oak Street Real Estate Capital.
Stop & Shop’s lease, which runs through 2031, is guaranteed by parent company, Ahold, providing an investor with long-term, stable income and no landlord maintenance responsibilities.
Dunne commented, “The property provided a compelling opportunity for Oak Street to purchase a long-term, credit lease with a dominant grocer in metro New York. The strong nearby demographics, highlighted by over 65,000 residents and average household incomes over $140,000 within three miles, support the high sales volumes at the property.”

● HFF
Boxer sells Jersey executive center
Holliday Fenoglio Fowler announced the sale of Eagle Rock Executive Office IV, a 178,000 s/f Class A office building in East Hanover, New Jersey.
HFF represented the seller, Boxer Property, in the transaction. Ramapo, New York-based Northeast Capital Group purchased the asset.
Eagle Rock Executive Office IV is located at 120 Eagle Rock Avenue just off Interstate 280 in Essex County.
Situated within a three-building office park, the three-story building is 79 percent leased to tenants including Prudential Insurance Company of America, Kessler Foundation and GFK.
Recent renovations include upgraded interior finishes and the addition of a Tenant Center with a cafeteria, conference rooms, lounge and fitness center.
The property also features co-working space in nine percent of the space, which has served as an incubator for tenants growing into larger units.
The HFF investment advisory team representing the seller included senior managing directors Kevin O’Hearn and Jose Cruz and senior directors Stephen Simonelli and Michael Oliver.

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