Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: Fairstead acquires Chocolate Factory Lofts

● CUSHMAN & WAKEFIELD
Ashkenazy acquires shopping center

Ashkenazy Acquisition has added Vernon Hills Shopping Center in Eastchester to its portfolio.

Cushman & Wakefield announced the New York City-based investment firm purchased the five-building Westchester County asset at a cost exceeding $125 million from Vernon Hills Shopping Center LLC.

The 380,000 s/f property is located five miles from the White Plains CBD at 700 White Plains Roadand features a mix of retail, medical and professional credit tenants.

Retailers include Starbucks, New York Sports Club and West Elm with medical tenants including Lawrence Hospital along with its affiliated NY Presbyterian and Columbia Medical practices.

Cushman & Wakefield’s East Rutherford, NJ-based capital markets team represented the seller and procured the buyer with Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt leading the assignment.

Matt Lisk and Al Mirin of the cfirm’s Stamford, Conn., office, also worked the deal while John Alascio, Gideon Gil, Sridhar Vankayala, TJ Sullivan and Maya Steinberger represented Ashkenazy Acquisition Corp in arranging acquisition financing.

The loan was provided by Peoples United Bank, as lead lender, with Amerant Bank, Iberia Bank and Westchester Bank as lending participants.

● MARCUS & MILLICHAP
Olnick buys Harlem rental for $19M

Marcus & Millichap announced the sale of Perch Harlem, a seven-story market rate rental property at 542 West 153rd Street in Hamilton Heights,

The 29,442 s/f Passive House property containts 34-unit market-rate units. The sale price was $19 million.

Eric M. Anton, Justin M. Natalizio and Christopher Warner handled both ends of the deal.

The seller was a joint venture between Taurus Investment Holding, a global real estate private equity firm, and Synapse Development Group, a local developer.

The buyer was the Olnick Organization, an owner-operator and long-established real estate family that has not been active in the market for six years.

Perch Harlem meets Passive House standards requiring very little energy to achieve a comfortable temperature year round, making conventional heating and air conditioning systems obsolete.It has been named one of New York City’s m ost energy efficient buildings, ensuring that tenants pay lower energy bills in a place with low impact on the environment.

● CUSHMAN & WAKEFIELD
Queens waterfront site hits market

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Cushman & Wakefield has been retained to market for sale 30-55 Vernon Boulevard, a rare mixed-use waterfront development site located in Astoria, Queens.

Stephen R. Preuss and Andreas Efthymiou are representing the seller, Eastone Real Estate, in all marketing efforts.

30-55 Vernon Boulevard is an assemblage of four tax lots on a corner that wrap around Vernon Boulevard and 30th Road. The site currently features a single-story warehouse and vacant parking lot.

The neighborhood is undergoing massive development with the entire block across the street being developed into a large mixed-use residential property.

The site sits in a C1-3 / R7A / R5B zoning area and has combined mixed-use buildable square footage of more than 89,000 s/f and approximately 121,428 s/f with inclusionary housing and community bonus.

The property can be delivered with approved plans in place.

● LEE & ASSOCIATES
Hotel to rise on Hell’s Kitchen site

Hotel developer Sam Chang is planning a new Hells Kitchen project after purchasing a site at 777 Eighth Avenue for $24.5 million.

Peter Carillo, of HKS Real Estate Advisors, and Ben Tapper, of Lee & Associates NYC, announced they negotiated a 99-year leasehold with the developer on behalf of the property owner.

Joseph Genovese, of Lee Odell Real Estate, represented the Chang, who plans to erect a 200-key hotel.

at the site located between West 47th and West 48th Streets.

● JLL
Simon Baron selling Greenpoint site

Simon Baron Development has tapped JLL Capital Markets experts to sell 12 Franklin Street, a development site located in the Greenpoint section of Brooklyn.

The 27,963 s/f site is approved for a 167,995 s/f mixed-use commercial building, featuring waterfront views and below grade parking.

The proposed building has been designed by FXCollaborative and includes 23,000 s/f of manufacturing space and 134,000 s/f of office and retail space.

The development will offer rooftop amenity space, 15-foot ceilings, two lobbies, outdoor terraces on each floor, a shared conference room, bicycle valet, storage for 85 bikes and underground parking.

“This manufacturing-zoned pocket of Greenpoint and Williamsburg is currently transforming and there is an influx of office, hotel and retail developments,” said Brendan Maddigan, who is leading a JLL marketing team that includes Stephen Palmese, Winfield Clifford, Michael Mazzara, Ethan Stanton and Patrick Madigan.

“In addition, 10,000 new residences in the pipeline along Greenpoint/Williamsburg will further contribute to growing foot traffic and sustained demand for new amenities, workspace and convenient retail,” added Stanton.

The site is a few blocks from both the Nassau and Greenpoint Avenue G Line subway stations and the East River Ferry dock at North 6th Street.

● HODGES WARD ELLIOT
Fairstead acquires Chocolate Factory Lofts

Fairstead and Meadow Partners announced the acquisition of The Chocolate Factory Lofts, a 125-unit converted factory at 275 Park Avenue in Brooklyn, for $67.25 million. 

The former Tootsie Roll factory spans the entire southern-facing side of Park Avenue and sits one block from the Brooklyn Navy Yard and the new Wegmans flagship location.

Daniel Parker, Paul Gillen and Kyle van Buitenen of Hodges Ward Elliott represented the seller. 

● CUSHMAN & WAKEFIELD
Fire Island Flynns calling time

A team from Cushman & Wakefield is marketing Flynn’s Fire Island restaurant and marina for sale.

Located at 1 Cayuga Street in the Ocean Bay Park neighborhood of the resort community, the 176,000 s/f property has been owned and operated by the Flynn family for five generations and is hitting the market for the first time since it was established in 1937.

Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel will lead the marketing efforts on behalf of the sellers, Tim and Mike Flynn.

“Considering this is the first time Flynn’s has come to market since opening in 1937, this property presents a rare waterfront investment opportunity,” said Moss.

“As one of the premier New York metropolitan destinations, Fire Island provides a perfect backdrop for investors, users and developers to further accentuate the Flynn’s legendary brand.”

Flynns has a full-service bar and restaurant, outdoor deck, dining room, standalone liquor store and an enclosed marina with 50 boat slips. It encompasses a section of undeveloped land and revenue sources from marina docking and cruises.

● B6 REAL ESTATE ADVISORS
Offers sought for country estate

B6 Real Estate Advisors, Special Situations Team has been retained to sell at auction 170 acres of scenic land, featuring an entire reservoir, in Hyde Park, NY.

The property, seven miles from Rhineback in Dutchess County, was originally planned for a self-sustaining recreational learning center and may also be used as a private retreat, small development or an outdoor sportsman’s personal playground.

Located near the historic Vanderbilt and Roosevelt Mansions, the Culinary Institute of America, the Poughkeepsie Metro North Station, the town of Rhinebeck and only 90 miles from Manhattan, the property offers Catskill Mountains and Hudson River views and wildlife including deer, fox, bobcat, bear and coyote, as well as bass, sunfish and crappies in the 13-acre reservoir.

Auction gives buyers a chance to bid their price; Sealed Bids are due on October 22nd

Jeff Hubbard, James Cote, Katherine DeCoste and Christian Koulichkov, all of B6 Real Estate Advisors, are representing the seller, Marshall Drive Estates, LLC.

● CUSHMAN & WAKEFIELD
NJ infill site for sale

An 86-acre infill development site in eastern Morris County is being marketed for sale by Cushman & Wakefield.

Located at 85 Whippany Road in Whippany, the property is part of a 194-acre former Alcatel-Lucent site that has undergone redevelopment; the balance of the campus today houses Bayer’s North American headquarters and MetLife Investments’ global headquarters.

Cushman’s New Jersey capital markets team is marketing the opportunity on behalf of Bayer, the seller.

“This land parcel disposition represents the rare opportunity to acquire a large development site in one of New Jersey’s premier infill locations, and we’re already seeing strong interest from potential owner/occupiers and investors alike,” noted David Bernhaut, who is heading the assignment with Brian Whitmer and Mark Phillips, with additional support from Morristown’s Joshua Cohen.

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