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Deals & Dealmakers

Selling points: Atlantic Stamp Building sells for $19M, C&W marketing Manhattan package

Cushman & Wakefield

Retail driving uptown offering

Cushman & Wakefield has been retained to sell a four-building, 27,968 s/f mixed-use portfolio on the border of Midtown East and the Upper East Side.

Executive Managing Director Clint Olsen, Associate Alex Woodlief, and Associate Will Conrad are asking price $57 million for the portfolio.

The two sites, consisting of four buildings, 784-786 Lexington Avenue and 1020-1024 Third Avenue, are being marketed together and offer a total of approximately 77,000 gross buildable square feet.

“This is a retail driven portfolio of prime mixed-use assets in premium avenue locations between Midtown East and the Upper East Side,” said Olsen.

“The portfolio presents an opportunity for a purchaser to acquire prime avenue retail assets with significant in-place NOI and future development potential at an attractive basis. Below market residential rents also offer immediate upside.”

784-786 Lexington Avenue is 8,593 s/f with three commercial spaces and 10 residential units. Commercial tenants include Sweetgreen and Baked by Melissa. 1020-1024 Third Avenue combines is 19,375 s/f with 25 residential units and three commercial spaces.

Two of the commercial spaces are newly vacant and the third is occupied by Chipotle.


Boerum Hill boutique fetches $19M

Zurich North America has sold a boutique Brooklyn apartment building for $19 million.

Holliday Fenoglio Fowler announced the sale and a $9 million financing deal for The Atlantic Stamp Building, an eight-story, 26-unit property at 307 Atlantic Avenue on Boerum Hill.

An HFF team comprising managing directors Jeff Julien and Rob Hinckley and director Steven Rutman represented the seller, an affiliate of Zurich North America (advised by Zurich Alternative Asset Management), and procured the buyer, Twining Properties.

Zurich’s in-house team, including Chris Edgar, director of Multifamily Acquisitions and Sean Bannon, managing director and head of U.S. Real Estate, represented Zurich in the disposition.

Twining Properties acquired the property on behalf of one of its clients. Twining’s acquisition efforts were led internally by Ed Rotter and Brian Hong.

Additionally, working on the buyer’s behalf, HFF’s debt placement team, which included senior director Geoff Goldstein and director Rory Shepard, secured an acquisition loan through Principal Global Investors.

Completed in 2010, the Atlantic Stamp Building has 26 studio, one- and two-bedroom apartment units and 3,544 s/f of ground-floor retail.

Eastern Consolidated

Stable store opportunity

Eastern Consolidated has been retained to sell a 7,039 s/f retail condo at 900 First Avenue, which is fully leased to Chase, Dunkin’ Donuts and Westcliff Pharmacy.

The asking price is $13.75 million for the space at the base of the Grand Beekman Condominium, two blocks north of the United Nations in Midtown East.

Ben Tapper, Senior Director and Principal, is representing the owner. Gary Meese, Senior Director, Financial Services, is the analyst for the deal.

Tapper said, “The retail condo offers the stability of a fully leased income-producing property, while containing inherent upside potential over the long term.”

Lee & Associates NYC

Rare gem offered at $14M

A development site near the giant Hallet’s Cove has hit the market at $14.6 million.

Alfonso Holloman, CCIM, senior managing director at Lee & Associates NYC is marketing the residential site at 26-24 4th Street, between 26th and 27th Avenues,

The site consists of two contiguous tax lots, with a total footprint of 25,473 s/f zoned R6, as well as a vacant lot, and is improved with a 20,000 s/f warehouse, which is being leased on a month-to-month basis.

“There is heightened interest in Astoria due in large part to the seven-building Hallets Point project currently under construction,” saied Holloman.

“The availability of this site on 4th Street comes at an opportune time for developers who want to become involved in one of Queens’s most rapidly changing neighborhoods.”


Knickerbocker package

 TerraCRG is marketing three adjacent mixed-use buildings in Bushwick – 373, 375 and 379 Knickerbocker Avenue — at an asking price of $9.95 million.

Matt Cosentino, Eric Satanovsky and Fred Bijou are leading the campaign to sell the 16,390 s/f package of three ground-level retail stores and four residential apartments.

“This stretch of Knickerbocker Avenue is one of the most dynamic retail locations in New York City and we expect significant upside in the retail tenancy in the near term,” said Bijou.

“The opportunity to own 75 feet of retail frontage on Knickerbocker Avenue along with a substantial residential component is extremely rare.”

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