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Deals & Dealmakers

Selling points: Prospect Heights package going for $20M, Newark complex sells for $4.8M

Ariel Property Advisors

Prospect Heights package up for grabs for $20M

Ariel Property Advisors has been exclusively retained to sell 291 & 292 Lincoln Place, a two-building multifamily package in the prime area of Prospect Heights in Brooklyn. The asking price for the properties is $20 million.

The buildings, which contain 49 residential units spanning 41,000 square foot, are located between Underhill and Washington Avenues, one of the most prestigious neighborhoods in Brooklyn. The unit mix consists of 10 free market, 1 rent controlled, and 38 rent stabilized units.

Future owners can realize supplementary upside by building out the 12,400 square feet of additional air rights (as-of-right) that is available between both properties.

Exclusive agents Jonathan Berman, Michael A. Tortorici, Shimon Shkury, Victor Sozio, and Orry Michael are representing the seller.

The properties have been meticulously maintained by a long-term owner and recently underwent an extensive capital improvement program. In fact, 10 of the apartments have been completely renovated and feature new kitchens equipped with stainless steel appliances, new bathrooms, hardwood floors, and recessed lighting.

Located in one of Brooklyn’s most desirable areas, the properties are also in close proximity to a slew of major attractions, such as Grand Army Plaza, Prospect Park, the Brooklyn Museum, and the Brooklyn Botanic Gardens. The property also enjoys favorable commuting options, with convenient access to the 2, 3, 4 and 5 trains, which are located a short walk from the buildings.

Cushman & Wakefield

Newark apartment complex sells for $4.8M

A 68-unit Newark apartment portfolio traded this week in a $4.8 million sale arranged on behalf of the long term private ownership by Cushman & Wakefield’s Metropolitan Area Capital Markets Group.

The offering included two communities on Roseville Avenue; the assets are located just one block from each other.

Built in the early 1970s, both properties are three-story walk-ups. 467-479 Roseville Avenue contains 46 units and totals approximately 37,000 square feet on 0.46 acres, while 385-391 Roseville Avenue includes 22 units and totals approximately 17,600 square feet on 0.30 acres.

The properties offer superior access to I-280 and Route 21, with NJ Transit bus service located in front of the buildings. They are also convenient to neighborhood retail including a deli/grocer and CVS Pharmacy. Onsite laundry and parking add to their leasing appeal.

PAG Investments

Westchester corporate flex property acquired by PAG

Heritage Corporate Park, a fully occupied flex/office property in Elmsford, has traded in a sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. PAG Investments acquired the 155,033-square-foot asset from an entity controlled by RNY Property Trust.

Located at 80 and 100 Grasslands Road, Heritage Corporate Park sits on 8.5 acres in the heart of Westchester’s commercial and industrial corridor. A 67,454-square-foot flex building (100 Grasslands Road) features a three-bay loading dock, 24-foot clear height, and showroom and warehouse space. It is complemented by a three-story, 87,579-square-foot office building (80 Grasslands Road). Tenants enjoy conveniences such as covered executive parking, onsite cafeteria service, and a yoga and fitness studio.

The institutionally maintained property has served as the headquarters location for Amscan, Inc. for more than 20 years and also serves as home to several other tenants.

Cushman & Wakefield’s Andrew Merin headed the transaction with Metropolitan Area Capital Markets Group team members David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin.

The Park is also less than five miles from the “New NY Bridge,” the $3.9 billion Tappan Zee Bridge project, which will support approximately 150,000 vehicles daily. Completion of the New NY Bridge is slated for 2018.

Marcus & Millichap

Michigan nursing home portfolio sold to startup

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of the operating entities controlling the McGuire portfolio, a nursing home portfolio composed of six nursing home operations in New York and in Michigan. There are a total of 1,456 licensed beds in the portfolio.

Myers, Jandris and IPA’s Charles Hilding represented the seller, a private family company, and procured the buyer, a long-term care start-up seeking to grow its operating platform.

J.D. Parker, senior vice president and division manager, is Marcus & Millichap’s broker of record in New York. Steven Chaben, senior vice president, is Marcus & Millichap’s broker of record in Michigan.

SL Green Realty

SL Green sells Class A Tarrytown office building

Jeffrey Dunne, Steven Bardsley and Alex Riccio of CBRE’s Institutional Properties represented SL Green Realty Corporation in the sale of 520 White Plains Road located in Tarrytown, New York to Signature Acquisitions LLC.

520 White Plains Road is a Class A office building totaling 180,000 square feet and is situated at the confluence of Interstate-287, Interstate-87 and Route 9, and only 1.9 miles from the Tappan Zee Bridge, providing unparalleled access to the entire Tristate region. Additionally, 520 White Plains Road is surrounded by excellent amenities including three hotels, a grocery anchored Super Stop and Shop and over 10 restaurants providing tenant convenience.

Currently 96 percent leased with an average lease term of nearly 6 years, 520 White Plains provides stable income. Strong credit tenants anchoring the property include: First Niagara Bank, Clarfeld Financial, and Westcon Group

Rosewood Realty Group

Five-building Queens portfolio sold for $15.3M

Rosewood Realty Group announced the $15.3 million sale of a five-building portfolio in Hollis, Queens.

The package consists of five, two-story garden apartments with 100 apartments and 37 parking spots. The addresses are: 196-03 & 196-07 & 196-11 Jamaica Avenue and 91-15 & 91-21 196th Street.The portfolio totals 45,000 square feet. The buildings were built in 1950. The seller is Black Spruce Management, a Manhattan-based real estate investment/management company, and the buyer is a private investor, according to Rosewood’s Aaron Jungreis, who brokered the deal. The buildings sold for 13.5 times the current rent roll and for 4.5 percent cap rate.

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