Nolita retail portfolio hits market at $29M
Eastern Consolidated has been selected as the exclusive agent to market a package of seven retail stores totaling more than 10,000 s/f at the base of a luxury loft condominium at 262-272 Mott Street in Nolita. The asking price is $29 million.
Exclusive brokers Adelaide Polsinelli, senior managing director and principal, and Mitchell Goldstick, associate director, are marketing the package. Scott Ellard, vice president and principal, pinancial services, is the analyst for the deal.
“This is one of the largest portfolios of contiguous retail space available for sale on one of the hottest streets in Nolita,” Polsinelli said.
“Unique and exciting retailers are currently leasing space in the building, which offers visually stimulating storefronts and exceptional 19th Century details.”
Built in the 1850s and converted to luxury loft condominiums in 1992, the building is located between Prince and Houston Streets directly across from St. Patrick’s Old Cathedral.
Stores currently leasing space include Fjallraven Artic Fox, a Swedish outdoor brand; Tai Rittchai, a high-end jewelry line; and Rebecca Hossack gallery. Retail rents average $250 to $280 on the block.
Polsinelli continued, “Nolita is hip, cool, and is now seen as an extension of SoHo, offering a blend of dining, entertainment, shopping, culture, and night life. This is a great opportunity for an institutional investor or a 1031 exchange buyer who wants to invest in a retail portfolio.”
Cushman & Wakefield
Brokerage team shopping Bushwick package
Cushman & Wakefield is marketing a conversion opportunity at 1399 Myrtle Avenue in Brooklyn. The asking price is $30 million.
The five-story loft building will be delivered vacant with landmark and DOB-approved plans for a mixed-use condominium building. The property has a 421a tax abatement already in place.
Plans call for 23,272 s/f above grade, spread across ten residential units and one ground floor retail space. The penthouse unit could be 4,300 s/f with over 2,800 s/f of outdoor space.
Originally built in 1861, the building currently features nearly 14 ft. ceiling heights and large windows. It’s close to upscale dining and shopping and near the 1, N, Q and R train lines.
“With approved plans in place this will offer an unparalleled opportunity for a developer to get started on the
conversion right away,” said Cushman & Wakefield’s James Nelson who is exclusively marketing the property with David Shalom and Will Suarez.
Besen & Associates
Long term outlook results in short term sale
Besen & Associates has sold 780 East 135th Street, a six-story industrial warehouse building in Mott Haven.
Built in 1912, the South Bronx building has approximately 84,650 s/f and sold for $14.05 million, or $165 psf.
Besen’s Ronnie Shaban represented the seller and procured the buyer, a feat that took him eight years.
“The sale of this prized property was the culmination of eight years of follow up and a relationship that resulted in an exclusive about 15 months ago,” said Shaban.
“The purchaser is a local private investor who had his eyes on the property when he inspected it with me eight years ago. 780 East 135th Street is unique in that it features full air and light exposure on all four sides, which makes it attractive to future tenants.”
The building occupies an entire block front in an area zoned for light commercial industry. It is fully sprinkled with multiple elevators, staircases and hot air gas heaters as well as a driveway.
The buyers are still evaluating best and highest use for the property, according to Shaban.
780 East 135th Street is near major Bronx roadways, the RFK (Triboro), Willis Avenue, and Third Avenue Bridges, placing it only minutes from Manhattan and Queens.
Added Shaban, “Mott Haven is being transformed into a multi-cultural hub to live, work and play. With its abundant water views and public transportation, it is already being compared to the Queens and Brooklyn waterfronts.”
Cushman & Wakefield
Tribeca condo conversion deal closes
A loft building at 51 White Street in TriBeCa has been sold for $22 million.
The five-story, 20,670 s/f property has 12.5 ft. ceilings, over-sized windows and a sub-cellar.
The property was delivered vacant and traded for approximately $1,064 per square foot.
“This property represents an excellent condo conversion opportunity given the location and the fact that it was delivered vacant. The seller preferred to capitalize on the strength in the sales market as opposed to taking on the project themselves.” said Cushman & Wakefield’s James Nelson who represented the seller, R.A. Cohen & Associates, along with colleagues Will Suarez and David Shalom.
David Friedman of Vertex Realty Group represented the buyer, and LLC.
Solarz sells ‘Hamilton houseʼ
Eastern Consolidated has arranged the $10 million sale of the landmarked Hamilton-Holly House at 4 St. Mark’s Place, whose historic lineage can be traced to its first owner in 1833, the son of Founding Father Alexander Hamilton.
Ron Solarz, executive managing director and principal, and Nataliya Stelmakh, director, represented the owner, a private real estate investor. Solarz procured the buyer, Castellan Real Estate Partners. Gary Meese, senior director of financial services, served as the analyst for the deal.
To market the building’s retail space, Castellan has named James Famularo, senior director and principal at Eastern Consolidated as the exclusive retail leasing broker.
“This five-story, 10,000 s/fmixed-use property is being delivered vacant so it is, in effect, a blank canvas, offering the buyer a unique opportunity to renovate the building and realize a tremendous amount of upside,” Solarz said.
The property currently offers four free market apartments and 5,668 s/f of retail space on the first floor and lower level most recenlty occupied by vintage clothing store, Trash & Vaudeville.
The Hamilton-Holly House also is one of the rare surviving and significantly intact large Manhattan townhouses of the Federal period. It was designated a New York City landmark in 2004.
TruAmerica / MSD Capital
Dell money heading to the East Coast
TruAmerica Multifamily, in partnership with MSD Capital, has expanded its geographic footprint to the East Coast with the acquisition of a 1,004-unit apartment portfolio in suburban Baltimore, MD, in an off-market transaction valued at $187 million.
TruAmerica, one of the most active multifamily investors in the United States, has previously focused its investment on the Western U.S.
MSD Capital is the private investment firm that was established in 1998 to manage the capital of Dell computer founder, Michael Dell and his family.
The MD portfolio is comprised of the 158-unit Bayshore Landing in Annapolis, the 634-unit Sherwood Crossing in Eldridge, and the 212-unit Southfield in Nottingham.
“Similar to the West Coast markets in which we invest, substantially all of the new apartment inventory being built in the greater Baltimore area is targeted for ‘renters by choice,’ effectively pricing out the working class,” said TruAmerica CEO Robert Hart.
“This was a major factor in the decision to target the Baltimore and Annapolis markets for our first East Coast investments.”
“MSD Capital continues to see attractive opportunities in repositioning older multi-family assets,” observed Barry Sholem, head of MSD Capital’s real estate group. “We are excited to partner with TruAmerica on this portfolio, and look forward to pursuing other business together.”
Cushman & Wakefield
National Business Parks buys Jersey prize
Cushman & Wakefield’s Metropolitan Area Capital Markets Group has inked the $20 million sale of a boutique office building in Morristown, NJ.
National Business Parks purchased 10 Madison Avenue this month from Morristown Holdings, LLC, a New Jersey limited liability company managed by WhiteStar Advisors, LLC. The 87,000 s/f Class A asset is fully occupied.
“This property and transaction provide an Exhibit A illustration of Morristown’s continued renaissance, and the resulting demand from investors and tenants that want to be part of walkable, transit-served live/work/play downtowns,” said Gary Gabriel, who orchestrated the transaction with Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz.
The four-story property is home to nine tenants, including Morgan Stanley, AXA Equitable, Northwestern Mutual and Valley National Bank.
“National Business Parks capitalized on the opportunity to invest in an asset that offers cash flow stability and a history of attracting financial services and wealth management firms – indicative of the area’s affluence,” Schwartz said. “In short, 10 Madison Avenue is a proven destination in a market poised for continued strong success.”
W.P. Carey Inc. has acquired a four million square foot, 49-property industrial portfolio located in the U.S. and Canada for $217 million.
The properties are leased to wholly-owned subsidiaries of Forterra Building Products for a period of 20 year, a mulitnational manufacturer of concrete and clay pipe building products.
The portfolio is comprised of 43 properties in the U.S. totaling approximately 3.5 million square feet and six properties in Canada totaling approximately 0.5 million square feet, which combined represent a significant portion of Forterra’s concrete gravity pipe and concrete pressure pipe manufacturing operations.
The 20-year triple net leases include fixed annual two percent rent escalations.
Gino Sabatini, W. P. Carey managing director, said the investment will provide “steady, predictable cash flows, compelling returns and annual rent escalations.”
Forterra was represented by Brian Scott and Andrew Sandquist of CBRE.