MNS Investment Sales and Advisory, a division of MNS Real Estate, has arranged the sale of two properties in Sheepshead Bay totaling $39.5 million.
The properties, located at 1125 Banner Avenue and 2750 East 12th Street, include 102 newly constructed rental units and 70 parking spaces.
The Hudson Companies, Inc., in partnership with the New York City Pension Funds, purchased these properties through its Sandy Rebuilding Fund.
Five of New York City’s largest pension funds invested $500 million into redeveloping commercial and residential property areas affected by the storm.
Hudson Companies will manage the investment of $200 million to acquire and retrofit properties, most of which will be located in the city’s hurricane evacuation zones.
“Rebuilding and investing in areas that have been affected by Hurricane Sandy has been a priority for Hudson since the storm ravaged parts of New York City,” said David Behin, president of the Investment Sales and Advisory Division of MNS.
“This investment provides Hudson with the opportunity to manage two newly constructed apartment buildings to improve their resiliency against future flooding.”
2750 East 12th Street is a seven-story apartment building with 57 studio, one- and two- bedroom apartments. 1125 Banner Avenue is a 12-story apartment building with 45 one-, two- and three-bedroom apartments.
Behin represented Hudson Companies while Yosef Katz and Yisroel Pershin of GFI Realty represented the seller, GFI Capital Resources Group’s Irongate Realty Partners which purchased the property in January 2012 for $17.5 million.