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Deals & Dealmakers

Selling points: Rhodium buys Jersey City tower for $20M, Hudson Heights building selling for $34M

Besen & Associates

Family owners list Hudson Heights apartment building

The longtime owners of a Hudson Heights apartment building have listed the property with Besen & Associates at $34 million.

Shallini Mehra & Amit Doshi at Besen  have been retained to market 825 West 187th Street , on the corner of Cabrini Boulevard.

The same family has built and managed the six-story, 78,564 s/f property since 1929. It has  87 residential units comprised of  27 two-bedroom units, 52 one-bedrooms, seven  studios and one  one-bedroom unit occupied by the building superintendent.

The building includes a doorman, laundry room and bike room. Hudson Heights, which is set on rocky cliffs offers residents a tranquil neighborhood with tree-lined streets, nearby parks and convenient public transportation.

Of the 87 units, 43 (49 percent) are rent stabilized with an average monthly rent of $1,780, which represents a 35% discount to current market rates. Seven units are rent   and the remaining 36 units are free market with an average monthly rent of $2,386.

The property offers open panoramic views of the Hudson River, New Jersey Skyline and the George Washington Bridge

Marcus & Millichap

Builder parting with pride of ownership portfolio

Marcus & Millichap has listed an 88-unit multifamily portfolio in New Paltz and Walden, NY, for $18.7 million.

The exclusive listing agent is David E. Thurston, a first vice president in the firm’s New Jersey office, who called the package “a pride of ownership portfolioˮ noting that the original builder has owned and maintained the properties since their construction.

The package include two communities: Mulberry Square, a 56-unit, seven-building complex in New Paltz, and Tin Brook Apartments, a 32-unit, four-building complex in Walden.

They were constructed in 1999 and 2003 and each consists of two-bedroom, one-bath apartments with balconies or patios.

The property is 100 percent occupied and each unit is separately metered for all utilities.

Avison Young

Williamsburg portfolio expected to fetch $20M

Avison Young’s New York Investment Sales team is marketing a luxury four-building multifamily portfolio in Williamsburg.

The buildings are located at 587, 589, 591 Flushing Avenue and 279 Lee Avenue, and represent over 44,000 s/f in total space.

In all, there are 40 newly constructed luxury units with condo-like finishes and high-end fixtures located a block from the G subway line.

Avision Young Principal Charles Kingsley and associate Eric Karmitz are managing the sale on behalf of ownership. The portfolio is expected to elicit offers in the $20 million and above range.

“Williamsburg remains one of the most in-demand residential markets in the entire city and shows no sign of slowing down,” said Karmitz.

Cushman & Wakefield

Brooklyn investor zeroes in on NJ office market

Brooklyn-based investor Shelbourne Global Solutions has purchased Perryville III in a private sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group for $19.9 million.

The 288,280 s/f, three-story, Class A office building in the I-78 market of Hunterdon County incorporates a full amenity package and is located in one of New Jersey’s most active markets.

Shelbourne, which owns and operates more than five million square feet of office, industrial and flex space, invests in Central Business Districts and other emerging markets.

Cushman & Wakefield’s David Bernhaut handled the sale with team members Andrew Merin, Gary Gabriel, Andrew Schwartz and Ryan Larkin.

“New Jersey’s I-78 Corridor submarket has become a hotbed for the pharmaceutical and technology industries and has the highest occupancy of all major northern New Jersey suburban office markets,” said Berhaut.

Alphapointe

Non-profit buys 140,000 s/f Queens facility

Alphapointe, the non-profit organization dedicated to helping individuals who are legally blind secure gainful employment, has acquired a 138,000 s/f building at 87-46 123rd Street in Richmond Hill, Queens,.

The property will become the official home of the 501(c)(3) organization, which is currently pursuing philanthropic support for the project.

Alphapointe currently rents 100,000 s/fof office, factory and warehouse space at 3611 14th Avenue in Borough Park. Kansas City-based Alphapointe Inc. arrived in New York in 2014 to merge with NYCIB, and assumed the lease that organization was holding in Brooklyn.

“The plan from the outset was to locate and purchase a property in New York,” said Reinhard Mabry, president/CEO of the organization.

In addition to administrative offices, the new location will house Alphapointe’s manufacturing facility specializing in janitorial and office supplies for businesses, government and the military, a contract sewing department, an in-bound call center, and a warehouse/fulfillment center that counts New York Administration for Children’s Services among its customers.

It will serve more than 200 current employees, 130 of whome are legally blind, and will allow Alphapointe room to expand its business lines and provide training and jobs for more people.

Rhodium Capital Advisors

$20M Journal Square deal closes

Rhodium Capital Advisors announced the $20 million acquisition of an office building at 600 Pavonia Avenue in Jersey City’s Journal Square neighborhood.

The eight-styory property, which was closed via Rhodium Capital’s newly-launched investment platform, will undergo a$3 million in new capital improvements.

Daniel Shragaei, managing principal of Rhodium Capital Advisors, siad the company has already secured new leases with a diverse mix of new commercial tenants.

We are tremendously excited to have facilitated the deal on our new investment platform, which streamlined much of the process toward closing. We look forward to leveraging this innovative technology to add even more efficiency to our unique investment model,” added Shragaei.

C6 RE Partners / Citymark Capital

JV buys brand new community

C6 Real Estate Partners has acquired a 100-unit muiltifamily community in Garfield, NJ, for $27 million.

The newly-built property was acquired vacant by C6 in a joint venture partnership with Citymark Capital,  an institutional private equity real estate fund manager.

River Edge at Garfield is a Class A multifamily community 15 miles northwest of Manhattan. Built in 2017, it has a swimming pool and two gyms.

Brian DiSalvo, C6 Principal, said the partnership has a “value creation plan” for the property. “Bergen County continues to be a strong draw for a wide range of residents seeking both luxury and convenience,” added DiSalvo. “River Edge provides a spacious and attractive neighborhood feel that distinguishes itself from the competition.”

Institutional Property Advisors

Sage buys assisted living facility

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has sold Francis Asbury Manor, a 131-unit, 150-bed assisted-living facility in Ocean Grove, New Jersey.

The $18.25 million sales price equates to over $139,000 per unit.

“One unique feature of the sale was that the ground is owned by the Ocean Grove Camp Meeting Association of the Methodist and Episcopal Church, which owns all of the ground in the entire city,” said Mark Myers, IPA executive managing director.

“It was therefore necessary to identify a buyer who would find the facility attractive and would also be able to negotiate a new ground lease with the Camp Association. We were able to locate such a buyer from New York City.”

Myers, along with Joshua Jandris, an IPA senior managing director, and Charles Hilding, an IPA associate director, represented the seller, United Methodist Communities and procured the buyer, Sage Healthcare Partners.

Gebroe-Hammer Associates

Multifamily portfolio fetches $34M

A two-property, 532-unit multi-family portfolio has sold for a combined $33.75 million in a transaction arranged by Gebroe-Hammer Associates.

The brokerage team of David Jarvis and Adam Zweibel exclusively represented the seller and procured the buyer, a private investor, in the sale of Orchard Drive Apartments in Whitehall, PA and Presidential Court Apartments in Runnemede, NJ.

“Both properties, which were built in the 1960s and were owned by the seller for 40+ years, appealed to the buyer because they are primed for major capital improvements that will quickly yield high-end competitive market-rate rents,” said Zweibel.

The $18.25 million Orchard Drive Apartments sale involved a total of 264 one- and two-bedroom units. The selling entity was Orchard Drive Associates.

Presidential Courts features a mix of one- and two-bedroom layouts throughout the 268-unit garden-apartment complex.

Presidential Associates LP was the selling entity and TNJ Properties LLC was the acquisition entity.

Modern Spaces

Tavros closes on LIC assemblage site

Tavros Capital completed the acquisition of its Court Square Assemblage, a group of seven properties totaling 167,177 buildable square feet in LIC.

The company closed on the last batch of townhomes (45-05 23rd Street; 23-16 45th Avenue; 23-14 45th Avenue; 23-10 45thAvenue) for a total of $21,550,000

Evan Daniel, David Roger Grossmann, Edward DiTomasso and Ashley Grebow of Modern Spaces exclusively marketed the townhomes and represented the property owners in the sale.

This brings the total cost of the seven-property assemblage to $32,800,001.

The investment management and development firm plans to construct a new Class-A mixed-use building on the site, complete with residential, retail and office components.

“The project planned for the Court Square Assemblage site will be a game changer for the local community,” said Grossmann.The Court Square Assemblage is a combination of seven tax lots that have substantial air rights in the Court Square sub-district.

The completed assemblage will have a total footprint of 11,145 s/f. A minimum of 10,000 s/f of land triggers a Floor to Area Ratio (FAR) bonus of 15.0, allowing for 167,178 buildable square feet of mixed-use development.

 

Besen & Associates

Orange Street offering

Amit Doshi, Shallini Mehra and Ron Cohen of Besen & Associates have been retained to sell 50 Orange Street, a five-story, 20-unit elevator building with a finished cellar.

The 14,850 s/f residential property is located in historic Brooklyn Heights, on the corner of Orange Street and Hicks Street.

It was at one-time owned by the Watchtower Bible Society, which established roots in Brooklyn Heights in the early 1900’s.

The current ownership has renovated the units and common areas from top to bottom. Units have modern features and condo finishes and the property has a fitness center, rooftop deck, smartphone intercom, laundry room, storage units, bike rooms and a golf room with a putting green.

The building mechanicals have been restored and replaced and façade and structural and mechanical elements are in excellent condition.

The Besen team is asking $18,750,000 for the property.

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