LIC apartment building fetches $97M
Charles Dayan’s Bonjour Capital has sold the Crescent Club apartment building in Long Island City for $97 million.
Sources told Real Estate Weekly the buyer was Crescent Club LLC, an entity controlled by the Weiss Family, which recently sold 40 Exchange Place to Jeff Gural’s Newmark Holdings for $115 million.
Located at 41-17 Crescent Street in LIC, the 17-story building was originally developed as a luxury condo in 2010. It has been operating as a rental since being bought out of default by Simon Development, who sold it to Bonjour for $85 million in 2013.
The Crescent Club has 130 apartments and 10,000 s/f of retail space. It has a fitness center, landscaped backyard with outdoor pool, business center, lounge, sky club lounge, cold and dry grocery storage and Wifi in amenity areas as well as bike storage, storage units and parking.
Bonjour Capital hired Durukan Design to redesign the building’s common space and renovate amenities . Dayan said the property was “run like a hotel. It was kept pristine with a keen eye on tenants needs.”
He said the sale was a strategic move. “We plan on reinvesting the capital into New York City real estate,” added Dayan, the CEO of Bonjour Capital.
Lipa Lieberman from Meridian Capital, represented the buyer.
French investor trades Park Slope for UES
GFI Realty Services, LLC announced the $27 million sale of an Upper East Side apartment building.
The five-story walkup building at 322-326 East 82nd Street, is comprised of 67 apartments that total 40,320 s/f.
Yisroel Pershin and Barak Jacobov, both of GFI Realty, represented the seller, The Maidman Family, while GFI Realty senior director of Investment Sales Erik Yankelovich represented the buyer, a French investor.
GFI managing director of Investment Sales Roni Abudi arranged $15.2 million in financing from Investor’s Bank for the deal.
“We’ve worked with the buyer several times over the past few years, and this property presented a lot of upside potential due to its prime location on the Upper East Side, along with tax benefits under the city’s J-51 program,” said Yankelovich.
“This was yet another opportunity for GFI to showcase our ability to handle all aspects of a deal — from the financing to the sale of a building and everything in between.”
The buyer bought the building as part of a 1031 exchange, as a result of the sale that GFI Realty arranged of 477 3rd Street in the Park Slope section of Brooklyn.
At the Upper East Side apartment building, the buyer plans to renovate several of the residences and will also upgrade the building’s common spaces.
“We were able to successfully execute our strategy, ultimately increasing the value of the buyer’s portfolio through the sale of a 20-unit apartment building, along with the acquisition of a 67-unit apartment property with significant upside,” Yankelovich added.
GE sells Jersey property
NGKF Capital Markets announced the sale of 2 University Plaza in Hackensack, New Jersey on behalf of GE Credit Equities (GE).
The building, which was purchased by Venture Hackensack LLC for $10.25 million, is 72 percent occupied and had 33 tenants at the time of the sale.
NGKF Capital Markets Executive Managing Director Steven Schultz, Managing Director Tony Georgiev and Director Josh Malka, along with Managing Director Blake Goodman, represented the seller.
According to Schultz, “The buyer recognized the unique value-add investment opportunity offered by the property. With superior amenities, a diverse array of tenancy and benefits from its location in one of the region’s most desirable corporate corridors, the new owner will have the ability to capture rent upside by implementing strategic upgrades to the building.”
2 University Plaza features 148,453 s/f and comprises six stories of 25,000 s/f floor plates. The facility offers on-site management, a cafeteria, build-to-suit and FIOS enabled suites, 24/7 card-key access and evening manned security.
The 6.12-acre property is separated into two lots by Temple Avenue, with the office facility on parcel one and 490 parking spaces on parcel two.
Westrock continues to bolster portfolio
Westrock Development, a privately-held investment firm headquartered in Harrison, N.Y., purchased seven buildings throughout the United States, which include approximately 210,000 square feet of space, totaling $17 million.
In New York, Westrock purchased a 44,000 s/f industrial building located at 920 East 149 St. in the Bronx.
The space, which sits on three acres of land, has been leased to Shleppers Moving & Storage. The company also purchased two properties in Westchester County. In Ossining, an industrial building with 34,000 s/f of space at 97 North Water St. was 50 percent vacant at the time of acquisition.
As a result of Westrock’s affiliation with New York’s Friedland Realty Advisors, the building is now 100 percent leased.
Westrock also purchased a 34,000 s/f mixed-use building on South Fulton Avenue in Mount Vernon.
“We believe the market is perfect for a company like ours, which focuses on value-added property,” said Jason Friedland, president of Westrock Development.
“We never buy a property based on the existing tenancy — it’s always for the intrinsic value of the property. We will continue to focus on this strategy in 2016 and are slated to purchase another $20 million in properties this year.”
●PRISM CAPITAL PARTNERS
Prism turns profit on Princeton Pike campus
Prism Capital Partners LLC, has announced the sale of Princeton Pike Corporate Center in Lawrenceville to Lenox Drive Office Park LLC.
The trade comes almost three years after Prism acquired the eight-building, 800,000 s/f Class A asset in a joint venture with Angelo, Gordon & Co.
“We added tremendous value during our ownership of Princeton Pike Corporate Center,” noted Edwin Cohen, principal partner.
“The improving economy brought renewed velocity to the office leasing market, and we capitalized on that through significant capital improvements and aggressive leasing.”
“Our purchase acumen was proved correct through the considerable profit we earned,” said Eugene Diaz, principal partner, Prism Capital Partners LLC.
Under the Prism/Angelo Gordon ownership, new tenants including J. Knipper and Company Inc., Eckert Seamans Cherin and Mellott LLC, Adare Pharmaceuticals, and Management Planning Inc. leased space, while others expanded their presence.
Today Princeton Pike Corporate Center is more than 90 percent leased. Other key tenants include Sirius XM Radio, Morgan Stanley, Wells Fargo Advisors, Stark & Stark, Princeton Healthcare Services, Fox Rothschild LLP, and MetLife Solutions Group, among others.
Joe Garibaldi, Tom Walsh and Michael Fenton of Jones Lang LaSalle brokered Princeton Pike Corporate Center’s sale to Lenox Drive Office Park LLC.
● GFI REALTY
Seller retires Williamsburg building
GFI Realty Services announced the $15.85 million sale of 119-123 Kent Avenue, a mixed-use multifamily and retail property in Williamsburg.
Joseph Landau and Max Koshkerman represented the buyer, a group led by Cheskie Weisz of CW Realty and Joel Wertzberger of Joyland Group.
Koshkerman partnered with James Tenaglia of M and J Realty Group in representing the seller, Anthony Fernicola.
The property consists of 18 residential units, one retail shop and 5,700 s/f of air space. Sixteen residential units and the retail facility are vacant.
“The seller did an excellent job of creating value in these buildings, and chose an opportune time to divest of these properties,” said Koshkerman.
“As the seller approaches retirement age, we were successful in securing a buyer that intends to capitalize on the neighborhood’s strength and the prime location of these assets.”
The property’s new ownership intends to complete interior and exterior renovations, and will commence lease-up of both the multifamily and retail components, while using the air rights to extend the size of the retail facility.
the deal comes on the heels of the ownership group’s recent acquisition of 310 Graham Avenue, a development site in East Williamsburg.
The two-story building that stood in that location will give way to a seven-story, mixed-use apartment building with 23 rental units. The acquisition of 310 Graham was also arranged by Koshkerman, Landau and Tengalia.
● TIME EQUITIES INC.
TEI buys Simon outlet center
Time Equities Inc. has expanded its Northwest portfolio with the acquisition of Columbia Gorge Premium Outlets, located at 450 N.W. 257th Way, Troutdale, OR, for $28,425,000.
Purchased from Simon Property Group, the project is TEI’s first U.S. outlet center and the firm’s first commercial retail site in Oregon, where it currently owns seven office, industrial and warehouse properties.
The announcement comes in tandem with the full-service firm’s golden milestone, as it celebrates 50 years of acquisitions and retail growth throughout the country.
Now named Columbia Gorge Outlets, the 164,235 s/f Oregon shopping center is 90 percent leased to tenants including Coach, Gap, Eddie Bauer, Levi’s, Carter’s and Rack Room Shoes.
“We were attracted to Columbia Gorge’s proximity to downtown Portland, strategic location at the base of the Columbia River Gorge National Scenic Area as well as the center’s notable sales volumes,” said Ami Ziff, director of national retail for Time Equities.
“As Time Equities looks back at a successful 50 years of growth, we embark on another 50 years of strategic prosperity. This announcement is an exciting milestone for us as we acquire our first U.S. outlet center within one of Oregon’s most attractive urban development corridors. We look forward to continuing this momentum by integrating additional outlet centers in our expanding national portfolio.”
TEI has tapped The Woodmont Company to handle marketing, leasing and management of Columbia Gorge Outlets.
Tom Salanty and Gary Griff of Cushman & Wakefield represented Simon Property Group in the sale of the outlet center. Ami Ziff and Jonathan Kim represented TEI on the acquisition.
● CUSHMAN & WAKEFIELD
Bed-Stuy factory site sells for $12M
An industrial site at 102 Sandford Street, located between Park and Myrtle Avenues of Brooklyn’s Bedford-Stuyvesant neighborhood, was sold for $11,900,000.
Previously, the site served as the national headquarters for American Almond Products, a baking products company founded in 1924, for decades.
The site contains approximately 37,500 s/f with access from both Sandford and Walworth Streets. The land currently
houses approximately 29,125 s/f of factory and warehouse space and approximately 8,375 additional buildable square feet. The sale price equates to $409 psf.
“This special site was one of the last remaining larger footprints available in northwest Bedford-Stuyvesant,” said Cushman & Wakefield’s Michael Amirkhanian who exclusively handled this transaction.
“The competitive nature of this sale highlights the robust demand for industrial properties in Central Brooklyn.”
● CUSHMAN & WAKEFIELD
Luxury apartment community sold
The Village at Merritt Park in Fishkill, NY, has traded ownership in a sale orchestrated by firm Cushman & Wakefield.
Hampshire Properties acquired the 360-unit luxury rental apartment community from TGM Associates.
Andrew Merin, Karen Iman, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., brokered the transaction.
“This offering drew highly competitive bidding from a host of premier multifamily investors,” noted Whitmer, who headed the assignment.
“Throughout its period of ownership, TGM Associates did an impressive job maintaining the quality of the curb appeal and lifestyle at The Village at Merritt Park. Hampshire Properties recognized this and was also attracted by the future potential supported by the stability and strengthening fundamentals of the lower Dutchess County multi-family market.”
Seller, M2 Partners of New Canaan, bought the property for $8,375,000 in January, 2013
Located on 41 acres at 80 Jefferson Boulevard, The Village at Merritt Park includes 16 two-story residential buildings and resort-style amenities.