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Deals & Dealmakers

ON THE SCENE: Eastern arranges sale of UES property for $12.75M

SALES

Eastern Consolidated arranged the sale of a renovated six-story, 10,606 s/f mixed-use property at 331 East 81st Street on the Upper East Side for $12.75 million, or $1,202 per square foot. Jeremy Simon, Associate Director, and Ronda Rogovin, Senior Director and Principal, represented the seller, a real estate investment firm, and Simon procured the buyer, a private investor. Located between First and Second Avenues, the elevator property is comprised of one retail space, which is leased to Bar Prima, and 14 residential apartments.

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GFI Realty Services announced the $4 million sale of 467 West 164th Street, a 20-unit, pre-war, walk-up apartment building located in the Washington Heights section of Manhattan. GFI Realty Senior Director Erik Yankelovich represented the seller, a local investor. The 9,795 s/f building is composed of 10 studios and 10 one-bedroom units, all of which are rent stabilized. The asset is located near Columbia University Medical Center and Highbridge Park. It is also situated close to the A, C and 1 subway lines, as well as the George Washington Bridge. The deal presented the opportunity to acquire a property at a capitalization rate north of 5 percent, a GRM of 12.5 times and a price per unit of $200,000.

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Angel Commercial, LLC, announced the sale of a commercial property located at 134 Round Hill Road in Fairfield, CT, for $1,350,000. The property consists of a 7,350 s/f free-tanding commercial office building on 0.32 acres located directly off I-95, Exit 22. Both the seller, Round Hill Road Partners, a CT general partnership, and the buyer, 134 Round Hill Road, LLC, were represented by Angel Commercial, LLC. No immediate plans have been outlined for changes to the building.

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NAI James E. Hanson announced the following sales:

• 13.6 acres of land surrounded by Main Street, River Road and Madison Avenue targeted for development in New Milford, NJ. Andrew Somple and Greg James represented the seller, Suez Water North America, in the sale to New Milford Redevelopment Associates, a subsidiary of S. Hekemian & Co., Inc. The new owners will utilize the land to build an Inserra ShopRite with a bank branch. Along with the retail development project, a portion of the land will be used to construct new sports fields for New Milford High School. At the same time, Inserra’s current store in New Milford at 841 River Road has been slated for redevelopment into affordable housing once the new store opens. The sale marks the completion of a multi-year approval process that included compromises from the buyer, seller and the Borough of New Milford.

• A 16,500 s/f two-story office building located at 10 Elizabeth Street in River Edge, NJ. Andrew Somple and Anthony Cassano represented the seller, Crestview Associates, LLC, in the sale to NJCF Property, LLC. The property is located close to the River Edge train station as well as Routes 4 and 17. The new buyer, NJCF Property, LLC, is a check cashing service based in Chicago, Ill. that was leasing space in Englewood Cliffs and was searching for a quality property to purchase. NCF Property, LLC will embark on a series of renovations to bring the building.

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The Solomon Organization has acquired The Lofts at Strickland Glen, in Raleigh, NC. It is the 10th multi-family community in its expanding Southeast US portfolio, which now numbers 2,734 units in Virginia and North Carolina – all purchased since 2015. Formerly Hawthorne Glen, the 156-unit luxury rental was built in 2000 and is the company’s third property in the Research Triangle Park, notably home to Duke University and the University of North Carolina at Chapel Hill. Marc Solomon, founder of The Solomon Organization, said the company will invest more than $1.5 million to upgrade units. Cushman and Wakefield’s Multi-Family Advisory Group in Charlotte brokered the transaction

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