LES development site expected to turn heads
Eastern Consolidated has been retained as the exclusive agent to market for sale a development site at 201-203 East Broadway on the Lower East Side for $10.5 million.
Two, five-story buildings, occupied by the United Hebrew Community, currently stand at the site and will be delivered vacant.
The site is zoned for 28,152 buildable square feet, subject to height and setback requirements. It maintains a maximum FAR of 6.5 with the inclusion of community facility space and provides 50 feet of frontage along East Broadway.
“This offering presents investors with a prime development opportunity in this popular and ever-trendy section of Manhattan,” said Adelaide Polsinelli, a senior director at Eastern Consolidated, who along with associate director Carlos Olson, exclusively represents the seller.
“With other new projects in excess of one million square feet rising only a few blocks away, we expect there to be high demand for 201-203 East Broadway.”
The development site is close to the 1.9 million square foot Essex Crossing Development and Extell’s 1.2 million square foot residential development at 227 Cherry Street. I
● massey knakal
Road Runners selling
Massey Knakal Realty Services is marketing a Beaux-Arts style townhome at 9 East 89th Street in the heart of Museum Mile.
Steps from the Engineer’s Gate entry to Central Park, the asking price is $24,750,000.
The property is a 23 ft. wide, six-story elevatored building with 10,285 s/f above grade .
It was designed by German-born architect and artist Oscar Bluemner for Charles Glen, and built in 1902.
The property is currently owned by New York Road Runners (NYRR), but will be delivered vacant.
Paul Massey, who is handling the assignment with Tom Gammino, said a buyer could convert the commercial townhouse for residential use.
The sale of the property is a natural next step for NYRR as they look to extend their reach throughout the five boroughs. The building will remain open and continue to provide NYRR
services to runners until the property is sold.
●ariel property partners
Fulton Street site fetches $10M
Ariel Property Advisors has announced the sale of a development site at 92 Fulton Street in Lower Manhattan for $10 million.
The sales team of Michael A. Tortorici, Howard Raber, Shimon Shkury, Victor Sozio and Randy Modell represented the seller, a private investor, and procured the buyer, a developer.
“The market was incredibly receptive to 92 Fulton Street,” said Tortorici, vice president of Ariel Property Advisors.
“The price is a testament to the vitality of the Lower Manhattan development market and the area’s transformation into a 24/7 community.”
The 25-foot-wide vacant lot offers a total of 29,890 buildable square feet, including air rights
HAP 10 next on drawing board
HAP Investments has closed on the purchase of a development site at 2211 Third Avenue, to be known as HAP 10. The purchase price was $13 million.
The site is on the corner of Third Avenue and East 121st Street in East Harlem.
“This 17,500 s/f lot will enable us to construct a building which we are certain will have a significant positive impact in further transforming this part of the East Harlem neighborhood, and provide much needed community housing and shopping services,” said Eran Polack, CEO, HAP Investments. HAP plans to build a 162,000 s/f luxury rental building with 120 apartments. Some 80 percent will be market rate and 20 percent affordable.
There will be 24,000 s/f of commercial space, which HAP hopes to fill with a supermakret under the city’s FRESH program. That program provides zoning and financial incentives to developers and retailers who promote the creation of neighborhood grocery stores in underserved communities.
The new development will have 5,000 s/f of parking and 1,000 s/f of community facility space. Karl Fisher has been selected as the architect.
HAP Investments has been very active in Upper Manhattan and the East Harlem areas with properties including 419 East 117th Street, 247-249 East 117th Street, 2338 2nd Avenue, 329 Pleasant Avenue and 1655 Madison Avenue.
In addition, the company purchased a major development site at 215-219 West 28th Street in Chelsea and is in contract to purchase a development site at Journal Square in Jersey City to be known as HAP Tower.
● mack-cali / keystone property
Mack Cali makes another multi-family move
Affiliates of Keystone Property Group and Mack-Cali Realty Corporation have jointly purchased Curtis Center, a class A office and retail building in the heart of Center City, Philadelphia, for $125 million.
The companies plan to reposition the property into a mixed-use environment through the creation of luxury rental apartments within a portion of the existing office space.
The transaction is the latest in a series of high-profile deals between Keystone and Mack-Cali and is reflective of the companies’ current business strategies, as Keystone looks to further expand its focus on the creation of lifestyle-oriented business environments, and Mack-Cali continues to grow its multi-family rental platform.
Totaling approximately 885,000 s/f and comprising an entire city block, Curtis Center is currently home to a variety of commercial tenants, including the General Services Administration (GSA), the building’s anchor tenant, along with ground-floor retailers.
Keystone and Mack-Cali plan to convert approximately 90,000 s/f of existing office space within the building into 90 luxury rental apartments, with possibilities to provide additional housing as office leases expire and additional space becomes available.
Mitchell E. Hersh, CEO of Mack-Cali, commented, “Curtis Center offers us a unique opportunity to strengthen our multi-family presence in the heart of the growing Philadelphia housing market. Through our bold conversion strategy, this building is well positioned to capitalize on the upside of one of the region’s most exciting hubs for entertainment, culture and transit.”
An affiliate of Keystone will manage the office and retail portions of the building, while Roseland, a subsidiary of Mack-Cali, will be responsible for the design, construction, leasing and management of the residential component.
HFF announced has closed the sale of Presidential Place, a 150-unit, Class A multi-housing community in Lebanon, New Jersey.
HFF arranged the sale in an off market transaction between seller, Pizzo & Pizzo, and Eagle Rock Multi-Family Property Fund for $38 million, or $253,000 per unit.
Completed in 2011, Presidential Place features six-buildings with one-, two- and three-bedroom units that are 95 percent leased.
The HFF investment sales team was led by senior managing directors Zac Pierce and Mark Thomson of HFF Philadelphia in collaboration with Jose Cruz of HFF’s New Jersey office.
Said Pierce, “Each party achieved their desired result as Pizzo & Pizzo were able to sell an outlier property out of their portfolio, and Eaglerock was able to acquire the highest quality asset in the market.”
HFF also closed the $29 million sale of the leasehold interest at 1 Emerson Lane, a 340,000 s/f light industrial property in Secaucus.
HFF represented seller Trinity Place Holdings, Inc. in the sale of the property, also known as 1 Syms Way. Managing director Michael Nachamkin and associate director Steve Simonelli.
Trinity Place Holdings Inc. is the company create by discount retailer Syms Corp. after it went backrupt.
The company is now selling off all of its commercial real estate properties and the development of its 28-42 Trinity Place property in Lower Manhattan
● nrc realty
7-Eleven sell off
NRC Realty & Capital Advisors has been retained by 7-Eleven, Inc. to co-ordinate the sale of 75 gasoline stations and/or convenience stores.
Two of the properties are located in New York while others are in New Jersey and several other states. Robbie Radant, 7-Eleven vice president of mergers and acquisitions, said, “There are many nice sites in this package that simply do not fit 7-Eleven’s current business model. All of these stores have solid merchandise sales and should provide good opportunities for the right buyers.”
NRC’s Dennis Ruben said the sale provides a great opportunity for others already operating in these markets as well as for those looking to enter them.
Ground lease puts owner in driver’s seat
The CPEX New York Development & Conversion Investment Sales Team has completed a 99-year ground lease at 535 4th Avenue, the former site of R&S Strauss, a discount auto retailer. Spanning the entire 4th Avenue block between 14th and 15th Streets, the vacant site has a footprint of 18,195 s/f with an existing building of 14,640 s/f. It can support 109,534 buildable square feet for a mixed-use development.
CPEX’s Development & Conversion Team, consisting of Sean R. Kelly, Esq., Matthew Dzbanek and Michael Pallas, exclusively represented the seller and procured the ground tenant, a joint venture between Slate Property Group, AdamAmerica Real Estate Group and AEW Capital Partners.
“This was a rare opportunity to pick up a full block front development site in Park Slope,” said Kelly. “We advised our client, a local family focused on income producing real estate, to lease the property rather than sell it.
“Ground leases are less prevalent in the outer boroughs and more complicated than a sale, but it made the most sense for our client. They are not builders and, given the supply constraint, there was real concern about identifying exchange properties that fit their criteria.
“The unsubordinated ground lease will provide a steady cash flow for generations with minimal risk. We are confident that Slate, AdamAmerica and AEW will build a trophy asset our client’s will be proud to own. It took almost a year to complete the transaction but ultimately this structure worked well for both parties.”
Sisters explore sale
The Sisters of the Divine Compassion are exploring the sale of their 16-acre Good Counsel campus in White Plains.
They have retained CBRE Group Inc., to determine interest in the property and to market it.The campus at 52 North Broadway includes 12 buildings comprising 162,180 s/f. Among the buildings are the Roman Catholic order’s Motherhouse, which today also serves as a convent, administrative offices, and a spirituality and conference center.
The site also includes the Good Counsel Academy Elementary and High Schools, the RDC Counseling Center, and the Chapel of the Divine Compassion.
Sister Carol Wagner, RDC, president of the Sisters of the Divine Compassion, said the decision was made to epxlore a sale “to assure that we continue our mission and that we are able to provide for the Sisters particularly in their later years.”
The CBRE team is headed by William Cuddy, executive vice president. A resident of White Plains, he is fully familiar with the campus. “This is a significant and iconic property,” he said. “Because of its strategic location and its in-place infrastructure, it provides the perfect investment opportunity for a real estate investor or an academic institution.”