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Deals & Dealmakers

SELLING POINTS: $15M Tribeca retail condo for sale; Hotel trades for $13M

Tirbeca retail condo offered at $15M

Lee & Associates NYC is marketing a 12,099 s/f retail condo at the base of the new 98-unit apartment building building at 353 Broadway (pictured top). The asking price is $15 million.
Chris Varjan, senior managing director of Investment Sales, along with Vickram Jambu, George Steffani and Jonathan Braun are leading the marketing effort.
Located at the corner of Broadway and Leonard Street, the unit has 7,954 s/f above-grade and 4,145 s/f below-grade, divisible by up to three spaces. In addition to 89 feet of frontage on Broadway, between Leonard and Franklin Streets, there are 14.4 ft. high ceilings.
“At the base of the high-end residential building, 91 Leonard, this space provides a prime opportunity for investors to own a trophy retail asset in one of New York City’s most luxurious zip codes,” said Jambu. “In addition, offering unique size options enables us to attract a diverse mix of tenants.”
Surrounding retailers and restaurants include Sweaty Betty, James Perse, Two Hands and Think Coffee.

Jersey hotel trades for $13M

Marcus & Millichap announced the $13 million sale of the Crowne Plaza Hotel at 401 South Van Brunt Street, Englewood, NJ.
Alan Cafiero, Ben Sgambati, and Michael DeVita of the firm’s New Jersey office secured the exclusive listing from the seller, a private investor. Cafiero and Sgambati also procured the buyer, another private investor.
The team said the buyer “will enjoy the stability of ground rent from a 5.38-acre site just outside of Manhattan with knowledge that the property’s value is appreciating.”
A part of the InterContinental Hotels Group, the Crowne Plaza Hotel is an experienced franchisee — the chain has over 5,174 hotels in approximately 100 countries. It is also one of the largest hotel developers/owners/operators in the New York City marketplace.
“The buyer will also benefit from InterContinental Hotels Group’s investment of significant dollars to upgrade and modernize the facilities,” said the brokers in a press release.
The 113,202 s/f property is in eastern Bergen County minutes from the George Washington Bridge.

Arbor fund buys MD multifamily property

Manhattan-based investment firm Arbor Management Acquisition Company (AMAC) has acquired Cheverly Station, a multifamily property containing 555 residential units, located in Cheverly, Maryland.
The development features one-, two- and three-bedroom apartments with new windows and updated appliances. Community amenities include a playground, fitness center, dog park and swimming pool.
The acquisition marks the first investment of AMAC Fund III, a $175 million multifamily-focused equity investment vehicle that closed in January 2019.
The $66 million acquisition received 10-year financing from Freddie Mac. The acquisition brings AMAC’s portfolio in Prince George’s County, Maryland to approximately 2,500 units.
“We are very excited to kick-off Fund III with the addition of Cheverly Station to our Maryland Portfolio,” said Maurice Kaufman, founding principal of AMAC. “Our market knowledge and experience supported a swift execution and transaction.”

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