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Deals & Dealmakers

SELLING POINTS: $185 apartment portfolio hits market; GFI selling Park Slope building

$185M apartment portfolio hits market

Eastern Consolidated has been selected as the exclusive agent to market a portfolio of nine mixed-use elevator buildings totaling nearly 500,000 s/f located in the Washington Heights section of Manhattan. The asking price is $185 million.
Senior director and principal Marcia Yawitz, and executive managing director and principal Ron Solarz are serving as exclusive brokers marketing the property. Wade Hazelton is the financial analyst for the offering.
The 487,700 s/f portfolio has been owned and managed by the same entity for approximately 30 years.

Washington Heights portfolio
Washington Heights portfolio

It consists of 413 apartments, of which about 70 percent contain two or more bedrooms; 48 street level retail stores; two professional offices; and one rooftop antenna.
All but one of the properties is a corner building with ground floor retail located on avenues between West 164th and 192nd Streets.
“We’re seeing more renters moving to Washington Heights for its abundance of large apartments that are ideal for both families and shares, and for its excellent transportation,” Yawitz said.
Solarz continued, “Investors have a rare opportunity to acquire a prime, mixed-use portfolio in Washington Heights, with long-term, stable ownership.
“ The portfolio consists entirely of elevator properties, with all but one a corner building, presenting excellent visibility. There is tremendous upside value on the residential and retail units, as the rents are far below market.”
Brokers serve up prime Plaza development site

Meringoff Properties and the Riese Organization are jointly marketing a development site in Manhattan’s Plaza District through Eastern Consolidated.
The site consists of two adjacent parcels situated on the northeast corner of Lexington Avenue and East 56th Street. The combined 9,274 s/f development site can accommodate a new single-purpose or mixed-use development of over 115,000 s/f.
Eastern Consolidated CEO/chairman Peter Hauspurg and vice chairman/principal Brian Ezratty, along with principals Adelaide Polsinelli and Ronald A. Solarz, are marketing the corner site, which is positioned for a wide range of residential, hospitality, retail, and/or office uses.

677 Lexington
677 Lexington

According to Ezratty, “Both the Meringoff and Riese organizations are long-term owners, but neither engage in ground-up development. The availability of a site with such a stellar location and development potential rarely comes to market in Manhattan.
“We are very excited to have been retained as exclusive agents for this assignment and are already fielding multiple inquiries from interested parties.”
The site is located within blocks of some of the City’s most iconic new luxury condominiums designed by world class architects including RFR’s 100 East 53rd Street, designed by Norman Foster; Harry Macklowe/CIM’s 432 Park Avenue, one of the tallest residential building in the world; and Zeckendorf’s Robert Stern-designed 520 Park Avenue, featuring units priced from $16 to $70 million.
Currently the combined site includes a two-story corner retail building and a separate five-story office building with multi-level retail, which can both be vacated.
Upper West Side trophy for sale

Simon Baron Development has listed The AMSTRDM at 166 West 75th Street for $115 million.
Cushman & Wakefield is exclusively handling the sales and marketing for the 81,339 s/f, 16-story pre-war building.
“We acquired this property more than a year ago out of foreclosure, underwent a $15 million gut renovation, and were able to turn it into an attractive luxury rental building in a great location— a true testament to what Simon Baron is able to do,” said Jonathan Simon, founder, chairman and CEO of Simon Baron Development.


“We are ready to shift our focus to our other new projects that we have in the pipeline, and are excited to continue our success with those.”
The AMSTRDMconsists of 162-units divided into studios, one-bedrooms, and two-bedrooms. Simon Baron’s renovations included work on the common spaces, interiors, and amenities created by renowned interior designer Vicente Wolf, who is transforming the building into a state-of-the-art, luxury rental building. All renovations taking place in the building are scheduled for completion by early 2016.
Of the residential apartments, 85 are fair market, fully renovated with high-end, modern finishes. More than 44 of the units are leased. Of the remaining units, 77 are rent regulated.
“Approximately 55 percent of this exciting trophy offering consists of brand new renovated free market units and the Cushman & Wakefield’s Guthrie Garvin, who is handling sales and marketing along with Paul Smadbeck and Bob Knakal, Chairman, New York Investment Sales, said, “The AMSTRDM represents a world-class investment opportunity with a unique combination of high-quality construction and renowned location, and it offers potential buyers the ability to convert the property to residential condominiums or a hotel.”

Greenpoint portfolio offered at $24M

Cushman & Wakefield has been retained to sell the Greenpoint Portfolio, consisting of eight properties in Brooklyn’s Greenpoint neighborhood.
The asking price is $24,100,000.
The properties are located at 102 Eagle Street, 160 Guernsey Street, 171 Monitor Street, 239 Monitor Street, 195 Nassau Avenue, 266 Nassau Avenue, 290-292 Nassau Avenue, and 179 Norman Avenue.
The eight buildings combine for approximately 31,536 s/f and 38 units, of which 36 are residential and two are commercial. All of the units are free market.
“This package of properties in Greenpoint offers an investor scale in a rapidly appreciating neighborhood where the rents can grow over time but the expenses, especially the taxes, will stay low,” said Cushman & Wakefield’s Brenda Maddigan, who is exclusively marketing this portfolio.

Thor buys Washington Heights apartment building
Thor Equities has closed on the acquisition of 526 West 111th Street, a 43,000 s/f rental apartment building near Columbia University in Morningside Heights.
The six-story prewar elevator building is comprised of 45 residential units and close to the 1 train, the B/C train and Henry Hudson Parkway.
“As young families increasingly look to live in Upper Manhattan, 526 West 111th Street benefits from a prime location near Columbia University, Barnard College and Teachers College, as well as its proximity to public transportation and the nearby $7 billion, 17-acre expansion of Columbia University,” said Joseph Sitt, CEO of Thor Equities.
Rosewood Realty’s Aaron Jungreis brokered the $30 million acquisition, representing both Thor and the family sellers.
“The buyers will benefit in the long term because the upside is tremendous due to the low average rents in the building,” said Jungreis.

Family sells Gramercy building for $32.5M

Holliday Fenoglio Fowler, L.P. (HFF) has brokered the sale of Gramercy Court, a 43-unit residential property in Gramercy Parkd.
HFF marketed the property on behalf of the seller, a private family owner. An undisclosed buyer purchased the asset for $32.5 million.
Gramercy Court is located at 152–156 East 22nd Street between Lexington and Third Avenues. Originally built in 1908, the property is near Gramercy Park, Madison Square Park and Union Square.

152-156 East 22nd Street
152-156 East 22nd Street

In addition to the 43 residential units, which range from studio to five-bedrooms, the building also includes 1,390 s/f of retail and 18,337 s/f of air rights.
The HFF investment sales team representing the seller was led by managing directors Jeff Julien and Rob Hinckley and associate director Cindy True.

Kahen to hold Brooklyn complex

Kahen Properties has paid $23.2 million for a five-building apartment complex at 80-90 Livingston Street in Brooklyn.
The Savitt Partners team of executive managing director David Workman and senior managing director Hector Rodriguez, marketed the mixed-use property on behalf ot the seller, Livingston Associate

80-90 Livingstone street
80-90 Livingstone street

The 32,121 s/f complex is comprised of five contiguous buildings located between Boerum and Court Streets with around 135 feet on frontage on Livingston Street.
The buildings are located in a C6-2A/DB zoning district and benefit from additional air rights of 22,623 s/f, allowing for a total of 54,764 s/f.
The new ownership — which has filed plans for a 21-story building at 145 Madison Avenue in Manhattan — plans to manage the properties as they currently exist and will conduct renovations on the retail storefronts as leases expire, according to the brokers.

Park Slope apartment building for sale

GFI Realty Services has been named exclusive sales agent for 457 15th Street, a 20-unit apartment building in Park Slope, Brooklyn. Yosef Katz will oversee the marketing of the property.
Priced at $10.5 million, the building consists of 10 free-market units, nine rent-stabilized units and one rent-controlled unit.
A pre-war building, 457 15th Street is a four-story walkup consisting of a mix of two-, three- and four-bedroom residences.
“This is a rare opportunity to acquire a 50-foot-wide building located just steps from Prospect Park and trains that provide easy access to Manhattan,” Katz said.

Co-op buys its commercial space

MHP Real Estate Services announced that Randy Sherman represented the 77 Bleecker Street co-operative in its purchase and recapture of the commercial and retail space at 77 Bleecker Street and 649-657 Broadway.
The purchase included 6,403 s/f of retail space, 10,454 s/f of commercial space and 1,793 s/f of storage space. The transaction closed at $25.75 million.
The cooperative was attracted to the opportunity to regain control of the retail and commercial portion of their premises.
Their long-term outlook and financial flexibility, bolstered by long-term financing on attractive terms, created the opportunity to participate in the attractive economics of the NoHo commercial and retail market.
Sherman and his team represent the cooperative in the leasing of the retail and commercial space that is currently available.

New owners go green

The two-building Meadows Office Complex on Route 17 north in Rutherford, NJ, has been sold for $121 million to Chicago investment company, American Landmark Properties.
Newmark Grubb Knight Frank (NGKF) executive managing directors Timothy R. Greiner and Frank D. Recine, managing director Blake J. Goodman and director Jamie Ragucci will continue to act as leasing agents.
The 12-story buildings, at the Route 3 intersection, were sold by Onyx Equities and SL Green Realty Corp. , according to CoStar.
American Landmark Properties has made investments in major capital improvements to position the property as an environmentally friendly facility, with features such as parking spaces that will offer electric charging.
Barbara Carley, vice president of American Landmark Properties, noted that the rapid rate at which the property has reached 92 percent occupancy is reflective of location desirability.

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