● United Realty Trust
East Flatbush apartments
sell for $22.9m
United Realty Trust Incorporated, led by Jacob Frydman and Eli Verschleiser, announced that it has acquired Tilden House, a 117-unit residential property in Brooklyn, N.Y., through a joint venture with the seller. The purchase price was $22.9 million.
Completed in 2007, Tilden House is a nine-story residential building, with 117 apartments, community facility space and indoor and outdoor parking, comprising approximately 86,360 rsf located at 2520 Tilden Ave. in the East Flatbush area of Brooklyn, an area characterized by urban residences, row houses and cottage homes along with primarily “mom and pop” retail.
Tilden House is leased to a community development corporation which has entered into a services agreement with the City of New York to provide transitional housing for families in need.
“Tilden House represents the typical investment profile for the first of our Dual Investment Strategies. It is a stabilized income-producing property with an inflation-protected underlying lease,” said Jacob Frydman, CEO and Chairman of United Realty Trust.
“We believe that with this acquisition, United Realty Trust has shown itself able to identify and acquire off-market transactions in its primary market area, and to structure these transactions is a way that we believe will benefit our investors,” said Eli Verschleiser, President of United Realty Trust.
● onyx equities
Onyx Equities, LLC and Artemis Real Estate Partners today announced the formation of a joint venture and acquisition of Plainsboro Plaza, a 218,600 s/f, grocery-anchored Class A retail property in Plainsboro, (Princeton) N.J.
Built in 1987, the center is home to established retailers such as CVS, Hallmark Cards, Dunkin Donuts, Powerhouse Gym and McDonald’s. A recently vacated grocery store will be re-tenanted and the owners expect to upgrade the overall appearance of the property as part of their investment strategy.
“Taking into account the positive economic development that Plainsboro has experienced in recent years, including the opening of a new hospital and a new town center, we view this acquisition as a strategic entrance into an increasingly affluent community,” Onyx Equities’ Stephen Sullivan said.
“We’re excited to bring our value-add platform to this asset, which we believe has a tremendous amount of untapped potential.
● Massey Knakal
Chelsea office building
Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building at 555 West 25th Street. The property is located between Tenth and Eleventh in Manhattan’s West Chelsea neighborhood. The asking price is $27,500,000.
This six-story building contains approximately 40,856 s/f and sits on a 75’ x 98.75’ lot. It also contains a sellable lower level. The current rentable area is approximately 41,787 square feet. Built in 1891 and completely renovated in 1985, the building is fully occupied by a gallery, showroom, and creative tenants. It is exceedingly rare to find a building of this quality with rents so far below market. Floors feature over 12’ high ceilings and ample light and air, leading itself to possible showroom space for galleries.
“Rents throughout the property are roughly half of today’s market, so there is a tremendous amount of upside,” said Massey Knakal First Vice President of Sales Brock Emmetsberger, who is exclusively marketing this property with Partner James P. Nelson, who added, “The space
benefits from high loft ceilings and windows on four sides on the above floors.”
● Eastern Consolidated
Natural History Museum neighbor retail condo for sale
Eastern Consolidated has been tapped to sell the retail condo at 380 Columbus Avenue at an asking price of $25 million.
David Schechtman, Adelaide Polsinelli, Lipa Lieberman, Abbie Kassin and Gary Meese, are currently in the market promoting the sale of the 11,795 s/f condominium along Columbus Avenue between West 78th and 79th Streets.
“Few other New York locations compare with the caché of this retail parade on Columbus Avenue, literally opposite one of the City’s most renowned museums,” said Schechtman. “Rarely does such an opportunity become available, in fact this condo offering is on the market for the first time in 112 years. The property, bordering the southwest corner of Columbus and West 79th Street—a major crosstown thoroughfare, offers the stability of a fully-leased income-producing asset, while promising inherent upside potential over the long term, as the below market leases expire.”
The building is currently classified as an elevator apartment building with stores, but the owners are in the process of effecting a residential condominium conversion on floors 2-7, which includes converting the ground floor commercial/retail component to a condominium.