●rosewood realty group
Bronx portfolio fetches $40M
Rosewood Realty Group announced the $40 million sale of an 11-building portfolio in the Tremont section of the Bronx.
The combined 348,726 s/f portfolio consists of ten, five-story elevator buildings and one six-story elevator apartment building with a total of 331 apartments.
The properties include: 2078 and 2074 Crotona Parkway, 2132 and 2140 Daly Avenue, 1895 Belmont Avenue, 2146 Vyse Avenue, 968, 984 and 990 Bronx Park South and 2075 and 2079 Mohegan Avenue.
Most of the buildings are rent-stabilized and also Section 8. The sale also includes a vacant lot across the street.
Rosewood’s Aaron Jungreis and Mike Kerwin brokered the deal on behalf of the seller, (Mohegan Crotona Associates), a private investor, with Rosewood’s Michael Guttman representing the un-disclosed buyer, also a private investor.
The portfolio sold for 7.4 times the combined rent rolls.
According to Guttman, the buildings have been on and off the market for many years. “When it went into contract, there were suddenly many competing buyers willing to pay the price,” said Guttman.
“Rosewood stood out by arranging a structure that really appealed to the seller’s sensibility with the buyer covering a large part of the seller’s closing costs. Once the deal price and structure was ironed out, the parties worked collaboratively to ensure a seamless transaction.”
Korea Village for sale
Eastern Consolidated has been retained as the exclusive agent to market for sale Korea Village, a luxury, three-story plus mezzanine shopping mall located at 150-24 Northern Boulevard in Flushing for $32 million.
The mall and its parking facility encompass more than 65,000 s/f. The property also has more than 16,000 s/f of unused and intact air rights for potential future residential or commercial development.
Each tenant at the fully-occupied retail center has annual rental increases that range from two to five percent, pays common charges based on a percentage of their rent and provides some real estate tax reimbursement.
There are no lease expirations at the mall until 2017 and the two largest tenants are committed until December 2031.
“Korea Village presents a rare opportunity to own an impeccably maintained, cash flowing retail center, complete with guaranteed rent increases and expense reimbursement,” said Ety Lee, senior director in the Investment Sales Division at Eastern Consolidated who along with senior director Adelaide Polsinelli, and associate director Nancy Tran exclusively represent the seller.
“The Class A shopping center also has frontage along three major thoroughfares, including more than 141 feet on Northern Boulevard.”
“You can’t ask for a better location. Flushing is one of the most vibrant and fastest growing submarkets in New York City, which attracts interest from international investors and developers who are drawn to the energy of the neighborhood and are excited about its future,” added Adelaide Polsinelli.
Originally built in 1997, Korea Village has had a series of significant capital improvements in 2006 and 2011. The most recent improvements totaled more than $1 million.
The mall has at-grade and underground parking for over 100 cars. Additional income is generated through exterior building signage.
Developer scoops up
A development site at 455 West 19th Street in Chelsea has been sold for $22.5 million.
The development site consists of a 4,600 s/f lot that currently holds a single-story warehouse. The property was delivered vacant and features a curb cut and 50 feet of frontage on West 19th Street, steps from the Highline.
The site was purchased by a domestic developer and holds 27,692 buildable square feet. The sale price equates to approximately $813 per buildable square foot.
“Pricing of development sites in Chelsea have almost doubled since the start of 2012,ˮ said Massey Knakal’s Brock Emmetsberger, who exclusively handled the transaction with James Nelson.
“Specifically in West Chelsea, many prospective developers see the success of past developments in the neighborhood and are willing to pay a premium to not miss out on these scarce offerings.
“More and more we are seeing first time buyers, both domestic and foreign, willing to take
on ground-up construction, especially for these boutique developments,” added Nelson.
●cignature realty associates
Third time’s a charm
Cignature Realty Associates announced the $19.5 million sale of a 97-unit, three building portfolio in Hamilton Heights in Northern Manhattan.
Together the buildings total 91,532 s/f. All of them were built between 1910 and 1916.
Cignature Realty Associates’ Peter Vanderpool and Lazer Sternhell represented both the buyer, a local real estate group and the seller, a real estate fund, in the sale of 1616 Amsterdam Avenue, a seven-story elevator building with 52 apartments and six stores; 3694 Broadway, a six-story walk-up with 24 apartments and; 561 West
144th St., a five-story walk-up with 21 apartments.
“This is the third time I sold 1616 Amsterdam Avenue,” said Vanderpool. He sold 1616 Amsterdam Avenue in 2007 for $8,550,000 for for $7.5 million in July 2005.
“It’s a great property located right across from City College. It’s a unique property because it’s a corner elevator, steel and concrete building — one of a kind in the neighborhood.”
Vanderpool added, “The apartments have great layouts and the building has a tremendous amount of growth potential due to the low rents. The neighborhood is bustling with young college kids, young urban professionals and new, trendy restaurants seem to be opening up every few months.”
● THOR EQUITIES
Thor buys Park Row retail
Thor Equities acquired the ground-level retail portion of the Potter Building at 36-38 Park Row, company executives announced.
The Potter Building, a designated New York City Landmark, includes nine individual storefronts located on Park Row, Beekman Street and Nassau Street. The corner retail at Park Row and Beekman is currently occupied by coffee giant, Starbucks.
The property offers 325 feet of direct frontage and totals 12,918 s/f. Thor Equities CEO, Joe Sitt, said, “The building is a premier space located in Manhattan’s dynamic downtown and offers unlimited potential for commercial success.”
New York-based Time Equities Inc. (TEI) recently sold the space to Thor for $11,081,750. TEI has owned the commercial co-op retail spacefor eight years.
Hy Schermer, TEI’s project director of acquisitions, said, “This transaction was advantageous for both parties. With its attractive location and notable tenants, the retail space was an ideal fit for the buyer.”
Time Equities was represented in-house by Hy Schermer and Ivan Hakimian of Hakimian Properties represented Thor.
● lincoln property company
$129M California sale
Lincoln Property Company and partner Angelo, Gordon & Co. have sold Griffin Towers, a Class-A trophy office complex in Santa Ana, Calif. to an affiliate of Blackstone for $129 million.
Griffin Towers is a Class-A twin building office project situated on seven acres at 5 and 6 Hutton Centre Drive in the master-planned MacArthur Place development.
The 12-story plus penthouse office buildings total 549,940 rentable square feet and include an adjacent six-story above ground parking garage, a retail arcade, a circular driveway plaza, and a three-story granite atrium lobby.
Since acquiring the property in March 2010, the Lincoln-led team completed a lobby upgrade along common area upgrading and new landscaping, improving occupancy from 71 to 88 percent.
Kevin Shannon, Bob Smith, Paul Jones and Ken White of CBRE represented Lincoln in the transaction. Blackstone was self-represented.