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Deals & Dealmakers

SELLING POINTs: $70M Brooklyn multifamily portfolio for sale; RCR buys $48M Washington Heights pair

Nelson team marketing $70M Brooklyn multifamily portfolio

Avison Young’s New York Investment Sales team has been tapped as the exclusive sales agent for the Central Brooklyn Portfolio.
The package includes nine multi-family properties located in Crown Heights, Prospect Lefferts Gardens, Prospect Park South, Bedford-Stuyvesant and Bushwick. The asking price is $70 million.
A Tri-State Investment Sales team led by principal James Nelson amd imcluding Fritz Richter, Sam Schertz, Joseph Rosenfeld and Allan Fries are marketing the package on behalf of ownership.
The buildings total 182,490 total gross square feet across 212 residential units. Five properties with 124 units are located off the Eastern Parkway in Crown Heights; two totalling 60 units are blocks from Prospect Park; and the remaining two properties with 28 units are in Bedford-Stuyvesant and Bushwick.
“Central Brooklyn continues to be one of the most in-demand, up-and-coming residential markets in Brooklyn, showing no signs of slowing down,” said Nelson.
“The portfolio is a perfect opportunity for a buyer looking to benefit from multiple income-producing multifamily properties in one of Brooklyn’s best markets. This is an assignment that our experienced investment sales team is eager to market.”

RCR buys $48M Heights pair

Rosewood Realty Group announced the $48 million sale of two contiguous six story elevator apartment buildings with 141 apartments on Fort Washington Avenue in Washington Height.
Together the buildings, at 80 & 86 Fort Washington Avenue, total 138,228 s/f. The buildings also come with over 48,000 s/f of air rights. Number 80 was built in 1920 and number 86 was built in 1930. The buildings sold for 19.5 times the current rent roll, at a 3.38 percent cap rate.
Rosewood Realty’s Aaron Jungreis represented the buyer, RCR Management and Rosewood’s David Berger represented the selle10

Partners purchase Newark shopping center

Goldman Sachs Asset Management Private Real Estate, together with Madison Marquette, have acquired Springfield Avenue Marketplace, a newly constructed, 112,000 s/f retail center in Newark, NJ.
Built by Tucker Development, the property is 100 percent occupied and anchored by a ShopRite grocery store with a mix of restaurant, retail, and medical tenants.
GSAM PRE and Madison Marquette expect to see population increase in the area due to new multifamily construction and corporate expansions.
Springfield Avenue Marketplace is located a mile from Newark Penn Station at the intersection of Springfield Avenue and Jones Street, adjacent to five NJ TRANSIT bus stops, and near the Rutgers School of Dental Medicine.
“Although Newark has experienced substantial mixed-use development with an influx of residential development, the city remains underserved in terms of grocery retailers,” said Joseph Gorin, Co-Head of GSAM PRE.
“We are excited about the opportunity to acquire a retail center that meets a need in the community by providing a full-service grocer, ample dining options, and quality retail vendors that are committed to serving Newark.”
Springfield Avenue Marketplace is GSAM PRE’s seventh retail investment and fourth acquisition in New Jersey over the past 18 months.

Garrison / Onyx partnership offloads office complex

Premium Capital Resources has purchased Country Club Plaza in Paramus, NJ.
CBRE announced that Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale represented the partnership of Garrison Investment Group and Onyx Equities in the sale of the 303,777 s/f, two building office complex..
The team also procured the buyer of the property located at 115 & 117 W. Century Road.
The buildings feature long-term leases with investment grade tenants.
Since acquiring the buildings in 2016, ownership invested over $3.2 million in common area and amenity upgrades which included a new lobby and landings, new elevator cabs and a shared conference center.
These improvements, coupled with a broad amenity package, helped Country Club Plaza capture 250,000 s/f of leasing activity.
“Premium Capital Resources will enjoy long-term investment grade income from this premier office asset,” said Dunne.
“Onyx, in partnership with Garrison, has restored Country Club Plaza as one of the pre-eminent office assets in the submarket. Country Club Plaza joins their long list of successful value-add projects in the tri-state region,” added Neuer.

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