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Deals & Dealmakers

SELLING POINTS: Apartment portfolio trades for $75M; Icon sells multifamily in Williamsburg

NJ apartment portfolio trades for $75M
New Jersey apartment developer and manager Madison Hill Properties has sold a 487-unit multifamily portfolio for $75 million.
Gebroe-Hammer Associates’ executive vice president Nicholas Nicolaou orchestrated the trade of 18 properties spanning Hudson and Bergen counties.
The 18 buildings are located throughout Union City as well as Bergenfield and Lodi. The buyer was a private investor.
“This portfolio posed an extremely diverse architectural, building and tenant demographic mix, from urban mid-rises within one of Hudson’s County’s most vibrant waterfront municipalities to low-rise and garden-style communities situated in the heart of commuter-friendly suburban towns – all just 13 miles apart and within a short distance to New York City,” said Nicolaou.
“Collectively and as individual properties, each poses an exceptional acquisition for the buyer.”
Located at the western entry point to the Lincoln Tunnel, offering closer access to New York City than many of its own boroughs, Union City properties are located along New York, Bergenline, Palisade, Park and Central avenues; West Street; and 5th, 6th, 8th, 11th and 42nd streets.
There are 419 total units, of which 196 are one-bedroom, 175 are two-bedroom and 45 three- and four-bedroom layouts. The remaining three units are ground-floor retail.
North of Hudson County, Nicolaou and executive vice president Greg Pine represented the same seller and buyer in the sale of the portfolio’s Central Bergen County properties.
The three apartment-home communities feature 68 total units located in Lodi and Bergenfield, NJ. Situated just 10 miles apart, the Central Bergen properties front Murray Hill Terrace and East Clinton Avenue in Bergenfield and South Main Street in Lodi. Rounding out the one- and two-bedroom layout mix is a free-standing house and three street-level commercial units.

Lightstone makes Bronx purchase

The Lightstone Group has purchased a six-story elevator mixed-use building in the Concourse section of the Bronx for $23.8 million.
Built in 1927, the 135,202 s/f property at 201 East 164th Street is known as Sheridan Court Mews. It features 129 rental apartments, a super’s unit and one commercial space.
The sale price equates to $181,679 per unit. It sold for 15 times the current rent roll, at a 3.5 percent cap rate.
Westbridge Realty Group’s Adam Traub and Ariel Benyacov represented both the buyer and seller, Sheridan Court Mews Associates LP.

Bowery site offered at $26M

Cushman & Wakefield has been retained to sell 139-141 Bowery, a 50-foot wide development site between Grand Street and Broome Street in Lower Manhattan.
Michael F. DeCheser, Mei Ling Wong, Andrew T. Berry and Bryan F. Hurley have listed the property at $26 million on behalf of the seller, Global Joint Venture LLC – a company operated by Hung Kwong Leung and Patrick Wu.
They previously cleared the site and have approved plans for a 14-story mixed use building with ground floor and mezzanine level retail, offices and community facility space on floors 2-6 with residential apartments on floors seven through 14.
“The site can be built as hotel/ office/ mixed use building and is ideally situated in the heart of many existing as well as new developments,” said Ling Wong.
139-141 Bowery is a 50 ft. site with maximum buildable of approximately 41,000 s/f. The air rights and light and air easement from 143 Bowery are included in the offering. Nearby attractions include event venue, Capitale, Selina, a hotel and co-working space operated by WeWork founder Adam Neumann at 138 Bowery, and the Citizen M Hotel at 185 Bowery. The Moxy Hotel’s third New York City site is beginning construction steps away.

Icon sells Williamsburg apartment building for $15.5M

Icon Realty’s Terrence Lowenberg and Todd Cohen have sold a 36-unit multifamily property in Williamsburg for $15,5 million.
Bestreich Realty Group (BRG) brokered the sale of 331 Keap Street, a six-story property comprised 21,740 s/f that was built in 1915. Icon bought the building for $6.5 million in 2013 and has reconfigured and renovated apartments with stainless steel kitchen appliances, marble countertops, hardwood floors and recessed lighting.  Average rents are $3,401, according to Streeteasy.
Derek Bestreich, Luke Sproviero, Donal Flaherty and Hakeem Lecky brokered the sale at $713 psf to Soonbin Kim’s West 8th Street Associates.

Stop & Shop sold for $26.75 Million

CBRE announced that it has arranged for the sale of a 67,449 s/f Stop & Shop center located at 245 Littleton Road in Morris Plains, New Jersey.
Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners represented the owner, JDA Development Co., in the sale and also procured the buyer, Oak Street Real Estate Capital, who acquired the property for $26.75 million.
Stop & Shop’s lease, which runs through 2031, is guaranteed by Stop & Shop’s parent company, Ahold. The property is situated on the highly trafficked intersection of Route 202 and Route 10.
Dunne commented, “The property provided a compelling opportunity for Oak Street to purchase a long-term, credit lease with a dominant grocer in Metro NY. The strong nearby demographics, highlighted by over 65,000 residents and average household incomes over $140,000 within three miles, support the high sales volumes at the property.”

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