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Deals & Dealmakers

SELLING POINTS: Avison Young completes Church’s acquisition of a four-story, 15,000 s/f property

Yale apartments fetch $25M

Paredim Partners, an owner operator of multifamily properties in the Northeast, announced the acquisition of Cambridge Oxford Apartments, a boutique apartment complex in New Haven, CT.

Local news reports say a holding company owned by Joseph Cohen of East River Partners, sold the Cambridge Arms at 32 High Street, the Oxford apartment building at 36 High Street and an adjacent two-family house at 38 High Street for $25.15 million.

The three-building property, ranging from two to six stories, and consisting of 85 apartment homes and on-site surface parking, is situated on a half-acre steps from the main campus of Yale University and three blocks from Yale-New Haven Hospital.

“We are very pleased to add Cambridge Oxford Apartments to Paredim’s portfolio of market leading apartment communities and were attracted by the outstanding Yale centric location in the middle of New Haven’s most vibrant 24/7 neighborhoods” said David Parisier, managing director of Paredim.

“We plan to continue to position Cambridge Oxford as the premier boutique residential property in the area and to enhance its aesthetics and amenity offerings via targeted upgrades.”

Located at 32, 36 and 38 High Street, Cambridge Oxford Apartments is comprised of studio, one-, two- three-, and four-bedroom homes and offers a fitness center, a resident lounge, package concierge room and ample storage.

Cambridge Oxford Apartments caters to primarily graduate and medical school students as well as non-students that are linked to or employed at Yale, New Haven Hospital and the surrounding businesses.

Church buy smaller, better property

The New York office for Avison Young has completed Jan Hus Presbyterian Church’s acquisition of a four-story, 15,000 s/f property at 1745 First Avenue for $10.3 million.

The purchase is one of three interconnected Upper East Side non-profit transactions totaling more than $100 million that Avison Young has negotiated in recent months.

Jan Has is relocating from its current 24,409 s/f property at 351 East 74th Street, which it sold for nearly $23 million in February to The Church of the Epiphany.

Simultaneously, The Church of the Epiphany sold its property, a development site with a zoning floor area of 112,420 s/f at 1393 York Avenue, to Weill Cornell Medical College for $68 million.

Avison Young’s Senior Directors Susan Kahaner and Jennifer Ogden represented Jan Hus Presbyterian Church in the purchase of 1745 First Avenue, and collaborated with Avison Young’s Tri-State Investment Sales group on the sale of 351 East 74th Street.

Danny Handweiler and Jared Bernstein, of Marcus & Millichap represented the seller of 1745 First Avenue.

“Jan Hus was able to sell its building at 351 East 74th Street at an attractive price and buy and relocate to a smaller, more efficient building in the neighborhood,” Ogden said.

“The sale is providing Jan Hus with enough proceeds to serve its constituents through its outreach programs and create an endowment to fund future community work.”

Kahaner added, “Jan Hus’ sale of 351 East 74th Street and purchase of 1745 First Avenue exemplify how non-profits are taking advantage of the real estate market by monetizing assets that no longer serve their needs and moving to more efficient space in the same neighborhood.”

The Church of the Epiphany will remain at 1393 York Avenue for two years as a tenant while it renovates 351 East 74th Street and Weill Cornell gains approval to build housing for medical students at the York Avenue site.

Nolita retail condo back on block

Adelaide Polsinelli, vice chair of Compass investment sales division, along with Trystan Polsinelli, have been hired to market a retail condo at 262 Mott Street in Nolita.

The condo is occupied by TAGS, a West Hollywood based boutique. “The strength of the tenant and the favorable term on the lease, make this management-free asset, a great investment for any portfolio,” said Polsinelli.

“The attractive five percent cap rate makes this deal a perfect 1031 exchange,” added Trystan Polsinelli.

The retail stores at the base of the luxury loft condominium conversion were sold by Polsinelli for $26 million in 2016, along with three levels of below grade storage units.

Polsinelli then resold three of the units last September. Current retail tenants include Fjallraven USA, Tai Jewelry, TAGS, and Flannel from Australia.

“Retail is still strong in Nolita,” added Adelaide Polsinelli as she embarks on her third time selling retail at this property. “ Nolita, an exciting enclave that attracts shoppers and tourist from around the world,”.concluded Polsinelli.

Originally built in the 1850s as an armory, 262-272 Mott Street was converted to luxury residential loft condominiums in 1992.

East New York development site a win-win opportunity

Newmark Knight Frank (NKF) has been retained as the exclusive agent for the sale of a 10,761 s/f lot located at 2390-2400 Pitkin Avenue (in East New York, Brooklyn.

An NKF team led by vice chairman Brian Ezratty is representing the seller .

The site is zoned primarily for residential use, including a mandatory inclusionary housing component, plus ground floor commercial space and is suitable for a developer well-versed in affordable housing construction, according to NKF.

There is also the potential for a zoning floor area bonus if the developer leases a significant portion of the ground floor space to a fresh produce purveyor.

The 2400 Pitkin Avenue site is accessible from multiple subway lines and provides access to Downtown Brooklyn, Williamsburg and Manhattan.

The lot’s location within a Transit Zone also allows a prospective purchaser to mitigate onsite parking requirements typically enforced on developments within this zoning designation.

“We’re excited to be involved with a property that offers the ability to greatly benefit the community as well as the investor,” said Ezratty.

“As the revitalization of East New York is now in full swing, the purchaser of the site will participate in the resurgence of this transit-oriented district. The developer will realize the benefits of the improving submarket through the construction of new market rate apartments while providing for much needed affordable housing in the area at the same time. It can be a win-win for both landlords and tenants.”

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