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Deals & Dealmakers

SELLING POINTS: Avison Young marketing $100M portfolio

Polsinellis’ royal appointment

Adelaide Polsinelli, vice chair of Compass and the newly launched investment sales division, along with Trystan Polsinelli, have been hired to exclusively market The Royal Court, at 258 West 97th Street.

The building is located right off the corner of Broadway and one block from the 96th Street subway station.

258 West 97th Street is a seven-story, pre-war residential building with 50 feet of frontage and light and air on three sides.

The property consists of 93 units, of which 75 units will be delivered vacant. It has an additional 24,000 s/f of development rights, presenting investors, developers and users with an opportunity to reposition the asset.

“The property is perfectly suited for dormitory, residential, corporate housing or not-for-profit users,” said Adelaide Polsinelli.

“This is such a convenient location, which is steps away from all that the upper west side has to offer.”

“Transportation, shopping and entertainment are right outside the door,“ noted Trystan Polsinelli. “Columbia University is within walking distance, as are many cultural venues and Riverside Park.”

UWS portfolio offered at $25M

JLL Capital Markets experts have been chosen to sell a portfolio of multifamily properties on the Upper West Side.

Located at 17 West 82nd Street, 124 West 73rd Street, 124 West 78th Street and 203 West 80th Street, the buildings contain a total of 37 residential units and will be marketed separately, or as a full portfolio with an aggregate asking price of $25.045 million.

Hall Oster and Paul Smadbeck, managing directors, will lead the JLL professionals handling the sale assignment.

“All four properties have been owned and managed by the same family for multiple generations, and they are being offered for sale for the first time in nearly 50 years,” said Oster.

“The McDonnell Portfolio represents a rare opportunity to acquire a series of superbly located properties on some of the most sought-after blocks on the Upper West Side. The portfolio will appeal to investors seeking to add quality real estate to their legacy portfolios as well as those seeking fundamentally sound conversion opportunities.”

All of the buildings feature tax class 2B status and combine for 12,319 s/f of additional air-rights within the Upper West Side/Central Park West Historic District.

17 West 82nd Street is a five-story townhouse totaling 8,099 s/f, with eight apartments. Six are free market and two are rent controlled. The 23 ft. wide building has a series of roof decks along with a large garden.

124 West 73rd Street is a four-story townhouse totaling 5,405 s/f with eight free-market apartments and two-story extension with a finished roof deck.

124 West 78th Street is a five-story townhouse totaling 5,630 s/f with 10 apartments. One unit is vacant, eight are free market and one is rent stabilized. The building also has a three-story extension, penthouse additions and basement duplexes combining for seven floors of rentable space, a basement office and a roof terrace.

203 West 80th Street is five-story apartment building totaling 7,195 s/f with 10 free-market apartments.

Avison Young marketing $100M

The Tri-State Investment Sales Group for Avison Young has been named exclusive agent for the sale of the ownership shares in a commercial real estate portfolio comprised of 12 mixed-use and multi-family properties located on the Upper East Side.

The properties include 418 East 77th Street, 422 East 77th Street, 441 East 75th Street, 1409 York Avenue, 1411 York Avenue, 423 East 77th Street, 305 East 75th Street, 439 East 74th Street, 327 East 75th Street, 442 East 75th Street, 309 East 91st Street and 425 East 75th Street.

The asking price for the ownership shares in the portfolio is $100 million.

The portfolio is being marketed by team comprised of James Nelson, David Shalom, Eric Karmitz, Carter Lovejoy, Hannah Bryon-Staples and Bradley Rothschild.

The properties are comprised of 261 residential units and two retail units spanning over 150,231 gross square feet.

There are 102 studio units, 131 one-bedroom units, 25 two-bedroom units and three are three-bedroom units. Of the 261 residential units, 172 are free-market, 71 are rent-stabilized and 18 are rent-controlled.

“This portfolio offers savvy investors a singular opportunity to capitalize on the package’s potential upside,” said Nelson.

“Twenty percent of the apartments are also currently vacant which makes this an immediate value-add opportunity for its new owners with the opportunity to increase rents as well as room counts through renovations.”

The properties are all in close proximity of each other with transportation options nearby.

H+M kick off spending spree with $89M Bronx industrial buy

Himmel + Meringoff Properties and Square Mile Capital Management LLC have formed a joint venture to acquire 1601 Bronxdale Avenue in the Bronx.

Purchased for $89 million, the two-story, 7.5 acre property comprises 305,000 s/f of mostly industrial space with conjoining office and retail.

In a joint statement, Himmel + Meringoff co-managing partners, Stephen J. Meringoff and Leslie Himmel commented: “This deal represents the launch of a new active acquisition program for H+M. “With a deep war chest of cash accumulated through several years of successful refinancings, we are planning to grow our exposure to the outer boroughs by investing in properties where we can add value as we have proven time and again throughout Manhattan but also in Long Island City where we have owned mixed-use/industrial properties dating back over 30 years.”

Square Mile Capital CEO Craig Solomon said, “The ongoing expansion of New York City economic activity beyond Manhattan and well into the surrounding submarkets, is creating attractive opportunities for real estate investment firms like ours.

“In this case, we intend to take advantage of increased local market demand for distribution facilities.”

The new ownership anticipates making improvements to the property to take advantage of its location at the crossroads of New York City, Long Island, Connecticut and New Jersey.

1601 Bronxdale Avenue is located minutes from several major interstate arteries and six miles from Manhattan.

Current tenants include Consolidated Edison, New York Sports Club and auto parts distributor, Parts Authority.

Pinnacle Realty represented the seller in this transaction.

Bank buys Mack-Cali building

Cushman & Wakefield has closed on the $16 million off-market trade of 2115 Linwood Ave. in Fort Lee.

The firm’s David Sherman, executive managing director, headed the team representing Cross River in its purchase of the 70,000 s/f, Class A property from Mack-Cali.

Supported by a Grow NJ grant, Cross River will relocate 200 employees from the bank’s current Fort Lee headquarters to the new site, with plans to add more than 250 new jobs.

The company initially will occupy approximately 36,447 s/f at 2115 Linwood Ave. and will take on additional space in the five-story building as its employee base grows.

Cross River considered a competing location in Orangeburg, N.Y. Sherman, who spearheaded the site search and negotiation with Marc Trevisan, executive managing director, said, “Ultimately, the company wanted to stay in Fort Lee where it was founded and where it has thrived.

“We helped Cross River’s leadership pinpoint 2115 Linwood Ave. as the ideal, high-image and highly functional target location and approached Mack-Cali to propose the sale.

“The company’s willingness to part with this trophy asset created an outstanding opportunity for our client.”

Storage Deluxe buys Bushwick site

Storage Deluxe, a Manhattan-based owner and developer, has acquired 74 Bogart Street in Bushwick, Brooklyn, for $45.5 million.

The 80,000 s/f vacant warehouse will be redeveloped into a 200,000 s/f multi-story storage facility containing 4,000 rentable units.

The new facility will be managed by CubeSmart and is scheduled to open in fall 2021.

The deal was led by Storage Deluxe president and co-founder Steve Novenstein and the company’s director of acquisitions and leasing, Daniel Alvarez.

Novenstein commented, “We look forward to offering convenient storage options for the growing Bushwick community. Storage is especially important for small businesses, and we expect approximately 40% of our customers will come from this sector.”

A Kassin Sabbagh Realty team of Dan Myers, Steven Pollan, and Rachael Brook brokered the deal.

Louis A. Perfetto, Esq., Matia S. Nikolovienis, Esq. and Christine Mulryan, Esq. of Cohen & Perfetto LLP acted on behalf of the purchaser.

This represents Storage Deluxe’s fifth acquisition over the last 12 months, adding to its development pipeline which now totals 11 projects and 1.5 million square feet.

AMS closes on senior development

AMS Acquisitions LLC, a New York City-based real estate investment firm, has purchased a senior housing community comprised of two residential rental buildings with 136 units designated for those 55 and older in Sayreville, New Jersey for $13 million dollars.

The seller was Gillette, a New Jersey development firm that started construction on the 86,000 s/f age-restricted housing project on Kennedy Drive that sits on almost five acres.

Known as Gillette Towers, the first 80-unit building at 100 Kennedy Drive, recently completed construction and is now being leased. AMS plans to break ground on the second 56-unit building later this spring.

“Senior living communities for those 55 and up are in high demand in this greater area of Jersey,” said AMS acquisitions director Ari Mitnick. “Sayreville has easy access to major highways, great shopping and retail.”

The two elevator buildings will share amenities that include a fitness center, library and community room and tenant storage in each building, along with two outdoor gazebos, bocce ball and shuffle board courts and outdoor parking with 136 spots.

The one bedroom apartments rent for$1,400 to $1,550 a month.

AMS closed on the deal with equity and a bridge loan from Castellan Real Estate Partners.

Redwood Advisors Jeremy Wernick represented both AMS and Gillette in the sale.

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