Real Estate Weekly
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Deals & Dealmakers

Selling Points: Besen lists Village apartments, Bronfman affiliate buys N.J. apartments

● Besen & Associates
Last chance on Village opportunity

Besen and Associates, as exclusive agent for ownership, is offering for sale 133 & 135 West 13th Street in Greenwich Village.

The property consists of two 20.5 ft. wide adjacent residential buildings.

An opportunity exists to combine the two buildings into one 41 ft. wide single-family townhouse with roughly 9,600 s/f. After excavation, the property could total over 13,000 s/f.

Each property is a four-story, six-unit apartment building featuring a 1,800 s/f private rear garden, grand stoop entrances, and high ceilings.

An auction date has been set for November 8, however a private sale prior to that date is still possible.
Greg Corbin at Besen is leading the assignment.

● Marcus & Millichap
Bronfman affiliate acquires NJ apartment property for $34M

This 392-unit multifamily property in Camden, NJ, sold for $34.45 million.

New York City-based Lincoln Avenue Capital has purchased a 392-unit multifamily property in Camden, NJ, for $34.45 million.

The deal works out at just under $88,000 per unit, according to the Marcus & Millichap team which represented the seller, Brick, N.J.-based Tryko Partners.

The asset was purchased free and clear of debt by an affiliate of the Bronfman familyʼs Lincoln Avenue Capital, an owner and developer of low-income housing properties nationwide.

“The property was part of the RAD (Rental Assistance Demonstration) program and received a new 20-year subsidy contract,” said Andrew Townsend, the Marcus & Millichap specialist who worked the deal with Ridge MacLaren, and Clarke Talone, all based in the firm’s Philadelphia office.

“The seller recently upgraded the flooring, windows, roofs, and boilers throughout the property, which made the asset attractive and a great long-term investment.”

After purchasing Crestbury Apartments in 2013, Tryko Partners invested $3.6 million in capital improvements. This included the incorporation of a high-tech security initiative in conjunction with the

Camden Police Department; a playground; updated lighting, landscaping and sidewalks.

“We are seeing a tremendous amount of interest in well-maintained, workforce housing both market-rate and affordable in South Jersey due to solid economic drivers and its proximity to Philadelphia,” added MacLaren.

The apartments are a mixture of one- and two-bedroom units. The Crestbury is situated on over 18 acres at 2552 South 8th Street in Camden, New Jersey.

● Silber Investment Properties
Shopping center trades

United Properties Corp. has acquired the fully-occupied Mt. Sinai Shopping Center at 5501 Nesconset Highway, Mount Sinai, NY, for $29.75 million from Mt Sinai Shopping Center, Inc.

Anchored by King Kullen, the property consists of 101,000 s/f of retail and 23,000 s/f of professional office space. It sits on over 14 acres at the merge of New York Rt. 25A and Rt. 347 at the heart of the Mount Sinai retail corridor.

Silber Investments Properties was successful in brokering a deal in under three months. Adam Silber, principal, represented the buyer and Aaron Etessami, also of Silber Investment Properties, represented the sellers.

● Cushman & Wakefield
Flatiron retail condo expected to turn heads

The retail condo at 212 Fifth Avenue is on the market for $30 million.

A Cushman & Wakefield team is offering the retail condo at 212 Fifth Avenue in the Flatiron neighborhood for sale at $30 million.

The condo is situated on the ground floor of a new luxury condominium.

Cushman & Wakefield vice chairman John Ciraulo and director Craig Waggner are leading the marketing efforts on behalf of the sellers, Madison Equities, THOR Equities and Building and Land Technology.

“The property’s superb location with a presence on two iconic corners of Broadway and Fifth Avenue across from Madison Square Park sells itself,” said Ciraulo.

“We expect tremendous interest from real estate funds, institutional investors, wealthy individuals and established family firms looking for larger retail condos with more secure tenants in a core location.”

The 4,620 s/f ground floor retail space features more than 246 ft. of wraparound footage, 16 ft. ceilings, and is situated on two corners located in main retail areas.

The property contains two commercial units, Togas House of Textiles, a luxury textile boutique, and a vacant unit that current ownership expects to soon be leasing to another high-end retailer.

● Cushman & Wakefield
Hampshire sells industrial asset

Hampshire Companies has sold the Hackettstown Commerce Center, a 197,438 s/f, five parcel industrial/flex center for an undisclosed price.

The three-building complex located at 101 Bilby Road, 103 Bilby Road, and 715 Willow Grove Street includes nearly eight acres of developable land at 713 and 717 Willow Grove Street.

It was purchased by the Devli Group, whose founder and CEO, Erol Devli, noted the importance and the growing need for industrial/flex space.

“We’re confident in New Jersey’s industrial market as we believe it will continue to see strong demand from the rise and continuing growth of the E-commerce sector,” said Devli.

Cushman & Wakefield Metropolitan Area Capital Markets team represented the buyer and the seller. Andrew Merin headed the assignment with David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz, Kyle Schmidt, Ryan Larkin; and industrial leasing specialist Jason Barton.

Colliers International
Office island for sale

Colliers is marketing this distinctive Connecticut office space.

One of Connecticut’s most distinctive office properties – One Gorham Island in downtown Westport – has come onto the market for sale.

Colliers International is marketing the landmark, 41,000 s/f building that sits on a seven-acre private island on the Saugatuck River.

“One Gorham Island is the most sought after business address in Westport,” said Colliers’ Michael Gordon, who is marketing the property with Enzennio Mallozzi.

“This trophy asset is 94 percent occupied by four, long-term credit tenants. It’s truly unique setting, surrounding amenities and accessibility make it an outstanding investment opportunity.”

The three-story building offers 360-degree, unobstructed river views with outdoor patios, and a wrap-around roof deck and garden.

Renovations completed in 2016 and 2017 include updates to the lobby, roof terrace and common areas.
One Gorham Island is being offered for sale for the first time in its three-decade history. “This building commands the highest rents in Westport,” Mallozzi said.

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