● BIZI & PARTNERS
Langham Place deal is final
Bizzi & Partners Development announced that 400 Fifth Realty LLC has closed on the sale of the 214-room hotel, formerly The Setai Fifth Avenue, which comprises floors one-27 of its 400 Fifth Avenue property in midtown Manhattan, New York. Pacific Fifth Avenue Corporation is the new owner of the hotel, which it has reintroduced as Langham Place, Fifth Avenue – a distinctive brand established by Langham Hospitality Group, a wholly owned subsidiary of Great Eagle Group. The price was $229 million.
Designed by Gwathmey Siegel & Associates Architects and appointed by design firm DAS Concepts, 400 Fifth Avenue blends world-class hospitality with a collection of condominium residences located on floors 31-60. More than 80 percent sold, available residences range from studio to four-bedrooms, and feature elegant upscale finishes and fixtures, finely-crafted Italian wood cabinetry, hand-laid black oak flooring, stone countertops, diamond-angled floor-to-ceiling windows, and state-of-the-art appliances. Each residence yields its own unique and breathtaking view of New York City, including a collection of penthouses that offer unprecedented wrap-around views of the Empire State Building, rising One World Trade Center tower, the Chrysler Building, Hudson and East Rivers, and beyond.
“We are pleased to have completed this transaction and the timing couldn’t be better, especially with The Residences at 400 Fifth Avenue in the final phase of sales,” said Giuseppe Rossi, Executive Vice President of the Milan-based Bizzi & Partners Development.
Cushman & Wakefield’s Tom McConnell and Jared Kelso advised affiliates of Great Eagle Holdings in the acquisition financing of the hotel. The floating-rate loan was provided by a Singapore-based bank. The residences were not part of the collateral. Denton’s Andrew Weiner served as counsel to Great Eagle.
● EASTERN CONSOLIDATED
a $17m “rare find”
In a unique transaction on Manhattan’s Upper West Side, a local investor has sold a partial interest in the 72-year leasehold interest in the retail and medical suites at 2012-2018 Broadway – on the corner of West 69th Street – to long time investor Isaac Shalom of Madison Realty at a transaction valued at over $17 million.
Eastern Consolidated’s Adelaide Polsinelli represented the seller and procured the buyer in the sale of the corporation’s shares. The lessee is under a 72-year leasehold rent with theco-op which owns the building. Currently, there are four retail spaces along the east side of Broadway that are tenanted by three restaurants – Dan Japanese Restaurant, Luce Restaurant, and Nanoosh Mediterranean – as well as a nail salon while the space on the 69th Street side of the building is occupied by medical suites.
According to Polsinelli, the master lease payment remains flat throughout the entire term without any increases or resets – making it a “rare find” for a hard corner location. “There is excellent foot traffic at all hours of the day along Broadway and throughout the entire neighborhood,” Polsinelli said, noting that the fully-occupied ground floor retail and medical suites are components of a pre-war co-operative building.“The new partnership will benefit greatly from the ability to re-position the asset as the leases mature, while capturing the appreciation of this vibrant location.”
The property is steps from the 1, 2, and 3 subway lines, and major attractions and institutions such as Lincoln Center, Central Park and the Museum of Natural History.
Nina Roket of Olshan Frome Wolosky represented the buyer.
Scent factory sells for $10m
HFF announced that it has closed the sale of 700 Blair Road, a 234,325 s/f, single-tenant, light industrial building in Carteret, New Jersey.
HFF marketed the property on behalf of the seller, GP 700 Blair Road, LLC, and procured the buyer, The Hampshire Companies. The purchase price was in excess of $10 million.
700 Blair Road is fully leased to, and functions as the corporate headquarters for Berjé Inc., a global leader and distributor of essential oils and aromatic chemicals with more than 60 years of experience supplying the flavor, fragrance, pharmaceutical and allied trades. The recently renovated property is situated on 12.41 acres close to Interstate 95/NJ Turnpike, Newark Liberty International Airport and Port Elizabeth/Newark.
The HFF team representing the seller was led by managing director Michael Nachamkin along with senior managing director Jose Cruz, managing director Kevin O’Hearn and real estate analyst Marc Duval.
● HK GROUP
Stamford building sells
Matthew Keefe of HK Group was the sole broker in the sale of 316 Courtland Avenue, an approximately 116,000 s/f warehouse and office building on more than six acres of land in eastern Stamford.
This building was purchased by Baker Properties of Westchester, New York for a price of $9,250,000.
AT&T occupies approximately 75,000 s/f of the building. Other tenants include Care of Trees and Planet Fitness. The property is strategically located within a minute’s drive of the four way interchange of Exit 9 on I-95.
Keefe said that the investment market has picked up significantly and should continue to be active as long as interest rates remains low.