Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: Brack Capital; Cignature Realty; Madison Realty Capital

●BRACK CAPITAL REAL ESTATE
West village commercial building sells for $106M.

Brack Capital Real Estate announced the closing of 627 Greenwich Street, a 12-story commercial building in the heart of Manhattan’s West Village, for $106 million.
627 Greenwich Street is a 106,400 square-foot vacant building located between Leroy and Morton Streets. The building is situated in heart of the west village, in close proximity to world class dining, trendy boutiques, and numerous parks. It is a convenient location for exploring Hudson River Park, Washington Square Park, The High Line, the West Side Highway, various public transportation hubs and more.

●CENTERPOINT PROPERTIES
NJ warehouse trades for $25.2M

A 317,500 s/f manufacturing and warehouse building at 11 Cragwood Road has traded for $25.2 million.
CenterPoint Properties acquired the property from a joint venture of Ivy Equities and CenterSquare Investment Management.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the transaction.  Gary Gabriel headed the assignment with  team member Andrew Merin, David Bernhaut, Kyle Schmidt and Brian Whitmer, along with industrial brokerage specialists Frank Caccavo and Jason Goldman.

●CIGNATURE REALTY
Cignature closes on two UWS buildings

Cignature Realty Associates announced they have closed the sale of two Upper West Side buildings.

LAZER STERNHELL
LAZER STERNHELL

The first at 3820 Broadway, at the corner of Broadway and West 159th in Washington Heights, sold for $15 million. The six-story elevator apartment building has 38 apartments and six stores. The 43,748 sq. ft. building sold for 16 times the rent roll. It was built in 1907. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer, Broadway 3820 LLC and the seller, 3820 Broadway LLC.
The other building, 65 Nagle Avenue in Inwood, sold for $3.95 million. This is a five-story walk-up apartment building with 26 apartments. The 21,080 sq. ft. building, was built in 1914. Sternhell and Vanderpool also represented both the buyer, Nagle Realty Associates, LLC and the seller, New York Commercial Property Group LLC.

●Madison Realty Capital
MRC closes on three Harlem buildings

Madison Realty Capital (MRC) announced the acquisition of three mixed-use buildings located in Harlem, in partnership with RWN Real Estate Partners LLC (RWN) for $15.2 million in an off-market transaction.
In the deal, MRC and RWN acquired 2049, 2051, and 2059 Frederick Douglass Boulevard for $15.2 million. Together, the three buildings located between 111th and 112th Streets comprise approximately 30,000 square feet, including 34 residential units and 3 ground floor retail units, and offer nearly 16,000 square feet of additional residential development rights.
Steven Vegh, President of Westwood Realty Associates, represented the seller and the purchasers in this off-market transaction.

●CANDLEBROOK
Student housing planned in $230M acquisition

Candlebrook announced the launch of its student housing platform, Letter 9, which will provide upscale amenities and management services to student residents. In connection with this announcement, the firm announced the acquisition of five student housing properties in Indiana, Georgia, Kentucky, and Virginia from Trinitas Ventures for $230 million. Candlebrook partnered with Lubert-Adler Partners on the acquisition.
Letter 9 will manage the five newly acquired properties, which include approximately 3,400 beds and feature a range of amenities.
The five acquired properties include The Dillon (formerly The Collegiate on Paterson), located in Bloomington, Indiana and serving the University of Indiana; The Tyler, located in Indianapolis, Indiana and serving Indiana University-Purdue University Indiana (IUPUI); The Blake, (formerly The Collegiate on Busbee), located in Kennesaw, Georgia and serving Kennesaw State University; The Wyatt (formerly The Collegiate on Angliana), located in Lexington, Kentucky and serving the University of Kentucky; and The James (formerly The Collegiate at VCU), located in Richmond, Virginia and serving Virginia Commonwealth University.

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