South Brooklyn portfolio sells for $78M
Eight elevator-serviced buildings, all located within a three mile stretch of the Brighton Beach, Sheepshead Bay, and Gravesend neighborhoods of Brooklyn, have been sold for $78 million.
The properties, which make up the majority of the Southern Brooklyn Portfolio, total approximately 416,352 square feet and 452 rent-stabilized units, and the sale price equates to approximately $187 per square foot and $173,000 per unit.
357 Avenue P has 53 rental units and contains 42,000 square feet. 79 Brighton 11th Street has 59 units and contains approximately 50,500 square feet. 125 Brighton 11th Street has 112 units and contains approximately 117,600 square feet. The Manhattan Beach Estates, located at 200 and 210 Brighton 15th Street and 211, 1511, and 1521 Brightwater Avenue, have 228 units and contain approximately 206,432 square feet.
While most of the buildings are built to their fullest potential, the beach-front lots of Manhattan Beach Estates offer almost 43,000 square feet of development rights affording long term value-add potential.
The Manhattan Beach Estates is a beach front-property at the end of Reigelmann Boardwalk on the eastern edge of Brighton Beach. The buildings on Brighton 11th Street are located two blocks from the beach.
The final piece of the portfolio, 2835-2875 Ocean Avenue, is still available for purchase. Located four blocks from Sheepshead Bay, it has 200 rental units, contains approximately 159,996 square feet and has an asking price of $34,000,000.
“This transaction affirms that these well-established Southern Brooklyn neighborhoods continue to be desirable communities for residents and investors alike,” said Massey Knakal’s Alex Svetlakou, who exclusively handled this transaction with Chairman Bob Knakal.
● Jones Lang LaSalle
JLL closes on DKNY building for $63M
On behalf of Sitt Asset Management, LLC, Jones Lang LaSalle’s (JLL) Capital Markets Group closed the sale of 240 West 40th Street in Manhattan. AEW Capital Management purchased the 159,774 square-foot property for $63 million.
Vice Chairmen Richard Baxter, Jon Caplan, Scott Latham and Yoron Cohen and Senior Vice President Stephen Shapiro led the JLL team on this transaction.
The 13-story, loft-style building is 100 percent leased to LVMH subsidiary, DKNY and is located at the confluence of the Garment Center and Times Square office markets.
“Home to DKNY for many years; the Property was renovated to their specifications with a spectacular glass enclosed penthouse” said Shapiro.
“The property enjoys outstanding access to multiple transportation hubs, and is located within close proximity to many of the City’s newest and most luxurious residential housing on the Far West Side.”
Hoboken multi-housing complex bought by DSF
HFF announced that it has closed the sale of 800 Madison, a 217-unit, Class A multi-housing community with ground floor retail in Hoboken, New Jersey.
HFF marketed the property on behalf of the seller. The DSF Group purchased the asset free and clear of existing debt.
Spanning an entire city block between Madison and Monroe Streets, and 8th and 9th Streets, the property has a prime location in the growing northwest section of Hoboken. The property also benefits from its location one block from the Hudson-Bergen light rail stop and adjacent to a large grocery store. Completed in 2008 with condominium level finishes, the property is 99 percent leased .
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeff Julien and associate director Michael Oliver.
“DSF performed very well on the acquisition and they continue to acquire Class A multi-housing assets in the greater New York Area,” said Cruz. “800 Madison represents DSF’s third acquisition in the NY metropolitan area in 2013.
Josh Solomon, president of The DSF Group added, “We are excited to further expand our portfolio in one of the strongest markets in the country.”
●jones lang lasalle
Former Pfizer campus sells in NJ
Jones Lang LaSalle represented the seller in the recent sale of 5 Giralda Farms in Madison, N.J. Pfizer Inc. sold its 50-acre former office campus to Lincoln Equities Group LLC and a group of private investors that include Lakestar Properties LLC.
Joseph Garibaldi, managing director, Thomas Walsh, vice president, and Daniel Loughlin, international director and broker lead in New Jersey for JLL, represented Pfizer. The buyer, Lincoln Equities, was represented in-house by Joel Bergstein, president, and Mark Lipner, director of acquisitions.
Following its acquisition of 5 Giralda Farms, Lincoln Equities tapped JLL as co-leasing agent for the property. The leasing assignment will be led by Loughlin and Garibaldi, and includes Fred Hyatt, vice president; and Brian Gropler, associate, all with JLL, along with Kenneth Flynn, senior director of leasing, with Lincoln Equities.
“We developed significant user/tenant interest during the sale process,” said Loughlin. “Lincoln Equities was impressed with the market activity and recognized that JLL would be the ideal partner to continue a leasing program for this trophy property going forward.”