Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: Cape May building sells for $32M, Wharton Properties picks up W. Village building

●Marcus & Millichap
Wharton Properties picks up building in the Village

Marcus & Millichap has arranged the sale of 275 Bleecker St., a four-story, mixed-use building located between Jones Street and Cornelia Street in New York City’s West Village neighborhood.

The property is located on a prime retail street and had been family owned since 1971. The seller was represented by John Stewart, James O’Leary, Michael Sadowsky, Nicholas Biedron and Alan Stenson, all in the Manhattan office of Marcus & Millichap.

The buyers, Joseph Sutton of Wharton Properties and Joseph Edery, were represented by Barbara Dansker and Zackary Ziskin, also of Marcus & Millichap’s Manhattan office. The walk-up property features one ground-floor retail space, four free-market apartments and 1,800 square feet of air rights. All of the apartments have outdoor space. The commercial unit is occupied by David’s Teas. The building is part of the Greenwich Village Historic District.

 

●HFF
Cape May building sells for $32 million

Polimeni International, LLC has announced the $32.1 million sale of The Plaza at Cape May Court House.
The company has owned the 164,000 s/f retail center in the Atlantic seaside community for over a decade.

HFF marketed the property on behalf of Polimeni International. RW Partners, LLC purchased the complex free and clear of existing debt.

The HFF team representing the seller was led by managing director Chris Munley and supported by senior managing director Jose Cruz and managing director Kevin O’Hearn.

●Jones Lang LaSalle
Boston building in Leather District sells for $27.5M

New York, NY-based ClearRock Properties, an owner and operator of office properties across the Northeast, and Stamford, CT-based Juster Properties announced that the partners have purchased 201-207 South Street in Downtown Boston’s Leather District for $27.5M.

JLL Managing Director Jessica Hughes represented the seller, Meritage Properties, in the transaction.
Built in 1909, 201-207 South Street is a 73,689-square-foot, six-story office building with exposed ceilings, original brick walls and an abundance of natural light.

The building was recently revitalized with a full facade restoration, renovation of the entry, lobby, elevator cabs and common areas, and conversion of a 4,000-square-foot storage area into quality office space. Current tenants include Credo, Publisher’s Clearing House, BlueConic and Evidox.

●GFI Realty Services
Jamaica portfolio of apartments goes for $14M

GFI Realty Services, LLC announced the $14-million sale of a rent-stabilized apartment portfolio in the Jamaica section of Queens, New York. The elevator buildings, located at 162-20 and 164-03 89th Avenue, are comprised of 73 apartment units and six retail spaces, totaling 89,344 square feet.

GFI Realty Managing Director of Investment Sales Yosef Katz represented the buyer, Jamaica-based Zara Realty Holding Corporation, while GFI Realty Associate Director of Investment Sales Daniel Shragaei represented the seller, New York City-based property management firm Topaz Realty Management.

At the northeast corner of 89th Avenue and 164th Street, 164-03 89th Avenue is a six-story elevator building consisting of 33 apartments and six stores. At the southwest corner of 89th Avenue and 163rd Street, 162-20 89th Avenue is a six-story elevator building with 40 apartments. The buyer, who owns several other Jamaica apartment buildings, will make substantial upgrades to both properties.

●Treetop Development
Second Mott Haven development site snapped up

Treetop Development announced that it has acquired a second development site in the Mott Haven section of the Bronx, located at 440 Exterior Street. The acquisition comes on the heels of Treetop’s purchase of an adjacent site located at 121-129 East 144th Street earlier this year.

Located in a Special Mixed Use District zoning area (MX-13), the property has the option to develop up to 85,000 square feet by utilizing the inclusionary housing bonus. Treetop has retained the architectural firm Woods Bagot to assist in determining its specific multifamily development plans for the site.

The exclusive sales team of Jason M. Gold, Victor Sozio and Scot Hirschfield of Ariel Property Advisors represented the seller, a private investor, and procured Treetop Development.
The renowned Bronx Terminal Market Mall is located just up the street from the site, offering numerous shopping and dining options.

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