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Deals & Dealmakers

Selling points: Charles Lindberg building fetches $75M, Mack-Cali JV selling One Newark Center

Eastern Consolidated

FBE buys Upper West Side apartment portfolio

FBE Limited has bought a package of four Upper West Side residential buildings for $51.9 million.

The deal, which was announced by Eastern Consolidated, covers a portfolio of six-story elevator buildings at 60-68 West 107th Street. The seller was Suehar Associates.

“These four buildings have been under the same ownership for over six decades, and are located in an area where rent growth continually outperforms other markets,” said Eastern Consolidated’s Matt Sparks, who represented Suehar in the transaction.

The properties, which are near Central Park and Morningside Park, have 100,000 s/f of space and contain 100 apartments. Out of that total, 75 are three-bedroom units while 25 are two-bedroom units.

Last December, FBE head Abraham Fruchthandler bought a nine-story building at 2520 Tilden Avenue in Bushwick for $31 million.

Eastern Consolidated’s Ron Solarz procured the buyer.

Sanchez Bodden Lerner

Servicemen’s club hits the market

Offers are being invited for a historically significant building at 281-283 Lexington Avenue in Manhattan.

Sanchez Bodden Lerner has been appointed exclusive broker to sell the property, which is currently the home of the Soldiers’, Sailors’ Marines’ Coastguard and Airmen’s Club (SSMAC).

SMAC is a private club that provides subsidized accommodations for U.S. servicemen and servicewomen and caters to military retirees, veterans and their families. Offering a 69-bed facility, the current property also features a library with two internet stations, several large event rooms, a television room and a dining room.

Occupied since 1919, the five-story, 15,000 s/f  building sits on a 4,080 s/f lot and is zoned R10.  Jack Lerner at SBL is handling the assignment.


Charles Lindberg building fetches $75M

Joss Realty Partners has sold 60 Charles Lindbergh Boulevard in Uniondale, New York, for $75.5 million.

Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s Institutional Properties in collaboration with Philip Heilpern and Martin Lomazow of the CBRE Long Island office, represented Joss Realty and procured the buyer, Salus Federal Properties, who was represented by Will Bradley of the CBRE Richmond office.

60 Charles Lindbergh is a 217,226 s/f office building which is 100 percent leased to the County of Nassau , who recently renewed their lease through 2036 and operates their Health & Human Services divisions from the Property.

Dunne commented: “60 Charles Lindbergh provides an irreplaceable location for Nassau County, as demonstrated by their recent renewal and long term commitment to the Property. The acquisition of 60 Charles Lindbergh will provide secure, long term cash flow and is a great addition to Salus’s portfolio.”

Cushman & Wakefield

Ridgewood Tower site could be statement piece

Cushman & Wakefield was exclusively selected to market the Ridgewood Tower development site at 336-350 St. Nicholas Avenue in Ridgewood, Queens.

The asking price is listed at $31 million.

The property includes approved plans for a 17-story mixed-use building totaling 180,000 buildable square feet with onsite parking, retail, office, community use space and 129 luxury apartments.

The apartments consist of 39 studios, 51 one-bedroom, 27 two-bedroom, and 12 three-bedroom apartments. The property is also eligible for a 421A abatement.

A Cushman & Wakefield team of Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa is leading the efforts.

“As Ridgewood continues to see an influx of the younger generation, drawn to the diversity and accessibility of the neighborhood, the site becomes a valuable opportunity to meet the demands for housing in the up-an-coming area,” said Donovan.

“The pre-approved plans make this an excellent option for developers looking to make a statement in the surging community.”


Mack-Cali JV selling JC asset

JLL has been selected to sell One Newark Center on behalf of a joint-venture between an affiliate of The Praedium Group and Mack-Cali Realty Corp.

The Class A office building is located on Raymond Boulevard, one block from Military Park and one block from Newark Penn Station.

“Newark is progressively transforming into a true 24/7 live/work/play environment. The transit-oriented destination is leveraging its unparalleled infrastructure to attract a tenant pool that’s broader than traditional law firms and back-office operations,” said Thomas Walsh, managing director of JLL’s New Jersey office.

“It seems that every week Newark has a ribbon-cutting for a multi-family development or new retailer and that is steadily chipping away at the city’s perceived non-institutional stigma. You’d be hard pressed to find another mid-sized city in the Northeast with such organic growth.”

The sale includes the sixth through the 22nd floors of One Newark Center, totaling 423,028 s/f. The first five floors are owned and occupied by Seton Hall Law School.

The offering also includes a 10-story, 945-space parking structure that is physically connected to the office tower.

“As urban infill continues to occur around the property, One Newark Center is well positioned to take advantage of the retail and business opportunities that are coming to Newark,” said Brian Lindenberg, a vice president with Praedium.

Cushman & Wakefield

College campus buildings listed at $39M

Cushman & Wakefield is marketing three Boricua College campus buildings in Northside Williamsburg for sale.

Investors can acquire over 70,000 s/f of conversion space comprised of the three buildings at 182-190 N 6th Street, 165-171 N 5th Street, and 584 Driggs Avenue .

Guthrie Garvin and Brendan Maddigan are exclusively marketing the property at an asking price of $39,000,000.

Together, the structures — which include the main school building and a four-story multifamily building which currently operates as housing for school staff — offers three sides of frontage, a total of over 280 feet, and feature two curb cuts.

The buildings will be delivered vacant upon sale. Boricua College will remain open and will continue operating from other locations.

Ariel Property Partners

Multifamily package a real prize

Ariel Property Advisors has been exclusively retained to sell 291 & 292 Lincoln Place, a two-building multifamily package in Prospect Heights, Brooklyn.

The asking price for the properties is $20 million.

The buildings, which contain 49 residential units spanning 41,000 s/f, are located between Underhill and Washington Avenues.

The unit mix consists of 10 free market, 1 rent controlled, and 38 rent stabilized units.

The properties have 12,400 s/f of additional air rights (as-of-right) available.

Exclusive agents Jonathan Berman, Michael A. Tortorici, Shimon Shkury, Victor Sozio, and Orry Michael are representing the seller.

The properties have beenmaintained by a long-term owner and recently underwent an extensive capital improvement program.

“Pristine condition multifamily properties in the coveted location of Prospect Heights are a rare opportunity for investors,” said Berman, Director at Ariel Property Advisors.

Eastern Consolidated

Polsinelli puts tony co-op on the market

Eastern Consolidated is exclusively marketing an 8,000 s/f commercial unit in a pre-war co-operative at 15 East 16th Street,.

Currently occupied by a luxury ceramic tile and stone flooring showroom, the asking price is $14 million.

Adelaide Polsinelli, Senior Managing Director and Principal, Michael Hunter Coghill, Director, and Evan Papanastasiou, Director, are the exclusive brokers for the retail co-op, while Gary Meese, Senior Director, Financial Services, is the analyst.

The space offers 30 ft. of frontage on a prime block steps from Union Square; a glass storefront; 20 ft. high ceilings; and 4,000 s/f on the ground floor and mezzanine levels and 4,000 s/f on the lower level for a total floor area of 8,000 s/f.

“This offering presents both investors and users with the opportunity to acquire an institutional quality commercial asset in Union Square,” Polsinelli said.

“The space has been built-out to the needs of an upscale home furnishings showroom, which features limited interior columns and an open floor plan that could easily be modified to fit the needs of another use. The space is well-suited for gallery operators, private collectors, home furnishing or design showroom, investors, or other users in search of a distinctive location for their business.”

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