● eastern consolidated
Chelsea property turning heads
Eastern Consolidated is marketing 161-165 West 17th Street, a fully occupied apartment building in Chelsea, for $45 million.
Located on the Northeast corner of Seventh Avenue and 17th Street, the property, aka 119-125 Seventh Avenue, the six-story elevator building is comprised of 55 rent-stabilized apartments with four ground floor commercial units.
The residential units are leased at a full 75% below market.
“But unquestionably one of the best features of this extraordinarily well-located asset, is its 100 feet of contiguous retail frontage along the eastern side of Seventh Avenue, currently anchored by the popular 24-hour comfort food restaurant, Cafeteria,” said David Schechtman, senior director at Eastern Consolidated, who is marketing the property with Peter Hauspurg, Lipa Lieberman, Gabriel Saffioti, Gary Meese and Abie Kassin.
l’Amour Pet Food, Visionary Optics, and 7th Avenue Organic Cleaners complete the remaining parade of retail shops.
The building is on the market for the first time in 47 years. “It has been impeccably maintained and offers tremendous future upside,” added Lieberman.
●AREA PROPERTY PARTNERS
BRG broadens AREA
AREA Property Partners has closed on the sale of two Queens packages for $68 million.
Rosewood Realty Group closed the $30.2 million sale of 14 multi-family buildings owned by Area in Jackson Heights, Queens.
Aaron Jungreis of Rosewood represented both the buyer, Benedict Realty Group, and the seller.
“It wasn’t easy getting a single buyer to bite off the whole package because there were so many different locations,” said Jungreis.
“It needed a buyer who was creative and entrepreneurial like Daniel Benedict.”
The 14 buildings together feature 248 units, total 192,354 s/f and sold for 9.5 times the rent roll.
Ariel Property Advisors sold Metropolitan 1, AREA’s five-building, 311-unit multifamily portfolio in Elmhurst, Queens for $38 million, also to BRG.
The purchase expands BRG’s presence to include 5,000 units in New York City.
Daniel Benedict, president of BRG, commented: “As a multifamily property owner in Queens for many years, we understand and appreciate the long-term inherent value of this portfolio.ˮ
“These buildings represent quality product in strong locations,ˮ added Jungreis. “They are located in BRG’s backyard and I was pleased to work with such a quality team on the seller and purchaser’s side.ˮ
In one of the largest deals of its kind, AREA last month sold a block of 663 unsold sponsored co-ops in the Soundview section of the Bronx for just under $35 million.
● ARIEL PROPERTY ADVISORS
Demand still high for note portfolios
Ariel Property Advisors has sold a portfolio of 32 performing notes located primarily in New York City.
The package had a total unpaid principal balance of approximately $32.736 million.
The sales team of Victor Sozio, Shimon Shkury, and Michael A. Tortorici represented the seller and procured the buyer, both financial institutions.
“Demand remains high for the few note portfolios available, as exemplified by this package that we marketed and sold within several weeks,” said Sozio.
“The notes traded just below par, which translates to a single digit yield.”
The assets in the portfolio were collateralized by multifamily, mixed-use, development, and retail properties located in Manhattan, Northern Manhattan, Brooklyn, the Bronx, Queens, and communities outside New York City.
● colliers international
Matrix makes LI purchase
Colliers International has arranged the sale of a multi-building office portfolio on Long Island on behalf of a joint venture between CenterSquare Investment Management Holdings, Inc. and Ivy Realty.
The 400,000 s/f portfolio, comprised of two office parks, was purchased by Matrix Realty Corp. The sale price was $39 million.
Douglas Sayer, CEO of Colliers Philadelphia, originated the opportunity. He then worked in conjunction with Ken Enos, Herb Agin, and Steven D’Orazio (all in the Long Island office), and Mark DeRiemer (New York City), to complete the transaction on behalf of the seller.
“This portfolio was one of the few large institutional quality office offerings in Suffolk County and thus attracted strong interest from investors focused on Long Island,” Enos said.
Located in Hauppauge, NY, Crossroads Corporate Center is a four-building, 215,000 s/f office park which is 85 percent occupied.
The nearby Crossroads Executive Center is a 185,000 s/f office park in Islandia, NY, consisting of nine single-story office buildings.
● terra crg
Barclays helping push up prices
TerraCRG has closed on the sale of 76-82 St. Marks Avenue, a 23,900 s/f building in the Park Slope neighborhood for Brooklyn.
The $15 million sale price translates to a 3.6 percent cap rate, 22-times the rent roll and $627 psf.
Adam Hess, Ofer Cohen and Geoff Bailey were the brokers on the transaction, representing both buyer and seller in an all-cash deal.
The fully occupied property is comprised of 15 apartments, three commercial spaces with well-known restaurants — Farm, Barn and Taro Sushi — and also included 24,000 s/f of air rights.
“The sale of 76-82 St. Marks Avenue is another great example of the rapid transformation of the retail corridors surrounding the Barclays Center,” said Hess.
“We have now sold four buildings within a three block radius of the arena at an average of $653 psf, prices fed by retail rents in the area increasing threefold since the arena opened.”
● cushman & wakefield
Microsoft offices for sale
Cushman & Wakefield’s Metropolitan Area Capital Markets Group has been retained to market 2929 Expressway Drive in Hauppauge for sale.
The Class A office is leased to five tenants, including Microsoft and MetLife, according to Andrew Merin, who is heading the assignment with team members David Bernhaut, Gary Gabriel and Kyle Schmidt.
Merin said the offering of 2929 Expressway Drive presents an opportunity to acquire a well-leased, institutional-quality office building with core plus returns.
A retail pad development site also presents the chance to grow the property’s net operating income.
