●CIGNATURE REALTY ASSOCIATES
Washington Heights sale
Cignature Realty Associates recently sold a package of two corner apartment buildings with 95 units in Washington Heights: 4240 Broadway and 4300 Broadway for $23.685 million.
Cignature represented both the seller, Heights Equities Inc., a local real estate investor who has owned both buildings for the last 30 years and the buyer, Crest Realties, a Canadian based real estate investment group.
4300 Broadway is a six-story elevator apartment building with 52,598 sq. ft. and 54 apartments and one store.
4240 Broadway is also a six-story elevator apartment building with 59,200 sq. ft. and 41 apartments, five stores and one roof antenna.
“This transaction indicates that the pace of multi-family building sales is on fire, especially in neighborhoods such as Washington Heights and Inwood in the northern reaches of Manhattan,” said Cignature Realty CEO Lazer Sternhell.
HFF’s $210M record Westchester sale
HFF announced today that it has closed the sale of Avalon on the Sound East, a 588-unit, 39-story, Class A multi-housing tower in New Rochelle, New York.
HFF marketed the property on behalf of the seller, AvalonBay Communities, Inc. The DSF Group purchased the asset for $210 million, approximately $357,000 per unit. This is the largest recorded multi-housing sale in Westchester County.
Avalon on the Sound East is located at 40 Memorial Highway within one block of the Metro-North Railroad’s New Rochelle train station and less than a mile from Interstate 95. Completed in 2007, the luxury high-rise building includes one-, two- and three-bedroom units averaging 956 square feet each, as well as 7,607 square feet of ground-floor retail. Community amenities include a 24-hour fitness center, outdoor heated pool, rooftop resident lounge, community room, game room, garage parking and 24-hour concierge service.
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 Jeffrey Julien and associate director Rob Hinckley.
According to Scandalios, “Avalon saw an opportunity to capitalize in a strong investment market.” “This is DSF’s second purchase in Westchester in the last twelve months. To complement its first high-profile property in downtown White Plains, the company will now also own the most prominent building in New Rochelle,” added Cruz.
● EASTERN CONSOLIDATED
Harlem residential building sells for $18.5M
Eastern Consolidated announced the $18.5 million sale of “The Promenade” Apartments, a prominent, extremely well-located, 318-unit, 32-story residential Mitchell Lama project in Harlem, overlooking the Hudson River in the Marble Hill section of Manhattan.
The buyer is Global One Real Estate Fund, led by Robert Nelson, in conjunction with the NYAH Preservation Fund (a joint venture between Citi Community Capital and L&M Development Partners).
Eastern Consolidated has developed an expertise in the sale and purchase of affordable housing projects. Eastern Senior Director Adelaide Polsinelli with Director Financial Services Scott Ellard represented the seller and procured the purchaser in the transaction.
“Global One, with many years of experience in acquiring and rehabilitating affordable housing projects, plans to infuse the property with significant funds, enabling it to remain competitively affordable,” said Ms. Polsinelli, who added that Global One focuses on infrastructure improvements and replacing outdated building systems.
“The original boiler from when the building was built in 1972 will be replaced and new elevator cabs, a new roof, renovations to the hallways and lobbies are among the planned upgrades.”
According to Mr. Ellard, “Global One also intends to pursue LEED certification for the property as it has for its other holdings.”
Attorneys in the transaction were: Jeff Lenobel, Esq., Sue Frunzi, Esq., Gregory Pressman, Esq., and Joshua Cohen, Esq. from Schulte Roth & Zabel LLP with Richard Singer, Esq., Hirschen Singer & Epstein LLP for the seller; and Martin Luskin, Esq., David Brier, Esq., and Kim Khutorsky, Esq., Blank Rome LLP for the buyer.