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Deals & Dealmakers

SELLING POINTS: Orbach buys Canterbury on UWS, Greenpoint site hits market for $19.5M

●Cushman & Wakefield
Orbach buys The Canterbury

The New jersey-based Orbach Group beat out the competition for Upper West Side apartment building, The Canterbury, at 204 West 10th Street.

The 48-unit apartment building was sold for $27,500,000 in a deal brokered by Hall Oster and Teddy Galligan at Cushman & Wakefield.

“204 West 108th Street received a tremendous amount of interest from the marketplace due to its excellent overall condition and strong location,” said Oster.

“Demand for multifamily properties continue to far exceed the supply of available opportunities leading to high velocity and previously uncharted pricing.”

The six-story, elevator-serviced Canterbury has 33 free market apartment, 11 rent stabilized, and four rent controlled.

It has a center courtyard and the seller, who bought the property for $16.7 million in 2008, had installed a new, updated gas service and renovated many of the apartments.

The sale price equates to $652 psf.

● Cignature Realty
Hamilton Heights building trades for $25.5M

Real estate investment firm Sugar Hill Capital Partners has sold a 47-unit mixed-use building in Hamilton Heights to Brooklyn-based multifamily landlord Galil Management, formerly known as E&M Associates, for $25.5 million.

The six-story, 65,050 s/f elevator building at 3621 Broadway has 47 apartments, eight stores and an art studio. The building also includes 31,175 s/f of air rights.

Cignature Realty Associates’ Peter Vanderpool and Lazer Sternhell, who represented the buyer and the seller, said Galil Management plans to hold the asset and increase the income of the building.

“This is an extremely large Broadway building on the corner of West 149th Street, a neighborhood that is blossoming on a daily basis,” said Vanderpool. “The building is home to up-and-coming artists and their workshops in the basement.”

● Rosewood Realty
Sugar Hill sells 4321 B’way

Sugar Hill Capital Partners sold 4321 Broadway to Burke Leighton Asset Management for $18.65 million.
Rosewood Realty Group brokered the sale of the 74-unit mixed use building on the corner of 184th Street in Washington Heights.

The six-story, walk-up has 50,000s/f of residential space and 4,000 s/f of commercial space.
Built in 1949, the building sold for 15.16 times the current rent roll.

Sugar Hill Capital Partners originally paid $11.4 million for the property, back in 2013.
Michael Guttman represented the seller. Aaron Jungreis represented the buyer.

●Marcus & Millichap
Treetop grows portfolio

New Jersey-based Treetop Development has paid $13.3 million for a four-property, 60-unit multifamily portfolio in West Harlem.

The properties are: 104 West 144th St., 106 West 144th St., 108 West 144th St. and 110 West 144th St.
Peter Von Der Ahe, Shlomo Manne, Scott Edelstein, Marco Lala, Seth Glasser and Rafi Moskowitz, all in Marcus & Millichap’s Manhattan office, arranged the transaction on behalf of the seller, 144 St. Johanna Associates and the buyer.

“This is the first time these properties have been sold in more than 40 years,” says Von Der Ahe.
Built in 1920, the properties were all connected under a Section 8 Homeowners Assistance Program (HAP) contract that expired in October 2014.

Neighbors’ shopping tip

Fairfield, CT-based Ceruzzi Properties has sold a neighborhood shopping center in Maryland to a New York neighbor.

CBRE’s National Retail Investment Group brokers Jeffrey Dunne, David Gavin, Bill Kent and Ryan Sciullo represented Ceruzzi in the sale of Goshen Crossing in Gaithersburg, Maryland for $19.5 million.

The team procured the buyer, described as a private investor based out of New York that acquired the property as part of a 1031 exchange.

“The center’s long-term lease with Giant, the #1 grocer in the Washington DC Metro Area, will provide the buyer with stable cash flow,” said Dunne.

“Combined with the center’s position in an affluent, densely populated trade area and no landlord maintenance responsibilities, Goshen Crossing was an ideal property to satisfy the buyer’s 1031 exchange.”

Goshen Crossing is a 100 percent master leased, 78,456 s/f shopping center anchored by Giant Food, which holds the master ground lease on a long-term NNN basis, occupying the majority of the center and subleasing the remaining portion to a mix of national and local tenants.

●Cushman & Wakefield
Television deal on W29th

Pacific Television Center (PacTV), a leading transmission and production companies, has bought a perch on the Manhattan skyline.

The company paid $4.92 million for a commercial co-op comprising the 5,000 s/f 12th floor/penthouse and roof unit at 39 West 29th Street in Manhattan.

The New York office of Los Angeles-based PacTV needed larger space to accommodate recent growth.
The company‘s new location meets its special requirements as an international transmission and production company.

Carri Lyon, an executive director with Cushman & Wakefield, represented PacTV in the transaction.
The co-op’s owners were represented by Michael Rudder and Michael Heller of Rudder Property Group.

● Cushman & Wakefield
Greenpoint site hits market

Cushman & Wakefield has been retained to sell a commercial building at 12 Franklin Street, on the corner of Franklin Street and Meserole Avenue in Brooklyn’s Greenpoint neighborhood. The asking price is $19,500,000.

The 30,500 s/f single-story commercial building containing is currently occupied by five commercial tenants with a few years remaining on their leases.

The site holds approximately 55,550 buildable square feet is manufacturing zoned pocket of Greenpoint.
“Situated across the street from the slated Bushwick Inlet Park, the retail potential is strong and with unobstructed views of Manhattan, a new tower would be the preeminent location for an office, hotel or school,” said Cushman & Wakefield’s Brendan Maddigan, who is exclusively marketing the property.

●Cushman & Wakefield
Angelic drives Detroit sale

New York-based Angelic Real Estate has closed the sale of Faurecia’s North American headquarters building in Auburn Hills, Michigan, for $40,025,000.

The 278,000 s/f office and R&D building was built-to-suit the tenant, one of the largest tier one automotive suppliers in the world. The building has three stories of office space connected to a high bay research and development and light assembly space.

The location in Auburn Hills, in a business park formerly owner by Chrysler, and adjacent to Chrysler’s headquarters, is in the heart of the automotive industry’s Detroit-area presence.

Angelic arranged the sale for the Detroit-based developer early in the project’s construction phase, and the closing took place after completion and a free rent period had ended for the tenant.
New York based Lexington Realty Trust was the purchaser.

“We have very active build-to-suit structuring, financing and forward sale transaction practices,” said Gabriel Silverstein, president of Angelic, and transaction leader.

“This sale allowed our developer the certainty of the sale execution they were looking for when they started the project, which was very important to them.” Angelic’s Louis D’Lando was also involved in the deal.

●Cushman & Wakefield
Bank seeking sale, leaseback

First Niagara Bank is looking to sell its 18-story New Haven, CT, offices and lease back its office space.

Ciminelli Real Estate Corporation is the Master Broker representing First Niagara Bank on the offering and pending transaction, and has tapped Cushman & Wakefield executive director Al Mirin to broker a deal.

195 Church Street in New Haven is a 263,938 s/f office building where First Niagra occupies 34,600 s/f.
The building currently has 24 tenants that include the Economic Development Office for New Haven, Carmody & Torrance, Neubert, Pepe & Monteith and Yale University.

First Niagara intends to enter into a sale-leaseback arrangement with a new owner, transferring title of the building to the new owner while leasing back the space they currently occupy.

● Slate / Meadow Partners
Partners buy ‘best” site in Brooklyn

Slate Property Group and Meadow Partners have closed on the purchase of a two-parcel development site at 1 and 11 Flatbush Avenue.

The partners plan to develop a 157-unit landmark retail and residential tower.

The 20-story residential and retail high-rise will have 3,000 s/f of amenities and 30,000 s/f of flagship retail space spanning three stories.

David Schwartz, principal and co-founder of Slate Property Group, called the site “one of the best residential and retail development sites in the neighborhood.”

Noting that Sale has some 1,500 residential units in development throughout Brooklyn, Slate principal Martin Nussbaum, added, “The corner of Fulton and Flatbush is the epicenter of Downtown Brooklyn, which is rapidly transforming into a 24/7 destination. ”

Goldstein Hill & West Architects (GHWA) will provide planning and design services for the new structure.

● Adam America / Shuster
Apartment plan for Schermerhorn site

Adam America Real Estate and Naveh Shuster LTD have closed on the purchase of 319 Schermerhorn Street in Brooklyn.

TerraCRG represented both Adam America and the seller, SC Nevins LLC.

The development team will build an 87,445 s/f, 21-story mixed-use building with 73 luxury condos and 3,100 s/f of retail at the site.

Omri Sachs, co-founder of Adam America, said, “Located between two of Brooklyn’s most sought after neighborhoods, 319 Schermerhorn presents a unique opportunity to add immense value to our portfolio by bringing high-end condominiums with a full suite of luxury amenities to the neighborhood.”

Ofer Cohen, founder and president of TerraCRG, stated, “With the shortage of condo units in Brooklyn, this transaction signals the strong developer demand for quality, shovel-ready sites. In Downtown Brooklyn/Boerum Hill, very few projects are planned as condos.

“As a result, pricing in the area is expected to reach over $1,450 psf, doubling in just five years.”

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