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Deals & Dealmakers

SELLING POINTS: Cushman & Wakefield retained to sell 128 Mulberry Street

Lee marketing Upper West Side 
apartment building

Lee & Associates NYC is marketing an Upper West Side apartment building for $20 million.

Senior managing directors Vickram Jambu and Chris Varjan, along with directors George Steffani and Jonathan Braun are the exclusive agents for the 25,000 s/f elevator building at 308 West 82nd Street, between Riverside Drive and West End Avenue.

“There is limited new construction on the Upper West Side, meaning that these recently renovated apartments will be highly desirable among the young professional set,” said Varjan.

“Numerous amenities are available to tenants of this building as well, including a furnished roof deck, gym and residents lounge.”

The building contains 49 studio and one-bedroom apartments spread across 13 floors. A portion of the units have been recently renovated to feature new wood flooring and upgraded kitchens with stainless-steel appliances. Many units boast river views.

Surrounding retailers and restaurants include Zabar’s, New York Sports Club, Bluemercury and Maison Pickle.

Logistic co. buys its own building

NAI James E. Hanson negotiated the $12.8 million sale of a 121,000 s/f industrial building at 50 Somerset Place in Clifton, NJ.

Scott K. Perkins, SIOR, Andrew Somple, SIOR, Christopher Todd and Justin Allessio, represented Shawnee Transportation in its purchase from JRAM Investment Company, Inc.

Shawnee is a transportation and logistics company that has been in business for almost 30 years. With an explosion in demand for its services, the company’s lack of short-term warehousing space, particularly in the New York City metro area, meant that the firm was being forced to turn down business.

Shawnee retained the brokerage services of NAI James E. Hanson to help find a suitable warehouse in northern New Jersey that would meet their current and future space needs while also providing for parking of their large fleet of trucks.

50 Somerset Place has access to off the major roadways, providing Shawnee’s fleet with easy access to New York City and the entire East Coast.

The building has 18 ft. ceilings, nine tailgates, and two drive-ins along with over two-acres of parking.

Shawnee will initially occupy 60,000 s/f and lease the remaining 60,000 s/f to capitalize on record-high industrial rents in the local market. “Finding suitable properties and negotiating industrial sales in northern New Jersey are difficult propositions no matter how large or small a buyer’s space needs may be,” said Allessio.

“Shawnee’s unique requirements and the lack of product available on the market added another layer of complexity to our negotiations.”

JRAM Investment Company was represented by Richard Marchisio, Scott Deutchman and Troy Wisse of Lee & Associates in the transaction.

Stabilized buy a win-win for buyer

Northeast Private Client Group announced the sale of a portfolio of three Connecticut apartment communities for $12.4 million.

“This sale in Northwest Connecticut demonstrates an often-overlooked opportunity by investors solely focused on value-add properties” said Brad Balletto, VP investments.

“This portfolio of quality, stabilized assets in secondary and tertiary markets is poised to take advantage of the trend of areas with nominal rents experiencing the highest year-over-year rent growth. Best-in-class rental options in peripheral markets like these represent a win-win proposition for buyers by offering immediate cashflow and expected revenue growth without the need to reposition the assets.”

Balletto and associates Rich Edwards and Jeff Wright, in the firm’s Shelton, Conn. office, represented the seller and procured the buyer of 13 Wallens Street in Winsted, Conn. along with 441 Winthrop Court and 451 Harwinton Avenue in Torrington, Conn.

The sellers, Still River Mill Apartments, LLC, Brookgate Apartments, LLC, and Winthrop Apartments, LLC, based in Ansonia, Conn., sold the properties to Monsey, NY-based Yellowstone Property Group.

This sale closed at a capitalization rate of 7.3 percent on the current net operating income.

The portfolio is comprised of three apartment communities, with a total 187 units.

Big ticket offering in Little Italy

Cushman & Wakefield has been retained to sell 128 Mulberry Street, a mixed-use, multifamily building in Little Italy.

Robert Burton, Maurice Suede, Bobby Carrozzo and Dan Soyak will be leading the marketing efforts on behalf of the property’s seller, Assa Properties.

“Little Italy continues to grow as a prominent neighborhood with endless entertainment options in the heart of Lower Manhattan,” said Burton.

“With the average price per square foot in this neighborhood increasing 21 percent this quarter over the 2018 average, 128 Mulberry Street is an excellent investment option that will increase in value.”

128 Mulberry Street is a seven story, mixed-use multifamily building located on the southeast corner of Mulberry and Hester Streets.

The building is currently completely occupied and is comprised of five free market residential units and one retail unit. The retail is occupied by Little Italy Famous Gift Shops and is leased through May 2024.

The residential portion of the building is comprised of three one-bedroom, one-bathroom units, one two-bedroom, one-bathroom unit and a penthouse duplex. The property has an additional 1,686-square-feet of air rights available.

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