● emmes asset management
Fund makes Flatbush
Emmes Asset Management Co. LLC, on behalf of one of its U.S. pension fund clients, recently acquired the $17.5 million fee interest in 833-847 Flatbush Avenue in Brooklyn, New York.
The property is comprised of two contiguous two-story retail buildings on a corner position along Flatbush Avenue.
It is 91% occupied by a tenant roster that includes anchor tenants Blink Fitness, 7-Eleven and Carver Federal Savings Bank.
The investment was made as a part of Emmes’ New York City Interborough Fund, which targets retail, multifamily and office investments in Upper Manhattan, the Bronx, Brooklyn, Queens and Staten Island.
“Flatbush Avenue, particularly the section that runs through the neighborhood of Flatbush, is a vibrant retail strip that benefits from high population density, more than double the NYC average, and a surrounding retail and residential market that is on the rise,ˮsaid Seble Williams, managing director of Emmes’ NYC Interborough Fund. Moshe Majeski of the Moshe Group brokered the deal.
● silverstone property group
$29M job well done
Silverstone Property Group and Adam America Real Estate Group announced the sale of 65-69 North 6th Street in Williamsburg for $28.75 million to an undisclosed purchaser.
Silverstone and Adam America developed the mixed-use property after purchasing the stalled site from its prior owner.
65-69 North 6th Street is comprised of 28 rental apartments and 4,000 s/f of ground-floor retail space, with 14 off-street parking spaces.
Martin Nussbaum, a principal of Silverstone, and Dvir Cohen Hoshen, a principal of Adam America, reworked the previous owner’s plans for a 24-unit condo, reconfiguring the project as a 28-unit luxury rental building with retail.
Construction work commenced in August 2011, and by September 2012 construction was completed and the property was fully leased within 30 days at rents of over $65 psf.
“We’re pleased with every step of our execution of this project, from start to finish,” said Nussbaum. “The results speak for themselves, in the value we created and then realized through this disposition.”
Silverstone and Adam America are currently developing a new 170-unit rental on North 7th/North 8th Streets in Williamsburg and a 70-unit condominium building on Water Street in DUMBO.
In addition, Adam America is launching next month a new rental building at 53 Broadway in north Williamsburg.
● ABS PARTNERS
Taystee deal could include Harlem hotel
ABS Partners Real Estate has completed the sale of two development sites located at 412-422 and 423-429 West 126th Street in West Harlem for $6.6 million.
The sites were rezoned as part of the West Harlem Rezoning initiative which includes the adjacent former Taystee Bakery site.
ABS represented both the seller and the buyer. The buyer is a Manhattan-based Chinese development group. Steven Hornstock and Justin Strizzi led the assignment with assistance from Alan Cohen and Adam Maxson.
“These sites attracted a very competitive bidding process with many qualified buyers submitting viable offers,” said Hornstock.
“The rezoning was a significant factor encouraging interest in the deal as well as the proximity to the newly expanded Columbia campus. Plans for this site, which is zoned for commercial, residential or community facility use, are presently being developed and could include a hotel.”
●MACK-CALI REALTY CORPORATION
Mack-Cali redirecting cash
As it continues to divest itself of non-core commercial assets, Mack-Cali Realty Corporation announced that it has sold its office property located at Liberty Corner Corporate Center, 106 Allen Road in Bernards Township, NJ, for $18 million.
The four-story, 133,684 s/f building was sold to The Silverman Group.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “We look forward to redeploying the proceeds from this sale into more strategic growth opportunities.”
● marcus & millichap
Flushing site has plenty
Marcus & Millichap is exclusively marketing an 86,560 buildable sq1uare feet development site at 131-10 through 131-32 Avery Avenue.
Steven J. Siegel, Michael Kook, and Michael Helpern have the exclusive listing and plan to pitch both commercial and residential developers who are trying to take advantage of the strong development trend in Flushing.
The property is listed for $12.6 million, or $145 per buildable square foot.
The site is close to Flushing Meadows Corona Park, Citi Field and the National Tennis Center. 131-10 Avery Avenue is one of the largest development sites available in Queens and is located on a newly rezoned block that allows for various commercial and residential uses.
● massey knakal
Yankee stadium hotel on drawing board
Massey Knakal has sold the University Avenue Portfolio in the West Bronx for $13.275 million.
Consisting of a warehouse/office building and ten surrounding development parcels in the Highbridge section, 142,000 s/f building will be a new home for Tuck-It-Away self storage.
The ten development parcels total over 72,000s/f and are located throughout the Highbridge neighborhood of the West Bronx.
The initial transaction, sold as a package in 2012, consists of 930, 950, 969-973, and 998 University Avenue.
The remaining five lots located at 920 University Avenue, 939, 950, 977-979 and 985 Summit Avenue, totaling 44,000 s/f, were purchased by individual developers.
“This site and iconic lighthouse building was home to the HW Wilson Company for almost a century,” said Nicholas Burns of Massey Knakal, who exclusively handled this transaction with David Simone.
“While most of the individual lots are slated for residential development, 920 University Avenue will become a hotel, which will be the closest hotel to Yankee Stadium,” Simone added.