Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: GFI sale sets Hamilton Heights record; Gramercy building for sale


●GFI Realty services
Harlem sale breaks record

GFI Realty Services, Inc. announced the record-breaking $12.3 million sale of 605 West 141st Street, a 25-unit multifamily building in the Hamilton

Yosef Katz
Yosef Katz

Heights section of Manhattan. With its per-unit price of $492,000, the transaction sets a record for the neighborhood.
GFI Realty Senior Director of Investment Sales Yosef Katz represented the seller, Madison Realty Capital, while GFI Realty Managing Director Roni Abudi represented the buyer, a local investor.
A six-story elevator building, 605 West 141st Street is  minutes from the 1 train and in proximity to the A, B, C and D lines.

Newmark team leads 10-property sale

Newmark Grubb Knight Frank (NGKF)’s National Institutional Team in New York, with NGKF Capital Markets brokers in local markets, represented a special servicer in the disposition of 10 industrial/flex, multifamily and office properties across five states.
The 10 deals total approximately $37 million and represented 614,000 square feet. The buyers were a mix of national, regional and local firms, cultivated by both the New York team and the local brokers.
The sale included properties in  Urbandale, Iowa;  Auburn Hills, Mich; Las Vegas, NV;  Addison, Texas and; Taunton, Mass.

●Eastern Consolidated
Gramercy mixed-use building up for grabs

51-55 Irving Place
51-55 Irving Place

Eastern Consolidated has been retained as the exclusive agent to market for sale 51-55 Irving Place, a six-story mixed-use building in Gramercy Park, for $62.5 million.
The 49,775 s/f elevator property, located on the northwest corner of East 17th Street and Irving Place, has 56 apartments – 40 free market, 13 rent stabilized, and three rent controlled. The building’s  retail space is divided into four units plus an additional separate and detached townhome currently occupied by high-end food and beverage tenants.
The property at 51-55 Irving Place has a fitness center, laundry room, terraces, and working fireplaces in certain residential units.
David Schechtman and  Andrei Danshes are marketing the property.

●Ariel Property Advisors
Island sale hits $18M

Ariel Property Advisors announced the sale of a 16-building portfolio at 150, 165, & 220 Trantor Place in the northern section of Staten Island for $17.89 million.
Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, Mark Spinelli, and Josh Berkowitz represented the seller, a real estate investment firm, and procured the buyer, a private investor. The 177-unit portfolio consists of 71 two-bedroom and 106 one-bedroom units.

● Cassidy Turley
 Shopping Center sells for $11.4M

Cassidy Turley announced that Columbus, OH-based Nationwide Mutual Insurance Company sold Southport Plaza shopping center to Woodbury, NY-based Realty Resource Capital Corp. for $11.4 million.
Built in 1999, the 85,062 s/f power shopping center is located at 7565 South U.S. Highway 31 in Indianapolis. Cassidy Turley Senior Vice President and Retail/Land Division Manager Jacque Haynes, CCIM, and Senior Managing Director Bill French represented the seller.
The shopping center is occupied with national and regional tenants including Petco, Shoe Carnival, Leslie’s Swimming Pool Supplies, American Mattress and Kittle’s Rooms Express – 86% of the center is under lease through 2023.

● Marcus & Millichap
Marcus & Millichap sells slew of Manhattan buildings


Marcus & Millichap announced the sale of 974 Saint Nicholas Ave., a six-story, 47-unit elevator building in Manhattan’s Washington Heights neighborhood. The $15.5 million sales price equates to $330,000 per unit.
Located between 159th and 160th streets with 127 feet of frontage on Saint Nicholas Avenue, the building features 33 market-rate units, 13 rent-stabilized apartments and one rent-controlled unit.
Recent renovations include new parapets, new elevator and mechanicals, new stone flooring throughout the common areas, new hallway lighting and a full roof replacement.
Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz, all in Marcus & Millichap’s Manhattan office, represented both the seller and buyer.
•The firm also announced the sale of 70 University Place, a 7,917-square-foot mixed-use property in Manhattan’s Greenwich Village. The $10.1 million sales price equates to $1,276 per square foot.
Matthew Fotis, Samuel Muhs, Robert Aaron and Sam Hoefle, all in Marcus & Millichap’s Manhattan office, represented the seller and the buyer, both private investors.
Situated between East 11th Street and East 10th Street in Greenwich Village, 70 University Place is three blocks from the 14th Street-Union Square subway station. The commercial real estate asset is a front-and-rear building above a ground-floor retail space. The front portion contains eight one-bedroom apartments above the retail space and the rear structure contains two apartments. There is a shared patio between the two sections.
•The firm also announced the sale of two five-story mixed-use walk-up buildings in Manhattan: 322 East 59th St. and 328 East 59th St. The total sales price for the two assets is $13,300,000.
Peter Von Der Ahe, Joe Koicim, David Lloyd and Daniel Handweiler, all in Marcus & Millichap’s Manhattan office, represented the seller and the buyer, both private investors.

●silvershore properties
Silvershore nabs Bed-Stuy portfolio

Silvershore Properties announced the recent closing of a $3.625 million package of three multi-family properties featuring 22 apartments at 137, 148 and 150 Patchen Avenue in Bedford Stuyvesant.
At the end of 2014, they also closed on a $1.8 million acquisition of a four-unit multi-family property at 193 Sackett Street in Carroll Gardens and purchased 521 Columbia Street in Red Hook, a 200-foot wide, 14,000 sq. ft. retail strip featuring eight stores for $6 million.
The company also acquired 857-861 Atlantic Avenue for $3.75 Million. These buildings have three stores and six apartments and are located across from the Pacific Park/Atlantic Yards development.

● AWH Partners / Starr Companies
Hospitality investment taking off


New York-based AWH Partners, and joint venture partner, Starr Companies, have closed on the purchase of the Los Angeles Marriott Burbank Airport.
This acquisition pushes AWH Partners past the half billion mark in hospitality investment over the past three years.
AWH Partners will complete the remainder of a $13.5 million renovation of the hotel and convention center and Spire Hospitality will operate the property.
With the addition of this hotel, Spire Hospitality now manages 4,865 rooms and more than 250,000 s/f of meeting space.
“Our strategy continues to be finding significant off-market and narrowly marketed value-add investment opportunities,” said Chad Cooley, principal of AWH Partners.
HFF handled the sale. The purchase price was undisclosed.

● Besen & Associates
Wash. Heights building sells for $9.725M
Besen & Associates announced the sale of 100 Audubon Avenue, located on the northwest corner of West 170th Street, located in the Washington Heights section of Manhattan, steps from the Columbia Presbyterian Neighborhood.
Besen & Associates broker Shallini Mehra represented the seller and Amit Doshi represented the buyer in this transaction.


In an all cash transaction, this property sold for $9,725,000, which equates to a capitalization rate of 3.6 percent, gross rent multiplier (GRM) of 14.0 and $217 per square foot. The building has limestone details on its façade and sits on a 89 feet by 100 feet lot, across from a children’s park.
The 6-story elevator building is comprised of 49 large apartments and 1 store. This property was built in 1909 and has approximately 44,748 s/f.

New Jersey portfolio goes for $27M

CBRE Group Inc. announced that Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE’s Institutional Properties along with Michael Hines, Brian Fiumara and Brad Ruppel of CBRE’s National Partners, as well as Bill Waxman of CBRE’s Saddle Brook office, represented Tulfra Realty II, LLC in the $27.3 million sale of 10 Clifton Boulevard, which closed in September 2014.
In addition, the combined team closed the sale of 200 Clifton Boulevard in January 2015. Both properties are located in Clifton, New Jersey.
The team was also responsible for procuring the buyer, J & L Real Properties, LLC, which was a first time buyer in New Jersey.
The Portfolio is comprised of two multi-tenant industrial buildings totaling 288,469 square feet (10 Clifton – 144,005 s/f  and 200 Clifton – 144,464 s/f) which were redeveloped by Tulfra in 2004.

Eastern Consolidated
Majority interest in High Line property up for grabs
Eastern Consolidated has been retained as the exclusive agent to market for sale the majority interest in HIGH LINE 537 — formally known as 537 West 27th Street — in West Chelsea for $50 million.
The five-story, 47,000 s/f residential building— located on West 27th Street just off of The High Line between 10th and 11th Avenues — is comprised of 28 units with nine-foot ceilings, a furnished rooftop terrace, and two retail spaces.
The ground floor, retail spaces have 15-foot ceilings and are currently occupied, while the 12,000 s/f lower level retail space has 20-foot ceilings and is also occupied.
Ownership’s managing partner seeks to recapitalize the asset by offering a substantial equity stake in this newly-constructed, amenity-rich building. In addition to maintaining managing control of the property, the operating partner seeks to retain its own equity stake of approximately ten percent in the ownership.
“This is an exceptional opportunity to acquire substantial interest in a multifamily residential asset that maintains a fully-stabilized operation and cash flow,” said Brian Ezratty,  who along Ross Weiner and Scott Ellard, exclusively represents the seller. “

● Gaia Real Etsate 
Tallest multi-family building in Bed-Stuy sells for $13M

11 Spencer Court

Gaia Real Estate has announced the sale of 11 Spencer Court, the tallest multi-family residential building in the Bedford-Stuyvesant neighborhood of Brooklyn for $13 million.
The buyer is Persam White, a limited liability company that owns several small real estate assets in Brooklyn.
Gaia purchased the 23-unit building in early 2012. Completed in 2011, Spencer Court consists of a mix of studios, two-bedrooms and duplexes.

●Treeline / KABR Group / Long Wharf
Brooklyn building sells for $30M

Treeline, in a joint venture with Long Wharf Real Estate Partners and KABR Group, has acquired four floors of office condominiums at the 14-story 195 Montague Street for $30 million.
Purchased from Santander Bank, Treeline and its partners will assume ownership – with Treeline as a managing partner – of the 10th, 11th, 12th and 14th floors for multi-tenant occupancy. Together, the four floors total 76,580 s/f. Santander is currently leasing the 10th and 11th floors.
The building is a 14-story glass and steel office condominium built in 1960 and  converted to condos in 1994. Current tenants  include federal and city agencies as well as medical-related offices.
Financing was obtained through George Klett of Signature Bank, with Meridian Capital Group
Managing Director Tal Bar-Or serving as the mortgage broker in the transaction. Robert Hebron Sr. of Ingram and Hebron represented the buyers in the transaction, while Richard Bernstein of Cassidy Turley brokered on behalf of the seller.

●Marcus & Millichap
Staten Island strip mall sells for $10.3M

Marcus & Millichap announced the sale of Nome Plaza, an 18,148 s/f strip center in Staten Island, N.Y. The $10.3 million sales price equates to $568 per square foot.
In the transaction, Plasky represented the seller, a Staten Island-based private investor and the buyer, a commercial real estate investor from New Jersey in a 1031 exchange. Nome Plaza was 100 percent occupied at the time of the sale.
Nome Plaza consists of 13 storefronts on a 38,000-square-foot lot with dedicated parking for 45 cars.

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