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Deals & Dealmakers

SELLING POINTS: Ginsburg scoops up lakefront community, Section 8 sells for $27M

Ginsburg buys $54M lakefront community

Ginsburg Development Companies (GDC) has acquired The Landing on Mohegan Lake, a lakefront rental community of 207 one- and two–bedroom apartments.

The purchase price was $54 million and it was acquired from New Chalet Apartments, Inc., a private equity group based in Dallas, TX. Jeffrey R. Dunne, of CBRE’s Stamford office was the broker.

Located in Mohegan Lake, the complex was built in the 1990s with units recently upgraded by the seller. The apartments range in size from 712 to 1,215 square feet and rent from $1,860 to $2,595 per month.

GDC plans to modernize existing amenities and add more amenity space, including a children’s playground, gazebo/BBQ area on the lake and lakeside clubhouse. The existing fitness club, swimming pool and landscaping will be upgraded. Other amenities include tennis court and half-basketball court. There is also lake access for fishing and boarding.

“The improvements we plan to undertake will make this community a long-term place for residents and families to call home and come home to vacation every day,” said GDC Principal Martin Ginsburg.

GDC plans to integrate this community to its new development under construction in Peekskill called Fort Hill Apartments at the Abbey Inn. Shuttle service will be implemented to connect the two communities and the service to the Metro North train station.

Section 8 portfolio sold for $27M

An un-named private real estate investment firm has bought an Upper West Side Section 8 multifamily portfolio from its longtime owner for $27.6 million.

Ron Solarz, Executive Managing Director and Principal of Eastern Consolidated, arranged the sale of the 68,200 s/f portfolio comprised of two elevator buildings at 14-18 West 107th Street.

Solarz, represented the long-time private owner, and procured the buyer, a private real estate investment firm. Gary Meese, Senior Director, Financial Services, served as the analyst.

“The asset’s project-based Section 8 status and other affordable housing components ensure strong in-place income while presenting investors with multiple options and tremendous future upside potential,” Solarz said.

“The two buildings are in excellent physical condition as they’ve been well-maintained by the same owner for over three decades.”

Of the 60 units in the two buildings, two are studios, 36 are one-bedrooms, and 22 are two-bedrooms. Mechanical systems are shared by both.

The buildings are half a block from Central Park and near Columbia University.

Offers sought for Flatiron building

Cushman & Wakefield is seeking offers for a six-story, office and retail building at 28-30 West 22nd Street in the Flatiron District .

Bob Knakal, Stephen Palmese, John Ciraulo, Jonathan Hageman, Craig Waggner and James Berluti are exclusively marketing the property.

Located in the Ladies’ Mile Historic District, this is the first time the property has been offered for sale in 40 years.

The 35,461 s/f building has over 50 feet of frontage along the south side of West 22nd Street and contains two retail units across the first floor and basement.

The upper five floors contain 28,725 rentable square feet of office space, split into six office units. The second floor is divided into two equally sized office units, while the remaining upper floors are full-floor units.

There are also “significant” development rights with the property that could potentially be used to enlarge the building, according to Knakal,

AMS branching out in Bayonne

AMS Acquisitions, a New York City-based investment firm, has purchased the Silk Lofts building in Bayonne, New Jersey for $32.1 million with plans to add over 100 new residential units to the luxury rental property.

The building at 154 Avenue E is the site of the former Maidenform factory that was developed into a modern residential loft building in 2009 by developer Doug Stern, of Stern Capital, and Leon Cohen (CSR Group).

AMS will add an additional 125-plus apartments to the Silk Lofts site and construct at least two new buildings on the parking lots that surround the property.

The five-story Silk Lofts offers a mix of 85 studio, one and two-bedroom apartments offering New York skyline and Bayonne Bridge views.

“Silk Lofts’ location, apartment design and unique detail make it one of the most prominent and desirable buildings in Northern New Jersey,” said AMS Acquisitions co-principal Avi Abadie, who said that rental prices in the new Silk Lofts building are expected to range from $1,800 a month for one bedrooms to $2,700 for two bedrooms,.

AMS Acquisitions primarily invests in Manhattan, Brooklyn and Queens, but has recently begun to acquire well located, Class A assets in other growing neighborhoods surrounding the city.

This is the company’s second Bayonne purchase. Last June it purchased a retail building at 563 Broadway for $1.075 million.

“The city of Bayonne is poised for tremendous growth as new developments continue to pop up and young professionals flow in from Manhattan,” said AMS Acquisitions co-principal Michael Mitnick, adding that his company’s mixed-use residential properties in Queens and Brooklyn have longer commuting times to Manhattan than Bayonne, which is a 25-minute train ride to downtown Manhattan.

The building is located three blocks from the 22nd Street Light Rail station.

Redwood Realty Advisors’ Steven Matovski represented both sides in the transaction, while Redwood Realty Advisors’ Jeremy Wernick co-represented the buyer

“Silk Lofts will benefit tremendously from the ever-changing landscape and revitalization of Bayonne,” said Matovski. “The quality of the asset, location, and option for future development made this an ideal opportunity for AMS.”

Hotel-condo plan for Bronx property

EPIC Commercial Realty has been retained to broker the sale of 220 East 134th Street, a commercial building with development rights in Port Morris, Bronx.

220 East 134th Street a six-story commercial building that can be delivered vacant. It consists of 112,190 s/f of development rights (as-of-right residential).

According to EPIC’s Sasi Elya, the buyer has an option to fully utilize the residential air rights for a multi-family development.

Alternatively, an investor can choose to implement plans already proposed for a 16-story mixed-use building consisting of a 75 free market apartments and a 118-room hotel with ground floor restaurant.

The site is located by Third Ave Bridge, within walking distance of the 3rd Ave train station.

Port Morris is flanked on two sides by water ways: The East River and the Harlem River. Some of the factories that still stand are used as storage facilities. Others have been converted to offices.

Elya, the CEO at EPIC, has listed the offering at $29 million.

Delshah planning to polish LES ‘gemʼ

Delshah Capital has purchased 138 Ludlow Street, a classic, early 1900s, six-story walk-up on the Lower East Side, for $18.9 million.

The building, which includes 27 rental apartments as well as a sidewalk-level retail floorplate with 45 ft. of frontage on Ludlow Street, has a mix of one, two and three-bedroom layouts, and the retail space is occupied currently by two tenants.

Delshah plans to reposition the property, upgrading the roof and improving common areas and adding luxury finishes to the building’s market-rate and vacant apartments.

“Despite its good bones and excellent location, this building hasn’t yet been positioned to realize its full potential for value,” said Michael Shah, Delshah’s founder and managing partner.

“We are sitting on a gem, and with our proven ability to transform properties and streetscapes we are excited to deliver the next ‘newest and nicest’ building to the Lower East Side.”

The seller was Trikupa Realty, a Florida-based investment group. Michael DeCheser, senior managing director, Cushman Wakefield, represented both parties.

Orbach sells Manhattan Valley apartment building

The Orbach Group has sold a Manhattan Valley apartment buildind for $12.1 million.

Cignature Realty Associates brokered the sale of the six-story, multifamily property at 964 Amsterdam Avenue.

The 21,072 s/f building has 22 residential apartments and four retail stores and is located in Manhattan Valley on the west side of Amsterdam Avenue between West 107th and 108th Streets.

Built in 1900, Orbach paid $7.725 million for the property in 2014, according to city records.

Cignature Realty’s Peter Vanderpool represented the buyer, TriArch Real Estate Group, while the firm’s Elan Teichman represented the seller.

New Yorkers expand southeastern portfolio

New York-based Hudson Capital Properties (HCP) has added 512 units to its southeastern portfolio.

HCP acquired Cary Reserve at Weston, a 288-unit property in Cary, NC, for $46.8 million and Willow Trail, a 224-unit property in Norcross, GA, for $19.3M.

“HCP’s acquisition strategy for the Southeast targets high-quality assets in great locations, with strong potential to add value through our thoughtful process of modernization and amenitization,” said Robert B. Cohen, II, Executive Vice President of HCP.

“Cary Reserve and Willow Trail suit the strategy perfectly and we’re pleased to successfully conclude these transactions and incorporate the assets into our expanding portfolio, which now exceeds 6,500 units.”

HCP plans to invest approximately $7 million of additional capital into improvements to both apartments and amenity offerings for residents.

Rose going affordable in Atlanta

Jonathan Rose Companies, in partnership with Columbia Residential, has purchased Edgewood Court Apartments in Atlanta’s Edgewood neighborhood.

Edgewood Court will be redeveloped with a $18 million capital budget. The garden-style community will continue to be affordable, with 100 percent of units designated for those at or below 60 percent area median income.

“Edgewood Court represents a terrific opportunity to work with residents and local stakeholders to revitalize and preserve this community amidst a rapidly transforming neighborhood,” said Nathan D. Taft, Managing Director of Acquisitions at Jonathan Rose Companies.

Originally built in 1950, then rehabbed in 1981, Edgewood Court currently consists of 204 units, all part of the federal HUD Section 8 program. Following the renovation, Edgewood Court will consist of 222 residences, with 204 remaining Section 8 and the rest as affordable tax credit units. The property’s Section 8 contract is being renewed for 20 years.

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