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Deals & Dealmakers

Selling points: Ginsburg enters White Plains market, Swedes bulk up apartment portfolio

Ginsburg Development Company

Ginsburg enters White Plains market

In its first entry into the Downtown White Plains market, Ginsburg Development Companies (GDC) has purchased of a 124-unit luxury rental building at 25 Martine Avenue near the Metro-North train station.

The 12-story building, currently known as Halstead White Plains, was purchased from DSF Group for $35.25 million.

GDC plans to make major renovations to the building and rebrand it with a new name.

“We are very pleased to be entering the White Plains rental market, which has been experiencing rapid growth in recent years,ˮ said GDC principal and founder Martin Ginsburg.

“With its abundance of fine dining and upscale shopping plus quick access to Manhattan via Metro-North, downtown White Plains has become popular with millennials as well as empty-nesters. These are the two demographic groups that we have been successfully marketing to at our other luxury rental developments in Westchester.”

“The cost of living in New York City has become prohibitive which makes White Plains with its transit-oriented developments more attractive than ever before. We are very bullish on Downtown White Plains,” he added.

GDC is currently completing River Tides at Greystone, a transit-oriented luxury rental in Yonkers where rents range from $1,795 for a studio to more than $5,000 for a corner penthouse apartment.

Also in Yonkers, GDC is constructing 1177@Greystone, a 55-unit luxury rental scheduled to open this fall.

Terra CRG

Swedes bulk up apartment portfolio

Swedish investment and development firm Akelius has bulked up its New York portfolio with a $16 million Park Slope buy.

The acquisition of 427-433 Dean Street brings Akelius holdings to 14 properties in New York, and a total of 30 in the USA.

“We will continue our strategy of cherry picking buildings in vibrant areas in New York, Boston and Washington, with good access to public transportation,” said Ralf Spann, Country Manager Akelius US.

TerraCRG brokered the sale of the multifamily building situated 200 feet from Barclays Center and Atlantic Terminal.

Adam Hess and Ofer Cohen, along with their sales teams, exclusively handled the transaction. The 34-unit, 31,185 s/f building was sold by Michael Pintchik.

The unit mix is made up two, three, four and one five bedroom apartment. Upgrades have been made to the common areas, as well as high-end renovations to the free market units.

Eastern Consolidated

Harlem multifamily building trades for $15M

Eastern Consolidated has arranged the sale of a 45-unit multifamily building at 109 East 102nd Street between Lexington and Park Avenues in East Harlem.

The 30,129 s/f newly constructed property traded for $14.7 million in an off-market transaction.

Senior Directors Andrew Sasson and Chad Sinsheimer represented the seller, Empire Holdings Group III, LLC, which developed the building over ten years ago, and procured the buyer, Itzhaki Acquisitions.

“This is a terrific cash flowing asset in a rapidly appreciating area of Manhattan,” Sinsheimer said.

“East Harlem is catching up with the rest of Manhattan, and with the proposed East Harlem Rezoning plan on the horizon, the buyer believes the area will see additional changes.”

Elie Mansdorf Director of Acquisitions for the buyer said, “We are very excited about this acquisition. This asset has both short and long-term growth potential and we believe very strongly in the continued improvement of this area.”

Of the 45 residential rental apartments, 25 are one-bedroom units and 20 are studios.

Schuckman Realty

AMS buys live/work lofts

AMS Acquisitions has purchased a development of live/work lofts with ground floor retail in downtown Yonkers.

Schuckman Realty announced that Kenneth Schuckman and Matthew Colantonio represented AMS in the acquisition of 92 Main Street in Yonkers.

Bob Knakal and Bill Eisenhut of Cushman & Wakefield represented seller in the $17.5 million trade.

92 Main Street is a 75,000 s/f mixed-use building containing 40 residential live/work lofts and four ground floor retail units in the downtown Yonkers on the southwest corner of Main Street and Buena Vista Avenue.

The property overlooks the Hudson River and is home to Chase Bank and Yonkers Brewery.

“Given its superior location and extremely unique qualities, 92 Main Street will benefit greatly from the growth and resurgence we are currently seeing in downtown Yonkers,” said Avi Abadie, a principal at AMS Acquisitions.

Cushman & Wakefield

Tribeca asset trades

Cushman & Wakefield has sold a 10,500-square-foot mixed-use asset at 106 Franklin Street.

The building, located between West Broadway and Church Street in Manhattan’s TriBeCa East Historic District, traded in an all-cash transaction valued at $11,500,000 or $1,095 per square foot.

“We received a lot of interest in 106 Franklin Street from a range of investors and developers given the scarcity of vacant buildings in Tribeca,” said Cushman & Wakefield Senior Director Will Suarez, who exclusively represented the seller with Maurice Suede, Associate Director.

The buyers were represented by Rachel Glazer of Brown Harris Stevens.

The five-story building measures approximately 25 feet by 101 feet and offers a generous  ,400-square-foot floor plate with approximately 11,000 gross square feet above.

The property benefits from approximately 4,200 square feet of additional air rights and was delivered partially vacant.

106 Franklin Street can be accessed by the A, C, E, N, Q and R train lines at multiple stations along Canal Street.

Cushman & Wakefield

Celebrity mansion on the block

Cushman & Wakefield’s Robert Burton, Keegan Mehlhorn and Brock Emmetsberger have been retained on an exclusive basis to market a luxury townhouse conversion opportunity on behalf of Chelsea Square, LLC.

The property is located at 436 West 20th Street between Ninth and Tenth Avenues in Manhattan’s Chelsea Historic District. The property is listed at $19,750,000.

The 9,054 s/f, elevator-serviced building is configured as a multifamily asset with five free market units but can be converted to a single family townhouse.

The property has an outdoor patio area, a roof deck and two outdoor balconies. It has 13 wood-burning fireplaces, wide-plank oak floors, and views of the Episcopal Seminary Gardens.

Dubbed as “Chelsea’s Celebrity Mansion,” the property was home to a roster of stars, including Andrew Garfield, Emma Stone, Olivier Sarkozy, Courtney Love, Jason Statham, Glenn Close and Rosie Huntington.

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