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Deals & Dealmakers

Selling points: Greystone acquires LIC site, Castellan sells Harlem portfolio

Greystone

Greystone acquires LIC site

Greystone Development has closed on the $23 million acquisition of a development site at 24-16 Queens Plaza South in Long Island City, Queens.

Samuel Jesselson and Jason Warsavsky of JWCM were integral in bringing this deal to Greystone Development.

Construction financing in the amount of $39 million was provided by Santander Bank, a strategic partner of Greystone’s, and a joint venture partnership has been successfully formed with the existing long-term land owner.

“Our team is always looking for opportunities to finance important development projects like this one by Greystone Development that will further enhance the residential landscape in this vibrant neighborhood,” said Mike Lee, Managing Director of Commercial Real Estate Banking at Santander Bank.

“With its close proximity to Manhattan and amenities like restaurants, shops, and art galleries, Long Island City is becoming an attractive option for those who want the convenience of city living, but desire more living space.”

Greystone Development plans to build a 23-story property and has tapped architects Woods Bagot to design the property.

“Long Island City is a burgeoning market. People want to call this area home because of its proximity to culture and commerce as well as to transportation. This residential property is being developed for those who value both form and function. Woods Bagot is pushing the envelope to create spaces that celebrate architectural details inside and outside of the home,” said Jeffrey Simpson, head of Greystone Development.

Plans include 117 rentals encompassing 105,000 s/f with approximately 3,600 s/f of ground-floor retail space.

David J. Maundrell III, EVP of New Development Marketing for Brooklyn and Queens at Citi Habitats, has been selected as the exclusive leasing agent for the property.

Ariel Property Advisors

Castellan sells Harlem portfolio

Ariel Property Advisors has arranged the $42,100,000 sale of the West 141st Street Elevatored Portfolio, a package of three elevatored multifamily buildings located on West 141st Street in Harlem.

Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, Josh Berkowitz and Matthew Gillis represented the seller, Paul and John Salib of Castellan Real Estate Partners, and procured the buyer, a partnership between Guardian Realty Management and Irving and Michael Langer of E&M Associates.

The buildings are located at 117-125 West 141st Street, 127-135 West 141st Street and 137-145 West 141st Street and span 156,870 square feet.  Together, they have a combined total of 144 residential units and three employee units.

In 2013, Castellan Real Estate Partners acquired the properties for $20.3 million.

Since accumulating the portfolio, the real estate investment firm has dramatically reduced the number of Department of Buildings violations and provided extensive capital improvements which include boiler conversions and intercom upgrades.

“Since 2013, the portfolio has increased in value by 107 percent due to ownership’s implementation of a capital improvement plan and Central Harlem’s continued growth,” said Sozio, Executive Vice President of Ariel Property Advisors who led the transaction on behalf of the Ariel team.

“The properties are well positioned for continued appreciation in the years to come.”

The sales price translates to slightly more than $290,000 per unit.

IPA

Bidders turn out en masse for senior sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of two skilled nursing facilities in Monmouth County, NJ.

The John L. Montgomery Care Center and the Geraldine L. Thompson Care Center sold for a total of $32.4 million.

“We worked with the county for many years prior to the sale,” said IPA senior director Joshua Jandris.

“Downward pressure on Medicaid rates, the introduction of Managed Long Term Care and increased operating costs contributed heavily to the eventual decision to sell.

“The auction saw the best turnout ever for a New Jersey county seniors housing sale and the assets sold at a 100 percent premium to two separate buyers.”

Jandris and IPA executive director Mark Myers, IPA associate director Charles Hilding and Marcus & Millichap associate Anthony Asencio represented the seller, the Monmouth County Counsel. The buyer is Allaire Healthcare Group; Preferred Care Holdings.

J.D. Parker, senior vice president, district manager and Marcus & Millichap’s broker of record in New Jersey, facilitated the completion of the transaction.

The John L. Montgomery Care Center is a 174-bed facility in Freehold. It was constructed in 1940 and renovated in 1984.

Constructed in 1991, the Geraldine L. Thompson Care Center is 135-bed facility in Wall Township.

GFI Realty Services

Ditmas Park development fetches top dollar

GFI Realty Services arranged the $19.5 million sale of 601 Ocean Parkway, a recently-constructed, 44-unit apartment building in Ditmas Park, Brooklyn.

GFI Realty’s Shulem Paneth and Eli Matyas represented the seller, Duo Ocean Parkway, LLC, while Erik Yankelovich represented the buyer, Meridian Properties.

The 45,000 s/f elevator building consists of 44 residential units, primarily one- and two-bedroom apartments, and 14 indoor parking spaces. All of the apartments are occupied.

The property has a resident lounge with a film-screening area, pool table, kitchenette and bar, gym , common outdoor terrace; and laundry facility.

“With a range of amenities and an Ocean Parkway address, this asset is one of the most attractive multifamily properties in Ditmas Park,” said Yankelovich.

“The tail-end of a 1031 exchange, this deal enabled Meridian Properties to leverage the equity from a pre-war walk-up to acquire this well-appointed, 44-unit elevator building with a very attractive yield.”

GFI arranged the acquisition of the property in 2006 when it was a development site.

“After successfully creating a premier property with significant cash flow, the seller chose to divest of this asset in today’s strong real estate market to explore the possibility of moving the capital to future developments,” added Paneth.

Cushman & Wakefield

Business park has new owner

Cushman & Wakefield represented The Silverman Group in the sale of Trefoil Park, a five-building, office-laboratory-flex park at 35 Corporate Drive in Trumbull, CT for $26.7 million.

The brokerage team — Tom O’Leary, Gary Gabriel, Andrew Merin, David Bernhaut and Andrew Schwartz — also worked with the buyer, 265 West 34th Street, LLC.

“Trefoil Park presented a rare opportunity to purchase a flex portfolio in prestigious Fairfield County, CT,” said O’Leary, a senior director of Cushman & Wakefield.

“Given its strong history of tenant retention, we’re not surprised that the complex sold in such a short period of time, and we are gratified to continue our involvement with the property as its exclusive management and leasing agent.”

The five buildings included in the portfolio are 35 Corporate Drive (three stories and 54,899 rentable square feet);    55 Corporate Drive (three stories and 47,264 rentable square feet); 126 Monroe Turnpike (two stories and 44,221 rentable square feet); 30 Trefoil Drive (single story and 45,615 rentable square feet); 204 Spring Hill Road (single story and 40,675 rentable square feet).

Trefoil Park has a roster of 37 corporate and industrial tenants. At 95 percent leased, over 36 percent of the net rentable area consists of tenants that have held leases with the property for ten years or longer.

Some of the buildings’ tenants include Sun Products Corporation; Enthone, Inc.; Ocean and Coastal Consultants; Liberty Mutual and Bright Horizons Children’s Centers.

The business park has a fitness center and a child care center as well as parking space, flexible floor plates and high-tech security system.

Cushman & Wakefield has been appointed by 265 West 34th Street, LLC as exclusive management and leasing agent for the portfolio.

Avison Young

Offers invited for East Harlem property

Avison Young has been retained as the exclusive sales agent for 1675 Lexington Avenue, a five-story, mixed-use building in a prime section of East Harlem in Manhattan.

Principal Charles Kingsley and Associate Eric Karmitz will oversee the assignment.

Karmitz told Real Estate Weekly that the seller is private investor who has owned the property for about 30 years.

Located at the corner of Lexington Avenue and East 105th Street, the property consists of 12 apartments and one ground-floor retail space.

With the retail space being delivered vacant, the property offers immediate upside potential to prospective buyers. Additionally, four of the property’s apartments will be delivered vacant, offering new ownership the opportunity to add value.

The property is located two blocks from the 6 subway line at 103rd Street and Lexington Avenue, and is within walking distance to Central Park, Mount Sinai and Metropolitan hospitals.

Benedict Realty Group

Kew Gardens sale

Benedict Realty Group, a real estate investment firm based in Great Neck, Long Island, has bought two buildings in Kew Gardens, Queens for $53.5 million.

The properties, located in 80-15 Greenfell Street and 84-17 125th Street, were acquired in a single off-market transaction.

The two buildings contain commercial and parking spaces along with 228 apartment units.

BRG did not provide any details on their plans for the properties. However, the company said that they are targeting multifamily buildings in areas where they see “an ability to achieve long-term upside.”

BRG said that the sellers have owned the buildings for over 50 years.

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