●CBRE GROUP, INC.
Harbor offloads Connecticut community
The Harbor Group has offloaded a Connecticut apartment community it bought last year.
CBRE announced that Jeffrey Dunne, Gene Pride and Ivelin Spasov, of CBRE’s Institutional Properties, represented the firm in the sale of Towne Brooke Commons, a 102-unit complex in Brookfield, CT to The Silverman Group for $17,655,000.
Harbor Group bought the Towne Brooke as part of a 568-unit portfolio of what was considered “the highest quality apartment communitiesˮ sold by White/Peterman Properties Inc. in May last year.
Dealmaker Dunne cofirmed: “Towne Brooke Commons is a gem of an asset.
“The property is overdone with community features for residents while unit interiors offer high ceilings, open floorplans, spacious kitchens, walk-in closets and full size washer/dryers. The location is quiet and bucolic with 15 acres of open space abutting the property though it is proximate to key lifestyle amenities such as shopping and entertainment.ˮ
The prolific broker said the acquisition was key acquisition for The Silverman Group as that firm continues to expand its multifamily portfolio in Connecticut, adding to the recent acquisition of Ardenwood Apartments in North Haven, CT in late 2014.
“Silverman should do well with both assets as market research suggests rent growth in suburban locations like Brookfield and North Haven will outpace urban rents over the next five years, though both segments are projected to be healthy,” added Dunne.
Treetop makes first HUD investment in NYC
Treetop Development has bought a 60-unit apartment building at 104-119 West 144th Street in Harlem for $13.3 million.
The property is the first HUD-backed New York City multifamily building acquired by the Teaneck, N.J.-based company which specializes in acquiring, renovating and managing HUD-sponsored housing communities,
Treetop currently owns and manages more than 4,500 HUD units in the northeast, southeast and southwest United States.
The mid-rise Harlem building – which is 100 percent occupied — consists of two bedroom apartment homes.
Treetop Development plans to institute “an aggressive capital improvement programˮ to the property, including u hallways and exterior, and renovating apartments.
Seth Glasser, Peter Von Der Ahe, Scott Edelstein, and Rafi Moskowitz of Marcus & Millichap served as brokers for the deal.
Adam Mermelstein, a principal of Treetop Development, said, “There’s a rising tide of interest from investors in the Manhattan rental market and purchasing HUD properties is another avenue for us to expand our presence in the City’s housing landscape through value-added opportunities.
“We’ll rely on our expertise in managing and improving urban housing complexes nationwide and vast experience working with the Department of Housing and Urban Development to provide high quality, clean living environments at lower than market rents.”
Azi Mandel, another Treetop principal, addded, “Our goal is to preserve the fabric of the neighborhood and its affordable apartments. We’re focused on acquiring under managed or distressed properties in these communities that can be renovated and upgraded to provide socially-responsible homes that maintain their status as affordable housing and are kept within the HUD housing program.”
Shamah buys $44M Washington Heights portfolio
Shamah Properties has acquired an eight-building Washington Heights portfolio for $44 million.
The seller was Brooklyn-based, E&M Associates.
“These properties gives us a stronger platform in upper Manhattan to grow our portfolio for our private client investors,” said Shamah Properties CEO Alan Shamah.
The pre-war 138,214 s/f package with 184 rental apartments, includes 535-539 West 162nd St., 522-536 West 147th Street and 521-523 West 156th Street.
Westwood Realty Associates’ Steven Vegh represented both parties in the deal.
Shamah Properties has expanded its portfolio of rent-stabilized and free-market buildings in recent months, entering the Manhattan market last November with the $13.5 million purchase of 672-674 Saint Nicholas Avenue, a 48-unit six-story elevator building in Hamilton Heights.
Shamah Properties currently owns and manages over 20 properties largely in Flatbush, Crown Heights, Prospect Heights and New Jersey.
Shamah Properties Partner Edward Setton negotiated the purchase and the financing and Shamco Management, the company’s in-house management company will manage these assets within Shamah’s already existing portfolio, according to Setton.
“Our focus has always been to enhance the property and position it for a long term hold,” added Setton.
● walter & samuels
Berley buys retail landmark
An investment group led by Walter & Samuels chairman David I. Berley paid $24.5 million for the landmark retail building at 160-162 Lexington Avenue.
Helen Putterman, president of Cohen Real Estate and Ric Kaiser, senior managing director, represented the sellers and buyer respectively.
The sellers consisted of a partnership from New York and Ohio that who had purchased the building from Touro College in June 2006.
The Beaux-Arts building, constructed in 1909 to resemble a Greek temple, is ornamented with a limestone base and granite ionic columns as well as a frieze, cast from sculptures obtained from the Metropolitan Museum of Art, that replicates the Parthenon.
Comprising 25,000 s/f across seven floors and basement, the building historically housed educational institutions such as the New York School of Applied Design for Women and Touro College.
The current tenant is the Dover Street Market, a subsidiary of Comme Des Garçons, the elite fashion label based in Paris and run by designer Rei Kawakubo.
“This building is around the corner from 419 Park Avenue South, the 20-story terracotta building that has been the home of Walter & Samuels since 1978,” Berley said.
“I have passed 160 Lexington for many years and admired its beauty. I was very happy to have the opportunity to purchase it.”
“We continue to add quality retail assets to our portfolio and are always especially pleased to acquire a building with rich architecture and history.”
●COHEN REAL ESTATE
New Yorkers head for Kentucky
Cohen Real Estate (CRE) has sold Buttermilk Crossings, a 78,012 s/f shopping center in Crescent Springs, Kentucky.
Helen Putterman, president of Cohen Real Estate and Ric Kaiser, senior managing director, represented the seller, a partnership in New York, as well as the buyer, a New York based real astate family.
Buttermilk Crossing is a 94 percent leased community shopping center whose tenants include Staples, Outback Steakhouse, Petco, and a mix of well established businesses.
The buyer took advantage of assuming a brand-new 10 year loan, according to CRE.
The NY based partnership that sold the property has been selling some of their out of state properties in order to continue their strategy of investing locally
ICON buys Lex’ building
Kinsey Capital announced the sale of 808 Lexington Avenue, a mixed-use property on the Upper East Side neighborhood.
The 6,400 s/f property was purchased by an affiliate of ICON Realty Management for $9.75 million, or approximately $1,500 psf.
Senior director Brent Glodowski along with James Kinsey, brokered the sale of the building whose ground floor retail is occupired by national restaurant chain Fig & Olive.
ICON Realty Management, which is led by founders Terrence Lowenberg and Todd Cohen, owns and manages over 1,800 apartment throughout the city.
Hansel ‘ n Gretel sell up
Avison Young has completed the $9.18 million sale of 79-40 Cooper Avenue, a 94,000 s/f property in Glendale, Queens.
The two-acre property consists of eight lots, including an industrial building, two attached dwellings, two parking lots and vacant land.
The Avison Young team of Jason Meister and Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley represented the seller, Hansel ‘n Gretel Brand Inc., in arranging transactions with two independent buyers.
Cayre & Sons Acquisitions purchased over 347 feet of frontage on Cooper Avenue, and plans to redevelop an existing structure into 80,000 s/f of self-storage and retail space. The remaining property was sold to an adjacent landowner. According to Meister. “Over the last few years, self-storage has been driven by robust demand, advanced management and new technology, and it continues to outperform other real estate sectors. Manhattan’s residential market continues to reach new heights, which in turn has driven demand for self-storage in the outer boroughs, and the buyer intends to capitalize on this trend.”