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Deals & Dealmakers

SELLING POINTS: Harbor partners with Maguire on retail buy; Greenwich St. building trades for $53M

● eastern consolidated / cresa
Greenwich Street building trades for $53M

Eastern Consolidated and Cresa New York have arranged the $52.9 million sale of a 66,530 s/f residential and retail property at 110-112 Greenwich Street in Lower Manhattan.

110-112 Greenwich Street
110-112 Greenwich Street

Located on the corner of Carlisle Street, one block south of the World Trade Center Memorial and One World Trade Center, the property features 60 free market apartments, corner retail space, and 30,000 s/f of additional development rights.
Eastern Consolidated chairman and CEO Peter Hauspurg, along with David Schechtman, Lipa Lieberman and Director Abie Kassin; along with Cresa New York president and managing principal Mark Jaccom and Elyse Schindler-Candella, exclusively represented the buyer, Hersel Torkian of the BHT Corporation, and the seller, 110 Greenwich Street Associates, in the transaction.
“This premier property is one of the best redevelopment opportunities in the Lower Manhattan investment market,” Hauspurg said.
“Its strategic location and potential for redevelopment for any number of future uses permitted as-of-right under its current, extremely favorable zoning designation, makes this a great asset for the new owner.”
Schechtman added that the buyer intends to modernize the building “worthy of its proximity to the spectacular World Trade Center campus.”
This is the first time the property has been traded by its long-term ownership since 1997.

●massey knakal
Heights homes fetch $36M

Two adjacent multifamily buildings at 300 and 310 Wadsworth Avenue in Manhattan’s Washington Heights were sold for $36 million.
The six-story elevator buildings combine for approximately 159,745 s/f and have 50 studios, 88 three-room, 25 four-room and 27 five-room apartments.
Of the units, 75 have been completely gut renovated. The sale price equates to approximately $225 psf.
The property is located near the 181st Street and St. Nicholas Avenue retail corridors and surrounded by neighborhood anchors Yeshiva University, New York Presbyterian Hospital, and Gorman Park.
“Investors continue to be attracted to the uptown multifamily market. These properties encompass an entire city block and are in very good condition,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction with chairman Bob Knakal.

● maguire Capital / harbor group
Harbor Group partners on $31M retail buy

Maguire Capital Group announced that an affiliate of the company has acquired the 5,700 s/f retail condominium at 245 Seventh Avenue in Chelsea for $31.5 million.
The property, located at the corner of West 24th Street and Seventh Avenue, is net leased to Chase Bank.

245 Seventh Avenue
245 Seventh Avenue

“The Seventh Avenue corridor is uniquely positioned for growth in the retail sector,” said Marvin V. Azrak, principal of Maguire.
“Urban retail is a key part of our acquisition strategy and we believe this property will provide significant value for our investors.”
Maguire partnered with Norfolk, Virginia-based Harbor Group International, LLC, on the transaction.
“Harbor Group International has increased its focus on the urban retail sector, recently acquiring similar properties in New York, Washington, D.C., and London,” said T. Richard Litton, Jr., president of Harbor Group International, “We share Maguire’s outlook on this growing sector.”
Helen Hwang, Cushman & Wakefield represented the seller.

●gfi realty
Williamsbrug development site hits market

GFI Realty Services has been named the exclusive sales agent for a Williamsburg development site at the corner of Withers and North 9th Street.
The three contiguous parcels total 13,249 buildable square feet, or 17,655 s/f for inclusionary housing.
GFI brokers Shlomo Antebi and Max Koshkerman are the exclusive agents.
“This offering provides investors with a tremendous opportunity to acquire a premier development site in the heart of Williamsburg, allowing for the development of up to 26 units, in one of the strongest residential markets in the country,” said Antebi.
The site is currently occupied by two vacant three-story buildings and an adjacent lot.
“With the growing population in Williamsburg and the increasing demand for housing, this is an opportunity to develop a multifamily property and take advantage of the strong real estate fundamentals and the current economic climate.” added Koshkerman.

●dane professional consulting
Brokers at Bay state

Dane Professional Consulting, a firm specializing in affordable housing real estate, brokered the sale of Skyline Apartments I, II and III  in Braintree, Massachusetts.
Skyline Apartments I, II and III consist of 240 total units. This particular transaction had many complexities with the various programs in place at the property, including Section 13A (112 units), Massachusetts Rental Voucher Program (62 units), Section 8 vouchers (49 units) and market rate units (17 units).

Heidi Burkhart
Heidi Burkhart

“Our team excels in origination of off-market deals, by finding big win-wins for both purchasers and sellers,” said Heidi Burkhart, president of Dane PCG.
Dane PCG worked with both the purchaser and the seller, in conjunction with Nixon Peabody, Doherty Law Offices, MassHousing Authority and Braintree Housing Authority, to reach a successful closing of the complex transaction.
Burkhart, with the assistance of Associate Jason Knight, brokered the deal, the company’s first in Massachusetts.

●marcus & millichap
W’burg seller grabs opportunity

Marcus & Millichap   announced the sale of 68 Richardson St., a 25-unit, 32,500 s/f  elevator building in  North Williamsburg, Brooklyn.
The $17.5 million sales price equates to $700,000 per unit.
Shaun Riney, Michael Salvatico and James Saros, all in Marcus & Millichap’s Brooklyn office, along with Matthew Fotis in the firm’s Manhattan office, represented the seller. Riney, Salvatico and Saros represented the buyer.
“The seller believed this was an opportunistic time in the cycle to exit,” said Riney. “The property was sold at a low cap rate on market rents after an intense marketing campaign that attracted interest from all over the country.”
The 68 Richardson St. building has 24 loft-style apartments and one commercial space.

 

●cbre group, inc
Parsippany office portfolio sold for $20 million

Cornerstone Real Estate Advisers has sold the Parsippany Portfolio for $20 million.
CBRE Group, Inc. announced  that Jeffrey Dunne, Kevin Welsh, Brian Schulz, Frank Maresca and Jeremy Neuer represented the Cornerstone, acting on behalf of a firm-managed fund, in the sale of 10, 20 and 30 Lanidex Plaza and 299 Cherry Hill Road in Parsippany, N.J.
The team also procured the buyer, a joint venture between Lincoln Property Company and Red River Asset Management.
The Portfolio consists of 210,888 s/f  of office space at the crossroads of I-80 and I-287,  within 30 miles of both New York City and Newark Airport, making it one of the most accessible suburban office locations in the state.
The Portfolio is 67 percent leased to 15 tenants with stability provided by 30 Lanidex, which is 100 percent leased on a long-term basis.
“The investment provides an exceptional purchase opportunity to strategically rebrand the Portfolio and continue building a strong market position based on the Portfolio’s strong historical performance and exceptional regional location,” said Kevin Welsh.

●massey knakal
Offers sought for Bushwick site

Massey Knakal Realty Services has been retained on an exclusive basis to sell the Broadway Bushwick Portfolio consisting of three retail properties and three development sites in Bushwick.
The properties  are being offered individually or as a package, and ownership is requesting  proposals.The portfolio contains 335,000 buildable square feet.
The retail portion incorporates 38,100 s/f  across three buildings and the development portion consists of  approximately 40,000 s/f  of vacant land.It is one of the few  sites of scale available in the neighborhood, according to  Massey Knakal’s Michael Amirkhanian, who is exclusively marketing the property with Stephen P. Palmese.
“Not only does this opportunity present a buyer with an immediate income  stream and great retail upside but each development site will be offered at  different phases of construction, allowing for an easy transfer of resources  between projects and a strategically segmented delivery to market,” said the brokers.

 

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