Hidrock makes first Chelsea purchase
Hidrock Realty announced has acquired 146-150 Tenth Avenue for $35.5 million.
The properties are three adjacent, five-story residential buildings located on the corner of West 19th Street with 5,400 s/fof retail spanning the ground floors.
Hidrock plans to plans to manage the asset and continue to rent the apartments and retail space in the buildings, the company’s first in the West Chelsea neighborhood.
The properties have a combined 48 apartments that are a mix of studios and one-bedroom units. Asking rents range from $2,500-$3,000 a month.
The ground floor retail space was previously Moran’s Restaurant, which was operated by the seller, Lyclear Realty Corp.
“The demand for residential and retail space in West Chelsea is extremely high due to the area’s close proximity to the High Line, Chelsea Market, Hudson River Park and countless other amenities” said Abraham Hidary, CEO of Hidrock.
“It is one of the most sought after neighborhoods in Manhattan and our property sits right in the middle of all the area has to offer.”
Ivan Hakimian of Hakimian Properties of NY was involved in the deal.
Greystone buys Ashkenazy retail
Greystone has acquired a retail site at 108 Chambers Street in TriBeCa.
The property was purchased for $17,000,000 from Ashkenazy Acquisition Corporation.
Located on the corner of Church and Chambers Streets, the one-story retail building includes 2,000 s/f of existing ground-floor retail with 12,000 s/f of accompanying air rights.
“TriBeCa is one of Manhattan’s most vibrant neighborhoods and we look forward to creating a beautiful retail product that will be anchored by nationally-recognized brands,” said Jeffrey Simpson, head of Greystone Property Development.
Seller trades up in Hamilton Heights
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 3671 Broadway, a 53-unit, 69,876 s/f mixed-use building in Manhattan’s Hamilton Heights neighborhood.
The $27 million sales price equates to $386 per square foot.
Peter Von Der Ahe, Scott Edelstein, Joe Koicim, Seth Glasser and Rafi Moskowitz, all in Manhattan, advised the seller, G-Way Management LLC. The buyer is Broadway 152 LLC.
“The seller wanted to capitalize on current market conditions and the value they created since purchasing the building two years ago,” said Glasser.
“After selling two smaller properties, the buyer was in a position to trade up and upgrade their portfolio,” added Von Der Ahe.
Built in 1908 and recently renovated, the six-story elevator building features 48 apartments and six ground-level retail spaces.
● Wonder Works
Partners to build UES tower
Wonder Works Development Group, Forbes Development LLC, Mink Development and Fimida Enterprises have acquired 302 East 96th Street, a three-story parking garage, near the corner of Second Avenue, with plans to construct a new 21-story luxury condominium residence.
The purchase price was $24 million. The developers plan to build a 48-unit, 75,000 s/f tower on the site.
It will be one of the Upper East Side’s newest ground-up luxury condos north of 86th street.
“We are excited to bring this high-end product and aesthetically driven design to a neighborhood that is transforming before our very eyes,” said Mink Development’s founder Daniel Minkowitz.
“With the new Second Avenue subway line opening soon and a flood of new retailers to this corridor, we have high expectations for this project.”
“There is a very high demand in the neighborhood for new condominiums,” said Daniel Figotin, principal of Fimida Enterprises, a partner in Mink Development, an investment and management company in New York City.
“The only recent condos in the area have come from converted rentals which are old stock.” A Cushman & Wakefield Equity, Debt & Structured Finance team, led by Gideon Gil, John Spreitzer and Andre Haas served as exclusive advisor to the joint venture.
An $18.4 million acquisition and pre-development bridge loan was provided by G4 Capital Partners.
●Cushman & Wakefield
Just what the doctor ordered
Cushman & Wakefield is asking $26.5 million for a medical office building at 407-409 East 70th Street.
The five-story, plus fully built-out lower level, elevator-serviced building contains
It can be delivered vacant and could be suitable for a doctors’ practice, investment, conversion, or local hospital according to the marketing team led by Cushman & Wakefield’s Guthrie Garvin, with Mitchell Levine and James Nelson.
The turnkey medical office property is in the heart of New York’s major medical center, less than one block from New York Presbyterian Hospital and Weill Cornell Medical College.
It is across the street from the Lasdon House, a 15-story building housing medical and graduate students.
The property also presents a residential development opportunity. It is zoned R8, allowing for a residential conversion as-of-right.
“With medical office space located in close walking distance to some of Manhattan’s top hospitals being in high demand, we expect this to be a highly sought after asset,” said Levine.
●Ariel Property Advisors
Bushwick portfolio hits market
Ariel Property Advisors is marketing a Bushwick multifamily portfolio of eight mixed-use and multifamily buildings for owner Atkins & Breskin Company.
The asking price is $17.5 million.
Victor Sozio, Daniel Tropp, Shimon Shkury, Jonathan Berman, and Mark Spinelli are handling the assignment.
The portfolio includes seven retail units in five buildings located on Wilson and Knickerbocker Avenues.
Together the eight buildings contain 32 apartments comprised of renovated free-market units, rent stabilized units with upside, and vacant units.
“Investment properties in Bushwick continue to increase rapidly in value, which has resulted in the neighborhood becoming one of the most active in Brooklyn,” said Sozio, vice president of Ariel Property Advisors.
“Our firm’s research reports show that nearly 50 multifamily properties and development sites valued at close to $140 million traded in Bushwick last year.”
●Cushman & Wakefield
Commercial Realty Group (CRG) of Parsippany, New Jersey, has purchased 7 Eastmans Road, a 142,620 s/f industrial building in Parsippany. NJ.
The transaction was negotiated by Jules Nissim, Stephen Elman, and Chris Kinum of global commercial real estate services firm Cushman & Wakefield.
The team also represented the seller, a trust, and will handle marketing and leasing of the property for the new ownership, which is planning a major renovation.
“CRG will reposition the building to Class A status,” said Elman. “The company is launching a capital improvement program that will provide a complete upgrade of the property.
“Once the upgrade is completed, the building will be available for lease and will be divisible to 20,000 square feet.”
●Edgewood Golf Course Realty Associates
Schonbraun buys country club
Edgewood Country Club in Jersey has been bought by the Witmondt and Schonbraun Families, operating through Edgewood Golf Course Realty Associates.
The nearly 60-year old, private country club located in River Vale, NJ, will be managed by Hampton Golf Management.
According to Dan Rogers, general manager of Edgewood Country Club, “This new ownership ushers in a new era of financial stability and a long-term improvement plan that will feature exceptional facilities and fresh programming at Edgewood.”
The new owners have committed to making capital improvements over the next several years that include a family swimming pool and club house.
“The Witmondt and Schonbraun families have long and successful track records within the golf club and real estate industries and bring the fresh perspective of some extraordinarily successful business people to the club,” said MG Orender, founder of Hampton Golf Management and a former PGA President.
●Simone Healthcare Development
Simone buys UES medical condo
Simone Healthcare Development has purchased a 10,500 s/f medical office condominium in The Concorde apartment tower at 225 East 64th Street on the Upper East Side.
The medical condo, which occupies the entire lower level of the luxury building, is the fourth such acquisition by Simone Healthcare in the neighborhood over the past two years.
The company now owns over 50,000 s/f of medical space in the area.
“There is a dearth of quality medical office space available on the Upper East Side, with a particular lack of availability in spaces larger than 4,000 square feet,” said Guy Leibler, president of Simone Healthcare Development.
“We believe there is a great opportunity to acquire and improve medical spaces to serve the needs of expanding practices.”
Paul Wexler of Corcoran Wexler Healthcare Properties has been appointed exclusive agent for the new space. Rents for medical space in the area range from $70 to $90 psf.
AvalonBay nets $117 for apartments
AvalonBay Communities has sold a New Jersey apartment community for $117 million.
HFF announced it brokered the sale of eaves Plainsboro, a 776-unit, garden-style apartment community in Plainsboro, NJ.
Fieldstone Properties purchased the asset for approximately $150,000 per unit.
Comprised of 58 two-story buildings, the community within two miles of the newly-opened University Medical Center of Princeton.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, associate director Michael Oliver and supported by senior managing director Andrew Scandalios.
AvalonBay Communities owns 274 apartment communities containing 82,333 apartment homes in 11 states and the District of Columbia.