Investors drawn to Queens apartment hubs
A Queens investor purchased a pair of contiguous rental buildings at 71-05 and 71-11 37th Avenue in Jackson Heights from the Benson Company for $31.5 million.
The six-story elevator buildings have a combined 106 apartments and span 85,856 s/f. The average rent at the properties is $1,477 psf.
The buildings were built in 1920 and sold for 17 times the current rent roll. They have a total net operating income of $1.2 millionand a four percent cap rate.
“We have sold over 200 buildings in Queens over the last three years and this represents another typical value add play for our knowledgeable and astute buyers,” said Rosewood Realty Group’s Aaron Jungreis, who represented both the buyer and seller.
“Queens has long been under-valued, but more buyers are realizing the long-term potential of investing in these residential hubs.”
Highcap arranges hotel play
The Roslyn Hotel in the historic Village of Roslyn, NY, has been purchased by a local investor.
Laurence Ross and Christen Portelli, managing principals of Highcap Group, announced the sale of the 77-key hotel located at 1221 Old Northern Boulevard.
The 54,000 s/f hotel is situated on three acres and features a 4,800 s/f conference center and banquet hall, gym, lobby bar, and multi-level parking garage.
The sale also included an adjacent 1-acre parcel which will allow for future development plans.
According to Newsday, the investor group 935 Lakshmi, LLC, led by father and son Sudhir and Sumeer Kakar paid north of $14 million for the property..
The buyer , who was advised by Bridgeton Holdings, plans to reposition the property into a luxury style boutique hotel with a high end restaurant, lounge and modern event facilities.
Portelli nopted that the site is directly opposite the new Roslyn Landing condo development featuring million dollar townhomes and single family residences as well as luxury mixed-use rental .
Bidders have taste for NJ grocery assets
Holliday Fenoglio Fowler has closed the $51 million sale of Plaza 23, a 161,000 s/f grocery-anchored shopping center in Pompton Plains, New Jersey.
HFF marketed the property on behalf of the seller. Phillips Edison Grocery Center REIT II, Inc. purchased the asset free and clear of existing debt.
Anchored by Stop & Shop, Plaza 23 is the only grocery-anchored shopping center in Pompton Plains. The property has a potential pad development site on its 18.76 acres.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Thomas Didio, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Robert Borny.
“Well-leased, grocery-anchored, North Jersey retail centers like Plaza 23 continue to attract institutional bidders,” Cruz said
Brownsville factory facility hits market
TerraCRG is marketing an industrial property at 507 Osborn Street in Brownsville, Brooklyn.
Ofer Cohen, Dan Marks and Mike Hernandez are asking price of $11 million for the 55,000 s/f renovated facility.
“We expect strong interest from investors and commercial users from distribution, to warehousing, to manufacturing, to storage,” said Marks.
The two-story, M1-1 zoned building has over 290 feet of frontage along Osborn Street, open layouts, three phase 400 amps 120/240-volt service throughout, two drive-ins, interior loading dock, office space and 13-foot ceilings on both levels. Both floors are accessible via the drive-in doors.
GHP Office Realty
GHP pulls 1031 for Tarrytown office buy
GHP Office Realty and its partner, RD Management, have sold a 136,000 s/f grocery-anchored shopping center in Fort Worth, Texas for $15 million.
The New York based partnership bought the property at a steep discount during the economic downturn in 2008. After a capital and repositioning campaign, the property’s two major buildings were net leased to Albertsons and Cook Children’s Health Foundation.
The large multitenanted retail building is now 98 percent occupied with such tenants as Dollar General, Ace Hardware and Subway.
The 10 acre property is 3 miles from downtown Fort Worth, and located within an in-fill affluent area.
The group invested the proceeds in the $30 million acquisition of 660 White Plains Road, Tarrytown last month.
Cushman & Wakefied
School selling Brooklyn campus buildings
The private liberal arts Boricua College is selling three of its Brooklyn buildings.
Cushman & Wakefield has been retained to sell 182-190 N 6th Street, 165-171 N 5th Street, and 584 Driggs Avenue in Northside as a large-scale conversion opportunity.
Guthrie Garvin and Brendan Maddigan are marketing the property at an asking price of $39,000,000.
“A property of this scale in Northside Williamsburg is rarely available and we’re excited to see what kinds of creative uses different buyers may have in mind,” said Maddigan.
The site currenlty houses the main school building with 35 class rooms, a gym building, and a four-story multifamily building which currently operates as housing for school staff.
Together, the structures offer roughly 73,559 s/f of which approximately 16,700 s/f are partially below grade. The combined parcel also offers three sides of frontage, a total of over 280 feet, and features two curb cuts. The buildings will be delivered vacant upon sale.
“The offering presents investors the chance to make their mark and significantly impact a community with a single project,” said Garvin.
Turtle Bay package for sale
A five-story rental building next to the historic Turtle Bay Gardens is now on the market.
The property, located at 220 East 49th Street in Midtown East, is part of a two-building package that’s up for sale for $19.5 million. The other property in the portfolio, 313 East 53rd Street, is also a five-story rental building.
“This offering presents an excellent opportunity for investors to acquire two exceptionally well-located residential assets in Midtown East which offer in-place income and substantial upside potential by repositioning the buildings and leasing up the vacant apartments,” said Eastern Condolidated’s Adelaide Polsinelli.
“The buildings are a short walk from one another, resulting in efficient management and operations, and are blocks from the United Nations headquarters and international missions.”
The 220 East 49th Street property contains ten apartment units. The building’s rear yard abuts Turtle Bay Gardens, which contains a collection of ten townhouses that once housed celebrities such as Katharine Hepburn, Bob Dylan, Stephen Sondheim, and E.B. White.
Meanwhile, 313 East 53rd Street contains nine apartments, the biggest of which is a duplex that occupies the first two floors.
Polsinelli is exclusively marketing the properties. Eastern’s Gary Meese is the analyst for the listing.