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Deals & Dealmakers

SELLING POINTS: Inwood package offered at $62M; Newmark, Olmstead close on LIC buy

Inwood package offered at $62M

Eastern Consolidated is marketing a 13-building multifamily portfolio in the Inwood section of Manhattan, which is being offered for the first time in over 40 years.
The asking price is $62 million.
aUG10EASTERN62MEXThe Inwood Portfolio consists of 359 residential apartments and two retail stores in 13, five-story walk-up buildings on Sherman Avenue, Post Avenue, Academy Street, and Vermilyea Avenue.
The package also includes a surface parking lot located behind the buildings.
Executive Managing Director and Principal Ron Solarz, and Senior Director and Principal Matthew Sparks are serving as the exclusive brokers marketing the package. Gary Meese, Senior Director, Financial Services, is the analyst for the offering.
Solarz said the buildings are located within close proximity of one another, translating to efficient operations and administration.
According to Sparks, “The properties have been well-maintained by the same owners for over 40 years. Improvements include state-of-the-art gas boiler conversions and other initiatives that will substantially decrease the need for capital expenditures going forward.”
The buildings are located within three blocks of the Hudson River-Fort Tryon Park and Inwood Hill Park, and transportation via the A or 1 subway lines.

Yonkers trophy up for grabs

20 South Broadway

Cushman & Wakefield has been retained on an exclusive basis to market a multi-tenanted office building at 20 South Broadway in Yonkers.
The asking price is $32 million, which equates to approximately 7.5 percent capitalization rate. Stephen R. Preuss, Bill Eisenhut and Gary Gabriel are exclusively representing the sellers.
The 12-story building contains approximately 148,593 s/f and sits on a 132.37 by 125.58 ft. lot. It is comprised of 15 office units and is approximately 87 percent leased. Anchor tenants include New York State, Westchester Community College, US Social Security Administration, and Bank of America.
20 South Broadway is in the heart of Yonkers’ Central Business District.
“This is an ideal opportunity for an investor to acquire a trophy office building with an attractive cap rate in the heart of Yonkers anchored by long standing credit tenants,” said Preuss.

Newmark, Olmstead close on LIC buy

Newmark Holdings, in partnership with Olmstead Properties, has announced the $61 million acquisition of 43-01 22nd Street, a 225,000 s/f six-story office building in Long Island City.
Newmark Holdings and Olmstead Properties will now share equal ownership of the building, which had previously been family owned since the 1920s.
Co-CEOs Eric Gural and Brian Steinwurtzel of Newmark Holdings made the announcement.

43-01 22nd Street
43-01 22nd Street

The building, which currently houses tenants such as renowned French furniture and interior designer Christian Liaigre, has 50,000 s/f available for lease on the two uppermost floors that offer unobstructed views of New York City.
The new owners plan extensive capital improvements that include a refreshed lobby, new windows, elevators and restrooms.
Tenants who move to the property will benefit from the Relocation and Employment Assistance Program (REAP), which entitles them to up to $20 psf annually in benefits.
“We are delighted to add this property to the Newmark Holdings portfolio and increase our footprint within Long Island City, which has been experiencing tremendous growth over the past several years,” said Steinwurtzel.
“Long Island benefits from subway lines directly feeding Grand Central (five minutes), the Port Authority (12 minutes) and Penn Station (15 minutes).”
“We have been working side-by-side with the Gural and Steinwurtzel families on this deal for the past year now and are thrilled to see it come to fruition,” said Olmstead Properties president Sam Rosenblatt. “Our grandfathers were partners generations ago and we are tremendously proud to be carrying on our longstanding relationship.”
Newmark Holdings has been an active investor in the Long Island City market, having acquired properties including 10-27 46th Avenue and 11-05 44th Drive within the last year.
Olmstead recently acquired the DKNY Building on West 40th Street in New York City. In addition to aggressively pursuing Manhattan commercial real estate investments, Olmstead plans to focus on expanding its Long Island City portfolio.

Tabak family sells five-building package

Raphael Toledano, president of Brookhill Properties, announced the expansion of the Brookhill Properties’ portfolio with the acquisition of a number of buildings in Manhattan’s East Village and the Kips Bay area.
The acquisition, from the Tabak family with no outside broker involved, includes 93 residential units and four retail spaces.
The properties include 251 East 10th Street (10 residential units); 221 East 10th Street, (24 residential units, two retail); 58 St. Marks Place (19 residential units, two retail); 218 East 27th Street (20 residential units) and; 220 East 27th Street (20 residential units).
“These buildings are prime acquisitions in highly desirable residential neighborhoods of Manhattan and I am thrilled that Brookhill Properties will continue to provide sound, multi-family housing for many New York City Residents,” said Toledano.
Paradigm Commercial Real Estate assisted Brookhill securing financing in the 58 St. Marks, 251 East 10th, 218 East 27th and 220 East 27th transactions.

Investors bid up Amsterdam asset

A mixed-use building at 477 Amsterdam Avenue sold for $17.1 million, or $1,800 per square foot.
The property is located on the corner of West 83rd Street and Amsterdam Avenue on Manhattan’s Upper West Side Central Park West Historic District.
Cushman & Wakefield’s Hall Oster, Teddy Galligan, and Bryan Smadbeck exclusively represented the seller, 477 Amsterdam Avenue while Dylan Pichulik of XL Real Property Management represented the purchaser, Herlien Amsterdam LLC.
The five-story building contains approximately 9,500 s/f and is comprised of eight residential apartments and two commercial units. Seven of the apartments are free-market and one is rent-stabilized.
“477 Amsterdam Avenue drew tremendous interest and competing bids from investors seeking a turn-key investment featuring both strong cash flow and long term upside,” said Oster.
Urstadt Biddle buys CT shopping center

Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented Hoffman Investment Partners in the sale of Newfield Green in Stamford, Connecticut for $45.3 million.
The team was also responsible for procuring the buyer, Urstadt Biddle Properties.
Newfield Green is a 71,588 s/f grocery anchored center with a Grade A Market and CVS occupying over 60 percent of the center.

Newfield Green shopping center
Newfield Green shopping center

The property is located in a high demographic, infill market on Newfield Avenue with 127,200 residents and average household incomes over $117,000 within three miles of the center. Newfield Green has a history of high occupancy and very strong sales, with Grade A and CVS having been at the center for decades and increased their footprints significantly over time.
Other tenants at the center include Chase, M&T Bank, Subway and Excel Urgent Care.
Dunne commented: “Newfield Green is an irreplaceable asset in a densely populated residential neighborhood. Its history of high occupancy and very strong sales will provide Urstadt Biddle with stable income for years to come.”

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