●Cushman & Wakefield
$53M for ‘wings & wheels’ portfolio
Cushman & Wakefield’s Metropolitan Area Capital Market Group arranged the trade of a 229,000 s/f, four-building portfolio adjacent to JFK International Airport in Queens.
Terreno Realty purchased the properties, known as JFK Airgate, for $53.1 million.
Andrew Merin, David Bernhaut, Gary Gabriel and Kyle Schmidt, based in Cushman’s East Rutherford, NJ, office, headed the assignment. Gabriel said the offering drew an unprecedented level of interest from the investment community.
“The portfolio’s functionality — highlighted by market-leading product in an irreplaceable location — is best illustrated by its tenants, which include some of the largest, most sophisticated and best-known logistics firms in the world,” Gabriel said.
“The buildings are 99 percent leased, with FedEx, UPS, Kuehne + Nagel and SDV USA among the major users. They are here for a reason. ”
Built between 1986 and 1991, the JFK Airgate portfolio’s one office and three industrial buildings are decades younger than a majority of the surrounding submarket.
“Located just minutes from the tarmac, JFK Airgate serves as a critical conduit between the New York City Metropolitan Area and global commerce,” Schmidt said.
“This property is wholly integrated with the region’s massive logistics and distribution system, providing efficient co-ordination between ‘wings and wheels.’”
Vintage UWS sale
The Vintage Group has sold its five-story elevator building at 370-374 Columbus Avenue on the Upper West Side for $35,750,000.
The mixed-use building is 31,125 s/f and has 54 residential units and two commercial units.
New Jersey-based Pantzer Properties plans to make the property — which sits adjacent to the Natual History Museum — “more of a luxury building,ˮ Massey Knakal broker Thomas A. Donovan told Curbed.
Donovan worked the deal with colleagues Paul Smadbeck and Bob Knakal.
The sale price equates to approximately $1,149 psf.
Dermot Company sells
Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of a three-property, 186-unit multifamily portfolio in Inwood.
The properties — 623 and 631 West 207th Street, 222-228 Seaman Avenue and 29-45 Sickles Street — were sold for $31 million, or $166,667 per unit.
IPA’s Peter Von Der Ahe, Scott Edelstein and Seth Glasser, along with Marcus & Millichap’s Jonathan Schwartz, advised the seller, The Dermot Company Inc. The buyer is A&E Real Estate Management LLC.
“The acquisition of this well-performing portfolio provides the new owner with reliable cash flow and the ability to capitalize on the future growth and appreciation of this increasingly desirable neighborhood in Upper Manhattan,” said Von Der Ahe.
“All three properties have received institutional-quality maintenance for the past six years plus renovations that include updated common areas, façade work and new roofing.”
Investors graze fertile
Eastern Consolidated has closed on a $23.15 million sale of two newly constructed condo buildings in Harlem.
The properties were converted into rental apartments by the seller, Moshe Gold of East Harlem Developers.
Eastern Consolidated’s Lipa Lieberman, David Schechtman, and Gabriel Saffioti represented Gold and brought in the buyer, a private investor who bought the property using a limited liability company.
The two eight-story properties at 160 and 178 East 117th Street have 41 units that total 62,660 s/f.
“The market timing of these deals couldn’t have been better. The properties benefit from the tremendous momentum created by Columbia University’s expansion and Harlem’s resurgence,” Lieberman said.
“This makes for fertile ground in rent growth, which is likely to accelerate quickly.”
Partners to redevelop
Newmark Associates, Inc. acted as the exclusive brokerage company for the sale of the former Macy’s store located at 2501 Mt. Holly Road in Burlington, New Jersey.
A real estate investment division of Las Vegas-based firm Moonbeam Capital Investments, LLC, Burlington NJ, LLC, purchased the property.
Moonbeam Capital Investments — owner of the Burlington Center Mall — Diamond REI and J.S. Hovnanian & Sons, have announced a joint venture to redevelop the Mall and adjacent land.
Located along Route 295 with access from Exit 5 of the New Jersey Turnpike, the total project will consist of over 150 acres of land. The total available retail space will be over 1.5 million square feet – over 300,000 s/f has already either been committed or occupied by national retailers.
The project aims to create a new shopping experience known as the Marketplace at Burlington.
Newmark Associates’ David Bieber and Craig Levitan represented both the seller and the buyer in the sales transaction.
Boatload for Venezia
POKO Partners LLC has purchased Property Resources Corporation’s Belmont-Venezia Portfolio for $18.55 million.
Ariel Property Advisors brokered the deal, which consisted of three elevatored multifamily properties in the Belmont/Little Italy section of The Bronx.
The Project Based Section 8 buildings, located at 2431 Belmont Avenue, 2476 Hughes Avenue, and 2404-16 Crotona Avenue, contain 180 apartments and one retail unit.
“POKO Partners’ mission has always been to acquire properties where we can add value and upgrade the quality of life for tenants while maintaining affordability, “said Kenneth Olson, president and CEO.
The acquisition represents an excellent strategic fit for our current development and management portfolios. ”
The sales team of Shimon Shkury, Scot Hirschfield, Victor Sozio, Michael Tortorici, and Jason Gold repped the seller and procured the buyer.