● Friedman Roth Realty
Koreans buy Queens shopping center
Friedman-Roth Realty Services announced the sale of Korea Village Shopping Center in Queens.
The high-profile shopping center traded for $26,500,000 to Pako Realty Corp. which is owned by the Los Angeles and Seoul-based Korea Times newspaper.
The seller, Emmut Properties, previously bought the 78,000 s/f shopping center at a foreclosure auction for $13,400,000 in 2011.
Richard Guarino of Friedman-Roth Realty Services represented both buyer and seller in this transaction.
The property was listed twice in the past year, most recently in February when it was listed for $30 million with Richard Guarino of Friedman Roth Realty Services.
According to Guarino, the property drew significant interest, largely from Korean investors.
“The building was so ethnic it was definitely going to be sold back to the Koreans,” said Guarino. “They wanted their building back.”
The property offers 95,000 buildable square feet and is fully leased, with tenants including the Cosmos Department Store, Wilshire State Bank and wedding venue Dae Dong Manor.
●Property Markets Group
Maloney offloads Gramercy site
Kevin Maloney’s Property Markets Group, the real estate investment and development company known for its luxury condominiums, most recently Walker and Stella Towers, announced the sale of a site at 21st Street and Third Avenue to Alfa Development.
PMG partnered with Kasra Sanandaji’s Apex Investments to acquire the property in Manhattan’s Gramercy Park neighborhood.
The site includes five walk-up buildings with small ground floor retail that, when combined with additional air rights, could create one large 90,000 s/f development site.
John Hageman and Bob Knakal of Massey Knakal represented the sellers. The site sold for $69.7 million.
Commented Maloney, “Currently PMG has a number of properties under construction, including 111 West 57th Street and 10 Sullivan, two additional sites breaking ground this year and several in the planning stage.
“ We are also very busy in Miami and Chicago, so I thought it prudent to focus on these and sell the site at 21st Street and Third Avenue.”
Related buys Bronx portfolio
Rosewood Realty Group closed a two building Bronx portfolio sale for $19.3 million.
The buildings are located at 213-217 West 238th Street in Kingsbridge and 3800-3806 Bailey Avenue in Kingsbridge Heights/Jerome Park.
Aaron Jungreis represented both the seller, Black Spruce and the buyer, Related Companies.
The two five and six-story buildings built between 1923 and 1925, are 106,000 s/f combined with a total of 122 apartments. They sold for 10.68 times the current rent roll.
Black Spruce has been active lately. Earlier this month, the company purchased an 11-building package in the Belmont, East Tremont and West Farms sections of the Bronx for a $51.5 million. Jungreis was the sole broker on that transaction.
Also in April, Black Spruce, a Midtown-based investment firm, sold a Flatbush rental building for $26.5 million to Parkway Realty Group.
In the same month, Black Spruce also picked up seven Bronx buildings that used to be part of Normandy Real Estate Partners’ and Westbrook Partners’ Three Borough Pool portfolio for $43 million.
●Marcus & Millichap
Walgreens fetches $10M
Marcus & Millichap arranged the sale of a 14,560 s/f Walgreens drugstore on the North Shore of Long Island in Smithtown, N.Y. The $10.4 million sales price equates to $714 per square foot.
Simon Jonna and Raymond Jonna, both in Marcus & Millichap’s Detroit office, represented the seller and procured the buyer.
J.D. Parker, senior vice president and district manager in the firm’s Manhattan office is Marcus & Millichap’s broker of record in New York State.
“This trophy Walgreens has a unique lineage and historical ties behind the original development that contributed to the mass appeal of the offering and led to a multitude of offers from around the nation,ˮ said Simon Jonna.
“The property features immediate ease of access to nearby Long Island landmarks such as Stony Brook University and the U.S. Department of Energy hub known as Brookhaven National Laboratory … an already well-located store in an affluent and high-density demographic is likely the reason for the store’s remarkable performance, which supersedes the standard for groundbreaking Walgreens sales.”
●Cushman & Wakefield
Retail drive ups Ladies Mile prices
A mixed-use building at 23 East 17th Street, located between Fifth Avenue and Broadway in Manhattan’s Ladies’ Mile Historic District, was sold for $13,250,000.
The six-story, elevator-serviced building contains 10,998 s/f.
Built in 1902 in the neo-renaissance style, it consists of two retail stores on the ground floor, one commercial/retail space on the second floor occupied by Paragon Sports, and four floor-through apartments above that were all delivered vacant. The sale price equates to $1,205 per square foot.
The property is located right off of Broadway and steps from Union Square.
“This sale represents the strong appetite for investment properties in prime locations throughout New York City,ˮ said Cushman& Wakefield’s Thomas D. Gammino, Jr., who exclusively handled this transaction with John Ciraulo and Craig Waggner.
“We were very pleased with the overwhelming response and demand for this quality asset that doesn’t become available very often near Union Square.”
According to Ciraulo, the main driver of the sale was the strong retail corridor where values have skyrocketed in recent years.
●Hamilton Point Investments
Investor gets in Grove
Hamilton Point Investments has acquired an apartment property for $14.6 million.
Collier Park, built in 2001, is a 232-unit apartment property located in Grove City, Ohio.
Hamilton Point Investments has plans to make modest interior and exterior upgrades at the property over the coming year.
Hamilton Point Investments, founded in 2009 by David Kelsey and Matthew Sharp, is a real estate private equity firm based in Old Lyme, Connecticut. The firm has a $500 million portfolio of multifamily properties comprising over 7,000 apartment units.
●CUSHMAN & WAKEFIELD
Montague building for sale
Cushman & Wakefield has been retained to sell a multifamily building at 63 Montague Street.
The property is located between Pierrepont Place and Hicks Street in Brooklyn Heights. The asking price is $11,250,000.
The six-story, elevator building contains 10,472 s/f and the unit mix consists of eight, one-bedroom and five, two-bedroom apartments.63MONTAGUE
All of the units underwent high-end gut renovations and all of the building’s mechanicals and
common areas have been upgraded within the past year.
The property is near the 2, 3, 4, and 5 express trains at Borough Hall and Clark Street, providing a five-minute commute to the Financial District and connectivity throughout all of New York City.
It direct access to the Brooklyn Heights Promenade and is a short walk from the heart of Downtown Brooklyn.
Cushman & Wakefield’s Stephen P. Palmese, who is exclusively marketing the property, said it presents a great opportunity to invest in one of Brooklyn’s most affluent neighborhoods, where residential demand continues to grow.
“63 Montague Street is an ideal turnkey opportunity for a 1031 buyer to establish a foothold in one of Brooklyn’s most coveted residential neighborhoods,” said Palmese.
Highline building hits market
Eastern Consolidated has been named the exclusive agent to market 507 West 24th Street, a newly constructed, one-story commercial property directly beneath The High Line in West Chelsea, for $16 million.
Chairman and CEO Peter Hauspurg, Senior Director Brad Cohen, Director Evan Papanastasiou, and Senior Director of Financial Services Gary Meese exclusively represent ownership: Scott Resnick of SR Capital, LLC.
The 7,200 s/f property – with 3,900 s/f on the ground floor and 3,300 s/f on the lower level – stands below the section of the High Line that runs over West 24th Street, just off of the northwest corner of Tenth Avenue and one block north of a High Line access point at West 23rd Street.
It is currently occupied by 303 Gallery – an art gallery – but it will be delivered with a clear path to vacancy at the time of sale.
“This well-constructed, distinctive property represents a great opportunity for a cutting-edge retail concept,” said Cohen.
“Its location in one of the most desirable and recognized art districts in the world makes it ideally suited for a gallery or showroom. We expect this offering to generate interest from a variety of users and investors because of its notable, unique location.”
The property also offers 40 feet of frontage on 24th Street, the city’s premier address amongst gallerists, as well as 15-foot ceilings on the ground floor.
Scott Resnick of SR Capital, LLC, the current owner of 507 West 24th Street, is also nearing completion of construction on a nearby 19-story condominium tower at 551 West 21st Street.