Kushner pays $123M for NJ apartment community
Kushner Companies has paid around $123 million for the Chatham Hill Apartments, a 308-unit rental apartment community in Chatham Township, NJ, according to sources.
Joseph Brecher of Gebroe Hammer represented the seller, Home Properties/Lone Star Funds. Meridian Capital Group arranged acquisition financing through New York Community Bank (NYCB) in the deal.
Jared Kushner, CEO of Kushner Companies, called Chatham Hill Apartments “an A+ quality asset.”
“The community has many desirable qualities and an outstanding location within a highly regarded school district, offering convenient access to New York City,” added Kushner.
Set on 23 acres, the development offers a mix of one-, two-, and three-bedroom apartments. Amenities include a community pool with deck, tennis courts and on-site garage parking.
Tennis club offering net gains
CBRE Group’s Westchester/Fairfield County office has been retained to represent ownership in the sale of the Long Ridge Club in Stamford, Connecticut.
Located at 2517 Long Ridge Road on 15 acres in the North Stamford area, the Long Ridge Club is a private tennis and swim club that has been in operation for more than 50 years.
The club features nine Har-Tru tennis courts — with three equipped for night play — a 6,210 s/f, heated, eight lane competition pool; a recreational swimming pool; a tennis backboard court; a kiddie pool; and a small children’s playground.
Snack bar and locker/clubhouse facilities are also available to members.
The grounds there are zoned RA2 so the opportunity exists to redevelop Long Ridge Club in its entirety.
However, ownership prefers an investor that would take advantage of the ease of ownership transition that the club’s existing membership and staff would provide, while developing a portion of the grounds for single family residences, senior housing or other compatible uses.
“Long Ridge Club provides an amazing opportunity for an investor interested in capitalizing on this club’s long history, convenient location and potential for development,” said Patrick Colwell, a senior vice president for investment properties at CBRE who leading the marketing efforts for the property.
“This club is located in a growing and sought-after area and we believe that it will garner significant interest.”
Low interest rates push Shetland price up
Rob Tiburzi of Houlihan-Parnes Realtors announced the sale of Inverness Apartments, a garden-apartment complex located at 5600 Shetland Way in Westville, New Jersey.
The complex, which includes 368 units on over 30 acres, was sold for $27,300,000. According to Tiburzi, “The sale represented the successful conclusion of a ten-year investment by his partners.
“The combination of low interest rates and a well-managed property led to us obtaining a sales price higher than most of the brokerage community expected.”
$45M multifamily buy a nod to workplace shift
The Silverman Group has paid $45 million for a 160-unit Stamford multilfamily property in a deal negotiated by CBRE Group.
Jeffrey Dunne, Gene Pride and Ivelin Spasov, of CBRE’s Institutional Properties, represented TGM Associates in the sale of Village at Stamford to Silverman.
Silverman intends to update the community with modern interiors and amenities that will establish Village at Stamford as a luxury property and capture the strong demand for high quality apartments in the region.
“Stamford has developed into a true 24/7 community and continues to improve as over 3,500 apartments have been built since 2009 and approximately 800 are currently under constructionˮ commented Dunne.
“In what is a national trend, renters today are drawn to urban centers and the appeal of live/work/play environments, which is evident by the steady flow of new residents locating to Stamford. Further, employers recognize the value of locating in the midst of the highly educated employment base that is found in lower Fairfield County.
“Headline producing relocations or expansion like Starwood Hotels, Vineyard Vines, NBS Sports, Kayak and Indeed demonstrate the workplace shift that is occurring as companies adopt to the knowledge based economy and the millennial live/work patterns. With increasing frequency, this requires employers to find locations, like Stamford, that are attractive and easily accessible to young workers.ˮ
GFI Realty Services
Park Slope price bump
GFI Realty Services announced the $12 million sale of 477 3rd Street, a five-story multifamily building in the Park Slope,Brooklyn.
GFI Realty Senior Director of Investment Sales Erik Yankelovich represented the seller, while GFI Realty Associate Director of Investment Sales Moshe Gelbstein represented the buyer.
“As we expected, there was very strong interest, and we received multiple offers for this well-located property,” said Yankelovich.
“With its location just blocks from Prospect Park, the buyer can expect a significant return on this investment for many years to come.”
The 20-unit fully-occupied walkup features various amenities, including an on-site laundry room. The property currently benefits from a J-51 tax incentive, which will expire in 2017. At that time, many of the apartments can become market-rate.
“The sale of this property is truly a testament to the strength of the market, especially in sought-after neighborhoods like this,” said Yankelovich.
“Just three years ago, the property sold for less $7.8 million. As Park Slope has become one of the most desirable neighborhoods in Brooklyn, there’s tremendous opportunity to continue to grow the property’s revenue.”
The buyer, a multi-generational local investor, plans to implement improvements and will maintain the building as a long-term rental.
ERG Property Advisors
Bronx portfolio for sale
ERG Property Advisors is marketing a three-building portfolio at 337-341 East 146th Street and 454 East 160th Street in the Bronx.
Located in the Mott Haven and Melrose section of the Bronx, the buildings combined contain 86 apartments (a mix of one and two bedrooms) and four retail store fronts.
The 146th street properties share a new gas boiler and the 160th street building has recently been converted from oil to gas. The roof alarm system, the windows, the entrance door intercoms and the mailboxes have been upgraded.
ERG’s Matthew Murphy has listed the buildings at $14 million.
Cushman & Wakefield
Bullet proof rent roll brings out suitors
Cushman & Wakefield has arranged the sale of Century Plaza, a 115,000 s/f class A office building at 330 Old Country Road in Mineola.
The firm’s Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Andrew MacDonald represented seller TIAA-CREF and procured the buyer, Lalezarian Properties.
This was an all-cash purchase, and went from contract to closing within 30 days.
“The sale of Century Plaza illustrates the demand for well-positioned, mass transit-served office buildings in the suburban tri-state area.” said Gabriel. “An in-fill location with a significant number of demand drivers, including Winthrop Hospital and the Nassau County Courthouse, brought out a wide range of private and institutional investors.”
“This offering truly checked all the investor boxes,” added Bernhaut. “It is institutional quality, has a bullet proof rent roll, abundant parking, adjacent rail service and is in the new Downtown area.”
Major tenants including Oracle America Inc.; Did-it.com LLC; Liberty Mutual Insurance.
Family selling Flatiron loft
Eastern Consolidated has been selected as the exclusive broker to market a mixed-use loft building at 12 West 19th Street in the Flatiron District. The asking price is $11.5 million.
Ronda Rogovin, Senior Director and Principal of Eastern Consolidated, and Noah Buchwald, Associate Director, are serving as the exclusive brokers marketing the property. Wade Hazelton is the Financial Analyst for the deal.
The property, which has been in the same family since 1976, includes a four-story, 5,050 s/f walk-up with two retail units, and three renovated, free market loft-style apartments. It also offers approximately 17,950 s/f of unused air rights.
“This property presents an excellent opportunity for an investor or owner-user to capitalize on the heavy pedestrian traffic and growing demand for retail in the Flatiron District,” Rogovin said. “Retail rents in the area are averaging $253 per square foot, while apartments are renting for an average of $74 per square foot.”
One retail unit is three steps below grade and will be delivered vacant. The second floor retail unit features ceilings over 12 feet high and a storefront with large floor to ceiling windows.
The property also includes a rear garden, which would be ideal for the development of a multi-level restaurant with patio seating, or a combined showroom and office space, or a flagship location for a national retailer.
Cushman & Wakefield
No surprise in $30M Manhattan multifamily sale
A loft building at 9 East 16th Street, between Fifth Avenue and Union Square West in the Ladies’ Mile Historic District, was sold for $30 million.
Great Neck-based A.D. Real Estate Investors purchased the seven-story apartment building from Milan Associates, about double the price Milan paid for the property three years ago, according to published reports.
The 30,680 s/f building contains 15 loft units, of which 12 are fair market and three are rent stabilized, and one ground floor commercial unit currently
occupied by a restaurant. The sale price equates to approximately $978 psf.
“9 East 16th Street occupies one of the most desirable locations in Manhattan, so achieving the full asking price was no surprise,” said Cushman & Wakefield’s Paul Smadbeck, who exclusively handled this transaction along with colleagues John Ciraulo, Rob Stufano, and Craig Waggner.
“The property sold for a sub-3% cap rate, further evidence that demand is still extremely strong for high-quality multifamily properties which offer investors a value-add opportunity,” added Ciraulo.
Cushman & Wakefield
Clark portfolio fetches $22M
Cushman & Wakefield’s Metropolitan Area Capital Markets Group (CMG) has completed the sale of a 10-building, 283,201 s/f mixed-use portfolio in Clark, which traded for a sale price of $22.15 million.
The East Rutherford, N.J.-based CMG team of Andrew Merin, David Bernhaut, Gary Gabriel and Nicholas Karali represented seller and procured buyer Denholtz Associates.
Located directly off Exit 135 of the Garden State Parkway, near the I-78 and New Jersey Turnpike, the portfolio was 97 percent occupied at the time of sale.
The site has served as the location of L’Oreal’s North American R&D facility since 1990, and other major tenants include Retro Fitness, New York Community Bank, Kindercare, The Lawbook Exchange, and as the headquarters of the Promptcare Companies.
The property was rezoned in 2010 for a broad range of commercial and retail uses.
“The sale provides the new ownership with upside potential from redeveloping portions of the property as tenants roll over,” said Karali.
“L’Oreal is exploring the potential of constructing their own facility across the street, which would create further opportunity for redevelopment.”
Cushman & Wakefield
Foreigners, locals flock to Flushing
A retail building at 160-04-06 Northern Boulevard in Flushing, Queens, was sold in for $18,200,000.
The parcel consists of two tax lots and currently holds a 16,454 s/f supermarket building on a 42,763 s/f lot, with 97 parking spots.It is NNN leased through September 2027 with a five-year option. The sale price equates to $1,106 per square foot and a five percent cap rate.
“There is a lack of real estate available in Flushing, therefore foreign and local investors are purchasing existing retail at magnified prices due to the favorable zoning and development upside in the future,” said Cushman & Wakefield’s Stephen R. Preuss, who represented the seller with James Nelson and Thomas A. Donovan. The buyer was represented by Franklin In of ReMax Frontier.