Sitt partners with Arab firm on $42M office purchase
CBRE’s Institutional Properties’ Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Gene Pride and Stuart MacKenzie have closed on the $42.5 million sale of Grand Street Plaza in White Plains, N.Y.
The CBRE team represented the seller, an entity owned by a fund managed by Westport Capital Partners LLC, and also procured the buyer, a joint venture between Jack Sitt Real Estate LLC and GII LLC, a UAE-based financial service firm.
Located at 140 & 150 Grand Street, Grand Street Plaza consists of two adjacent Class A office buildings totaling 217,628 s/f that are approximately 90 percent occupied.
The property is located within one block of the Supreme, Federal, District and County courthouses as well as the Westchester County Seat, making Grand Street Plaza the preferred destination for government and law-related tenants, which make-up over 80 percent of the in-place occupancy.
Grand Street Plaza also benefits from its stable cash flow with a weighted average lease term of nearly seven years.
“We are very pleased to have represented Westport Capital Partners in this transaction and source another first-time buyer to Westchester County, including international capital,” said Dunne, a Vice Chairman at CBRE.
“Grand Street Plaza’s institutional quality coupled with its unmatched proximity to the courthouses attracts diversified legal practices and government tenants, which should provide the buyer with long-term stable cash flow for the foreseeable future.”
Retail REIT selling former Barney’s store
JLL Capital Markets has been retained to exclusively market and sell 101 Seventh Avenue, a 51,942 s/f office building with ground-floor retail space in Chelses.
Regency Centers is selling the property, which previously served as the Lower Manhattan home of Barneys New York.
The four-story 101 Seventh Avenue was constructed in 1920. The property totals 51,942 square feet of space, with 14,055 square feet of retail space on the ground floor and lower level, and 37,887 square feet of office space on the second through fourth floors. The office space at 101 Seventh Avenue offers floor plates ranging from 11,312 square feet to 13,285 square feet.
The JLL Capital Markets team representing the seller includes Managing Directors Rob Rizzi and Brock Emmetsberger, Chairman of New York Investment Sales Bob Knakal, and Senior Director Chase Tagen. Managing Director Scott Aiese and Director Jillian Mariutti will provide financing guidance.
“With the recent closing of Barneys’ downtown location, 101 Seventh Avenue is a rare opportunity for investors to reposition an iconic New York property,” said Rizzi. “This property is a blank canvas, located at the intersection of New York’s most dynamic neighborhoods, and is one of the few anchor-sized opportunities available in the Midtown South market.”
“This unique space is universally adaptable, and can work for office users, tenants in the technology and media space, experiential retail concepts, and medical office space,” said Emmetsberger. “The neighborhood is home to a variety of high-profile companies.”
Barneys filed for bankruptcy last year and shuttered all of its stores, except the flagship at 660 Madison where the retailer struck a deal with landlord Ashkenazy Acquisitions for a temporary reprieve.
● AVISON YOUNG
East Village apartment building trades for $20M
The Tri-State Investment Sales group for Avison Young announced the sale of 109 Avenue A, a recently renovated residential property in the East Village neighborhood of Manhattan. The buyer purchased the property for $20,750,000.
An Avison Young team led by Senior Director Brandon Polakoff represented the seller in the negotiations.
The units in the newly gut renovated building feature high-end finishes and floor-to-ceiling windows, and the property offers an excellent corner location with 121 feet of wraparound frontage within the trendy East Village neighborhood.
● AVISON YOUNG
Lanson Properties sells empty building for $11M
The Tri-State Investment Sales Group for Avison Young has arranged the sale of a newly-built six-story, mixed-use property at 242 East 58th Street in the Midtown East neighborhood of Manhattan.
The property sold for $11.5 million, which was $500,000 higher than the asking price.
The sale was arranged on behalf of owner Lanson Properties by principal and Head of Tri-State Investment Sales James Nelson along with Director David Shalom, Associate Director Eric Karmitz and Associate Carter Lovejoy.
Built in 2009, the fully-vacant 10,000 s/f mixed-use glass and steel property, designed by Edward I. Mills + Associates, features floor-to-ceiling glass and a limestone envelope with ground floor, mezzanine and basement retail space along with two residential units on upper floors.
The residential units include one three-bedroom, 2.5-bath duplex apartment and one four-bedroom, 3.5-bath triplex apartment which can potentially be seamlessly combined into one unit. Both apartments have outdoor terrace space while the commercial units boast 11 to 24-foot ceilings.
All floors feature direct keyed elevator access, custom climate controls in every room, as well as fire stairs and interior stairway egress.