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Deals & Dealmakers

SELLING POINTS: LIC development site gets double exposure; Slate sees value swell on UWS bargain

●rosewood realty group
Brooklyn portfolio fetches $13M

Rosewood Realty Group announced a five-building Brooklyn portfolio sale for $12.65 million.

AARON JUNGREIS
AARON JUNGREIS

The buildings include 442-446 Decatur Street in Bedford Stuyvesant and 255-261 and 263-265 Linden Street in Bushwick.
Decatur is a four-story walkup apartment building with 32 apartments and Linden consists of four, four-story walk-up apartment buildings and a six-family walk-up apartment building (all contiguous) with a total of 38 apartments.
Together, the buildings, that were built around 1931, total about 55,338 square feet. The portfolio sold for 11.4 times the rent roll.
Aaron Jungreis represented both the Linden seller, Black Spruce Partners IV LLC and Decatur seller, Black Spruce Partners IX. David Scheer represented the buyer, a private investor.

● eastern consolidated
Double exposure expected to pay
off in LIC

Eastern Consolidated has been named the exclusive agent to market the sale of 37-29 31st Street & 37-26 32nd Street in Long Island City for $10.35 million.
The as-of-right, block-through development site is comprised of two separate, contiguous properties totaling 50,500 s/f.

Rendering of the proposed development - zoned for a mixed-use, residential - seven-story apartment building with retail on the ground floor.
Rendering of the proposed development – zoned for a mixed-use, residential – seven-story apartment building with retail on the ground floor.

“Coupling 37-29 31st Street and 37-26 32nd Street optimizes the site’s development and investment potential within this bustling area of Long Island City,” said Peter Carillo, a senior director of the Investment Sales Division at Eastern Consolidated, who along with associate director Chad Sinsheimer exclusively represents the two owners, Abbeys Automate Inc. and The Cosma Family, who they convinced to sell the properties together.
“This is a tremendous opportunity within a submarket that continues to see a steady flow of new residential and commercial development.”
Both properties will be delivered vacant, or subject to short-term lease back agreements, at the time of sale, depending on the purchaser’s desired structure while new development plans are being pursued.
The current tenants occupying each property have leases expiring before the end of the year.

●cbre
Greystar pays $52M for NJ apartment community

A Morristown NJ apartment community has been bought by an affiliate of Greystar for a reported $52 million.
Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE’s Institutional Properties, represented AMLI Residential Properties, L.P. in the sale of AMLI on the Plaza to the affiliate of Greystar Real Estate Partners, LLC.

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AMLI on the Plaza

AMLI on the Plaza is a 149-unit class A apartment community with 7,479 s/f of retail space.
The property was built in 2002, consists of one nine-story building and one six-story building. Features include a fitness center, private courtyard with reflecting pond and access to an adjacent parking facility for residents.
According to Dunne, a prolific dealmaker in the northeast, “Greystar is acquiring an exceptional asset in an affluent New Jersey community that possesses the most desirable characteristics sought after by today’s young renter looking for a lifestyle centered around an urban core.
“It has convenient access to numerous employment centers, is within walking distance to dozens of restaurants and bars, a variety of local and national retailers as well as the New Jersey Transit Station.”

●the praedium group
Phoenix rising from recession

The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Adobe Ridge Apartments in Phoenix, AZ for $26 million.
Praedium purchased the 224-unit, Class A complex, located along Highway 101 in northern Phoenix, from a private investor.
Asim Hamid, director of The Praedium Group, said, “During the downturn, employment fell dramatically in this market, but in 2013 we saw job growth in the Phoenix area surpass the national average and we expect this trend to continue.

ASIM HAMID
ASIM HAMID

“With recent employment gains in Phoenix, demand has improved while additions to supply remain below the historical average.”
Praedium plans to upgrade the property and tap into the upside potential of rents.
CB Richard Ellis arranged the financing for the transaction. Institutional Property Advisors represented the seller.
● sabre real estate group
Acadia makes $17M retail investment

Sabre Real Estate Group’s investment sales team announced multiple transactions in the second quarter of 2014, including the recent $17.1 million sale of a 30,000 s/f retail property opposite Kings Plaza Mall in Brooklyn, and four single tenant net leased properties totaling $6.9 million.
Acadia Realty Trust, based in White Plains, NY, purchased a 1.38-acre, two-parcel site at 2520 Flatbush Ave. from Capital One Bank.
The property is leased to two retail tenants, Capital One Bank and Bob’s Discount Furniture. The deal included a sale-leaseback with Capital.

COREY GLUCKSTALL
COREY GLUCKSTALL

Sabre Real Estate Group principals Corey Gluckstal and Guy Canzoneri represented the purchaser, Acadia Realty Trust.
In separate transactions, associate Jon Winzelberg, along with Gluckstal and Canzoneri, represented both the seller and purchaser on four properties totaling $6.9 million in Brooklyn.
Three properties, 1556 Myrtle Avenue, 666 Bushwick Avenue and 1040 Bedford Avenue, are leased to KFC and the fourth property, at 1994 Atlantic Avenue, is leased to Popeye’s.
The properties are located in Bushwick, Clinton Hill, and Bedford-Stuyvesant neighborhoods.

●slate property group
Slate sees value swell on UWS bargain

Martin Nussbaum, principal and co-founder of Slate Property Group, announced the sale of 150 West 84thStreet, a five-story residential building on the Upper West Side.
The redevelopment team sold the property to a private investor for $12.275 million.

150 West 84th Street
150 West 84th Street

By repositioning the property with renovations, the team increased the value of the property that it bought for $7 million less than two years after acquiring the building in an off-market transaction in 2012.
Nussbaum said, “The repositioning of 150 West 84th Street marks another success of the overall business strategy: to discover and acquire real estate assets with considerable potential to add lasting value and transform them into premier buildings that surpass all comparable properties in their respective neighborhoods.”
150 West 84th Street is steps away from both Central Park and Riverside Park, the American Museum of Natural History, restaurants and schools and the 1, 2 and 3 subway lines.
“In a competitive multifamily market, we were able to maximize our investment in 150 West 84th Street by offering high-end finishes and efficient layouts in a neighborhood that is booming with retail and residential developments,” said Nussbaum.
Josh Goldflam of Highcap Group represented the seller and buyer of the transaction.

● kislak company
In it for the long haul
The Kislak Company, Inc. announced the $10 million sale of an 80,053 s/f eight-property mixed-use portfolio in East Brunswick and Highland Park, NJ.
Co-managing director Jeffrey Wiener represented the seller and vice president Barry Waisbrod represented the purchaser. Chief operating officer Jason Pucci, Esq., provided transaction management and support.
The properties are known as the Raritan Portfolio and consist of a 13,240 s/f retail center located at 210 State Route 18 in East Brunswick and the following properties in Highland Park: a 24,000 s/f retail and office building located at 75 Raritan Avenue; a 17,000 s/f medical office building located at 85 Raritan Avenue; a 23,313 s/f assemblage of four contiguous buildings with retail space and three apartments located at the corner of Raritan Avenue and North 4th Avenue; and a 2,400 s/f office building located at 1018 Raritan Avenue.

JASON PUCCI
JASON PUCCI

“Kislak was engaged on an exclusive basis by the long-time owners to market and sell the portfolio,” explained Wiener.
“We generated a great deal of interest among investors given the properties’ excellent locations in downtown Highland Park and on the heavily-trafficked Route 18 retail corridor in East Brunswick, and the portfolio’s strong occupancy at or near 100%.”
“The purchaser is a local business owner and investor with an appreciation for the strong local markets,” said Waisbrod.
Added Pucci, “Our engagement spanned several years, primarily because of an environmental remediation that was required at one of the properties.
“In fact, our exclusive listing agreement was renewed nine times. All parties worked tirelessly throughout the transaction to ensure a successful closing.”
Financing was provided by Amboy Bank. At the time of closing, the portfolio was 96 percent occupied.

● cbre
School buys conference center

CBRE Group’s Westchester/Connecticut office announced the sale of two buildings and 97 acres comprising of a portion of the Thornwood Conference Center, a Class A corporate conference center located on roughly 264 acres in Thornwood, NY.
The CBRE team of William V. Cuddy, Jr. and Budd Wiesenberg represented the seller, Legion of Christ, Inc., in the transaction.
EF Academy International Boarding Schools an international private high school, bought the site as an expansion to its main campus in Tarrytown, NY. The two buildings on the site total 410,000 s/f in space and include a number of amenities.
“As expected, the Thornwood Conference Center attracted significant interest from a diverse mix of potential buyers.” said Cuddy.

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