● brookfield financial
LIC development site priced at $23M
Brookfield Financial Real Estate Group New York has been retained to sell a Long Island City development site.
27-21 44th Drive in the Court Square area of Long Island City is comprised of three adjoining lots zoned R9/M1-5/LIC for as of right residential use. The asking price for the property is $23.5 million.
The Brookfield brokerage team of Eric Anton and Ron Solarz with Eric Weinberg are spearheading the sales effort.
The site, located mid-block between 44th Drive and Purves Street, offers approximately 114,400 s/f of zoning floor area.
Said Solarz: “This is a great opportunity for a developer to profit from the amazing Court Square location within Long Island City. Developers have seen the tremendous success of recent projects in the area and we are confident this site will be met with significant demand.”
● ariel property advisors
Silverstone makes $71M Kips Bay buy
Silverstone Property Group has bought a 146-apartment, eight-store Kips Bay package for $71.55 million.
The new owners is “seeking to capitalize on the upside in the rental income through renewing the asset with capital improvements,” according to Yosef Katz, a broker at GFI Realty Services who arranged the deal with Barak Jacobov.
The seven contiguous buildings, which extend from the corner of 3rd Avenue to East 33rd Street, sold for 15 times the rent roll.
The property addresses are 489, 493 and 495 Third Avenue, and 203, 205, 207 and 211 East 33rd Street. There are approximately 60,000 s/f of available air rights across the seven properties.
The residential units are 60% free market and the commercial units are occupied by local retailers.
The buildings were held under long term ownership before being traded to Silverstone who was already active in the area, recently purchasing 247 East 28th Street also known as The Grayson, a 128 unit apartment building.
Katz represented the buyer and Jacobov represented the sellers, local investors who took back control of the ground lease in January and decided to sell in a “quick off market transaction,” said Jacobov.
● benchmark real estate GROUP
Adding value in the
In a market where average apartment rents are hovering around the $50 psf mark, Benchmark Real Estate Group has paid $20 million for a 38-unit West Village walk-up where it expects to get $100 psf.
Jordan Vogel, co-founder of the Benchmark, said the firm just closed on the purchase of 455 Hudson Street, a 50 ft. wide property with 38 apartments and two stores.
“It is a value add opportunity,ˮ he said. “We intend to gut renovate the common areas and apartments, add amenities and increase the rent roll.
“With a high-end renovation, we will achieve $100 per square foot rents. There is also tremendous upside in the retail as the stores are currently paying about half of market.ˮ
Benchmark has two similar deals under contract, according to Vogel, who added, “We are still in a buying mode for value add opportunities.ˮ
● kalmon dolgin
Retail plan for Gowanus site
Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the sale of six interconnecting buildings totaling 60,622 s/fat 529 3rd Avenue in the Gowanus neighborhood of Brooklyn, NY, for $7.25 million.
Robert Klein of Kalmon Dolgin Affiliates represented both the buyer, 304 LLC, and the seller, a local investor, in the transaction.
The property at 529 3rdAvenue offers 150 ft. of frontage on its 3rdAvenue side and 200 ft. on 13th Street.
he buyer is planning to redevelop the space into more than 60,000 s/f of combined office and retail space, with additional buildable square-footage for community use.
“The sale and redevelopment of 529 3rd Avenue was largely successful for both the buyer and the seller,” said Klein.
“The anticipated plans for retail and office space will complement the fast growing residential community springing up in the Gowanus area of Brooklyn. Once renovated, the property 529 3rd Avenue is sure to attract top-quality tenants, who will benefit from its central location and excellent frontage.”
● Massey Knakal
Knakal sells ‘tip of iceberg’ for $38M
A newly constructed apartment building at 202 8th Street, in Brooklyn’s Park Slope neighborhood, has been sold for $37,750,000.
The 12-story building contains 51 studio, one, two and three-bedroom units with washer and dryers in each unit, stainless steel appliances, built-in closets, and marble bathroom floors.
There is a private gym for residents, storage spaces, key fob access, and a part-time doorman.
The sale price equates to $915 psf, according to Massey Knakal chairman Bob Knakal, who exclusively handled this transaction.
“A transaction like this is only the tip of the iceberg for the Brooklyn multifamily market which will continue to see sales prices escalate to record levels,” Knakal predicted.
●hfz capital group
Feldman buys sports center
Ziel Feldman, founder & managing principal of New York based HFZ Capital Group, announced that the company has acquired Waldwick Splash Park, a 146,661 s/f sports complex in Waldwick, New Jersey.
The purchase price was $21,950,000.
The 100% leased facility has a 79,200 s/f Superdome operated by Unlimited Sports LLC, a three lane track, and four 30×60 yard fields, which caters to local school sports teams, clinics and leagues.
The main reception building features a locker room, party room, video game room, and offices. The park has a basketball facility operated by Hoop Heaven; a golf simulator operated Greenhouse Golf; Orthopedic Rehabilitation; The Learning Experience, which provides daycare/preschool activities; The Petrov Ballet School; as well as several fitness facilities, outdoor fields and parking.
The property is located in the center of one of New Jersey’s wealthiest communities.
According to Feldman, “We were attracted to this asset because of its prime location and superb facilities. It is used year round by individuals, schools, sports teams, camps and for ballet classes, parties, day care, and various after-school activities. ”
HFZ already owns Sports Park, a 42,000 s/f sporting and recreational facility located in Upper Saddle River, New Jersey.
● Marcus & Millichap
Sabharwal in for a Dollar
Marcus & Millichap Real Estate Investment Services is marketing a 10- property Dollar General store portfolio with properties located in Alabama, Florida, Illinois, Indiana, Mississippi, Oklahoma and South Carolina.
The $18 million listing price equates to $170 psf.
Preet Sabharwal, a senior associate in Marcus & Millichap’s Manhattan office, is advising the seller, a New York-based private equity firm, with the assistance of
Mark Boyce, a senior associate in Charleston, S.C., Eddie Greenhalgh, senior associate in Birmingham, Ala., Tom Mann, an associate in Tulsa, Okla., and Anne Williams, an associate in Memphis, Tenn.
“All of the stores in the portfolio are of new construction with long-term leases in place,” said Sabharwal.
“We are offering a blend of Dollar General Market stores, Dollar General Plus stores and standard Dollar General stores. The leases are all absolute triple-net, guaranteed by Dollar General Corp. and have 3 percent escalation in year 11 and in the option period.”
“There is a favorable assumable debt scenario in place with a 4.24 percent fixed interest rate,” added Sabharwal.
Dollar General Corp., the nation’s largest small-box discount retailer, was founded in 1939.
The company is publicly traded on the New York Stock Exchange and its credit rating was recently upgraded to investment grade BBB- by Standard & Poor’s.
● eastern consolidated
Polsinelli has new deal brewing
A four-story, Starbucks-anchored mixed-use building at 168 East 66th Street, aka 1128 Third Avenue, is on the market exclusively through Eastern Consolidated for $9.8 million.
Senior Director Adelaide Polsinelli is spearheading the marketing efforts for the 5,309 s/f property.
Surrounded by city hospitals and cultural institutions on the Upper East Side corner of Third Avenue and 66th Street, the asset has two other commercial stores ,including Tao Yoga & Tai Chi as well as one residential apartment, in addition to the ground-floor income-producing Starbucks.
“Given its hard corner location and strong rent roll, this property is sure to make any investor perk up,” Polsinelli said, noting that Starbucks has a base rent that will reset.
“The coffee chain provides built-in revenue that will only increase as the neighborhood continues to attract singles and young families.”
The building is two blocks from the 68th Street/Lexington Avenue “6” train subway station and should realize significant appreciation in rents and value when the $4 billion Second Avenue subway project is completed in 2016.
● onyx equities / artemis real estate
Complex deal for Onyx, Artemis
A joint venture of Onyx Equities, LLC and Artemis Real Estate Partners announced the acquisition of Mount Kemble Corporate Center, a 229,500 s/f Class A office complex in Morristown, N.J.
Built in 2001, Mount Kemble Corporate Center is among the most modern office buildings in the market. T
The complex, which is 64 percent occupied, is home to companies such as Coughlin Duffy Kelly and Liberty Mutual.
The new ownership plans to reposition the complex and reintroduce it to the marketplace as a high-quality, low-cost alternative to the other Class A properties in the Morristown submarket.
“We view this as a strategic opportunity to acquire a quality asset at a steep discount to historical values and create substantial value through the recapitalization, repositioning and lease-up of the property,” Onyx Equities senior vice president of investments Stephen Sullivan said.
“By reintroducing the property with stable, well-capitalized ownership and rental rates that are below the competitive set in the submarket, we expect to lease up the complex in a short period of time.”