●mack-cali realty corp.
Mack makes another
apartment buy
Mack-Cali Realty Corporation has acquired Riverwatch Commons and Richmond Court in New Brunswick, New Jersey.
The three-building, 200-unit properties were acquired for a purchase price of approximately $41.1 million.
The luxury properties consist of studio, one-, and two-bedroom units. The 95 percent leased properties were acquired from an affiliate of Ironstate Holdings.
Roseland will manage and lease the property and upgrade the apartments and expand the property’s amenities in order to generate value-added returns.
● massey knakal
Bushwick buy a long-term thing
A 37-condo unit package at 358 Grove Street in North Bushwick has been sold for $10,750,000.
The package consists of 35 residential and two commercial condos along with 40 parking
spaces and eight rooftop cabanas.
According to Michael Amirkhanian, the Massey Knakal agent who exclusively handled the transaction, the package allows the investor to acquire considerable scale and neighborhood exposure, with substantial income in place and significant selloff potential down the line.
The building is located three blocks from the J and M trains at Myrtle and Wyckoff Avenue, providing access to lower Manhattan within 30 minutes.
“The purchasers plan on repositioning and adding value to a number of the apartments and will look to hold the asset as a rental in this rapidly appreciating neighborhood,” said added Amirkhanian.
●chambers street properties
Chambers says bonjour to French market
Chambers Street Properties has acquired an 80% ownership interest in a newly developed 966,169 s/f warehouse/distribution property located in Lille, France.
This is Chambers Street’s first acquisition in France. The property was acquired as part of Chambers Street’s existing joint venture with Goodman Group that was formed to acquire stabilized, newly developed warehouse/distribution buildings in Europe.
Chambers Street’s pro rata acquisition cost for this property totaled approximately $49.5 million.
“This is an extremely attractive acquisition situated in one of the premier corridors of the French logistics sector,” said Jack A. Cuneo, president and CEO, Chambers Street.
“Goodman Group is a diligent and experienced developer building to the highest standards and we are pleased to continue our relationship with them on this property.”
Chambers Street recently sold its Afton Ridge Shopping Center in Charlotte, N.C. that was acquired in a joint venture with Childress Klein in 2008 for an undisclosed amount.
● eastern consolidated
Sound investment in Miami
Eastern Consolidated has arranged the sale of 530 Lincoln Road for $30 million, which at $3,000 per square foot is a record price for Miami’s South Beach retail market.
Tristar Capital purchased the property from a local seller.
The two-story trophy asset — once owned by the family of Gloria Estefan of the Miami Sound Machine, and located on the trendy 500 Block of Lincoln Road in the heart of South Beach — currently houses two short-term, ground-floor leases, making the property well-poised for redevelopment.
“This was an incredibly rare opportunity for an investor to acquire a retail property with immediate upside along one of the country’s premiere shopping destinations,” said Adelaide Polsinelli, senior director with Eastern Consolidated and head of Eastern’s Retail Sales Group.
Polsinelli, the sole broker on the deal, arranged the off-market transaction on behalf of both the buyer and the seller.
“Tristar is now perfectly positioned to create a dynamic, two-story, single-tenant flagship property or a multi-tenant destination. In order to be relevant in this market, retailers need to be on Lincoln Road.”
Eric Goldberg, Esq., of Olshan Grundman Frome Rosenzweig & Wolosky LLP, was the buyer’s attorney in the transaction.
530 Lincoln Road currently has 10,000 s/f of rentable space in a market with escalating values. Leasing will be handled by Robert K. Futterman & Associates.
●itzhaki properties
Investors finding write stuff in East Village
Itzhaki Properties has sold the one-time home of writer and poet, Allen Ginsberg.
Edan Cohen and CEO, Yona Edelkopf sold 170-172 & 174 East 2nd Street in the East Village for $17.5 million.
The two contiguous, walk-up, mixed-use buildings, located between Avenue A and Avenue B, consist of four ground floor retail spaces and 43 apartments (22,700 s/f).
“The market is strengthening; Investors have a growing interest and are more eager than ever to buy in neighborhoods like the East Village”, said Cohen.
“The East Village attracts many NYU students giving the neighborhood a young vibe with a growing night life while still maintaining the rich historic and artistic culture.
“The area is appealing to not only a youthful and artistic crowd, but to eager investors who want a piece of the up-and-coming neighborhood.ˮ
Ginsberg was once a tenant of 170 East 2nd Street and wrote one of his most noted works, Kaddish, while living there.
