SELLING POINTS
● eastern consolidated
Village portfolio fetches $32M
Eastern Consolidated has sold a portfolio of apartment buildings at the intersection of Christopher and Bleecker Streets.
The six mixed-use walk-ups sold for $32,342,000. The contiguous properties are comprised of a total of 47 residential units and seven commercial spaces
Eastern Consolidated chairman and CEO Peter Hauspurg represented the seller of the package, multigenerational owner Noah Osnos, while senior director Ben Tapper procured the buyers, a partnership between Dalan Management and RWN Real Estate Partners LLC.
Eastern chief financial officer Peter Takiff advised on the transaction.
“Not only are these properties all situated in an iconic West Village location but the mixture of regulated and free market apartments, combined with below market retail tenancies offers significant financial upside to the purchasers” noted Tapper.
The six buildings are 89 & 91 Christopher Street and 329, 333, 337 & 341 Bleecker Street.
●massey knakal
The best of the bunch
Massey Knakal Realty Services has been retained to sell a development site at 125 Perry Street.
The four-story building is 40,000s/f and currently operates as a parking garage.
Zoning allows for conversion to residential use as-of-right and, said chairman Bob Knakal, could easily be regarded as the best conversion opportunity in the U.S.
“With the highest end condominiums selling for thousands of dollars per square foot, it would not be surprising to see this asset sell at an aggressive level,” said Knakal.
The property has four curb cuts, allowing prospective developers, or users, to deliver on-site parking, a prized and scarce commodity in the West Village.
● CBRE GROUP, INC, NEW JERSEY
Sloan-Kettering buys Lucent property
CBRE Group, Inc., New Jersey, has brokered a deal for Memorial Sloan-Kettering to acquire the 287,806 s/f building at 480 Red Hill Rd. in Middletown, which previously housed Lucent Technologies.
The sale price was $14 million.
The building, located off exit 114 of the Garden State Parkway, was developed and owned by Murray Construction, who gave it back to the lender, AEGON, in 2009.
CBRE’s Suzanne Macnow, first vice president, and John Goodwin, senior associate, represented the owner of the property in the sale. Cushman & Wakefield represented the buyer.
Sloan-Kettering will retrofit the building into a cancer treatment center, similar to its Basking Ridge facility. Additionally, the healthcare provider will also house its main data center at the site.
“Monmouth County is on a tremendous upswing as the list of large-scale adaptive reuse projects continues to tick upward,” said Macnow.
“This transaction will take an even bigger bite into that availability rate. Developers are seeing the potential and seizing upon opportunities to find new solutions that create valuable options for outdated properties.”
Macnow, who is also representing the owner of the former Asbury Park Press building, in Neptune, in an effort to sell it for redevelopment, said more sites are expected to hit the market in these shore communities, with this trend continuing to have a major impact throughout the state.
● TREETOP DEVELOPMENT
$85M Saxon Hall trade
Treetop Development has expanded its footprint in the New York City marketplace with the purchase of Saxon Hall, a 16-story high-rise rental building located at 62-60 99th Street in Rego Park, Queens.
The purchase price was $85.25 million. The seller was Vantage and Lubert Adler. The acquisition of the 417-unit building is the latest in Teaneck, N.J.-based company’s aggressive plan to grow its portfolio of homes by purchasing rental properties in emerging and undervalued New York City neighborhoods.
Over the past 14 months , Treetop has acquired more than 1,000 apartment homes in Morningside Heights, the Upper West Side and Harlem.
Jose Cruz and Andrew Scandalios of HFF served as brokers for the transaction and Steve Fleissig of Greenberg Traurig LLP acted as legal counsel for the buyer.
Treetop will institute a capital improvement program at Saxon Hall and reintroduce vacant units at monthly rents “reflective of market demand.ˮ
“Saxon Hall represents our first foray into a Queens market we’re extremely confident is poised for growth,” saids Adam Mermelstein, principal of Treetop Development, which owns and self manages over 3,000 residential homes throughout New York and New Jersey.
● mack-cali
Goodbye Norwalk
Mack-Cali Realty Corporation has sold its commercial office property at 40 Richards Avenue in Norwalk, Connecticut, for $16.5 million.
The approximately 64 percent occupied, seven-story, 145,487 s/f property was sold to The Davis Companies.
Matthew F. Keefe of HK Group represented Mack-Cali in the transaction.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “40 Richards Avenue was Mack-Cali’s sole asset in Norwalk and was no longer consistent with our overall strategy. This was the right time to sell given market conditions and we look forward to redeploying the proceeds into more strategic investment opportunities.”
● cbre group, inc
Jumbo Jersey site sold
CBRE Group, Inc. announced the sale of 90 Dayton Avenue, in Passaic, N.J.
The 1.64-million-square-foot site set on 30.86 acres is among the few remaining major developable sites in the heart of one of the state’s most densely populated markets.
A number of CBRE teams collaborated to represent the seller, Passaic Industrial Center Associates, and procured a Private Capital Group investor to purchase the property.
The new owner intends to stabilize and hold the property for investment purposes while developing a portion for retail use.
The site is currently used for industrial warehouse, manufacturing and distribution purposes.
The CBRE New York-based team of Darcy Stacom and Paul Lebowitz teamed with Charles Berger, of CBRE New Jersey’s Private Capital Group, and Elli Klapper, of CBRE’s NY Private Capital Group, to complete the sale.
The Industrial Group’s Bill Waxman and Mindy Lissner were brought in to lease up the property and Cheryl Woodrow, of Asset Services, to manage it.
Klapper and Berger are continuing CBRE’s relationship with the new owner and are bringing in the New Jersey Retail Group to lease the soon to be converted retail portion of the property.
Said Klapper, “This site is one of the oldest complexes in Passaic and represents one of the original planned industrial communities. It will be interesting to see how it is transformed and revitalized for future generations.”
● terracrg
Silvershore turns a nice Brooklyn profit
TerraCRG has closed on the sale of the 10-unit building at 267 Flatbush Avenue in the Prospect Heights neighborhood of Brooklyn.
The property is located on the corner of Flatbush Avenue and St. Marks Avenue.
The 9,000 s/f property has nine residential units and a corner retail unit occupied by a restaurant that is slated to open this summer.
Six of the residential units are vacant and in the process of being renovated. Two have already been renovated and leased.
The retail tenant has a 10-year lease with two 5-year renewal terms.
Silvershore Properties retained TerraCRG and they just sold the property in an all cash deal for $6,200,000 equal to $687 psf.
Silvershore originally purchased the property one year earlier for $2.3 million.
Ofer Cohen, Adam Hess, Melissa DiBella and Mike Hernandez of TerraCRG represented both buyer and seller in this transaction.
