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Deals & Dealmakers

Selling points: Madison Park Tower sold for $80M, Investor buys West Village property

Cushman & Wakefield

Madison Park Tower sold for $80M

Morgenstern Capital and TLM Equities, LLC have purchased Madison Park Tower for $80 million.

Cushman & Wakefield served as advisor to the sellers, affiliates of CIM Group .

The real estate firm also arranged  $65 million of acquisition for the buyers that was provided by TSquare Mile Capital Management.

Constructed in 2009, Madison Park Tower is a 36-story luxury residential apartment building located on 34th Street between Madison and Park Avenues. T

The Cushman & Wakefield Capital Markets team of Adam Spies, Doug Harmon, Adam Doneger, Kevin Donner and Avery Silverstein represented the seller.

The C Equity, Debt and Structured Finance team of Steve Kohn, Gideon Gil, Dave Karson, Alex Hernandez, Chris Moyer and Alex Lapidus represented the Borrower.

“We are thrilled to have purchased an asset of this quality at such an attractive basis. Incredibly attractive financing with a firm like Square Mile is icing on the cake. We look forward to implementing our capital improvement plan and a period of successful long-term ownership,” said Robert Morgenstern, managing principal of Morgenstern Capital.

Marcus & Millichap

Local investor expands portfolio

Marcus & Millichap announced the sale of 321 West 11th Street, a 10,400 s/f mixed-use property in the West Village.

John Krueger, regional manager of the firm’s Manhattan office, said the asset sold for $11,625,000.

Matt Fotis and Sam Hoefle represented the seller, a limited liability company, and procured the buyer, a local private investor.

“321 West 11th Street is good example of prime locations maintaining high values as the market transitions.” said Fotis, noting that the property was purchased by a generational owner in the neighborhood who sees the current market as a great opportunity to increase their existing portfolio.

321 West 11th Street is located between Washington Street and Greenwich Street. It consists of two retail units, ten studio apartments and eight one-bedroom apartments

Akelius US

Swedes continue to bolster multifamily portfolio

Akelius US has acquired a 58-unit apartment building in Back Bay, Boston, for $33.5 million.

Built in 1928, the property is located on 12-14 Commonwealth Avenue, around the corner from Boston Public Garden and close to both Harvard University and Massachusetts Institute of Technology, MIT.

Biria St. John of CBRE/New England brokered the sale of the property to Akelius, which plans to refurbish the building “in line with our value add strategy of providing a better living,ˮ said a spokesman.

The Swedish apartment giant has been expanding is portfolio within the north east. It already owns 920 units in the Boston market, including properties in South Boston, Cambridge, South End, Back Bay, Brighton and Somerville.


Mega Brooklyn retail asset for sale

Holliday Fenoglio Fowler is marketing a 59,930 s/f retail condominium that is part of The Edge master-planned development on the Williamsburg waterfront.

The HFF team is marketing the property exclusively on behalf of the seller, MPH-1 The Edge LP.

The Edge retail condominium is one of the largest Brooklyn retail assets in existence, encompassing two full city blocks at 64 North 6th Street and 164 Kent Avenue.

The master-planned development includes more than 1,450 residential units, and there are more than 3,200 residential units completed and another 700 under construction within a quarter mile radius of the property.

The retail condominium is 81 percent leased to a roster of nine tenants, including CVS Pharmacy and Brooklyn Harvest Market.

The HFF investment sales team representing the seller includes managing director Rob Rizzi, senior managing director Andrew Scandalios, managing director Graham Stephens and directors Chris Masi and Steven Rutman.

GFI Realty Services

Barbanel sees upside in Washington Heights

GFI Realty Services announced the $12.5 million sale of 390 Wadsworth Avenue, a 42-unit, pre-war elevator apartment building in Washington Heights.

Senior associate Sasha Berg represented both the buyer, Lewis Barbanel of Barberry Rose Management, and the seller in the transaction.

The 50,000 s/f building is composed of one one-bedroom unit, 18 two-bedroom units, 11 three-bedroom units, and 12 five-bedroom units, all of which are rent stabilized.

“For the buyer, this deal presented a unique opportunity to acquire a long-term asset in a prime Manhattan neighborhood that is clearly on the rise,” said Berg. “The property sold for a cap rate of just 3.6 percent, as the buyer recognized the building’s significant upside and decided to make this long-term investment.”

For Barberry Rose Management, this acquisition comes on the heels its $63 million purchase of a 13-building, 363-unit portfolio in neighboring Inwood.

Westwood Realty

Alchemy adds uptown pair

Alchemy Ventures has closed on a sale of two buildings in Washington Heights for $11,550,000.

The buildings, 82 and 84 Wadsworth Avenue, consist of 47 residential units and span 38,382 s/f. The sellers, private company, purchased the buildings from NYC-based Onex Real Estate Partners for $7,500,000 in September 2014. They completed some capital improvements in the building, where rents range from $2,200 for two bedroom to $1,900 for one-bedroom units.

Steven Vegh of Westwood Realty Associates represented both sides on the off-market transaction.

Cushman & Wakefield

Flatiron offering has curb appeal

Cushman & Wakefield is marketing 18 East 23rd Street, a mixed-use building located in the Flatiron District, for sale at $14 million.

Vice chairman John Ciraulo, director Craig Waggner, senior associate Doug Blankrot, and associate Lou D. Magarelli are leading the marketing efforts on behalf of ownership.

“The property offers tremendous curb appeal given its prime location directly across the street from Madison Square Park and the MetLife Clocktower, and a stone’s throw from the Flatiron Building,” said Ciraulo.

The 9,400 s/f five-story walkup contains 16 free-market residential units, all of which are studios, and a restaurant on the ground floor. The four studios on the property’s top floor are duplexes featuring double height ceilings. On average, the building’s studios rent for $2,300 per month. The ground floor is leased to CHOP’T Creative Salad Eatery for 4.5 more years at $175 per square foot.

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