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SELLING POINTS: Muss acquires $30M Scarsdale property

Adam America sells W’burg apartment building for $84M

123 Hope Street

Adam America has sold a Williamsburg apartment building at 123 Hope Street to HUBB NYC for $83.8 million.
The 126,000 s/f multi-family features 136 residential apartments, of which 41 are affordable, 11,190 s/f of ground floor retail and 92 parking spaces.
Prince Realty Advisors’ David Ash brokered the sale of the seven-story property .
Slate Property Group and Adam America bought the origina site in 2015 for $31.5 million. Rents range from $2,385 for a studio to $4,323 for a two-bedroom.
“Considering the market uncertainty and the capital markets in such flux, I cannot be more impressed with the professionalism that all parties presented in pushing efforts to close this deal,” said Ash, founder of Prince Realty Advisors.

Muss acquires luxury Scarsdale development

250 Glasshouse

Muss Development has purchased a luxury apartment building in Scarsdale for $29.25 million.
Venture Capital Properties announced the sale of 250 Glasshouse on behalf of developer Ted Weinberg
Located at 250 Central Park Avenue and abutting Scarsdale Country Club, the new luxury apartment building features 51 residences, all containing
outdoor space.
Built in 2018, luxury appointments include floor-to-ceiling, on-site parking with electric car charging stations and an abundance of nearby dining and shopping options in an affluent town located in the heart of Westchester County.
The seller was represented by Elana Tsyganko, Max Kostikov and Richard Horowitz of Cooper Horowitz.
The buyer was represented by Itan Rahmani and Jacob Stavsky of Venture Capital Properties.

Virtual closing on $16M Astoria apartment building

Marcus & Millichap announced the sale of 31-65 29th Street, a multifamily building in Astoria, Queens, for $16,769,500.
The seller, a private investor, was represented by Matt Fotis, Lazarus Apostolidis, Zachary Golub, and Paul Youssef. The team also procured the buyer, another private investor.
“We are especially proud of this transaction as it took expert brokerage skills, team collaboration, patience and perseverance while facing adversity in the market at every stage of the process,” said Fotis.
“The building was listed just before the HSTPA, contract was signed months after the bill passed and closed virtually March 24.”
Located between 31st Avenue and Broadway, 31-65 29th is a pre-war elevator building which contains approximately 39,549 gross square feet comprised of five studios, 19 one-bedrooms, 14 two-bedrooms, five two bedroom/two bath, and five three bedroom/two bath apartments.
The total 48 apartments are situated across six stories.
Added Fotis, “Our Team continues work through these difficult times to facilitate closings and contract signings in Manhattan, Brooklyn & Queens to support our clients and help to achieve their goals.”

Ginsburg acquires luxury Westchester rental property

Stratus on Hudson

RMS Companies has sold its luxury Stratus on Hudson rental building to Ginsburg Development Companies for $39.5 million.
The sale price is one of the highest multi-family price per unit sales in Westchester
The 74-unit luxury rental building located at 1077 Warburton Avenue in the Greystone neighborhood of northwest Yonkers was completed last year.
“GDC has a lot of history in the Greystone area going back to the 1960’s and have built six projects in this community. Randy Salvatore built a building that meets the high-quality brand standards of GDC Rentals, so it was a natural fit for our portfolio,” said GDC Principal Martin Ginsburg
Stratus on Hudson features a rooftop sun deck with lounge seating, an outdoor bar, wide screen television, and breathtaking views of the Hudson River looking up and down the river toward the New York City skyline.
Other amenities include a club lounge party room with billiards, a fitness center, indoor garage parking and a location that offers a three-minute walk to the Greystone Metro-North station.
GDC will offer Stratus residents access to The Spa at River Tides and other programming offered at the larger 330-unit full-service building.

Historic townhouse fetches $12M

16 East 82nd Street

JLL Capital Markets ahas completed the sale of 16 East 82nd Street, a 9,468 s/f historic townhouse on the Upper East Side, for $12.25 million.
The five-story 16 East 82nd Street was constructed in 1888. The Queen Anne-style house retains almost all of its original features, including an elaborate façade with foliate spandrels and panels with heads adorned with helmets, a dentiled cornice, and bead-and-reel moldings.
The 9,468 s/f property features medical office space on the ground floor and six residential units on the upper floors.
Located between Fifth and Madison avenues, 16 East 82nd Street sits on a block that features 21 grand historical mansions.
The JLL Capital Markets team overseeing the sale include chairman of New York Investment sales Bob Knakal, Tom Gammino, Jonathan Hageman, Patrick Yannotta and Jeremy Simon.
“This is a one-of-a-kind opportunity to acquire one of the most prestigious lots of real estate in the world,” Gammino said. “16 East 82nd Street is prime for a single-family mansion conversion.”

Two properties sold in NJ apartment hot spot

Gebroe-Hammer Associates has arranged two multifamily sales in Plainfield, NJ for a combined $15.23 million.
The sales of Stoney Brook Gardens at 643-715 E. Front St., and Executive Arms Apartments at 309-315 W. 8th St., were spearheaded by executive vice president Stephen Tragash.
“Plainfield has launched an aggressive redevelopment plan focusing on leveraging the medical and performing arts while adding to its existing housing stock in order to attract millennials and families,” said Tragash.
“The city’s solid urban core, vibrancy and strong existing infrastructure are what attracted each of the buyers, both of whom recognize the untapped value-add and repositioning potential at these existing properties.”
The largest of the two trades involved the $12 million sale of Stoney Brook Gardens.
Built in 1961, the garden-apartment complex features 70 units, all of which are 1,033 s/f two-bed, 1-bath layouts.
Tragash exclusively represented the seller of Stoney Brook Gardens, Stoney Brook Associates LLC, and identified the buyer, a private unnamed investor.
In the $3.23 million trade of Executive Arms, Tragash represented the seller, 315 West 8 LLC, and Niko Nicolaou, executive vice president, procured the buyer, a private unnamed investor.
“The half-a-billion dollar Plainfield Redevelopment Plan is already having a favorable impact on existing properties such as Stoney Brook Gardens and Executive Arms Apartments, which will benefit from the delivery of 700+ on-the-books workforce housing and luxury units as well as the adaptive reuse of Muhlenberg Hospital,” said Tragash.
“The introduction of new housing options, along with medical office mixed-use redevelopment, will strengthen the area’s robust tenant pipeline in a suburban corridor that also offers Urban Enterprise Zone incentives and three state-designated Opportunity Zones. Plainfield is one of the state’s hottest cities for multifamily investment right now.”

Kaufman completes townhouse portfolio sale

211 East 48th Street

Sage Realty Corporation, a division of the William Kaufman Organization, has completed the sale of its $14.6 million townhouse portfolio.
Matthew Lesser and Ravi Kantha of Leslie Garfield represented Sage in the sale of each townhouse, which were sold separately.
211 East 48th Street, the final piece of the portfolio, closed late last week in the midst of the COVID-19 outbreak.
The final walkthrough of the property, title-closing, and close of escrow were all done virtually.
The portfolio included 210 East 49th Street, 209 East 48th Street, and 211 East 48th Street, which all neighbor Sage’s 485,000 s/f office and retail building at 777 Third Avenue.
The William Kaufman family purchased 210 East 49th Street in 1968 and 209 & 211 East 48th Street in 1985.
210 East 49th Street sold in March 2019 for $6.8 million to DT2 Property Group LLC.
209 East 48th Street sold in August 2018 for $3.9 million to John & Coleen Landry. Occupied by Elite Modeling Agency, the purchaser has continued leasing the property to Elite with future single-family conversion plans for the townhouse.
211 East 48th Street sold in March 2020 for $3.8 million to Hendale LLC, which intends to use the property as live-with-income.

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