●cushman & wakefield
Luxury NoMad building hits market
Cushman & Wakefield is marketing a luxury residential building at 146 & 148 West 28th Street.
The 28,072 s/f, 12-unit boutique recently underwent a capital improvement program that included the renovation of nine apartments, entrance and lobby improvements, addition of an illuminated retail canopy, modernization of elevator cabs and boiler replacement.
The property features only three- and four-bedroom units with direct in-unit elevator access. Renovated units have top-of-the-line finishes and fixtures.
A Cushman & Wakefield New York Capital Markets team of Nat Rockett, Helen Hwang and Brian Szczapa are marketing the property, which they say can provide an investor with the flexibility to create additional value through multiple strategic avenues, including completing the unit renovation program, condo conversion, unit combination or townhome creation.
●ARC hospitality trust
$100M hotel investment
American Realty Capital Hospitality Trust, Inc. has closed on the acquisition of interests in six hotels, marking ARC Hospitality’s first property acquisitions.
ARC Hospitality acquired the fee simple interests in the Courtyard Inner Harbor Hotel in Baltimore, Maryland, the Courtyard Providence Downtown Hotel in Providence, Rhode Island, and the Homewood Suites in Stratford, Connecticut, as well as a leasehold interest in the Georgia Tech Hotel & Conference Center in midtown Atlanta, Georgia, for an aggregate purchase price of $101.5 million.
Additionally, ARC Hospitality has acquired joint venture interests in The Hilton Garden Inn in Blacksburg, Virginia, and the Westin Virginia Beach Town Center in Virginia Beach, Virginia, for an aggregate purchase price of $5.0 million.
William M. Kahane, CEO and President of ARC Hospitality, commented, “As the U.S. economy continues to improve, we fully expect the hospitality sector to benefit from GDP growth.”
●the carlton group
Israelis exit Las Vegas arena
The Carlton Group has been retained by IDB Development to sell its 50 percent interest in a Las Vegas real estate portfolio.
The portfolio has substantial cash flow and includes Tivoli Village, the remaining 12 condominium units from One Queensridge Place condominiums, and 18 acres of entitled land to build 450+ residential condominiums.
The sale comes as Israel-based IDB Development seeks to exit from certain legacy investments in Las Vegas.
Bronx mall for sale
GFI Realty Services, Inc. has been retained to sell The Mall at 148th Street in the Melrose section of The Bronx.
The 62,000 s/f, multilevel retail building is home to credit and national retailers as well as office tenants and underwent a full rehab in 2008.
The glass-clad corner property also offers approximately 24,000 s/f of air rights with in-place structural beams that allow for construction of up to two additional stories of community facility space.
GFI Realty senior director and broker Erik Yankelovich, who will oversee marketing of the property, said, “The Mall at 148th Street is entering the market at the right time for those seeking to purchase a solid NY asset in the established the South Bronx market.
“With a very strong tenant mix, great upside and a supremely accessible location, it offers investors a well-entrenched bedrock in a hot neighborhood.
The tenancy of The Mall at 148th Street includes Sleepy’s, Lucille Roberts Gym and Walgreens.
● highcap group
$42M Broadway sale closes
Christen Portelli, managing principal at Highcap Group, announced the closing of the $42 million sale of 396-398 Broadway.
Portelli represented both the buyer and seller on the transaction, which closed at the end of March.
The 60,000 s/f office building has been vacant for years. The new owner can convert to residential, hotel or high-end office.
“I look forward to seeing the evolution of 396 Broadway, a diamond in the rough on a strip of Broadway that is undergoing a dynamic transformation,” said Portelli.
Charities tap NGKF to
market historic building
The United Charities Board has chosen NGKF Capital Markets to market the sale of 287 Park Avenue South, its historic Gramercy Park building.
Built in 1892, the nine-story, nearly 110,000 s/f building is suited for a hotel, office, residential or retail repositioning, accordign to the broker.
The charities selling the building—The Community Service Society of New York, The Children’s Aid Society and the New York Mission Society—will vacate the property after a short-term leaseback.
“The United Charities Building is a remarkable historic structure with rich architectural detail and unparalleled craftsmanship that has been impeccably maintained to this day,” said NGKF senior managing director Geoffrey Newman, who is leading the marketing effort.
“It is also ideally located, benefiting from the traditional Gramercy Park neighborhood and the emerging excitement in the Flatiron District.”
The property comes with a storied history, developed by philanthropist John S. Kennedy, a member of the fabled Jekyll Island Club with J.P. Morgan and John D. Rockefeller, to house the charities that reside at the location.
Newman along with Mark Weiss and Brian Fennelly, and NGKF Capital Markets’ David Noonan and Jennifer Schwartzman, with NGKF president James Kuhn, comprise the listing team.
● terra crg
Brooklyn rental a value-add opportunity
TerraCRG has been retained as the exclusive agent for the sale of the new construction building at 64-68 Maspeth Avenue in East Williamsburg, Brooklyn.
Ofer Cohen, Melissa DiBella, Peter Matheos, Dan Marks and Michael Hernandez are representing the seller and have presented the property with an asking price of $14,000,000.
The four-story 22,500 s/f property was built in 2011 and consists of 24 one and two-bedroom units. All of the units have video intercoms, hardwood floors, stainless steel appliances, dishwashers, stacked washer/dryers, granite countertops, air conditioning, exposed brick walls, and a shared backyard garden.
The building is fully occupied with all leases expiring by August 2014 and has 19 years remaining of a 25 year 421-a tax abatement.
According to DiBella, “There is a real opportunity to add value within 12-18 months by increasing revenue over 15% by bringing rents to current market levels,” Melissa adds.
● cushman & wakefield
Fidelco partnership buys development site
Cushman & Wakefield’s Metropolitan Area Capital Markets Group has sold a fully approved, 15-acre residential development parcel at 400 Clermont Terrace in Union Township.
Diversified Realty Advisors of Summit, NJ, in venture with the Fidelco Realty Group from Millburn, NJ, purchased the former National Envelope site, which will be redeveloped as a residential community of 140 for-sale townhomes and 130 rental apartments.
Cushman & Wakefield’s Brian Whitmer handled the assignment with team members Andrew Merin, David Bernhaut, Gary Gabriel, and Ryan Dowd.
“Union Township is transforming the area in the vicinity of the rail station into a Transit Village, and this property will benefit from the resulting positive momentum and appreciation,” Whitmer noted.