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Deals & Dealmakers

SELLING POINTS: Related sells low income complex for $36M

Related sells low income complex for $36M

The New York office for Hodges Ward Elliott (HWE) arranged the $36 million sale of the 252-unit River Court and Gerard Court apartment complex at 1065-1075 Gerard Avenue in the Concourse section of the Bronx.

A team comprised of Daniel Parker, Paul Gillen, and Ariel Tambor represented the seller, Related Companies. Prana Investments was the buyer in the transaction.

“There is a wave of New York LIHTC [Low-Income Housing Tax Credit] buildings nearing the end of their regulatory agreements that are very attractive to our investor pool,” said Parker.

“Hodges Ward Elliott continues to generate investor interest in the Bronx and we are pleased to have completed this transaction on behalf of our client.”

The elevator building complex, which includes a mix of studio, one-and two-bedroom units, was first built in 1999 through the LIHTC program.

The properties have a 421a tax exemption and are subject to rent stabilization during the tax abatement.

Earlier this year, HWE arranged the $88 million sale of a pair of multifamily buildings with 355 units in the Castle Hill section of the Bronx on behalf of Related.

WP Carey closes on $70M ice cream deal

W.P. Carey, the net lease REIT, has completed a $70 million sale-leaseback of an un-named food production and distribution site in the Northeastern U.S.

The site consists of six buildings totaling more than 400,000 s/f, which are triple-net leased under a master lease for a period of 25 years to “an industry-leading supplier of ice cream and beverages.”

The multi-property site has served as the company’s headquarters and primary production facility since its founding.

The site is powered entirely by renewable, clean energy sources through a combination of wind turbines and hydroelectric energy. The company has also implemented green initiatives to eliminate waste, optimize packaging and minimize its environmental impact.

Andrés Dallal, Executive Director of Investments, W. P. Carey said: “We are pleased to have completed this accretive transaction with one of the country’s largest ice cream and beverage brands, and to add an environmentally-responsible asset to our portfolio.

“Drawing on our more than 45 years of experience investing in net lease, we were able to close quickly in order to meet the tenant’s critical timing requirements. We look forward to growing our relationship with our newest tenant and supporting their future growth objectives.”

JC Asensio, First Vice President, CBRE said: “W.P. Carey was the ideal partner for this deal. They understood our objectives and were able to apply their real estate expertise to structure and close a transaction within a tight timeframe that maximized value and flexibility for my client.”

Westport office complex fetches $30M

CBRE announced the $30,021,500 sale of 8&10 Wright Street, a Class A office complex in Westport, Conn.

The team of Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE’s Institutional Properties Group represented the seller, Marcus Partners.

CBRE also procured the buyer, Waterway Capital, in the sale.

Currently 94 percent leased, 8&10 Wright Street consists of two office buildings totaling 83,964 s/f.

The property features water views of the Saugatuck River and is within a five-minute walk of high-end retail and dining options in Downtown Westport.

The sellers recently completed a capital improvement program that included new lobbies, corridors, restrooms and windows. Major tenants include UBS, Regus Corporation, Berkowitz, Trager & Trager, Energy Income Partners and Ameriprise Financial.

“Westport attracts many financial institutions and wealth management offices due to the high net worth clientele in the area,” said Dunne. “Westport’s office market should continue to benefit from this, which bodes well for Waterway’s investment.”

Longtime owner sells multifamily Village property

The Tri-State Investment Sales Group has finalized the sale of a seven-story, 14,884 s/f multi-family building at 29 Fifth Avenue in Greenwich Village.

The property includes 12 multi-family units, one super unit and two ground-floor professional units and was sold for $16.5 million.

Principal and Head of Tri-State Investment Sales James Nelson, and directors Mitchell Levine, Brandon Polakoff and David Shalom represented the seller.

David Shorenstein & Jason Breitstone of Hildreth Real Estate Advisors represented the buyer.

“This type of investment opportunity in the iconic Greenwich Village neighborhood in Manhattan is rarely available so it’s no surprise we were able to sell 29 Fifth Avenue $1.5 million above the asking price,” said Nelson.

29 Fifth Avenue was delivered 100 percent leased. It includes eight free-market units and four rent-regulated units. The professional offices are leased through 2021 and 2022. A

The sale came after 70 years of long-term ownership. The property will be managed for the buyer by Canvas Property Group.

Mixed-use tribeca building offered for sale

Marcus & Millichap (has been selected to exclusively represent 36 Walker Street Properties LLC in the sale of 36 Walker Street in Tribeca, according to John Krueger, Regional Manager of the firm’s Manhattan Office.

The property, a five-story mixed-use building located between Church Street and Broadway, is being offered at $10.75 million.

Built full on a 25 by 75 ft. lot, the 8,600 s/f property is zoned C6-2A/TMU in the Tribeca East Historic District and has 2,736 s/f of unused air rights.

The building will be delivered vacant with a total square footage of 11,336 s/f for redevelopment.

Exclusive broker Barbara Dansker commented, “This property lies in the Tribeca Historic District and is in amazing condition with original tin ceilings, windows and interior brick walls. The Tribeca real estate market remains strong and may buildings are being renovated for commercial, retail and residential use. The vacant delivery opens many possibilities for its future use.”

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