Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: RFR to convert Church Mission House; Kushner back buying in Jersey

●rfr holding llc
Rosen to convert
Church Mission House

RFR Holding LLC announced its acquisition with Real Estate Capital Partners of 281 Park Avenue South, a six-story, 45,000 square foot landmark building formerly known as the Church Mission House.
RFR purchased the building for $50 million from the Federation of Protestant Welfare Agencies.

281 Park Avenue South
281 Park Avenue South

Following upgrades that will include new storefronts, mechanical systems and new office lobby with entrance on 22nd Street, it will be repositioned as a showpiece for a single office user requiring 28,000 to 40,000 s/f.
“This building’s sought-after Midtown South location, along with the upgrades that we have in store, make it a tremendous opportunity for one user interested in a unique combination of high visibility retail and grand office space,” said Aby Rosen, co-founder and principal of RFR.
“With its full retail frontage on Park Avenue South, we believe that it will garner significant interest from institutions and non-profits that are looking for the prestige of full building identity and control.”
The ground and second floors could be leased as retail showroom space, with its boutique corporate headquarters on the floors
above, or the retail and office space could be taken by two different tenants. There is also the possibility to net lease the entire building to one tenant.
Floor plates are roughly 6,700 rentable square feet each and the building has a copper and terra-cotta roof, marble mosaic flooring, stained glass windows, wood wainscoting and plaster ornamentation.

DLC pays $48M for South Hills shops

HFF ahas closed the $48.3 million sale of The Shoppes at South Hills, a 516,769 s/f grocery-anchored retail power center in south Poughkeepsie, New York.
HFF marketed the property on behalf of the seller. DLC Management Corporation purchased the asset free and clear of existing debt.
The Shoppes at South Hills sits on 72.6 acres at 1895 South Road (Route 9).
The site is the former South Hills Mall, which was partially demolished and redeveloped between 2007 and 2008 into a power center that is 86 percent leased to Shop Rite, Christmas Tree Shops, Ashley Furniture Home Store and others.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios.
“With this transaction, DLC has acquired one of the leading power centers in the Hudson Valley,” Cruz said.

● gfi realty services
Stabilized sale sets new price record

GFI Realty Services announced the record-breaking $25.7 million sale of 115 Ocean Avenue, an 89-unit multifamily building in Prospect Lefferts Gardens, Brooklyn.
The rent-stabilized elevator building sold for an area record 21.5 times the rent roll, and set records with its per-unit price of $290,000 and price-per-square-foot of $295.

115 Ocean Avenue
115 Ocean Avenue

GFI Realty senior director Erik Yankelovich represented the seller, a local investor who purchased the building for less than $10 million in 2010, and the buyer, a local family that has several assets in the area.
“With the Brooklyn real estate market burgeoning, we are repeatedly seeing record and near-record transactions, especially when looking at properties in desirable neighborhoods,ˮ said Yankelovich.
“With its rent-stabilized apartments, 115 Ocean Avenue is expected to generate increased revenue in the future, and is clearly an enviable asset.”
Earlier this year, Yankelovich arranged for the purchase of a neighboring four-story walkup, 147 Ocean Avenue.
At the time, that transaction set Prospect Lefferts Gardens records for gross rent multiplier, price per unit and price per square foot.

●marcus & millichap
Buyers swoop on $38M in bricks

Marcus & Millichap announced $38 million in Manhattan sales last week.
The firm sold 974 Saint Nicholas Ave., a six-story, 47-unit elevator building in Washington Heights for $15.5 million, or $330,000 per unit.
In Greenwich Village, the mixed use property at 70 University Place sold for $10.1 million.
And two five-story mixed-use walk-ups 322 and 328 East 59th Street raised $13,300,000. Located between 159th and 160th streets, 974 Saint Nicholas Avenue features 33 market-rate units, 13 rent-stabilized apartments and one rent-controlled unit. Recent renovations include new parapets, elevator and mechanicals and the units have been upgraded, too.
Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz, all in Marcus & Millichap’s Manhattan office, represented both the seller and buyer.
“As the rental market around nearby Columbia Presbyterian Hospital and Yeshiva University continues to grow, the new owner can anticipate tremendous growth from the property’s free-market rental income,” said Glasser.
Matthew Fotis, Samuel Muhs, Robert Aaron and Sam Hoefle handled the sale of 70 University Place, a 7,917 s/f mixed-use property three blocks from the 14th Street-Union Square subway station.
Peter Von Der Ahe, Joe Koicim, David Lloyd and Daniel Handweiler represented the seller and the buyer of 322 and 328 East 59th Street.
The buildings are composed of 34 one-bedroom residential apartments, four retail units and a cell tower.

●kushner companies / kabr group
Another Jersey buy for Kushner
Kushner Companies and partner The KABR Group have acquired the land at One Journal Square in Jersey City for $27 Million.
Jared Kushner, CEO of Kushner, and Kenneth Pasternak, chairman of KABR said the site will hold a mixed-use development, including
1,500 multi-family units, and a large retail component with parking.
“We are bullish on Jersey City, as evidenced by this investment as well as our strong development history in the market,” Kushner said. “We look forward to unveiling plans for One Journal Square that will help drive the city’s continued renaissance. The proximity to Manhattan is a huge draw, and the infrastructure is in place.”
Kushner and KABR are also developing a 50-story luxury rental apartment at 65 Bay Street and own 30 Journal Square where Ismale Levya is designing an mized used skyscraper.



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