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Deals & Dealmakers

SELLING POINTS: Samjo sells Flatbush buildings for $26M, American HK to develop Flushing site

● Meridian Capital
Samjo sells Flatbush buildings for $26M

Meridian Investment Sales sold two elevator apartment buildings in East Flatbush, Brooklyn, for $26.5 million.
Lipa Liberman, Adam Sprung, and Mark Steinmetz represented the seller and procured the buyer.
The two properties total 128 units across 108,600 s/f and are located at 1261 Schenectady Avenue and 787 East 46th Street, one block apart.

Both are corner buildings and contain laundry rooms and elevators, rare for the East Flatbush neighborhood.
“We have seen consistent demand for quality multifamily assets in the East Flatbush area. This unique area is undergoing change and we expect long-term capital appreciation as more investors become educated about the fundamentals of the neighborhood,” said Sprung.

According to TRD, the buyer was a joint venture of Malek Management and Coney Realty Group. The seller was Samjo Realty Corporation.

● Cushman & Wakefield
American HK to develop Flushing site

Cushman & Wakefield announced that the firm has arranged the sale of a 17,025 s/f vacant residential lot at 3129-3139 137th Street in Flushing, Queens. The property was sold for $11 million.

Senior Managing Director Stephen R. Preuss represented the seller, Flushing Lot 7 LLC.

“Flushing has emerged as one of the fastest growing neighborhoods in Queens and is an ideal location for commercial and residential development,” said Preuss.

“This sale offers a prime opportunity to capitalize on Flushing’s rapidly growing population and the demand for residential projects.”

The property offers 41,370 buildable square feet and sits within an R6 zoning, allowing for residential development.
It consists of six contiguous lots and is the last large parcel of land usable for residential development in the neighborhood. The current price marks $266 per buildable square foot.

Located on 137th Street between 31st Road and 32nd Avenue, the property is within walking distance of Leavitts Park and near the 7 subway line.

The building was purchased by American HK Development, Inc.

● Meridian Investment Sales
New Hunters Point condo building offered for sale

Meridian Investment Sales is marketing a new boutique mixed-use building in Hunters Point.

David Schechtman, Lipa Liberman, Abie Kassin, Richard Velotta, Scott Burk, and Adam Sprung are representing the seller.
Located in a waterfront enclave in Long Island City, 47-09 5th Street is a brand-new luxury apartment development with 3,770 s/f of ground floor retail and eight two-bedroom, two-bathroom apartments on the second through fifth floors.
The surrounding blocks contain thousands of newly developed luxury apartments, condominiums, and an abundance of eateries and retailers.

Nearby neighborhood amenities include Gantry Plaza State Park, the 12-acre waterfront park that overlooks the East River and Manhattan.

47-09 5th Street is near a variety of transportation options, including a six-minute walk to the 7 subway line.

● GFI Realty
Pre-war apartments fetch $15M

GFI Realty Services announced the $14.65 million sale of 837 East 22nd Street and 754 East 23rd Street, two pre-war multifamily properties located in Midwood, Brooklyn.

The properties are comprised of a total of 64 apartments totaling 64,000 s/f.

GFI Realty senior director Erik Yankelovich represented the buyer, a local investor, in the transaction.

“This deal presented the buyer with the rare opportunity to acquire a property from a long-term owner who had maintained the property very well,” said Yankelovich. “Occupying an entire corner block-front, the units have great layouts with terrific exposure to sunlight.”

Thor closes on James New York hotel at a discount

Thor Equities has closed on the purchase of The James New York – Soho hotel.

The deal closed at $66.3 million ,nearly $19 million less than PGIM paid for it in 2013, according to CoStar data.
Thor Hospitality Group, a newly formed division of Thor Equities, is planning substantial renovations and upgrades to the 18-story, 114-key property at 27 Grand Street.

The 75,800- s/f boutique property features three food and beverage outlets, and meeting and event space totaling 1,500 s/f.
“The James New York is a quality property located in the center of a bustling area of SoHo, which has become one of New York’s premier live, work and play neighborhoods,” said Jack Joe Sitt, vice president of Thor Hospitality Group.

Jeffrey Davis of JLL brokered the deal for the hotel, where amenities include an outdoor rooftop swimming pool and fitness center with views of the Manhattan skyline and Hudson River, as well as 24-hour in-room dining.

In addition to The James New York – SoHo, Thor owns the Palmer House Hilton in Chicago as well as Thompson Playa Del Carmen, Montage Los Cabos debuting in spring 2018, and The Ritz-Carlton Mexico City opening next year.

● Capital Property Partners
Nassi adds to LIC portfolio

Shahram Nassi’s 8Star Holdings has picked up another Long Island City property.
The developer paid $12.15 million for 47-33 5th Street in a deal brokered by Capital Property Partners associate Michael Saidian.

The property is overbuilt, according to Saidian, and comprises of 22,740 s/f on a 6,933 s/f lot. It was originally used as an industrial warehouse, but zoning would permit retail, condo or hotel development in an area prime for renewal.

Last month, plastics manufacturer Plaxall unveiled an ambitious proposal to rezone 15-acres around the Anable Basin in Hunters Point to develop a mixed-use community of eight buildings with nearly 5,000 residential units, light manufacturing and retail space.

47-33 5th Street sits on the edge of the proposed site in a neighborhood to which Nassi is no stranger. He already owns a large Long Island City portfolio, including condo projects and rentals located at 47-05 5th Street and 47-27 5th Street and 5-18 and 5-20 51st Avenue.

The building has 75 feet of frontage with double height ceilings and is located one block from the waterfront and three blocks from the Vernon Jackson 7 stop.

Saidian represented both the buyer and the seller, Kyu Heung Park of Eunhasu Corp. who had originally planned an apartment covnersion after he purchased the building for $12 million in 2015.

● GFI Realty
GFI marketing Bowery condo offering

GFI Realty Services has been named the exclusive sales agent for 263 Bowery, a 6,500 s/f office and retail condo on the Lower East Side.

Situated along The Bowery, the condo is comprised of two occupied office units, each of which is 2,000 s/f, and a vacant retail storefront that encompasses 2,500 s/f across the ground floor and basement levels.

The asset is situated at the base of a luxury residential condominium building designed by Karl Fischer.

GFI Realty managing director Roni Abudi will oversee the sale of the condo, with pricing targeted at $14 million. Abudi is also overseeing leasing for the 2,500 s/f retail space.

According to Abudi, “While the seller is looking to divest of this asset, he is also interested in securing a ground-floor tenant, which would make the offering more attractive to some buyers.

“We’re marketing to potential buyers for the three-floor condo as well as tenants for the retail, and we expect a lot of interest from parties seeking to capitalize on the area’s resurgence.”

Onyx JV buys Mack-Cali office building

Onyx Equities, in a joint venture partnership with Garrison Investment Group, has acquired the leasehold interest in 61 South Paramus Road, a 285,000 s/f office building located in Paramus, NJ, from seller Mack-Cali Realty Corporation.

The partnership’s Bergen County portfolio is now comprised of 1.4 million square feet across six assets located throughout Paramus and Rochelle Park, New Jersey, along the Garden State Parkway Corridor.

“61 South Paramus has the potential to be one of Bergen County’s best intuitional office buildings. It currently houses significant corporate operations and is situated in one of the most highly sought-after office locations.” said Stephen Sullivan, chief investment officer at Onyx Equities.

The deal is the fifth venture between Garrison and Onyx. “We look forward to delivering a modern workplace environment at 61 South Paramus Road that the tenants of Bergen County deserve, complete with high-end renovations, upgraded amenities, and a new Class A management team,” added Kristi Mazejy, vice president at Garrison Investment Group.
Cole Schotz P.C. and Milbank, Tweed, Hadley & McCloy LLP represented the buyer.

The investment sales team from Holliday Fenoglio Fowler, L.P. (HFF) comprised of senior managing director Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval, represented the seller.

● ShopOne Centers REIT inc.
Retail REIT enters NY metro market

ShopOne Centers REIT Inc. announced the acquisition of Oak Park Commons, a 139,717 s/f grocery-anchored shopping center in South Plainfield, New Jersey.

The acquisition of the 98 percent occupied center marks ShopOne’s entry into the New York metro area.

Situated at the corner of Oak Tree Road and Park Avenue, the ACME Markets-anchored property features a mix of national and local retailers including CVS, Advance Auto Parts, and Wells Fargo Bank.

“The purchase of Oak Park Commons aligns with our strategy of acquiring well-located shopping centers in densely populated, fundamentally strong markets across the country,” said Michael Carroll, CEO of ShopOne. “This property is particularly attractive considering its prime position in a major transportation corridor and the opportunity to unlock incremental value through operational and capital improvements.”

Oak Park Commons features three multi-tenant buildings and four single tenant buildings.

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