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Deals & Dealmakers

SELLING POINTS: Seaport Inn sold; Cast Iron Soho deal; New Village condo building for sale

●cast iron real estate


$1,200 psf for Cast Iron
Soho property

Cast Iron Real Estate Co. announced sale of 40 Wooster Street for $16,350,000.
The sale reflects a price of $1,200 psf, according to Cast Iron Real Estate Co., which represented the seller.
40 Wooster street is a six-story office building located between Broome and Grand Streets in the Cast Iron Historic District.
The 118-year-old property is a designated landmark building comprised of ground floor retail and five full floor commercial spaces.
Since 1948 and for three generations, the Resnick family and its 40 Wooster Street Realty Corp.
have been the owners. For 42 years, the building was home to the family business, Resnick Scale Company. In 1990, Linda Resnick Chait and her husband Mark changed course, and for the past 24 years, 40 Wooster
has been home to a variety of commercial and retail tenants.
Kim Skarvelis, Beth Chase and David Barreto of Cast Iron Real Estate represented the seller. Paul Popkin of The Popkin Group represented the buyer, Northwind RE, LLP, a real estate asset management and development platform based in Manhattan.

●newmark grubb knight frank
Seaport Best Western sold
Newmark Grubb Knight Frank (NGKF) arranged the sale of the Best Western Plus Seaport Inn in downtown Manhattan to Gemini Real Estate Advisors for an undisclosed sum.

Seaport Inn
Seaport Inn

The federal-style hotel built in the late 1800s comprises 72 guestrooms and suites with views of the Brooklyn Bridge and East River.
Gemini has said it will convert the property at 33 Peck Slip to a 72-room Jade Hotel Seaport, set to open in mid-2015.
“Last year saw increases in both portfolio and single-asset sales of hotel properties and all factors are pointing to an even better year in 2014 with improving operating fundamentals, a better economy and strong debt markets,” said NGKF president James Kuhn, who heads the firm’s Capital Markets group.
“This sale is indicative of that and reveals that buyers want well-located properties with significant upside potential.”
Garett Stoffels and Jonathan Kule, senior members of the NYC-based NGKF Capital Markets transaction team, collaborated with NGKF Hotels experts Rick Besse and B.J. Patel, to negotiate the closing on behalf of seller WNW Hospitality Group, and liaise with the buyer and its financing source.

●rosewood realty
PanAm sells $47M portfolio

Six Upper East Side walk-up buildings, comprised of 150 free market and rent-stabilized apartments, have sold for $47.8 million.
The five-story apartment buildings, with a total of 69,740 s/f at 413, 415 and 417 East 81st Street and 427-431 East 83rd Street, sold for 15 times the rent roll, according to Rosewood Realty Group.
Rosewood’s Aaron Jungreis represented both the buyer, SW Management, and the seller, Pan Am Equities, in the deal.
“They are not developers,” Jungreis said of SW Management. “There’s zero development play here. It’s just a buy and hold.”
As for why Pan Am sold the buildings, he said: “I think they are just taking money off the table.
● massey knakal
East Village boutique hits market

Massey Knakal Realty Services has been retained to sell a mixed-use building at 189 Avenue C in the East Village. The asking price is $33,000,000.
The ten-story elevator-serviced building is L-shaped and has a 2,225 s/f commercial unit on the ground floor, as well as a 627 s/f community facility.
On the upper floors are 35 luxury stuido, one-two and three bedroom apartments a useable rooftop, gym, 24/7 security and washer/dryer units in each apartment.
The building has a temporary 421-a certification, making all units rent stabilized.

Avenue C
189 Avenue C

“Newly developed elevator buildings are a rare commodity in the East Village. In addition, 189 Avenue C has condo quality finishes which provide the buyer an opportunity to convert the building at a future date,” said Massey Knakal’s Michael DeCheser, who is exclusively marketing the property.

● eastern consolidated
Take it or leave it

Eastern Consolidated is marketing three adjacent corner properties at 2171 Second Avenue, aka 250-254 East 112th Street, 256 East 112th Street and 258 East 112th Street, for $14.5 million.
The mixed-use walk-ups are renovated and 100 percent occupied by three retail stores and 38 apartments, 28 rent stabilized and 10 market rate.
Adelaide Polsinelli, Ronda Rogovin and Jamie Rogovin represent the seller. “The portfolio is well-maintained and requires no investment on the part of the buyer, so the buildings can be left in place or, collectively, they encompass more than 60,000 square feet of an exciting redevelopment opportunity,” said Polsinelli.

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