●marcus & millichap
West Village property
Marcus & Millichap Real Estate Investment Services has arranged the sale of a 26-unit multifamily property at 143-145 West 4th Street for $19.2 million.
Joseph Koicim, Peter Von Der Ahe and Sean Lefkovits, all in Marcus & Millichap’s Manhattan office, advised the seller, Silverstone Property Group.
The buyer is a private investor who purchased the property through a 1031 exchange.
Silverstone Property Group acquired 143-145 West 4th Street in August 2012 for $11,325,000 and implemented a renovation program for the free-market units and common areas.
“The property is located within one of the most desirable rental markets in Manhattan,” said Koicim.
“The 21 free-market units have been fully renovated to luxury standards and the five rent-stabilized units provide the new owner with a significant upside opportunity.”
Located in the West Village, 143-145 West 4th St. is one half-block from Washington Square Park and near New York University’s undergraduate school, the New York University School of Law and several subway stops.
● massey knakal
Longtime owners sell
An apartment building at 140 East Hartsdale Avenue, in Hartsdale, New York, was sold for $17,000,000.
The six-story elevator-serviced building contains 82,794 s/f and has 79 residential units
The building benefits from two elevators, 28 indoor parking spaces, and 17 outdoor parking spaces. The sale price equates to approximately $205 psf.
The building is close to the Bronx River Parkway and adjacent to the Scarsdale Country Club .
“This property was owned by long time clients. We were hired to market the property and maximize its exposure. We implemented a competitive bidding process and procured the ideal buyer,” said Massey Knakal’s Thomas A. Donovan, who exclusively handled this transaction.
“The buyer of the property is a real estate family who owns additional holdings in the area. The addition of this asset to their portfolio was a natural fit.”
●cushman & wakefield
Charity taps two teams top sell Rhinelander Center
Cushman & Wakefield announced that the firm and the Douglas Elliman Tavivan Sporn Team have been selected by The Children’s Aid Society to co-market their Rhinelander Center facility at 350 East 88th Street on the Upper East Side.
Totaling 15,405 s/f, 350 East 88th Street features four exposures and 50 feet of frontage on East 88th Street.
The four-story property has 11- to 22-ft. vaulted ceilings, bay and punched windows, three separate entrances, two outdoor terraces totaling 830 s/f and a dedicated elevator.
Built in 1891, the property is located in an R8B zone that permits residential and community facility uses.
The assignment is being co-marketed exclusively by a Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Karen Wiedenmann and Sujohn Sarkar and Ariel Tavivian, Yair Tavivian and Lenny Sporn of Douglas Elliman’s Tavivian Sporn Team.
According to the brokers, the property’s double-height fourth floor, has the potential to be a prime penthouse condo unto itself and the building’s multiple entrances afford versatility for mixed uses, including both as a residential townhome or condominium conversion.
There is also a large 3,705 s/f basement space with full windows, partially above grade.
Other configuration possibilities include a school, museum, non-commercial art gallery, medical office, house of worship or the headquarters of a foundation or other charitable organization.
“To bring an opportunity like this to the market in the prestigious Upper East Side is extremely rare and exciting,” said Hwang, a Cushman & Wakefield executive vice president. “The Rhinelander offers significant potential for a purchaser with a compelling vision for this exquisite asset.”
● rugby realty
Rugby Realty makes a
Rugby Realty Co., Inc. has acquired City View Corporate Center, a Class A office building in Lyndhurst, NJ, from TA Associates Realty for an undisclosed price.
The 135,418 s/f property at 160 Chubb Avenue is nearly 80 percent occupied, with 26,000 s/f of contiguous space currently available for lease.
Cushman & Wakefield represented the seller in the transaction. C&W’s Curtis Foster has been named leasing agent for the property.
“We expect to quickly bring City View Corporate Center’s occupancy to 100 percent while providing a better tenant experience,” said Maurice Ades, Rugby Realty’s principal and managing director.
“In addition, we intend to grow our portfolio in the New York region significantly.”
The transaction marks Rugby Realty’s first office acquisition in New Jersey, and it owns an industrial site in nearby Teterboro, NJ.
Few physical improvements will be required at City View Corporate Center, which was fully redeveloped in 2006.
The three-story structure’s green glass façade allows unobstructed views of New York City, and on-site amenities include a full-service cafeteria.
Tenants include Argo Turboserve Corp., a supply chain manager serving the aerospace industry, federal government.
● urs capital partners
NY buyer enters Florida market
New York-based real estate investment company URS Capital Partners has entered the Florida market with its acquisition of South Point Place Apartments, a 108-unit apartment complex in Jacksonville.
URS Capital is a private real estate investment company that has built its portfolio by working with private investors to acquire distressed or value-add multifamily assets.
The company is focused on acquiring midsize apartment communities throughout the Midwest, Mid-Atlantic and Southeast.
“This asset has great visibility but much like our previous acquisitions is in need of a capital injection and new management to maximize its potential,” said Chris Urso, managing partner of URS Capital Partners.
‘New Soho’ development site sold
Adrian Langsner-Smilovici of Delta CRE arranged the sale of a Williamsburg development site .
The combined properties of 132 Bedford Ave. and 138-142 North 10th St, sold for $12.7 million, which equates to $474 psf.
Smilovici and his team, Michael J. Leben and Meron Langsner represented both the buyer and the seller in the transaction.
The seller, Apple Restoration Co., cited the area’s change to a residential neighborhood the reasons behind their relocation decision.
The buyer, Bedford Acquisitions, LLC, has not yet disclosed its intention for the properties, but has expressed that the company is very excited to have a prime location on Bedford Ave.
Langsner-Smilovici, an industry veteran, has described this section of Brooklyn as “the New SoHo.”