●CUSHMAN & WAKEFIELD
Demand ‘through the roof’ for Heights rentals
Newcastle Realty Services has paid $42 million for a pair of Washington Heights rental buildings from Candlebrook Properties.
The 12-story buildings, holding 125 units in total, are located at 4101 and 4113 Broadway.
The elevator-serviced properties are separated by a church and combine for approximately 126,005 gross square feet, 125 residential units and seven ground floor commercial units.
All of the apartments are rent stabilized and the unit mix consists of 63 one-bedroom, 36 two-bedroom, and 24 three-bedroom apartments. The sale price equates to approximately $333 per square foot.
The buildings are located in a residential neighborhood anchored by major institutions such as Yeshiva University and New York Presbyterian Hospital.
“High-rise assets like these are unique in Northern Manhattan and therefore demand was through the roof,” said Cushman & Wakefield’s Robert M. Shapiro, who exclusively handled this transaction with chairman Robert Knakal.
Daniels brothers buy Nolita trio for $26M
Kalbridge Associates, LLC, a joint venture of The Kalikow Group and Waterbridge Capital, has sold three adjoining five-story multi-family buildings located at 113-117 Elizabeth Street in Nolita to the Daniels brothers of A.D. Real Estate Investors for $26 million.
Each of the three beautiful buildings includes 10 apartments presenting a total of 30 two- and three-bedroom apartments spanning over 30,000 s/f. The attached five-story buildings were built in 1900.
Kalbridge Associates acquired the asset in November 2011 for $12.625 million.
Alex Heydt of TOWN Residential broker represented the seller in the deal. The buyers were represented by Joe Messina and Stephen Ferrara of TOWN Residential.
“We were thrilled to be partner with Waterbridge Capital on the acquisition of this property back in late 2011 and our plan was to hold onto the asset, add value and increase revenue as rents rolled over,” said Edward Kalikow, president and CEO of The Kalikow Group.
“However, A.D. Real Estate was an extremely motivated and persistent investor who made us an offer that made economic sense for us and our investors.”
The off-market transaction which closed on March 19, 2015.
“The Elizabeth Street buildings presented a wonderful opportunity to connect savvy investors with prime properties that boast an incredible potential,” said Joe Messina.
Ridgewood apartment building fetches $21M
Bonjour Capital has sold a Queens apartment building to Viking Managment for $21 million.
Eastern Consolidated arranged the sale of 71-13 60th Lane in Ridgewood, Queens, representing both the seller and the buyer.
The 45,800 s/f multifamily building is located on the east side of 60th Lane between Myrtle Avenue and 71st Avenue.
The building is a mix of one-, two- and three- bedroom units and features luxury finishes, two elevators, and a resident parking area.
Amenities include a game room, resident lounge, children’s play room, and furnished roof deck.
Eric Goldberg, Keith Pollock and Eliska Krausova, of Olshan Law were the attorneys for the seller. Stephen O’Connell, of Smith, Gambrell & Russell was the attorney for the buyer.
RKF sells Cobble Hill property, picks up leasing
RKF arranged the $15.5 million sale of a 9,200 s/f multi-tenant property in Cobble Hill at 260 Court Street.
The buyer was Sterling Equities, the New York-based integrated real estate operating company.
RKF president, Investment Sales, Jeffrey Fishman, and a team consisting of associates Andrew Jacobs, Alex Beard and Eddie Mamiye represented both the seller, locally-based La Kane Realty, and the buyer.
Following the closing of the sale, RKF was retained as leasing agent for the property, which is located on the corner of Court Street and Kane Street.
One of downtown Brooklyn’s most trendy areas, Cobble Hill has increasingly attracted the interest of big-name brands, among them J. Crew, Pure Barre, Splendid, Chipotle, and Rag & Bone.
Sitt bets on Park life
Thor Equities has acquired 98 Morningside Avenue, a seven-story, 48-unit rental building located directly across from Morningside Park in Harlem.
98 Morningside Avenue is situated near Columbia University’s campus in Morningside Heights, within walking distance of Central Park, and one block west of Frederick Douglass Boulevard,.
The building is surrounded by several new and converted residential buildings including 99 Morningside Avenue, a new condominium development; 92 Morningside Avenue, currently being redeveloped as rentals; and 88 Morningside Avenue.
“The New York City residential market is continuing to soar, particularly on the Upper West Side and above,” said Joseph Sitt, CEO of Thor Equities.
“Morningside Avenue in particular is an ideal location for residents, given its proximity to the historical and beautiful Morningside Park, Columbia University, and the increasingly vibrant neighborhood surrounding Frederick Douglass Boulevard.”
Thor Equities owns a number of additional residential properties on the Upper West Side including 120-125 Riverside Drive, 150 West 82nd Street, 838 West End Avenue, and 840 West End Avenue.
●gfi realty service
Record sale quenches investor thirst for deals
GFI Realty Services has closed a record-breaking $8.9 million sale of 910 81st Street, a corner mixed-use multifamily and retail building in the Dyker Heights section of Brooklyn.
With a price of $182,000 per residential unit, the transaction sets a record for the neighborhood.
GFI Realty investment sales associate Ben Katz represented the seller, while senior director of investment Sales Erik Yankelovich represented the buyer, a local investor.
The four-story walk-up consists of 43 residential units and two retail spaces. The property is situated near the Gowanus Expressway and is walkable to the R train.
“There is simply no product in Dyker Heights, let alone a corner Mixed-use building. The market is drier than the Sahara,” said Katz.
“It’s about who you know, and we knew those investors. We ultimately set a per-unit record for the area.”
Home to various religious and educational institutions, Dyker Heights is also considered one of the safest neighborhoods in New York City.
“The buyer was looking to increase his holdings in Brooklyn, and the Dyker Heights section — which has not yet generated the type of investment activity that has been witnessed in other parts of the borough — contains numerous property gems,” said Yankelovich.
“This corner building is a quality asset that is an excellent addition to his local portfolio.”
W’burg site is twice as nice
Eastern Consolidated has been retained as the exclusive agent to market for sale 59-61 Scholes Street in Williamsburg, Brooklyn for $13.9 million.
Situated on a block-through between Lorimer and Leonard Streets, the two-story, 32,228 s/f residential loft building — also known as 60-62 Stagg Street — contains 25 studio units, averaging more than 1,000 s/f per unit. The building also includes a basement and cellar.
“The surrounding section of Williamsburg has a high concentration of residents living alone or in roommate situations compared to the rest of Brooklyn, which is ideal for rental properties,” said Gabriel Saffioti, director at Eastern Consolidated, who along with director Nicole Rabinowitsch, exclusively represent the seller.
“To increase the rent per square foot and take advantage of the large demand for shared living, a purchaser could conceivably renovate the layouts and create larger bedroom counts to maximize rents.”
The property at 59-61 Scholes Street is located three blocks south of the popular Grand Street retail corridor.
It’s also close to the L, G, J, M, & Z subway lines, providing access to Manhattan, Downtown Brooklyn, and Long Island City in less than 15 minutes.
● GJT REIT
REIT wins Jersey portfolio
GTJ REIT, a public non-traded REIT based in West Hempstead, NY, has acquired six industrial buildings in Piscataway, NJ.
The facility is currently 100 percent leased and occupied by seven different long-standing tenants, including Nomura Securities and Verizon. Terms of the transaction were not disclosed.
The portfolio consists of six buildings with an aggregate square footage of 681,754 in Piscataway, NJ. The buildings sit in a redundant power grid with two separate and power sources in the Route 287 submarket .
This is GTJ’s second acquisition of 2015. In January, the REIT bought a single story industrial building in Rocky Hill, CT, currently leased by the Connecticut Lottery Corporation.