Real Estate Weekly
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SELLING POINTS: Slate in on 45 Rivington acquisition, Cush & Wake active

●Slate / Adam America / Vanke
45 Rivington sold for $116M

Slate Property Group, Adam America Real Estate and Vanke Holdings USA LLC have closed on the acquisition of 45 Rivington Street for $116 million.

Located on the Lower East Side neighborhood, the existing six-story, 145,000-square-foot building, will be converted into a luxury residential development.

“We recognize the value opportunity of the historic property, 45 Rivington, and we look forward to working alongside our partners to deliver an exciting condominium offering in a prime location with unique access to the iconic Sara D. Roosevelt Park,” said Martin Nussbaum, principal of Slate Property Group.

45 Rivington is a Romanesque Revival-style building originally designed by Charles B.J. Snyder in 1898. It was a grammar school before being purchased by a non-profit which renovated the property.

Dvir Cohen Hoshen, Founder of Adam America, said, “We will work with the community to help ensure this property is well-received as a project that elevates the influential activity taking place in Lower Manhattan.”

• Rosewood Realty
Third time’s a charm for

Rosewood Realty Group closed the $34.7 million sale of a 223-unit Bronx apartment building in the Mount Eden section of the borough.
A local investor bought 1511-1523 Sheridan Avenue, a 201,418 s/f eight-story, elevator building, built in 1929.

According to Rosewood’s Aaron Jungreis, it sold for 11.63 times the current rent roll. The cap rate was 5.45 percent.
Jungreis represented both the buyer, 1521 Sheridan LLC, and the seller, Bsp Sheridan LLC.

This is the third time that Jungreis has sold the building.
He also closed on the $13.8 million sale of a six-story elevator apartment building with 64 rental apartment units in downtown Flushing.

This marks the 15th building Rosewood has closed in Queens over the last six months.

The 53,727 s/f building at 142-46 Sanford Avenue, (aka 41-60 Bowne Street), was built in 1921. According to Jungreis, it sold for 17.15 times the current rent roll. The cap rate was 3.5 percent.
Jungreis represented both the buyer, a private investor and the seller, Elge Associates.

“This property had very low rents with tremendous upside potential,” said Jungreis.

● Cushman & Wakefield
Community center cashes in on development potential

A large-scale development site owned by New York Congregational Center for Community Life, was sold for $18.5 million.

The property is located at 123 Linden Boulevard on the border of Brooklyn’s Flatbush and Prospect Lefferts Gardens neighborhoods.

The site currently consists of a four-story institutional building containing 33,145 s/f most recently used as office space for several community-based organizations.

The site allows for approximately 248,949 residential buildable square feet or about 316,159 buildable square feet of community facility, along with additional development rights that were transferred from 135 Linden Boulevard. The sale price equates to $558 psf.

“We were honored to be able to help NYCCS monetize an underused asset, that will ensure the long-term viability of their core mission – operation of the adjacent New York Congregational Nursing Center,” said Cushman & Wakefield’s James Nelson who exclusively handled this transaction along with Matt Nickerson.

Clarion in biggest
Jersey retail buy in years

Holliday Fenoglio Fowle (HFF) has closed the sale of Essex Green, a 350,000 s/f community shopping center in West Orange, NJ.
HFF marketed the property on behalf of the seller, a global investment manager.

Clarion Partners purchased the asset free and clear of existing debt in a highly-competitive process on behalf of a commingled fund.
According to HFF, this is one of the largest retail sales in New Jersey in the last two years.

Essex Green Shopping Center is the largest community shopping center in Essex County. Ninety-six percent leased, it has a mix of national, regional and local tenants, including ShopRite, Macy’s Backstage, a nine-screen AMC Theatre with dine-in service, GameStop and GNC.

Situated on 33.38 acres at 295 Prospect Avenue, the six-building shopping center is located in one of the most affluent parts of the state.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Stephen Simonelli and supported by senior managing director Andrew Scandalios and managing director Chris Munley.

“Essex Green was very highly sought after, given the record grocery sales at the property combined with the upside of the available space,” Cruz said.

“Grocery-anchored retail remains very high on institutional investors’ lists of asset classes that they need for their funds. I will also say that we had a significant amount of private buyers show up for this offering.”

●Cushman & Wakefield
New Yorker buys Fort Lee
office center

Cushman & Wakefield has orchestrated the sale of 9W Office Center, at 2200 Fletcher Ave. in Fort Lee, NJ.

A New York-based investor acquired the 215,000 s/f, seven-story Class A office property from James Campbell Company, LLC.

Cushman’s Metropolitan Area Capital Markets Group, headed by Andrew Merin, Gary Gabriel, David Bernhaut, Brian Whitmer, and Frank DiTommaso, represented the seller and procured the buyer.

Vision Real Estate Partners, owner’s representative, will be providing property management and leasing duties.

“This premier office property is well-situated among one of New Jersey’s best located and most rapidly developing areas,” said Gabriel.

“Previous ownership did a great job of repositioning this asset and renewing long-term tenants, transforming it into a solid core investment.”

The property’s stable tenant roster is anchored by firms that have been in the building for over a decade, including Tranzact and Telemundo.

●Madison International Realty
San Fran property a perfect fit for Madison

Madison International Realty has acquired an ownership stake in 550 Kearny Street, a 194,000 s/f office building in San Francisco’s financial district.

Madison acquired the stake at an implied purchase price of $103.7 million from owner Brickman Real Estate, which retains an equity interest.

“This transaction involved a recapitalization that fit perfectly with Madison’s investment strategy,” said Ronald M. Dickerman, founder and president of Madison International Realty.

“Our equity investment allowed Brickman to return capital to its investors while retaining an ownership interest in the property. This was an important objective given the property’s below-market leases and opportunity to mark in place rents to market over the near term.”

The LEED-certified building, which rises 10 stories, has amenities including an on-site cafe, a conference center, 130-space parking garage, a common kitchen for tenants and bike storage. 550 Kearny is 95% leased.

“550 Kearny presented an extremely attractive investment opportunity in San Francisco’s thriving office market,” Dickerman said.

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