Real Estate Weekly
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Deals & Dealmakers

Selling Points: Spaniards buy Moxy garage, TH Real Estate digs in on Chambers Street

● Meridian Investment Sales
Spaniards scoop up Moxy parking garage

Meridian Investment Sales sold the parking garage condominium located in the Moxy Times Square Hotel at 485 Seventh Avenue in Midtown Manhattan for $21 million.

Senior Executive Managing Director, David Schechtman, Managing Director, Abie Kassin, and Managing Director, Lipa Lieberman exclusively represented the seller and procured the buyer, an investment firm based in Spain.

The 27,001 s/f parking garage has its entrance on West 36th Street between Seventh Avenue and Broadway. The three-level parking structure consists of a sub-cellar, cellar, and ground floor with a total of 138 legal spaces in an oversized layout. Above the garage is The Moxy, a boutique hotel that also has flexible co-working spaces and 612 rooms.

“The already bustling Seventh Avenue Plaza District is now even more attractive with one of the hottest hotels to premiere in decades. The pristine garage below is a gem,” said Schechtman.

● Colliers International
TH looking at long-term commitment on Chambers

TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), has acquired the

86 Chambers Street

office and retail condominium units at 86 Chambers Street from AION Partners for $67 million.
The property comprises 115,881 s/f within a pre-war building that fronts City Hall Park in Manhattan and is 96 percent leased to a variety of tenants.

“Given its location only six blocks from the revitalized World Trade Center site and in the heart of the City Hall submarket, the property benefits from high population densities, multiple transportation options and excellent visibility,” said Patrick Li, acquisitions officer at TH Real Estate.

“We believe the asset will deliver long-term stable income via upside potential and capital appreciation.”
Colliers International’s New York Capital Markets Group exclusively represented AION Partners and was the sole broker in this transaction.

Long Island office park sold for $61M

Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties in collaboration with Philip Heilpern of the CBRE Long Island office, represented Colin Development, in the sale of Hauppauge

Hauppauge Office Park

Office Park for $61,000,000. The team was also responsible for procuring the buyer, Signature Acquisitions.

Hauppauge Office Park is a 282,656 s/f three-building complex located directly between the Long Island Expressway and Northern State Parkway.

The park is comprised of one single tenant building which is 100 percent leased to Allstate for ten years, and two multi-tenant buildings that are 95 percent leased. Other notable tenants include Bridgehampton National Bank, Crawford & Company, Urban Financial America and Morgan Stanley.

Hauppauge Office Park provides f amenities including a fitness center, racquetball court, full-service cafeteria and high-tech media center.

Investors see light industrial potential at NJ site

A joint venture partnership between Camber Real Estate Partners and Advance Realty has acquired a four-building, 529,110 s/f light industrial facility at 19 Chapin Road in Pine Brook, NJ.

The purchase price was $52.85 million, according to people familiar with the deal.

The partnership plans to reposition the asset and hold it as a long-term investment. Currently 60 percent leased to a mix of tenants, including Samsung Electronics and Pitney Bowes, Camber and Advance plan to convert some portions of the property from offices into light industrial use, allowing it to capitalize on the robust demand for industrial space driven by Northern New Jersey’s access to nearby ports and densely populated communities throughout the region.

“The property is one of the premier light industrial assets in Northern New Jersey and is situated in a location that is desirable to both global and national companies and regionally headquartered users,” said Dave C. Surti, principal of Camber Real Estate Partners.

Constructed in 2001, 19 Chapin Road is situated on 129.4 acres and features 22-foot ceilings within the warehouse space. The project was marketed for sale by the New Jersey Investment Sales team of Holliday Fenoglio Fowler, led by Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Marc Duval and J.B. Bruno.

Greg Nalbandian, Senior Managing Director of HFF’s Equity, Debt and Structured Finance Group arranged mortgage financing with a team including Timothy Mason. The financing was provided by Natixis who originated a $40 million floating-rate loan concurrent with the acquisition.

● Cushman & Wakefield
IWC looking to sell BedStuy portfolio

Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of a portfolio of ten buildings in the Bedford-Stuyvesant neighborhood.

The buildings will be marketed as The Bed-Stuy 10 Portfolio, and the asking price is $32.5 million.

Director DJ Johnston will represent the seller, IWC Capital Management, in all marketing efforts, along with his team members, George Bukawyn, William Cheng, Bryan Kirk, and Joshua Sabzevari.

“This is an incredible opportunity to establish an immediate foothold in Bedford-Stuyvesant,” said DJ Johnston of Cushman & Wakefield.

“Arguably one of the most culturally significant and architecturally relevant neighborhoods in Brooklyn, Bed-Stuy features ornate and timeless buildings, prime transportation options, as well as authentic food and retail choices.”

The transit-oriented walk-up properties total 67,733 s/f and contain 89 units. Buildings vary between six and 22 units and incorporate over 200 bedrooms in total.

The locations include 244 Madison Street; 879 DeKalb Avenue; 419 Marcus Garvey Boulevard; 421 Marcus Garvey Boulevard; 654 Putnam Avenue; 319 Malcolm X Boulevard; 829 Halsey Street; 804 Macon Street; 808 Macon Street, and 814 Macon Street.

● Cushman & Wakefield
Bensonhurst retail package sets price record

Cushman & Wakefield arranged the sale of two adjacent commercial buildings located at 6519 and 6523 18th Avenue in Bensonhurst, Brooklyn. The final closing price was $9,020,000.

An investment sales team consisting of Jeffrey A. Shalom, Caroline Hodes and Stephen Vorvolakos represented both the seller and the buyer in the transaction.

The two, two-story adjacent commercial buildings, totaling 8,070 s/f sold for a record price for this asset class on 18th Avenue of $1,118 per square foot.

The corner retail space is anchored by Capital One Bank through a 15-year lease while the rest of the building will be delivered vacant shortly after closing.

“This is a great pair of assets situated in the heart of Brooklyn’s growing Bensonhurst neighborhood,” said Shalom. “6519 and 6523 18th Avenue presented the buyer with an exceptional opportunity to invest in one of South Brooklyn’s most sought-after retail destinations.”

Located on the northeast corner of 18th Avenue and 66th Street, the buildings are located on one of the major retail thoroughfares within South Brooklyn, near national retailers.

● Rosewood Realty
Investor bets on the Bronx

Rosewood Realty Group closed the $14.225 million sale of a six-story elevator apartment building in the Kingsbridge Heights in The Bronx.

3971 Gouverneur Avenue

The 65,394 s/f building at 3971 Gouverneur Avenue has 67 units. It sold for 12.58 times the current rent roll, at a 5.23 percent cap rate. The building was built in 1928. At the time of the sale, 36 of the 67 apartments were vacant.

Rosewood’s Aaron Jungreis represented the seller, Hds Funding Co. and the firmʼs Mike Kerwin and Ben Khakshoor represented the buyer, a private investor.

● Castle Lanterra Properties
New Yorker likes Denver dynamics

Suffern-based Castle Lanterra Properties (CLP) has expanded its multifamily portfolio with the acquisition of its third property in the Denver metro area within the past year.

The firm purchased the 280-unit Sunset Ridge Townhomes in Westminster, ARA Newmark represented the seller, WillMax Capital Management.

The deal brings Castle Lanterra’s total unit count to over 900 in the Denver MSA.

“The long-term outlook of this submarket is very promising,” noted CEO Elie Rieder. “We were attracted by its positive supply/demand dynamics, high standard of living, and easy access to two major employment centers in Boulder and Denver.ˮ

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