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Deals & Dealmakers

Selling points: Stone Street partners with Arbor for $86M buy, W’burg development offering

Eastern Consolidated

Stone Street partners with Arbor for $86M multifamily buy

Eastern Consolidated has arranged the sale of a nine-building Manhattan and Brooklyn multifamily portfolio for $86 million.

Senior Director Andrew Sasson and Director Tripp Lyons represented the sellers, a group led by RD Management principal Richard Birdoff, who owned and managed the buildings for 35 years.

Sasson procured the buyers, a partnership between Stone Street Properties and Arbor Management Acquisition Company (AMAC).

Gary Meese, Senior Director, Financial Services, served as the analyst for the offering.Six of the Manhattan buildings are located on the Upper East Side, east of Second Avenue between 65th and 85th Streets. The Upper East Side properties consist of one elevator building and five walk ups totaling 67,122 s/f.

Three of the Brooklyn buildings are located along Washington Avenue in the Clinton Hill neighborhood. The Clinton Hill properties consist of one elevator building and two walk ups totaling 60,271 square feet.

Cushman & Wakefield

W’burg development offering

Cushman and Wakefield is marketing the site of what could be Brooklyn’s newest next generation office building.

The Gross Family of DM 144 Investors, LLC has  tapped the firm’s Brendan Maddigan and Guthrie Garvin to sell 61 N 11th Street in Williamsburg.

The family-owned property is next door to Heritage Equity Partners’ under construction 25 Kent Avenue development  – North Brooklyn’s first spec office building in 50 years – and holds identical zoning .

Special Permitting would allow a developer to build 103,000 buildable square feet. Current M1-2 zoning allows for approximately 43,000 buildable square feet of development rights for office, hotel, retail and light-manufacturing uses.

“This is an exciting opportunity that offers scale at the center of the neighborhood’s dynamic commercial district, public parks, popular nightlife and new residential and hotel developments,” said Maddigan.

61 N 11th Street is a three-story brick building with roughly 53,090 s/f of useable space divided between approximately 41,690 s/f of above-grade commercial space and a 11,400 s/f basement.

The parcel, measuring 114.12 feet by 200 feet, also features a curb cut along N 12th Street with a wide roll-down gate and a 2,600 s/f parking and loading area. The entire building is occupied by a single tenant with a lease expiring in August 2020..

“This unique property lays in one of the most dynamic markets in Brooklyn, and we are excited about the future possibilities of the site,” added Garvin.

61 N 11th Street sits among the neighborhood’s iconic new developments, including the adjoining Wythe Hotel, and close to the G and L trains at the Nassau Avenue and the Bedford Avenue stations. The immediate area is also serviced by the B32 bus line and the East River ferry.

The property is listed at $43,000,000.

Kalmon Dolgin Affiliates

Solid and stable LIC investment

A team led by Neil Dolgin and Jeffrey Unger of Kalmon Dolgin Affiliates has been retained to sell a three-story, 256,000 s/f, multi tenanted LIC building

Located at 48-49 35th Street, just off the Long Island Expressway and Greenpoint Avenue and two blocks the Queens Blvd. subway, the asset has been meticulously maintained and is currently 80 percent leased, according to the brokers.

The vacant 54,000 s/f available comprises a 40,000 s/f penthouse and a ground floor area of 14,000 s/f adjacent to the parking area. The parking area is a separate tax lot allowing for additional development opportunities.

“Given the recent interest, activity and sales in the immediate area we feel this property is a tremendous value and offers an investor or partial user a solid, stable and secure investment with a very strong upside,” said Unger.


Bay Shore ShopRite sold

Holliday Fenoglio Fowler has closed the $30 million sale of ShopRite at Bay Shore, a 60,000 s/f single-tenant retail grocery property 100 percent leased to ShopRite in Bay Shore, Long Island. HFF marketed the property on behalf of the seller, G&S Investors.

A joint venture partnership between Mattone Group LLC and Gartenstein Properties purchased the asset free and clear of existing debt.

The ShopRite at Bay Shore building is triple-net leased to ShopRite, the largest retailer-owned cooperative in the United States, and is proximate to notable national tenants, including The Home Depot, Pier 1 Imports, Best Buy, Petco and Toys”R”Us.

The property is situated on 10 acres at 1905 Sunrise Highway on one of Long Island’s most highly-traveled highways with daily traffic counts of approximately 80,000 vehicles per day.

The HFF investment sales team representing the seller was led by managing director Jeffrey Julien and senior managing director Jose Cruz.


Mack-Cali sale

Mack-Cali Realty Corporation has sold an office building in Upper Saddle River for the $19.7 million.

CBREʼs Jeffrey Dunne, Kevin Welsh and Brian Schulz, in collaboration with Jeffrey Babikian of CBRE’s Saddle Brook office, represented Mack-Cali Realty Corporation in the sale of 10 Mountainview Road.

The team was also responsible for procuring the buyer, Moshe Gold, on behalf of a private investment group.

10 Mountainview is a 207,730 s/f office building that is currently 67 percent leased to a diverse tenant base with over 87 percent of the occupied space serving as a corporate headquarters location with an occupancy history averaging more than 10 years.

The tenant roster includes Sherwin Williams and Stryker.

Welsh commented: “The property’s market position, location and occupancy were attractive to the purchaser. Ownership plans to execute a value-add strategy that includes the implementation of new capital improvements and rebranding while substantially growing net operating income. Ownership is well positioned to realize a successful long-term investment.”

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