Clarion pays $100M for
New Jersey lofts
Clarion Partners has paid $100 million for the 361-unit Parkway Lofts in Bloomfield, New Jersey.
CBRE Group Inc. announced that Jeffrey Dunne, Gene Pride and Patrick Carino, of CBRE Group Inc.’s Institutional Properties team, represented the sellers, a joint venture comprised of Prism Capital Partners and an institutional investor in the sale.
Parkway Lofts is an 8-story industrial building that was originally built in 1897 and was redeveloped into 361 apartment units.
The property has a fitness center, rooftop deck and garage parking.
Dunne said the sale was representative of the strong demand for apartments in northern New Jersey.
“The demand is coming not only from investors, but from tenants who are eager to lease space in unique, high-quality communities like Parkway, as evidenced in east Essex County’s class A apartment occupancy of nearly 98 percent,ˮ said Dunne.
There are more than 8,600 apartments under construction in northern New Jersey, coming behind more than 4,000 units that have been completed in the past 18 months.
Jersey City, Hoboken, Edgewater, Ft. Lee, Morristown, Harrison and Bayonne all have multiple significant projects under construction by developers like Avalon, Mill Creek, BNE, Mack-Cali/Roseland, Kushner and Ironstate.
“These companies are making these communities relevant again and part of the national conversation on what renters expect in a modern apartment,” added Dunne.
TEI, Hamlin to convert
Co-developers Time Equities Inc. (TEI) and Hamlin Ventures announce the acquisition of their second venture together, 34 Prince Street, the former convent and school of the storied St. Patrick’s Old Cathedral Complex, in Northern Little Italy for $30.7 million.
The joint-venture plans to transform the site, offering seven luxury condominium residences and two townhomes.
34 Prince Street, built in 1825, is the historical landmarked St. Patrick’s Cathedral Complex. It was originally a Roman Catholic Orphanage and later became a school.
Led by Joseph Francois Mangin, who also designed New York City Hall, the building is one of New York’s most revered federal style three-story structures, built in the Greek Revival architecture.
“Time Equities Inc. and Hamlin Ventures witnessed an unmatched opportunity to offer luxury residences within one of the oldest surviving federal-style institutional buildings in New York City,” said Francis Greenburger, founder and CEO of TEI.
“As one of the St. Patrick’s Cathedral structures, 34 Prince will allow purchasers to own one of the most historically and architecturally important buildings in Lower Manhattan.”
Alongside Hamlin Ventures, TEI plans to renovate and develop the site into two luxury townhomes and seven lofted condominium residences.
TEI tapped Marvel architects to design the townhomes. Sales will be exclusively handled by CORE.
The acquisition marks the second development venture for the team, with their project, known as 14 Townhouses, reaching completion in Spring 2014.
As part of the development venture, St. Patrick’s Cathedral will be allotted funding for future renovations.
Aaron Medeiros, director of acquisitions, managed the acquisition of the property, and will represent Time Equities as development manager.
Squire makes first buy
SoHo-based Squire Investments has acquired 43 Crosby Street, a five-story, 14,000 S/Fmixed use residential and retail building in SoHo, for $15 million.
The building is the firm’s first acquisition since its founding last year.
Squire Investments Principals Ryan Solomon and Jared A. Siegel founded the company in late 2013 as a vertically-integrated real estate firm focusing on New York City real estate. Previously, Solomon and Siegel were Vice Presidents at Jones Lang LaSalle’s investment sales group and SJP Properties, respectively.
TOWN Residential’s Bo Poulsen, represented the sellers in the off market deal. Stephen Ferrara, of the same firm, represented the buyers.
“Squire Investments is actively in the market for more opportunistic transactions, and anticipates investing another $100 million in 2015. We were pleased to have the opportunity to purchase an asset in pristine condition, in arguably one of the best neighborhoods in Manhattan,” said Solomon
Designed by Pritzker Prize-winning architect Tadao Ando, 43 Crosby Street is an elevator building containing ground floor commercial space, three full-floor residences and a duplex penthouse with multiple outdoor spaces.
●massey knakal realty services
‘Gatsby’ site for sale
Massey Knakal Realty Services has been retained to sell a 22-acre water view development site.
The property is located in the Village of Kings Point on the North Shore of Long Island. The asking price is $29,800,000.
The 22-acre site contains 94,377 buildable square feet and is approved for the subdivision of eight water-view home lots. The site is the largest vacant piece of land remaining in the Kings Point area.
The Village of Kings Point is situated on the Great Neck Peninsula overlooking the Manhasset Bay. It is home to the United States Merchant Marine Academy, and the setting of the well-known novel The Great Gatsby.
This property is being marketed exclusively by Massey Knakal’s Stephen R. Preuss and Benjamin Efraimov.
●cushman & wakefield
Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the sale of 99 Wood Avenue South in Iselin, which TA Associates Realty purchased.
The company reported a “notably high level of institutional interestˮ in the 272,000 s/f, trophy office building but did not disclose the sale price. “99 Wood Avenue South is the definition of a core office offering, with sub market leading quality, visibility/identity, amenity package, and a tenant roster filled with strong regional and national credits,” said Cushman & Wakefield’s Gary Gabriel, who brokered the sale with team members Andrew Merin, David Bernhaut, Kyle Schmidt and Brian Whitmer, along with office specialist Ed Duenas.
“This has enabled it to consistently outperform the market and historically maintain a consistently high level of occupancy.”
At the time of the sale, 99 Wood Avenue South was 91 percent leased.
● marcus & millichap
Team sells rent upside
Marcus & Millichap has sold 312-314 East 91st St., two five-story walkup multifamily buildings with a total of 30 residential apartment units on Manhattan’s Upper East Side.
The $13.3 million sales price equates to $443,333 per unit.
Joseph Koicim, Peter Von Der Ahe, David Lloyd and Daniel Handweiler, all in Marcus & Millichap’s Manhattan office, represented the seller and the buyer.
“The buildings are two 25-foot-wide apartment properties with a predominantly free-market rent roll,” said Koicim.
“With strong in-place cash-flow, the assets provide short-term rental stability and a future upside through the rent-regulated apartments, which are often significantly below market rate.”
● shamah properties
Shamah Properties has purchased a 48-unit, six-story elevator apartment building in Hamilton Heights for $13.5 million. This is the buyer’s first Manhattan acquisition.
“We are very excited about our company’s first foray into Manhattan market, said Alan Shamah, CEO and partner of Shamah Properties.
The 42,144 s/f building at 672 Saint Nicholas Avenue sold for 14.5 times the rent roll. It was built in 1915.
Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented both Shamah Properties and the seller, 672 Saint Nicholas Avenue LP, a local fund.
“The area surrounding this building is gentrifying at a rapid pace which is improving the assets value for long term growth,” said Sternhell. “This building is filled with longtime tenants who love living at the property, along with college students and young professionals.ˮ