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Deals & Dealmakers

SELLING POINTS: This week’s middle market sales and exclusives

Clipper closes on Upper West Side rental

Rosewood Realty Group announced the $79 million sale of an Upper West Side 82-unit rental building at 10 West 65th Street, close to Central Park.

10-32 West 65th Street

Aaron Jungreis and Devin Cohen represented both the buyer, Clipper Realty, and the seller, Touro, who bought the building for $44 million in 2008 from Extell Development, and renovated about half the units.
David Bistricer’s Clipper Realty received $34.5 million in financing for the acquisition. New York Community Bank provided the 10-year loan, which has an interest rate of 3.3 percent
“It’s an unbelievable basis,” said Bistricer, describing the six-story property as having “good bonesˮ and a “great location.ˮ
Clipper paid $585 psf for the 82,230 s/f building, plus an additional 53,000 s/f of air rights.

Performing loan portfolio offered for sale

Holliday Fenoglio Fowler (HFF) has been named to market for sale a $48 million sub-debt portfolio along with a $31.4 million senior mortgage loan portfolio on behalf of Värde Partners.
The sub-debt portfolio includes fourteen mezzanine loans with a weighted average coupon of 10.21 percent and a weighted average remaining term of 5.1 years. The senior mortgage portfolio includes nineteen loans with a weighted average coupon of 5.98 percent and a weighted average remaining term of 4.8 years.
The portfolios are being marketed separately and both sales are expected to close in December.
The HFF loan sales team representing the seller includes managing director Brock Cannon, director Patrick Arnold, senior director Sean Ryan and managing director Tom Hall.
“These portfolios provide investors with unique opportunities to acquire performing loans with attractive coupons and remaining terms,” Cannon said.
“With the high demand for yield in today’s environment, we believe it is a good time to market performing loan portfolios, which in turn provides the market with good opportunities to pick up some yield prior to year-end.”

Glick Family buys uptown earner

Cushman & Wakefield arranged the sale of an Upper East Side portfolio that consists of four contiguous buildings located at 212-218 East 85th Street in Manhattan.
The property was sold for $30 million to an investment group led by the Glick Family, owners and operators of multi-family properties in Manhattan.
Senior Managing Director Paul Smadbeck along with Thomas Gammino Jr., Hunter Moss and Bryan Smadbeck represented the seller.
The properties, which total 37,500s/f, sit on a 100 by 102 ft. lot. The walk-up buildings have 70 apartments, four office and two retail units, a large portion of which are free market.
The site also offers 3,368 s/f of additional air rights that can be used in the R8B zone.
According to Smadbeck, “With its close proximity to both the Lexington and 2nd Avenue 86th Street subways, the prospect of long-term land appreciation is unequivocal.ˮ

Multifamily opportunity offered in Woodhaven

Eastern Consolidated has been named the exclusive agent to sell a six-story, 59-unit multifamily building at 86-50 77th Street in Woodhaven, Queens. The asking price is $18.5 million.
Ronda Rogovin, Senior Director and Principal, is marketing the 51,000 s/f property. Gary Meese, Senior Director, Financial Services, is the analyst.

86-50 77th Street

The property is located just off the corner and steps from Jamaica Avenue and the location enjoys accessibility to the 75th Street/ Elderts Lane station with Z and J subway service. The line runs directly into downtown Manhattan.
“This offering presents multifamily investors with the opportunity to acquire a well-located elevator apartment building in Woodhaven, Queens, with huge potential to convert many of the existing large one-bedroom apartments into two-bedroom units and to potentially convert the building to condominium or co-operative units,” Rogovin said.

Arts group buys converted warehouse

The CPEX Office Investment Sales Team has sold a converted 86-year-old warehouse in Gowanus for $13.495 million.

131 8th Street

The recently renovated, 16,448 s/f office building achieved $820 per square foot, according to Rich Novak, who represented the seller with Gina Damond and Nicholas Anderson. Paul Wolf and Lauren Davis of Denham Wolf represented the buyer, an arts organization.
Located at 131 8th Street, the property was converted into creative office space and has 8,010 s/f on the ground floor and 8,438 s/f of lower level space. It features six parking spaces and an additional 12,898 buildable square feet for a potential development opportunity.
Previously including a mix of creative tenants, the building was delivered vacant.

Boutique belle fetches $29M

Cushman & Wakefield arranged the sale of a nine-story, 30,159 s/f pre-war apartment building at 110 West 69th Street on the Upper West Sidefor $28,900,000.

110 West 69th Street

Paul Smadbeck, Hall Oster, Teddy Galligan, Conrad Martin and Bryan Smadbeck represented the seller, a private family owner, and the buyer, an Upper West Side investor.
The Neo-Renaissance styled building consists of 36 apartments, 27 of which are free-market or vacant. Two of the ground-floor apartments have been renovated and duplexed to the basement, and both offer private outdoor garden space.
The additional 34 apartments are currently designed as large one-bedroom units. The property features a full, double-height basement, a passenger and freight elevator, and dual interior staircases. Each unit has a main entrance and service entrance.
“110 West 69th Street is a genuine boutique trophy located in one of the world’s most desirable residential locations,” said Smadbeck.

Greystar buys Hoboken apartment building

Funds managed by Greystar Real Estate Partners have acquired a Hoboken apartment property for $70.3 million.
Observer Park is a 115-unit multifamily property located at 51 Garden Street in Hoboken.

Observer Park

Constructed in 1991 and owned by Invesco, the property is comprised of a single 12-story building. The community sits on top of a three-story, 141-space public parking deck which currently serves the building and the public.
Amenities include a fitness center, package concierge, terrace with gas grills and lounge areas, indoor parking, a hospitality bar with Starbucks coffee, 24-hour laundry, dry cleaning pickup and delivery, and controlled-access lobbies.
Greystar said it sees an opportunity to enhance the competitive position of the “institutional-quality assetˮ through unit and common area renovations while still maintaining attainable rents that are priced at a discount to new developments.
“With very little new rental supply in the southeast corner of Hoboken and incredible demand for high-quality apartments in this location, we saw a tremendous opportunity to reposition the property through extensive capital and operational enhancements,” said Bob Faith, Founder, Chairman and CEO of Greystar.
As the nation’s largest apartment operator, Greystar currently manages over 11,000 units in the New York and New Jersey metro area and over 425,000 units globally.
Brian Whitmer of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, along with Andrew Merin, Adam Spies, David Bernhaut, Gary Gabriel, and Ryan Dowd served as exclusive agent for seller, Invesco and brokered the transaction.

Auction set for Brookhaven college campus

The liquidation of assets by Dowling College will move forward with the auction sale of the former Brookhaven campus in Shirley, N.Y. as part of the Chapter 11 bankruptcy proceedings for the shuttered educational institution.
A&G Realty and Madison Hawk Partners have been retained to manage the sale of the 105-acre Suffolk County property which consists of a 72,000 s/f, 70-room dormitory, athletic complex, and a 65,000 s/f office/class room complex consisting of two buildings and a 7,500 s/f airplane hangar.
The Brookhaven campus, which was home to the college’s aviation program, is located on the William Floyd Parkway and has undergone millions of dollars of infrastructure improvementsr.
The Brookhaven campus is considered one of the most diverse development sites on all of Long Island with opportunities for residential, education, medical, health-related, senior housing, office, retail, according to Jeff Hubbard, president of Madison Hawk Partners.

Historic Shelter Island inn for sale

Marcus & Millichap us marketing The Rams Head Inn on Shelter Island for sale at $10.9 million.
Built in 1929, the inn was one of the first structures on Shelter Island.

Rams Head Inn

The three-story, 22-room hotel sits on 4.3 acres and has 800 feet of private waterfront with a private dock and eight moorings.
The location has been one of the classic mainstay wedding sites on Long Islands East End over the decades. The Fee The rich history of The Rams Head Inn includes some of the most remarkable accomplishments in science.
Shortly after World War II, a small group of theoretical physicists met at this Historic Physics Site to achieve dramatic understandings to some of the fundamental question in quantum physics.
In 1976 the Inn was leased to the family of New York State Governor Carey. During that time there was much Irish frolic and other boisterous activity. With good intentions, the next operator ran what amounted to a disco with dancers clad in lederhosen.
“This is a fantastic opportunity to capture the F&B upside that is part of the Inn’s history, Shelter Island is recognized for its exclusive location and as a celebrity hideout,” said Henri M. Kessler, a Marcus & Millichap National Hospitality Group Investment Sales Associate who is representing the seller along with Jerry Swon and Nelson Lee.

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