●IPA
Heights building has plenty of upside
Institutional Property Advisors (IPA) is marketing Washington House, a 95-unit mixed-use property in Washington Heights at $48 million.
“This is an opportunity to acquire a once-in-a-generation asset in the burgeoning Washington Heights submarket,” said Peter Von Der Ahe of IPA. 
“Washington House’s significant size will allow an investor to establish a strong foothold in this submarket with a single transaction.”
Built in 1941 and situated west of Broadway, Washington House is composed of one-, two- and three-bedroom apartments. The property’s lower level includes a 50-space parking garage. The building provides views of the Hudson River and George Washington Bridge and is steps away from Columbia Presbyterian Hospital.
“Thirty-three percent of Washington House is rent-regulated, and many of the layouts among the market-rate units support reconfigurations to account for an additional room,” said Joe Koicim, also of IPA.
“An investor will have numerous options for unlocking significant value to fit a variety of investment strategies.”
Von Der Ahe, Koicim, and Seth Glasser, all based in Manhattan, are representing the seller, a private individual.
●NLC REALTY
E.A.T. seekers sought for Madison mainstay
Broker Nicole Carra, of NLC Realty Associates, has been tapped to sell a prime Madison Avenue mixed-use property.
1064-66 Madison Avenue is home to Upper East Side staple E.A.T. restaurant, which occupies the first three floors of the five story property built in 1915. The remaining two floors contain four apartment each.
The 11,539 s/f mixed-use building has over 40 ft. of frontage on one of the nation’s most illustrious luxury shopping districts and offers an additional 16,460 s/f of air rights .
According to Carra, “There is tremendous upside with the restaurant lease, which expires in one year. In addition there is plenty of upside with the remaining residential floors.
The asking price is $41 million.
● CUSHMAN & WAKEFIELD
Turnkey offering on Amsterdam Ave.
Cushman & Wakefield has been retained to sell 477 Amsterdam Avenue, a newly renovated mixed-use building on the corner of Amsterdam Avenue and West 83rd Street. The asking price is $17.5 million.
The five-story, mixed-use building contains 9,500 s/f divided into eight apartments and two stores.
The building lies within the eastern edge of the Upper West Side-Central Park Historic District and offers
approximately 5,540 sqs/f of additional air rights.
“477 Amsterdam presents an excellent opportunity to acquire a turnkey building with significant cash flow and remaining near term upside,” said Cushman & Wakefield’s Hall Oster, who is exclusively marketing the property with Teddy Galligan and Bryan Smadbeck.
●EASTERN CONSOLIDATED
Just what the doctor ordered
Eastern Consolidated has been retained to market a six-story elevator office building at 314 East 34th Street in Murray Hill. The asking price is $12,750,000.
Erik and Jeff Nissani, both senior directors at Eastern Consolidated, and Ross Weiner, associate director, are representing the owner.
The 12,619 s/f building with 21.25 ft. of frontage along East 34th Street will be delivered vacant.
The office building is next to the First Avenue Medical and Life Sciences Corridor, which is home to several hospitals and research centers including the NYU Medical Center, Alexandria Center for Life Sciences, Bellevue Hospital, and numerous medical professional complexes and health related not-for-profit institutions.
“This office building presents an excellent opportunity for investors, developers, or owner-users such as not-for-profit, mission, or medical organizations seeking to occupy part of the space and lease the remainder as a source of income,” said Jeff Nissani, adding that not-for-profits are not subject to real estate taxes.
●IPA
Mohawk makes $56M
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has sold the Mohawk Apartments, a six-building, 91,514 s/f multifamily property in Brooklyn, for $56.5 million.
The sale of the 86-unit property equates to more than $657,000 per unit.
“This is the first time the Mohawk Apartments has traded hands in 30 years,” said Peter Von Der Ahe of IPA. “With rents currently 50 percent below market value, the asset presented investors with a rare opportunity to acquire an architecturally significant property with tremendous value-add potential.”
Built in 1905 and renovated in the 1980s, the property encompasses six buildings on a 2.61-acre parcel. The buildings are located at 369-379 Washington Ave., and 76-84 Saint James Place and are composed of a mix of one-, two- and three-bedroom apartments, as well as a commercial unit.
Von Der Ahe and Koicim, along with Riney, James Saros and Michael Salvatico, in Brooklyn, represented the seller and procured the buyer.
●HIGHCAP GROUP
Queens hotel fetches $16M
Charles Chang, a Senior Director at Highcap Group, has arranged the sale of the Anchor Inn at 215-34 Northern Boulevard in Bayside, Queens.
The two-story 27,000 s/f 66 key hotel was under long-term ownership for close to 50 years and comes with an additional 13,000 s/f of air rights.
“The flexible C2-2/R6B zoning allows for multiple uses. Potential plans include the addition of one floor plus another 44 keys, which would bring the total to 110 with a maximum usable floor area of 40,000 s/f,” said Chang.
The property is situated just west of the Cross Island Parkway and has 200 ft. of frontage on Northern Boulevard. The sale price was $15,900,000, which is roughly $241,000 per key.
● BROOKLYN STANDARD PROPERTIES
BSP brings crowd to Manhattan Valley deal
Brooklyn Standard Properties has purchased two buildings on the Upper West Side for $13.65 million, marking the Soho-based investment and development company’s first foray into the Manhattan market.
The 23-unit, five-story walk-ups at 207-209 West 107th Street in the area known as Manhattan Valley were built in 1910 and total over 29,300 square feet.
Town Residential broker Julie Weintraub represented the seller. 
BSP’s co-partners David Manheimer and Benji Kohn took a modern approach to finance and put the project on CrowdStreet, a crowd funding website, and raised $400,000 of project equity.
“The industry is in an exciting place right now and we look to utilize all the new tools available to us,” said Kohn. “We love to meet smart new investors.”
BSP has bought and sold several multifamily properties in Brooklyn “The growth and potential of Manhattan Valley is very similar to the transformation we are seeing in Brooklyn.” said Kohn.
●TERRACRG
Hess takes LEED on Park Slope offering
TerraCRG is selling a multifamily building at 585 Sixth Avenue in Park Slope.
Adam Hess and Peter Matheos, along with their teams, are marketing the property. The asking price is $24 million.
According to Hess, “It is rare that elevator buildings close to Prospect Park are put on the market and this particular asset is one of just three buildings in Brooklyn to achieve LEED Platinum Certified status.”
Built in 2011, the five-story, 27-unit property has high-end amenities, parkingand a self-sustaining green roof deck. The building also can accommodate rooftop solar panels as well as electric car charging stations in the parking garage.
The 32,719 s/f property was originally intended as a condo when construction started in 2008, but was converted to rental when finished in 2011.
●MUSS DEVELOPMENT/ BEDROCK REAL ESTATE
Partners buy Park Slope rental
The joint venture partnership of Muss Development and Bedrock Real Estate Partners has acquired 180 Franklin Avenue for $66.5 million.
The newly developed, 118-unit luxury Clinton Hill rental property includes a mix of studios, one- and two-bedroom apartments. Adam America Real Estate built the 80,000 s/f building.
Citi Habitats New Developments is the exclusive marketing and leasing agent for the property, lead by David Maundrell and Alex Saltalamacchia. Lease-up will begin immediately.
The new owners expect the building to fill up quick.
“This new, well-located, luxury residential property at 180 Franklin Avenue dovetails with our overall investment strategy, and will make an excellent addition to our portfolio. We expect the property to lease up quickly,” said Muss Principal Jason Muss.
Added Bedrock Principal Chuck Berman. “This new residential property fits in perfectly with the neighborhood and will benefit from the tremendous amount of activity surrounding it.”
A Cushman & Wakefield capital markets team of Gideon Gil, Chris Moyer, John Spreitzer, and Alex Lapidus served as exclusive advisor on the transaction.
Carl Schwartz and Anthony Bonan of Hunton & Williams LLP provided legal counsel on behalf of the Muss/Bedrock joint venture in the acquisition.
