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Deals & Dealmakers

Selling points: Thor closes on $75M Harlem buy, Extell sells Flatiron garage

Thor Equities

Thor closes on $75M Harlem buy

Thor Equities has closed on its $75.5 million acquisition of 135 East 125th Street and 126 East 126th Street in Harlem.

135 East 125th Street and 126 East 126th Street are premier buildings located in the heart of Harlem, which is continuing to grow as a prime retail and office destination, particularly along the thriving 125th Street corridor,” said Joe Sitt, CEO of Thor Equities.

Adam Spies and Adam Doneger of Eastdil Secured represented Thor and the seller, DDM Development.

The adjacent corner buildings total a combined 108,000 s/f with 430 feet of frontage on 125th Street, Lexington Avenue and 126th Street.

The properties are next to the 4, 5 and 6 subway lines at 125th Street, and one block from the Metro-North Railroad Harlem-125th Street Station.

The nearby East River Plaza is home to Costco, Target, Best Buy, Marshalls, Old Navy and other national retailers.

135 East 125th St. is a recently constructed four-story, 45,000 s/f glass and steel building with 26,000 s/f of retail on the ground and second levels, office space on the third floor, and over 250 feet of wraparound frontage on 125th Street and Lexington Avenue.

126 East 126th St. is a contemporary six-story, 63,000 s/f mixed use building with ground floor retail space occupied by IHOP, and office space on levels two through six.

Thor Equities owns a number of additional properties in the surrounding area including 17 West 125th St., 526 West 111th St., 17 West 125th St., 556-566 West 126th St., 215 West 116th St., and 98 Morningside Ave.

Cignature Realty

West Coast investors buy NYC portfolio

Prana Investments has purchased a $45.5 million portfolio of three, five-story multifamily walk-up buildings with 195 units in Washington Heights.

The San Francisco-based Prana Investments owns real estate assets in California and New York.

The seller was A & E Real Estate Holdings, headed by Douglas Eisenberg.

Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented the buyer and Rosewood Realty’s Aaron Jungreis represented the seller in the transaction that closed last week.

The buildings, which were built between 1920 and 1925, are located at 37 Sickles and 30 Sickles Street and 95 Thayer Street. Together they total 148,850 s/f and have a cap rate of cap rate of 3.8 percent.

They sold for $305 per square feet or 14.6 times the current rent roll.

In April, Prana sold a 10-building Bronx portfolio to Chestnut Holdings for $47 million.  In November, the company sold a five-building Bronx multifamily portfolio to Pistilli Realty Group for $41 million.

A&E has recently emerged as one of the city’s most active multifamily investors and held $2 billion worth of assets as of December.

Avison Young

Extell sells Flatiron garage

Extell has sold a seven-story Flatiron District parking garage for $32.15 million.

Avison Young Capital Markets Group represented Extell in the sale of 19 West 20th Street, a 52,000 s/f f acility under a long-term lease to Icon Parking.

Avison Young team of Principals Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley negotiated the deal.

The buyer was 19-25 West 20th Street Property LLC, an entity consisting of principals Shlomo Bakash and Steve Mashaal.

“We received significant interest from investors who recognized the property’s long-term value, and saw it as an asset that will appreciate significantly in the coming years,” said Helman.

“In addition to this potential, 19 West 20th will also provide the buyer with stability, as the scarcity of available parking south of 23rd Street insures the tenant’s interest in maintaining control of this garage and subsequently, an on-going income stream for the landlord.”

Cushman & Wakefield

Chelsea hotel building fetches $14M

Chelsea Pines Inn at 317 West 14th Street in Chelsea was sold for $13,750,000.

Cushman & Wakefield’s Brock Emmetsberger, Jonathan Hageman and Andy Posil exclusively handled the transaction on behalf of Jay Lesiger and husband Tom Klebba of Chelsea Pines Inn.

The five-story, 25 ft. wide building contains 8,550 s/f and offers an additional 8,625

buildable square feet of air rights.

It is configured as a 23-key hotel and benefits from generous ceiling heights on the parlor, third and fourth floors. The garden level has a floor-through caretaker’s apartment with access to a rear yard.

“We had a tremendous amount of interest from developers, investors and hotel operators alike. With all three pools of buyers bidding on the property, pricing was driven 25 percent higher than that of the offers submitted prior to Cushman & Wakefield bringing the property to market,” said Emmetsberger.

Gebroe-Hammer Associates

Apartment complex sold for $29M

Gebroe-Hammer Associates has arranged the $29.328 million trade of Meridia at Waters Edge, a newly constructed 108-unit luxury apartment-rental community in Rahway, N.J.

The brokerage team of Ken Uranowitz, president, and Gehane Triarsi, sales representative, exclusively represented the seller, Meridia’s Water Edge Urban Renewal Rahway, LLC, and identified the buyer, 4 City Hall Plaza Urban Renewal, LLC.

Built in 2014, the five-story elevator building is located on the Rahway River. “Rahway has established itself as one of New Jersey’s leading residential centers for urban sophisticates seeking affordability and a convenient metro lifestyle,” said Triarsi, the firm’s Union County market specialist.

“Since being designated as a transit village in 2002, Rahway’s smart-growth development has blended new downtown construction with the city’s established residential neighborhoods and acres of lake and river parklands. Today, the downtown district is home to more than 4,000 residents, approximately 60 percent of whom are renters.”

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