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Deals & Dealmakers

Selling points: Thor picks up hot Harlem property, Jersey corporate center sold

Thor Equities

Hot Harlem property picked up by Thor

Thor Equities has closed on the acquisition of 215 West 116th Street, a 40,000-square-foot residential and retail building, company executives announced today.

Located between Frederick Douglass Boulevard and St. Nicholas Avenue in Central Harlem, 215 West 116th Street includes two- and three-bedroom rental apartments, as well as six commercial units with over 100 feet of retail frontage.

The seven-story prewar property is surrounded by three flourishing neighborhoods: Central Harlem, which is experiencing strong growth fueled by development activity along the 125th Street corridor; the Upper West Side; and Morningside Heights, home to Columbia University which is undergoing a $7 billion, 17-acre campus expansion.

215 West 116th Street is also one block from the 2/3 train, one block from the B/C train, a short drive to the Henry Hudson Parkway, and within walking distance to Morningside Park and Central Park.

KABR Group

Renovated corporate center sells in Jersey

Cushman & Wakefield has completed the sale of Justin Corporate Center I, a two-story, 40,000-square-foot office building in Manalapan, Monmouth County. The firm’s East Rutherford, N.J.-based Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Ryan Larkin represented seller KABR Group, and procured the buyer, the Torsiello Organization.

Located at 198 Route 9 North, Justin Corporate Center I was originally constructed in 1985. The property recently underwent significant improvements to its lobby and other public areas, parking lot, HVAC system, and the addition of a conference room. It was 94 percent occupied at the time of sale with a total of 12 professional tenants in the financial services, healthcare and publishing fields.

Kinsey Capital

NoMad office building sold for $38M

Kinsey Capital, a commercial real estate brokerage and advisory firm based in New York City, announced the sale of 4-6 E 34th Street, a prime office property in Manhattan’s NoMad neighborhood.  The property was purchased by an affiliate of Caerus Group and sold by the Zionist Organization of America (ZOA).

Brent Glodowski represented Caerus in the transaction and ZOA was represented by CB Richard Ellis.

The property, 29,162 square feet sold for $38.25 million or $1,312 per square foot.  The property also maintains its air rights and can be built to 52,300 square feet.

Leo Tsimmer’s Caerus Group has recently acquired adjacent properties, which allows for multiple investment strategies.

Cushman & Wakefield

Mixed-use pair of buildings on UWS go for $37M

A pair of mixed-use buildings at 2461-2463 Broadway were sold in an all-cash transaction valued at $37,350,000. The properties are located on the northwest corner of 91st Street and Broadway on Manhattan’s Upper West Side.

Cushman & Wakefield’s Hall Oster, Clint Olsen and Teddy Galligan exclusively brokered the sale on behalf of Ninety-First Street Associates to 2461 Broadway LLC.

The parcels possess over 50’ of frontage on Broadway and combine for a 5,369 square foot lot. At the time of sale, the properties consisted of two adjacent buildings totaling approximately 18,166 square feet.

They sit within a C4-6A (R10 Residential Equivalent) commercial zoning district, yielding approximately 53,690 buildable square feet as-of-right and are eligible for an additional 10,738 square feet of Inclusionary Bonus Rights. The sale price equates to an approximate 2.9 percent capitalization rate, $2,056 per square foot and $640 per buildable square foot.

2461 Broadway is a six-story, corner, elevator building with 12 apartments and two commercial units occupied by a laundromat and a Bank of America. 2463 Broadway is a two-story commercial building anchored by Le Pain Quotidien (LPQ) and occupied by a law firm on the second story.

Nestled in the heart of the Upper West Side, the property is accessible via the 1, 2 and 3 train lines. Its prime corner location, anchored by strong retail and easy accessibility, ensures future growth and upside.


Fine arts storage provider acquires upstate facility

UOVO, a fine arts storage and collections management services provider, announced the acquisition of a new facility, located at 100 Bradley Parkway in Rockland County, 17 miles north of Manhattan.

The acquisition of 100 Bradley Parkway addresses the increasing demand for the company’s revolutionary approach to fine art storage and collection services. UOVO’s team of over 80 employees, including an experienced technical staff and dedicated client services team, caters to leading galleries, museums, institutions, fashion houses, estates, foundations, and individual collectors.

UOVO’s two existing state-of-the-art facilities in New York—a 280,000-square-foot flagship building in Long Island City and a 100,000-square-foot space in Rockland County—will be supplemented with this third facility. The building aligns with UOVO’s high level of collection care, with 140,000 square feet of space for short or long term storage as well as 24-foot high ceilings and customizable racking to accommodate monumental works and ensure maximum storage efficiency for clients. 100 Bradley Parkway will be renovated to UOVO’s superb standard of quality in time to open in the summer 2016.

Simon Baron Development

Simon Baron dives into L.A. commercial market

Simon Baron Development (Simon Baron) announced that they have expanded their footprint by acquiring the ground lease on the 600-room, Stay on Main Hotel, located at 640 South Main Street in Downtown Los Angeles (LA), California from 248 Haynes Hotel Associates LLC. The acquisition marks the beginning of the developer’s expansion to the west coast and their first project in California.

Simon Baron plans to reposition the 170,000-square-foot property into a modern mixed-use facility with capital improvements, while staying true to the neighborhood and notable context of the building. Simon Baron was represented by Ben Reznik of Jeffer Mangels Butler & Mitchell LLP in the deal, and by David Swartz of CGS3 in the ground lease.

Located in the heart of LA’s Historic Core neighborhood, Downtown LA is rapidly evolving with numerous surrounding developments, including ground up high-rise development and conversion of existing commercial buildings. All recent projects – and now Simon Baron’s future plans – underscore and lead the city center’s resurgence, preserving the historic stretch.

Institutional property advisors

East Village property picked up for $58M

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of 50-58 East Third St., which is composed of three contiguous six-story multifamily buildings with a total of 71 apartments located in Manhattan’s East Village neighborhood. The property sold for $58 million, which equates to nearly $817,000 per unit.

Von Der Ahe, along with Joe Koicim, David Lloyd and Corey Isdaner, represented the seller and procured the buyer.

Located on the south side of East Third Street between First and Second Avenue, the properties are: 50-52 East Third St., 54-56 East Third St. and 58 East Third St. The three buildings have a total of 51 free-market apartments, 18 rent-stabilized units and two rent-controlled apartments.

Recent improvements include repointed and repainted exterior brick facades, new exposed-brick public hallways, and porcelain tile floorings, among many others.


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