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Deals & Dealmakers

SELLING POINTS: Thor venture makes $40M buy; Crowd goes wild for UN property

● THOR EQUITIES
Thor venture makes $40M
apartment buy

In their second residential joint venture partnership, Thor Equities and GreenOak have purchased a pre-war rental apartment building at 150 West 82nd Street for $41.5 million from Maurice Mann of Mann Realty Associates.
Built in 1926, the ten-story property is located between Columbus and Amsterdam Avenues and includes 50,000 s/f and 59 units.
The buyers liked the “large apartments and impressive architectural characterˮ of the building.

JOE SITT
JOE SITT

“We are very excited to add another tremendous Upper West Side rental property to our growing portfolio,” said Thor Equities’ Alan Klein. “We firmly believe in the long-term value inherent in this vibrant and historic, supply-constrained community.”
The brokers on the deal were Aaron Jungreis of Rosewood Realty an.d Ami Efrati of Entrepreneur Properties.
Thor’s Joe Sitt launched the residential division in October 2013 and partnered with Alan Klein and Jonathan Fishman to spearhead the group.
They have since bought, or contracted to purchase, five properties on the Upper West Side, including 120-125 Riverside Drive, which closed in March for $85 million in partnership with GreenOak.

●PRODIGY NETWORK / KORMAN
Crowd goes wild for
UN property

A joint venture between Prodigy Network and Korman Communities has closed on AKA United Nations at 234 East 46th Street.
The property was purchased for $68.5 million, with more than $10 million raised in crowdfunded equity, senior financing from Bank of America, and subordinate financing from Emmes & Co.
Domestic and international accredited investors purchased participations starting at $50,000.
The existing 95-unit, 20-story property will undergo renovations to its courtyard, lobby lounge, health and fitness center.

AKA Korman
234 East 46th Street

This is the second joint venture between Prodigy Network and Korman Communities and marks Prodigy’s third crowdfunded project in New York City.
“Following the success of AKA Wall Street, our existing crowd of investors was quick to recognize the value associated with Korman Communities’ properties,” said Rodrigo Niño, CEO and founder of Prodigy Network.
“The response of the crowd is far exceeding our expectations. The appetite for Manhattan commercial real estate is global. In less than a year we have closed three Manhattan projects with anticipated values exceeding $575 million.”
“We are very excited to expand our relationship with Prodigy Network in the recapitalization of AKA United Nations. The AKA platform continues to be the market leader in luxury furnished residences throughout the United States and we continue to look for opportunities to grow our portfolio,” said Bradley J. Korman, co-chief executive of Korman Communities.

● kalmon dolgin affiliates
Sunset Park site full of
potential

Kalmon Dolgin Affiliates, Inc. (KDA) has been named the exclusive sales agent for 5714-5728 1st Avenue, a 100,000 s/f commercial building on the waterfront of Brooklyn’s Sunset Park neighborhood.
Kalmon Dolgin Affiliates broker Gary Mayzlin is the broker handling the exclusive listing.
The three-story building adjacent to the Brooklyn Army Terminal is leased to multiple short-term tenants and can be delivered vacant. “The property represents a value-add opportunity for investors and users to reposition this unique property and meet the large demand for commercial space in the area,” said Mayzlin.
The property can accommodate a variety of uses, including office space, high-tech spaces, labs, media production, healthcare, self-storage and others.

●eastern consolidated
Albany building fetches $34M

Eastern Consolidated has arranged the off-market sale of 677 Broadway, a 180,000 s/f office tower in downtown Albany, for $34.5 million.
The two-part transaction included a $1.5 million land lease and the $33 million leasehold on the property.
The 12-story, class-A professional office building has a 900-car parking garage owned by the City of Albany Parking Authority, redundant fiber service, a Building Management System (BMS) to monitor all building and tenant HVAC equipment, an uninterrupted power source system, and an emergency generator.
Gabriel Saffioti, a director at Eastern Consolidated, who along with director Nicole Rabinowitsch represented the buyer, Shelbourne Capitol LLC, said, “The property is a prime addition to the Brooklyn-based investment group’s growing portfolio throughout the Tri-State region.”
Ben Tapper, a senior director at Eastern Consolidated, and associate director Michael Coghill represented the seller Columbia 667, LLC, a local Albany based developer.

●advalurem group
New Yorker’s bargain buy

New York-based Advalurem Group has acquired an ownership interest in 1000 Floral Vale, a Class A, LEED Gold-certified office building located in Yardley, Pennsylvania.
1000 Floral Vale is the newest building in Philadelphia’s Lower Makefield submarket. Built in November 2009, the 89,000 s/f tower has LEED Gold certification.
The property is currently 80 percent leased, primarily to two investment grade tenants on long-term leases with extension options.
The business plan calls for the absorption of available space and moderate exterior capital improvements .
“This is an area that grabbed our attention,” said Gabriel Pozo, principal and founder of Advalurem Group.
“Lower Makefield Township is one of Philadelphia’s more prominent submarkets. It is ranked the number one wealthiest area in Pennsylvania and is consistently featured … as one of the Best Places to Live in the U.S.”
Advalurem Group’s local partner, Pembroke Hobson, was able to negotiate an attractive going-in yield and $214 per square foot due to the seller’s need for liquidity.

● basser kaufman
Developer has big plans for local landmark

Basser Kaufman, a Woodmere, NY-based real estate investment and development firm, purchased the Peninsula Shopping Center in Hewlett, NY, from Shelly Horne of HST Realty.
The locally iconic 70,000 s/f neighborhood shopping center is anchored by a Foodtown Supermarket and many long-term tenants.
“Steven Kaufman and Marc Kemp, the principals of Basser-Kaufman, live in the area and have frequented the Peninsula Shopping Center their entire lives,” said Robert Goldfeder, director of leasing for Basser-Kaufman.
“We are very excited to own this property, and we plan to make improvements that will cater even better to the needs of the Five Towns community that the Peninsula Shopping Center has been serving for 50 years.”
“We have exciting plans for the site, starting with an all-new façade and upgrades to the roof and parking area,” added Marc Kemp.

●cbre group inc.
Hampshire buys retail center

CBRE Group, Inc. announced that Jeffrey Dunne, David Gavin and Kevin Welsh, of CBRE’s New York Institutional Properties team, sold the Stop & Shop Plaza in Piscataway, NJ, for $27.75 million.

JEFFREY DUNNE
JEFFREY DUNNE

The team represented JDA Piscataway, LLC, an entity controlled by JDA Development Co., in the sale and was also responsible for procuring the buyer, Piscataway HUH 2014, LLC, an entity controlled by The Hampshire Companies.
Dunne commented: “Stop & Shop Plaza is easily accessible by a growing and affluent population of 107,254 within three miles, increasing to more than 323,000 within five miles, with average household incomes greater than $100,000.
“The center’s strong grocery anchor coupled with its high credit satellite tenants … will provide stable, long-term cash flow for Hampshire.”

●gfi realty services
New Brooklyn price record

GFI Realty Services just set a pricing record in Brooklyn. Senior director Erik Yankelovich and Michael Gindi worked both sides of the deal for 147 Ocean Avenue, a four-story, 17,320 s/f multifamily building in Prospect Lefferts Garden.

ERIK YANKELOVICH
ERIK YANKELOVICH

The building sold for $5 million, or $240,000 per unit and almost 20 times the annual rent, both a new high for this area, according to Yankelovich.
“Just steps from Prospect Park, the buyer recognized the upside in the below market rents. Due to its proximity to Manhattan and Park Slope, Prospect Lefferts is emerging as the place to live even though rents are on the rise,ˮ added the broker.
The buyer plans to renovate the entire building and upgrade the units.

● massey knakal
Gay community exploring its options

Massey Knakal Realty Services has been retained to explore the sale or lease of the properties owned by FIP Ventures, owner of a majority of the commercial properties on a waterfront resort complex 60 miles east of Manhattan.
The properties consist of 80 percent of the real estate in the commercial district in The Pines, an upscale gay community.
The commercial district, which has been a staple in the area for decades, stretches 250 feet along the harbor and main pedestrian
promenade leading to the residential and beach access areas.
The offering includes the Botel hotel and the Blue Whale restaurant and bar, famous for the Low Tea party; the newly rebuilt, Pavilion night club; the Pool Deck and Outdoor Bar; the Cultured Elephant, an outdoor restaurant; the Harbor Club and The Rack
Gym.
There are also several retail stores and two multifamily properties that are included in the offering.
“This is a once in a lifetime opportunity for a world class operator to run the majority of commercial businesses in this highly coveted community,” said Massey Knakal’s James Nelson, who is exclusively marketing FIPV with Andrew Posil and Brendan Gotch.
Jon Wilner from Island Properties of the Pines, Inc. is also the on-site broker.
The properties are being offered as a package with an asking price of $19,500,000, or individually.

●eastern consolidated
Rent-A-Center bought outright

Eastern Consolidated arranged the sale of a three-story retail building in East Harlem at 2202-2210 Third Avenue, also known as 181 East 120th Street.
The 12,000 s/f property, currently occupied by Rent-A-Center whose triple net lease expires in November 2015, has an additional 17,000 s/f in available air rights.
“This building is a prime opportunity for the new owner with a total of 29,000 buildable square feet that can be developed as-of-right,” said Adelaide Polsinelli, who along with Chad Sinsheimer represented the seller and managing partner, Joseph Rishty of 2202 Third Ave, LLC, in the transaction.
“It is well-positioned for conversion into a mixed-use development with apartments and retail on the ground floor.”
Martin Ezratty, a director at Eastern Consolidated, and associate director David Malekan procured the buyer, Third Avenue Commons LLC.

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