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Deals & Dealmakers

SELLING POINTS: Trion picks up mixed-use pair; $17M price tag on Queens package

Trion picks up mixed-use pair

Trion Holdings has acquired two Manhattan buildings for a combined sum of $28.5 million.
818 10th Avenue, a five-story walk-up building with 12 units and two stores was acquired for $11.5 million.

818 Tenth Avenue

The Midtown West property is located within walking distance of the Hudson River, Theater District, Central Park, and the subway system.
Victor Sozio, Shimon Shkury, Michael A. Tortorici, Jesse Deutch and Howard Raber at Ariel Property Partners represented the seller.
48 Saint Nicholas Place, a six-story, 42-unit property in Hamilton Heights was acquired for $17 million. Daniel Parker of Hodges Ward Elliott represented the seller.
Carmelo Milio, CPM president and chief investment officer for Trion Holdings said, “We look at many deals on a daily basis and these two penciled out to our conservative requirements.”
“The locations are excellent and the buildings have strong tenant bases, both of which were crucial factors for our decision.”
The acquisitions by the Yonkers-based investment and management firm come following a run of six purchases made by Trion in the last two years totalling $88.5 million.

Cushman team offers Queens buildings

Cushman & Wakefield is marketing two adjacent industrial buildings at 47-47 and 47-55 58th Street in Woodside, Queens.
The properties – which can be purchased together or individually – have a combined asking price of $17.4 million. Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa are handling the assignment.
47-47 58th Street is a 200 ft. wide, single story industrial building offering 23,000 s/f of space, with 15-foot ceiling heights, multiple roll-up garage doors, and approximately 3,300 s/f of on-site outdoor parking.

47-55 58th Street

Situated within an R5 zoning district, the property allows for residential development of 32,097 buildable square feet, as of right, and approximately 51,356 buildable square feet with community facility bonus.
The neighboring property, 47-55 58th Street, is a two-story industrial building totaling 20,000 s/f. It too is within the R5 zoning district and allows for residential development of 17,812 buildable square feet, as of right.
“These properties represent a prime industrial user opportunity in Woodside, Queens, which is easily accessible from all part of the city, including Midtown Manhattan,” said Donovan, Vice Chairman at Cushman & Wakefield.
“For those looking to expand their business with factory, warehouse, shipping and even office space, both properties provide organizations the ability to do so in a centralized location.”

Jersey investor buys southeast apartment portfolio

The Solomon Organization, which owns and operates more than 14,000 apartment units in seven states, has made its second Southeast multifamily portfolio acquisition over the last year, purchasing 762-units in three suburban Charlotte locations.
Matthews Point and Mission Matthews Place, in Charlotte’s southeast suburb of Matthews, and Waterford Hills, in North Charlotte, will join holdings in Chapel Hill, Greensboro and Blacksburg that make up the current Solomon Southeast portfolio.
“Robust economies with leading universities, substantial healthcare and growing populations have generated an exciting dynamic in the Mid-Atlantic region,” said Marc Solomon, founder of the Solomon Organization.
“We have created a considerable presence here in just a year, and we expect to continue to expand.”
Each of the garden-style properties is set on campus-style layouts that total more than 56 acres,. Solomon intends to make interior renovations to the apartment homes.
Lasy year, Solomon purchased an 896-unit portfolio of multi-family properties in Virginia and North Carolina. The company also owns portfolios in Detroit, Philadelphia, Lancaster, New Haven and New York.
“Every market has unique characteristics, but one of the most important investment fundamentals is to operate properties where people enjoy living,” said Solomon.
“Our new properties fulfill our mission of offering affordable apartments in premier locations with great schools, transportation and local restaurants, services and shopping. We’re looking forward to a long future here.”

Lenox Hill walkup hits market

Marco Lala at marcus & Millichap is marketing a Lenox Hill walk-up with a $15,790,000 price tag.
224 East 59th Street is located on the south side of East 59th Street, between 2nd and 3rd Avenues.
The property consists of ground floor retail, occupied by Japanese gorcery Katagiri, and 16 residential apartments.
According to Lala, the apartments are rented at below market rents and Katagiri is the oldest Japanese grocery store in the country with a global corporate base.

Garden City office property trades for $10M

A Garden City office property has traded for around $10 million, according to CBRE.
Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s Institutional Properties in collaboration with Vince LaManna of the CBRE Long Island office, represented TSPartners in the sale of 825 East Gate Boulevard in Garden City, New York. The team was also responsible for procuring the buyer, CAF Realty.
825 East Gate Boulevard is a 79,498 s/f office property located just off the Meadowbrook Parkway in Garden City.
It sits in the midst of a hub of retail options, hotels and entertainment, including the 2.2 million s/f super-regional Roosevelt Field Mall, the ultra-luxurious Garden City Hotel and Nassau Veterans Memorial Coliseum.
Dunne commented: “825 East Gate provided a unique opportunity to purchase a value-add office property in prestigious Garden
City. The property’s prime location with access to major thoroughfares and numerous amenities ideally position it for near-term lease-up.”
CBRE Institutional Properties is currently marketing several properties, including 55 Charles Lindbergh, a 214,581 s/f 100 prcent leased office building in Uniondale, New York and 6800 and 6900 Jericho Turnpike, a 315,500 s/f office property in Syosset, New York.

Germans add to apartment portfolio

Wafra Residential Value Invest, a real estate platform designed specifically for German institutional investors, has purchased a 237-unit Class-A multifamily asset known as Milagro Coral Gables, located in Miami, Florida, for $78.15 million.
Built in 2013, Milagro occupies a strategic location in one of Miami’s most established neighborhoods, Coral Gables.
The asset is within close proximity by car to the area’s important demand generators and is within walking distance to Miracle Mile and Giralda Avenue, which are beneficiaries of significant infrastructure improvements completed by the city of Coral Gables.
“We are very pleased with the acquisition of Milagro. The transaction represents the fifth acquisition for the Wafra Residential Value Invest real estate platform, and is an important addition to the platform’s existing portfolio given the profile and strength of the Miami market, and specifically Coral Gables,” according to a Wafra spokesperson.



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