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Deals & Dealmakers

Selling Points: Upper East Side property for $45M, BLT buys former Pitney Bowles HQ

MARCUS & MILLICHAP

Upper East Side property asking $45M

Marcus & Millichap announced it has the exclusive right to market for sale 1313-1315 Third Ave., a five-story, walk-up, mixed-use building on Manhattan’s Upper East Side.

The listing price is $45 million.

John Stewart and Michael Sadowsky in Marcus & Millichap’s Manhattan office are representing the seller.

“In addition to the existing apartments and retail, the property has 34,960 square feet of development rights,” said Stewart. “The building is neither landmarked nor part of a historic district, and the retail tenant has a demolition clause in its lease.”

The mixed-use investment real estate asset is located between 75th Street and 76th Street at 1313-1315 3rd Ave. with 56 feet of frontage on Third Avenue in New York City.

The building contains 32 residential units and one commercial unit. There are 31 one-bedroom apartments and one studio.

One unit is rent controlled and five are rent stabilized. The remaining apartments are market rate. The commercial tenant, Citarella, occupies approximately 5,250 square feet.

 

Cushman & Wakefield

No risk, all reward

An apartment building at 320 Manhattan Avenue, on the corner of Manhattan Avenue and West 114th Street on Manhattan’s Upper West Side, has been sold for $15,550,000.

The six-story, elevator-serviced building contains 44,622 s/f and 55 units. 33 of the 55 units are subject to a low income tax credit program which is in year 18 of a 30-year term. The remaining 21 are subject to regular New York City rent stabilization regulations.

The property frontage on Manhattan Avenue and West 114th Street, with views of Morningside Park and Lafayette Square.

Recent improvements include a new roof, spot pointing and parapet replacement, a new chimney, as well as some apartment renovations.

The sale price equates to approximately $348 psf.

“This was an excellent opportunity for purchasers to acquire a building exiting legacy ownership with both short and long term upside,ˮ said Cushman & Wakefield’s Hall Oster, who exclusively handled this transaction with Bob Knakal, chairman, New York Investment Sales, Jonathan Hageman, Teddy Galligan, and Zachary Rosenberg.

“With low rents constrained by a regulatory program, there was virtually no downside risk given the building’s location on a stellar corner within possibly the most rapidly emerging and dynamic neighborhoods in all of Manhattan.”

 

Building & Land Technology

BLT buys former Pitney Bowes HQ

Building and Land Technology (BLT) announced the acquisition of 1 Elmcroft Road, a 550,000 s/f Class A office complex adjacent to Harbor Point, the mixed-use waterfront development in Stamford.

The purchase price was $38, million. BLT purchased the complex, which is currently vacant, from Pitney Bowes.

The property, designed by noted architecture firm I.M. Pei & Partners, is the former headquarters of Pitney Bowes.

Situated at the tip of the South End peninsula, 1 Elmcroft offers views of Kosciuszko Park, Stamford Harbor, and Long Island Sound.

“We remain bullish on Stamford and are delighted to make this new investment in the office market here,” said Carl R. Kuehner, III, CEO of BLT.

Within the past five years, the Harbor Point peninsula has been transformed by the addition of more than 2,300 apartments, several hundred thousand square feet of Class A office space, and more than 30 new retailers, including Fairway Market, Exhale Fitness, and a dozen restaurants.

“Stamford is a bright spot for the Connecticut economy, and … we are confident that 1 Elmcroft Road will be a sought-after office address when we reintroduce it to the market.

BLT also redeveloped the former Pitney Bowes “Main Plant” in the city’s South End into nearly 1,000 new apartments, the Waterside School, and Commons Park.

One of the largest redevelopments on the eastern seaboard, Harbor Point encompasses an entire neighborhood, with a full mile of waterfront, more than 4,000 residential units, and several million square feet of commercial development.

 

Highcap Group

Queens development site hits market

A commercial development site across the street from the Rochdale Village co-op complex has hit the market.

Josh Goldflam, managing principal of Highcap Group, has is listing the property located at 168-27 Baisley Boulevard in the St. Albans / South Jamaica neighborhood of Queens for $11,900,000.

The property provides an investor with a 66,000 s/f lot which is partially long-term ground leased to a storage operator with excellent cash flow.

The street side of the property, which currently consists of two retail stores and one automotive repair shop with a parking lot, provides for the ability to construct a mixed use commercial building with over 158,000 s/f As of Right.

Proposed plans call for a medical office and/or daycare building with 139 feet frontage for potential retail and two levels of underground parking for 178 cars.

The asking price equates to $75 per buildable square foot for the development portion and retains a 2.1 percent capitalization rate for the current cash flow.

 

Thor Equities

Thor expands Soho retail portfolio

Thor Equities has acquired a SoHo retail property at 51 Greene Street, company executives announced.

Located between Broome and Grand Streets, the two-level, 3,600-square-foot building is currently occupied by Arcadia Fine Arts, a world-class gallery specializing in sculptures, paintings and photographs by a variety of contemporary artists.

“SoHo is becoming the new Gold Coast of lower Manhattan, where fashion, design and art combine to create a culture that is unmatched,” said Joseph Sitt, CEO of Thor Equities.

“SoHo remains one of the most sought after retail addresses in the city, famed for its fashionable shopping, world-class hotels and luxury residences, and we are excited to be part of its continually bright future.”

51 Greene Street is the latest addition to Thor Equities’ expanding SoHo portfolio, which includes holdings along Greene Street, Broadway, West Broadway and Mercer Street.

 

Solomon Organization

Solomon sees opportunity in Detroit

The Summit, NJ-based Solomon Organization has acquired Somerset Park, a community of 2,226 apartments with a nine-hole golf course in Troy, a suburb of Detroit, MI.

Somerset Park was developed in the mid-1970s just off Big Beaver Road and is adjacent to the Somerset Collection, a luxury regional shopping mall as well as the Somerset Hotel, a Whole Foods grocery store and several notable office buildings.

“Somerset Park fits perfectly into our long-term strategy of identifying properties in excellent locations that can be improved for this generation’s selective apartment dwellers,” said Marc Solomon, founder of the 38-year-old company.

“Detroit’s recovering economy and excellent prospects proved very appealing to us and we are fortunate to add this excellent property to our portfolio.”

Solomon has plans to renovate apartment interiors and upgrade common areas including the recreational facilities.

The Solomon Organization has acquired more than $500 million of residential property in the last 24 months, including 5,391 total apartment units, in Rochester, NY, suburban Philadelphia;, New Haven, CT; and suburban NYC. The firm now owns more than 12,700 apartments, all of which it manages, in five states.

 

Eastern Consolidated

Bronx retail drives up property price

Eastern Consolidated has arranged the sale of a 67,000 s/f, mixed-use property at 135-145 West Kingsbridge Road in the Kingsbridge Heights section of the Bronx.

The property sold for $14.75 million, or $220 psf.

The six-story walk-up consists of 10 fully occupied retail stores and 57 mostly regulated apartments.

Adelaide Polsinelli represented the long-term seller, and Ronda Rogovin represented the buyer.

“This property is located in an area that is the heart and soul of New York City,” said Polsinelli, who heads Eastern Consolidated’s expanding Retail Sales and Leasing Division.

“The strength of the retail was a driving force in achieving the price that we were able to obtain, as well as the recent attention the Bronx has been enjoying. The investor appetite for core residential investments is continuing at a rapid clip in every borough.”

Rogovin said the proeprty offers “an excellent value-add opportunity with future upside and is a desirable addition to the portfolio of the investor, which is a major owner-operator of multifamily buildings in the Bronx.ˮ

The building’s retail tenants include one of the city’s most popular Spanish restaurants and caterers, Caridad Restaurant at Kingsbridge.

 

Prime Manhattan Realty

Condo fetches $12.5M

Prime Manhattan Realty brokered the sale of the 9th floor of 800 Second Avenue to a healthcare client.

Stanley Piesh represented the buyer. Josef Yadgarov, of Corcoran Wexler, represented the landlord in the transaction.

The buyer paid $12.54 million for the 19,500 s/f condo, which will be converted in to a multi-specialty medical office.

 

TerraCRG

Park Slope block for sale

TerraCRG is marketing 409-421 14th Street in the Park Slope neighborhood of Brooklyn.

Adam Hess, partner at TerraCRG, and his team have listed the portfolio at $16,500,000.

The portfolio includes seven contiguous buildings on 14th Street between Seventh Avenue and Eighth Avenue.

The buildings have a combined 150 ft. of frontage on 14th Street, nearly half of the residential block.

There are six six-unit buildings and one eight-unit building, totaling 44 units and 26,265 s/f. Twenty-five of the 44 units are free market, 18 are rent stabilized and one is rent controlled. The asking price equates to $628 psf, 4.4% CAP rate and $375,000 per unit.

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