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Deals & Dealmakers

Selling points: Vegh selling Queens apartment building, Multifamily portfolio hits market at $109M

Treetop Development

Vegh tapped to sell Queens apartment building

New Jersey based Treetop Development is looking to collect $150 million for a luxury Queens apartment building it bought two years ago for $85.25 million.

Treetop bought the 420-unit Saxon Hall, in Rego Park, from Vantage in what was then its first foray into the Queens apartment market.

The developer launched a capital improvements program at the 16-story tower and a rolling renovation to upgrade the apartments that has transformed 50 units with high-end finishes.

The units at Saxon Hall, located at 62-60 99th Street in Rego Park, are considered “extra large” by Manhattan standards and each has a terrace.

Adam Mermelstein, principal of Treetop Development, said the decision to sell was a strategic one.

“We feel this is an opportune time to reap the rewards of a property which we’ve added significant value to, yet still had considerable upside for a potential purchaser. As with many of our properties, we plan to utilize profits from the sale of Saxon Hall to reinvest in other transactions throughout New York City’s five boroughs.”

Treetop has tapped Steven Vegh, from Westwood Realty Associates, to bring the property to market at a price that equates to less than $300 psf.


Eastern Consolidated

Multifamily portfolio hits market at $109M

Eastern Consolidated has been selected to market a portfolio of 14 mixed-use and multifamily properties in Upper Manhattan. The asking price is $109 million.

The package consists of 357 apartments, 10 retail stores, and seven rooftop antennas spread across 229,945 square feet.

Seven of the buildings are located in East Harlem, one in Manhattanville, one in Hamilton Heights, and five in Central Harlem.

Eastern Consolidated’s Ron Solarz and Matthew Sparks are exclusively marketing the portfolio. Wade Hazelton is the analyst for the package.

“The entire portfolio presents an incredible opportunity for an investor to acquire a substantial footprint in Upper Manhattan, one of New York City’s most rapidly appreciating markets, but the ownership may consider selling the package in pieces,” Solarz said.

“The properties have been extremely well-maintained with significant capital spent on upgrades to building systems, violation reduction, and individual apartment renovations.”

The properties can be sold as a package or individually.


Cushman & Wakefield

Meadows sale shows strength of market

Onyx Equities and SL Greenhave sold The Meadows office complex in Rutherford, NJ, for $120 million.

Cushman & Wakefield’s Metropolitan Area Capital Markets Group has brokered the sale of the 600,000 s/f two-building office complex to a private investor.

Cushman’s David Bernhaut headed the assignment with team members Andrew Merin, Gary Gabriel, Brian Whitmer and Kyle Schmidt.

“We are seeing an unprecedented level of investment throughout the region billions of public and private capital invested in residential and retail development, infrastructure, mass transit, and entertainment,” Bernhaut noted.

The Meadows, located at 201/301 Route 17 North at the intersections of Route 3 and the NJ Turnpike, is one of Northern New Jersey’s few high-rise office towers outside of the Hudson Waterfront and the Newark CBD.

The fully amenitized, institutional-quality property is nearly 90 percent leased, with tenants including MALO, Sony Music Entertainment, SGS North America and Shiseido Americas, among others.

The property was built in 1981 and extensively renovated in 2006 and again in 2014, when over $4.5 million was spent to improve lobbies, elevators, restrooms, both facades, the parking deck and other common areas.



Soundview buyer on the right track

Ceruzzi Properties has sold 2 Soundview Drive, a Class A office building in downtown Greenwich, CT, for $30.5 million.

Stephen Westerberg and Kim Mowers, both senior managing directors of NGKF Capital Markets, represented the seller, an entity controlled by Ceruzzi, and the buyer, 41st Street Holding Company LLC, in the transaction.

The NGKF Capital Markets team also secured the debt for the buyer of the 38,000 s/f property through the firm’s Debt and Structured Finance Group.

2 Soundview Drive is occupied by tenants Forester Capital and financial consulting firm, Chronogram Corp.

Said Westerberg, “There is a high tenant demand for Class A office space proximal to the train station. The new owners will be able to provide the invaluable combination of accessibility, visibility and quality to their corporate tenant base.”


Marcus & Millichap

Greenpoint site scooped up

Marcus & Millichap arranged the sale of 57,000 buildable square feet in the Greenpoint section of Brooklyn.

The seven contiguous tax lots, located at 1050-1066 Manhattan Ave. and 154 Eagle St., brought $18 million, which equates to $317 per square foot.

Shaun Riney, Michael Salvatico and James Saros, all in Marcus & Millichap’s Brooklyn office, represented the seller and procured the buyer.

“Mixed-use developers are keen to capitalize on the impending population growth, especially on the commercial corridors of Franklin Street and Manhattan Avenue where the retail component should appreciate significantly over a five-to-10- year hold,” said Riney.

A family-owned and operated hardware store and furniture shop currently occupy the site.



Fiel buys Long Island office property

The Fiel Organization has paid nearly $30 million for the 165,310 s/f office property at 1305 Walt Whitman Road in Melville, New York, according to industry sources.

Currently 83 percent leased, 1305 Walt Whitman is currenlty home to the American Institute of Physics (44,791 s/f), Merrill Lynch (28,552 s/f) RUI Credit Services (19,011), and KPMG (13,957 s/f) anchor the property.

Jeffrey Dunne and Steven Bardsley of CBREs Institutional Properties, in collaboration with Philip Heilpern of the CBRE Long Island office brokered the sale.

“1305 is a great asset and offers new ownership stable income from the high credit rent roll and upside from the 28,000+ square feet in vacancy,” said Dunne.

“Further, Melville is an increasingly tight market where rents are beginning to move up. Collectively, these factors bode well for the future of the property.”


Cushman & Wakefield

Nelson marketing Village building

Cushman & Wakefield is marketing an apartment building at 65 Bank Street in the West Village.

Ownership is requesting offers for the six-story building, which has 36 apartments, 28 of which are fair market, six are rent stabilized, one is rent controlled, and one is a super’s unit.

The building has a new rooftop deck and fitness room and is neighbor with popular West Village eateries such as The Spotted Pig and Wallflower. “This offering presents an excellent opportunity for a high cash flowing, low maintenance asset located on arguably one of the best blocks in the Village,” said James Nelson, who is marketing the property with David Shalom.

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