●GFI REALTY SERVICES
Rhodium betting on multifamily with latest $98M purchase
GFI Realty Services brokered the $98 million sale of a portfolio of 13 multifamily properties in Harlem and Washington Heights.
The firm’s Roni Abudi represented the seller, Tibeir Trust, while Daniel Shragaei represented the buyer, Rhodium Capital Advisors.
The 13 walk-up buildings comprise a total of 361 apartments, 17 retail stores and one cellular antenna. The majority of the apartments are two- and three-bedroom units.
Rhodium intends to implement $12 million of capital improvements to the properties, including modernizing common areas, kitchens and appliances.
“With a growing number of young professionals moving into Harlem and Washington Heights, Rhodium was eager to acquire and improve these properties, thereby increasing the amount of quality housing stock in Upper Manhattan,” Shragaei said.
“The many large units in this portfolio are ideally suited for families seeking apartments in one of Manhattan’s most up-and-coming, but affordable areas. Rhodium plans to add value to the properties, vastly improving the resident experience.”
This transaction demonstrates Rhodium’s continued confidence in the strength of the multifamily market in Upper Manhattan, where, in December, Shragaei arranged Rhodium’s acquisition of an independent six-building apartment portfolio.
“An Israel-based fund that acquired the properties over a long period of time, Tibeir decided to divest of this well-located portfolio and return money to its investors,” Abudi said.
“While the properties had previously experienced somewhat of a rough period, Park Avenue Management recently worked with Tibeir to stabilize the properties, making cosmetic improvements to the buildings and reducing utility costs.”
Of the 13 properties, the sale of eight of them has closed, with the remaining five set to close in the first quarter of 2016.
●treeline / long wharf / kabr
Partners bundle up on Brooklyn office condos
Treeline, along with its joint venture partners Long Wharf Real Estate Partners and The KABR Group, have acquired additional retail and office condominium space totaling 32,000 s/f at 195 Montague Street in downtown Brooklyn for $20.5 million.
Banco Santander, which currently occupies the space, was the seller and will remain as a tenant.
As part of the deal, the bank signed a three-year lease with an option to extend. The condo includes 7,000 s/f of ground-level retail space and a 25,000 s/f basement level that is currently used as a garage and office space.
DTZ’s Richard Bernstein represented Banco Santander in the deal, while Michael Schor from Treeline and John Schonborn from Long Wharf oversaw the acquisition for the buyers.
With the completion of this transaction, Treeline and its partners now own nine out of 15 condo units in the 14-story building.
In November, shared-office company WeWork signed a 77,000 s/f lease to open its first location in Downtown Brooklyn at 195 Montague.
Other tenants of the 14-story glass and steel office condo include federal and city agencies as well as medical-related offices.
●friedman-roth realty services
Veracity buys two LES buildings
Veracity Development has paid $16 million for two Lower East Side apartment buildings.
Located at 100 & 102 Forsyth Street, the properties, located between Grand Street and Broome Street, contain 36 residential units and four commercial spaces. Both buildings are five-story walk-ups and encompass a combined 18,900 s/f.
George Niblock of Friedman-Roth Realty Services represented both the seller, who has owned the property since 2001, and the buyer.
According to Niblock, the seller is planning to transition into retail properties. Veracity Development declined to comment on the purchase.
Ashkenazy buys Lexington retail
Ashkenazy Acquisition Corp. has bought a Lexington Avenue retail property.
Kinsey Capital, a commercial real estate brokerage and advisory firm, announced the sale of 730 Lexington Avenue, located in Midtown East.
It was purchased by an affiliate of Ashkenazy Acquisition Corp. The Aldo Group was the seller. Brent Glodowski was the broker.
The property was sold for $18.5 million, or approximately $4,500 psf, said Kinsey Capital.
Daniel Levy, Ashkenazy Acquisition Corp, called the purchase “another exciting acquisition for us.”
“We believe it has been and will contiue to be an incredibly strong corridor.”
ALDO is the sole tenant in the 4,100 s/f building and they will continue toi operate form the property, said Levy.
●ariel property advisors
Upper East Side site fetches $11M
Ariel Property Advisors has sold a development property located at 515 East 86th Street on the Upper East Side.
The 22 ft. wide site, which is part of an assemblage, is located on the north side of East 86th Street between York Avenue and East End Avenue. The property sold for $11,200,000.
Exclusive agents Victor Sozio, Howard Raber, Shimon Shkury, Randy Modell, and Jesse Deutch represented the seller and procured the buyer, both private investors.
515 East 86th Street has approximately 22,150 buildable square feet for a rental or condo development. A 6,060 s/f, four-story vacant building currently sits on the lot.
“New ownership strategically positioned themselves to take advantage of the increasingly strong demand for housing, close proximity to a busy retail corridor, and the imminent arrival of the 2nd Avenue subway station.” said Sozio, executive vice president at Ariel.
Fund makes Harlem buy
Alpha Realty has brokered the sale of 137 West 137th Street in Central Harlem for $12 million.
The six-story elevator property built to 30,900 s/f consists of 56 apartments. The sale price achieved a 15-times rent multiple and equated to $389 psf.
The buyer is a Manhattan based real estate fund and the seller is a local private investor, said Alphas’s Lev Mavashev, who negotiated the off market deal, which was originated by David Moss and Noah Schmahl.
“The seller saw an opportunity to capitalize on their investment, which they held for almost 10 years, and the buyers were there ready to transact as this building was a great chance to expand their Manhattan holdings,” added Mavashev.
●Cushman & Wakefield
Investors, step this way
Cushman & Wakefield has been retained on an exclusive basis to sell the Mann Portfolio, consisting of five properties in Brooklyn’s Bedford-Stuyvesant neighborhood. The asking price is $21.5 million.
The properties are located at 257 Quincy Street, 570 Jefferson Avenue, 308 Stuyvesant Avenue, 788 Madison Street and 790 Madison Street. The five walk-up apartment buildings combine for 45,462 s/f and 62 apartments. 31 are rent stabilized, 18 are free market, and 13 will be delivered vacant.
According to Cushman & Wakefield, the portfolio presents “a rare opportunity to make an overnight footprint one of Brooklyn’s most dynamic and evolving neighborhoods.ˮ
Michael Amirkhanian, who is exclusively marketing the portfolio, said, “This is one of the best located portfolios we have seen come to market in Central Brooklyn. This opportunity offers a unique balance of scale, architectural significance, strong in-place income and legitimate upside.”
●mack-cali realty corp.
Mack-Cali buys office building
Mack-Cali Realty Corporation has bought 3 Sylvan Way, an empty 147,241 s/f three-story, class A office building in Parsippany, NJ.
This acquisition enhances the company’s holdings at the 600-acre Mack-Cali Business Campus, which includes 15 class A office properties.
3 Sylvan Way, One and 5 Sylvan Way, share a connected, below-grade parking structure which acts as a protected walkway and provides easy access for tenants to use amenities across the complex.
The buildings will be repositioned as an interconnected three-building mini campus, as part of the overall Campus.