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Deals & Dealmakers

SELLING POINTS: Westchester landmark trades for $30M, Vendome buys Broome Street building

●Cushman & Wakefield
Tarrytown landmark trades for $30M

One of Westchester County’s most iconic office buildings has traded in a $30 million sale.

Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranged the deal between GHP Office Realty, a privately held Westchester-based real estate firm, which purchased 660 White Plains Road in Tarrytown from RA 660 White Plains Road LLC, an entity controlled by RNY Property Trust.

The six-story, Class-A building totals 279,000 s/f and features onsite food service, 24-hour access, parking and public bus service.

It sits on approximately 11 acres in the Tarrytown Corporate Center, two miles from the Tappan Zee Bridge (soon to be replaced by the $3.9 billion New NY Bridge).

“660 White Plains Road is well known for its remarkable design, distinctive architectural features, and status as the largest building in Tarrytown Corporate Center,” noted Cushman & Wakefield’s Andrew Merin, who headed the transaction with Metropolitan Area Capital Markets Group team members David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin.

“The property is 87 percent leased to a diverse rent roll of over 40 tenants ranging in size from less than 1,000 square feet to nearly 60,000 square feet,” Merin added.

“It continues to outperform the greater Westchester market, and the new ownership will be able to capitalize on the building’s flexibility and strong regional market fundamentals to increase occupancy and NOI.”

●Eastern Consolidated
Vendome buys Broome Street building

Vendome Property Management has bought 558 Broome Street, a six-story mixed-use property in SoHo, for $15.75 million.

The property, which is located on the northeast corner of Broome Street and Varick Street, contains 20 apartments (15 one-bedrooms and five two-bedrooms). It also has retail spaces on the ground floor and the lower level, which are currently occupied by three restaurants. Two of the restaurants, Taureau and La Sirene, are owned by chef Didier Pawlicki.

“This building has had exceptional family ownership and management for four decades. The building was well maintained and stands to benefit from all the new developments surrounding it,” said Eastern Consolidated Senior Managing Director Adelaide Polsinelli, who was part of a team that handled the sale.

According to Polsinelli, the property was sold after prospective buyers engaged in a bidding war. The seller, Joseph DeFranca, owned the building for over 40 years. Vendome declined to comment on their plans for the property.

Polsinelli and Eastern Consolidated Director Mitchell Goldstick represented the seller and procured the buyer. Chris Matousek, Eastern’s Consolidated’s Director for Financial Services, served as the analyst for the deal.

●HFF
Marcus to reposition new Jersey purchase

Marcus Partners has acquired 44 Whippany Road, a 230,000 s/f office building in Morristown, NJ for its newest fund, Marcus Capital Partners Fund II, L.P.

HFF marketed the property exclusively on behalf of the seller, RXR Realty, and procured the buyer.
Marcus Partners will immediately commence a $7.6 million capital improvement program that will transform the property into an exceptional, high quality office property.

The planned repositioning program includes site and landscape improvements, building identification enhancements, upgraded entrances, a fully renovated lobby, modernized café, expanded conference center, targeted façade upgrades, and other improvements to modernize, lighten, and brighten the property.
“Tenants are increasingly seeking to locate within attractive live-work-play environments, particularly those with strong connectivity and transit accessibility. 44 Whippany offers these locational benefits and will soon be transformed into the interior office environment today’s top tenants demand – a bright, welcoming, and cheerful environment that simultaneously maximizes natural light, offers modern amenities, and encourages collaboration,” said David Fiore, head of Marcus Partners’ Metro New York office.

The HFF investment sales team that represented the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval.

Over the last three and a half years, Marcus Partners has purchased over one million square feet of commercial real estate in New Jersey alone, including both office and life science properties.
Marcus Partners is currently investing its fully discretionary $250 million Marcus Capital Partners Fund II, LP, pursuing a mix of strategic and opportunistic investment strategies.

It is seeking well-located commercial office, medical office, industrial, research and development, and life science properties located along the East Coast.

● Gamma Real Estate
Kalikow multifamily buy

The Kalikow family’s Gamma Real Estate LLC has purchased the Stone Ridge and Whitehall Estates multi-family developments in the growing North Pineville suburb of Charlotte, NC.

The properties, totaling 570 apartments, were acquired from a local owner/developer.

Stone Ridge was built in 2001, and Whitehall Estates in 1996. Both consist of two- and three-story buildings, and are situated a short distance from I-485, which circles the greater Charlotte area.
“These two developments, both of which were purchased significantly below replacement cost and whose rents are below the submarket average, present very favorable risk-adjusted return profiles,” said Gamma’s president, Jonathan Kalikow.

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