Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: Williamsburg site for sale; Madison International retail move; Acuity sells loft building

●MASSEY KNAKAL
East Williamsburg site up for grabs

Massey Knakal Realty Services has been retained on an exclusive basis to sell an approximately 170,000 buildable square feet site, located at 191-231 Moore Street. The property runs block through from Seigel Street to Moore Street between White Street and Bushwick Avenue in Brooklyn’s East Williamsburg. The asking price is $35,000,000 or approximately $206 per buildable square foot.

STEPHEN PALMESE

“It is uncommon that a property of this size becomes available for sale. Featuring over 2.3 acres and 1,100 square feet of frontage, the property is primed for retail reposition in the emerging neighborhood of East Williamsburg,” said Massey Knakal’s Stephen P. Palmese, who is exclusively marketing this property with Mark L. Lively.
“Given the character of the area, this new development has the potential to take full advantage of the trend of artists, galleries, music & recording venues, as well as new tech and manufacturing startups that are massing in the neighborhood. A hotel would no doubt be an appealing option as well,” Mark added.

●MADISON INTERNATIONAL REALTY
Madison takes stake in $68M Greenwich Village retail condo

Madison International Realty has acquired a non-controlling 48.95 percent interest in a 55,565-square-foot retail condominium at 510 Sixth Avenue for $68 million from Ark Partners, holder of interest. David E. Ash, principal and founder of Prince Realty Advisors, arranged the transaction for seller and buyer.
510 Sixth Avenue is located on the highly trafficked corridor between 13th and 14th Streets, at the cusp of the West Village and Chelsea, and close to the High Line and Union Square. In addition, it is part of an academic hub near such neighboring institutions as the New School, Cardozo School of Law, Parsons and Pratt Manhattan. Current tenants at the property include Urban Outfitters, Chipotle, and LensCrafters.
“I have a long working relationship with President John Yoon and Ark Partners, so when this opportunity came up, I knew Madison was the right fit,” Ash said.
Investment sales “matchmaker,” David E. Ash, principal and founder of Prince Realty Advisors, has arranged the acquisition of a 48.95 percent, non-controlling interest in a 55,565-square-foot retail condominium at 510 Sixth Avenue, valued at just under $68 million, for Madison International Realty, a leading real estate private equity firm. Mr. Ash additionally worked directly with the seller, Ark Partners.

●ACUITY CAPITAL PARTNERS

Garment District building sells for $42.5M

Acuity Capital Partners is proud to announce the sale of 335 West 35th Street, a 73,000-square-foot, 12-story, commercial loft building, located in the heart of the Garment District.
“We are fortunate to have sold this remarkable property to an owner that recognizes its value proposition,” said Elliot Neumann, Acuity’s Chief Executive. “Acuity continues to grow strategically throughout New York City. With the sale of 335 West 35th Street, Acuity will be able to expedite the next phase of its New York City investment strategy.”
The vacant property between Eighth and Ninth Avenues was purchased by Manhattan 335 Tower Inc. for $42.5 million and is scheduled to close in the second quarter of 2014. Christen Portelli, a Managing Principal at Highcap Group, represented both the seller and purchaser in the transaction.
The historic loft building was built in 1927. It is located in the middle of the contemporary Garment District, and surrounded by the hustling, bustling Penn Station neighborhood.

●HFF
HFF sells NJ shopping center with 50,000 s/f

HFF announced today that it has closed the sale/leaseback of a 53,946-square-foot shopping center anchored by a Pathmark Supermarket in Belleville, New Jersey.
HFF marketed the property on behalf of the seller, The Great Atlantic & Pacific Tea Company (A&P) and its affiliates, as part of a larger nine-property A&P and Pathmark-branded grocery store and sale/leaseback portfolio in the greater New York and Philadelphia metropolitan areas.
A joint venture between affiliates of Black Oak Associates and MCB Real Estate, LLC purchased the Belleville property free and clear of debt. A&P continues to operate a Pathmark grocery store at the site.
HFF closed the sale/leaseback of four freestanding Pathmark stores from this portfolio last year and has sold more than 15 A&P/Pathmark-anchored supermarket centers in New Jersey and the surrounding markets for various owners during the last two years.
The HFF investment sale/leaseback team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeff Julien and real estate analyst Marc Duval.
“MCB has acquired the third property of this portfolio giving them a superbly located Northern New Jersey infill asset and more diversification,” said Cruz.

 

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