● Cushman & Wakefield
Developer’s dream site
Cushman & Wakefield has been tapped by St. John’s University to market a development site at 101 Murray Street in Tribeca.
The 10-story property currently serves as a “vertical campus” for the University’s School of Risk Management.
Martha Hirst, COO and treasurer of St. John’s University, said the school felt it was an “opportune moment” achieve a maximum return that could be reinvested in academic programs. St. John’s plans to maintain a Manhattan campus by leasing a similar facility.
A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Michael Rotchford and Steve Kohn, are marketing what they call “an extremely rare large-scale development opportunityˮ
●Besen & Associates
Queens apartment building hits sales market
Besen & Associates has been retained to sell the new construction apartment building on 89-16 175th Street, between 89th Avenue and 90th Avenue, in Queens. The property is a six-story corner elevator building presently run as a rental. It has 55 two-bedroom, 2-bath apartments as well as 12,000 s/f of professional office space, and on-site parking for 28 vehicles.
The fully rented building has a 15 year 421-A tax abatement. The asking price is $16,250,000.
Besen’s Ben Weiss is leading the marketing effort for the property, built in 2008 and located next door to Jamaica Estates
Massapequa complex sold
Jeff Dunne and Christopher Leonard of CBRE’s New York Institutional Group teamed with Malcolm McComb of CBRE’s Atlanta Multihousing Group to represent an institutional seller in the sale of Southpoint Apartment Homes.
JRK Property Holidings purchased the 214-unit property in Massapequa for an undisclosed price. Southpoint Apartments includes 14 buildings situated on 31 acres and features a swimming pool, fitness center and laundry.
Dunne commented, “JRK Property Holdings chose Southpoint Apartment Homes as its first Metro New York multifamily purchase, a testament to the high desirability of Nassau County as both a residential address and investment.”
183 Madison deal closed
After less than two years of joint ownership of 183 Madison Avenue, IRSA — Inversiones y Representaciones Sociedad Anóma — has purchased the remaining shares of minority partner Rigby Asset Management.
IRSA invested in the Midtown South office building, located at the southeast corner of Madison Avenue and 34th Street, in 2011 when it was 50 percent vacant. Today, the building is 95 percent leased.
The transition will include the original Cushman & Wakefield leasing team of Harry Blair, senior director, and Sean Kerns, associate director. In addition, Herald Square Properties’ principals Gerard Nocera, Michael Reid and John Monaco have been retained as co-asset managers along with the IRSA International management team.
“IRSA’s commitment to elevating the value of this asset has produced tangible results quickly,” said Daniel Elzstain, IRSA’s director. “Not only is the building well-tenanted, our restoration program achieved a landmark designation for the lobby and façade.”
IRSA’s other commercial asset in New York City is the Lipstick Building at 885 Third Avenue.
● Eastern Consolidated
LES is more for Marolda
A four-building affordable residential complex at 144-150 Ludlow Street has traded to Marolda Properties for $1`1.85 million.
The New York-based owner/operator of multifamily properties purchased the 52-unit property from Ludlow Associates.
Eastern Consolidated’s Brian Ezratty, Nancy Tran and Scott Ellard with Aliza Avital represented the seller. Ezratty and Avital also procured the buyer.
The complex consists of a single building that was originally four adjacent properties, combined several years ago so that they could all take advantage of an elevator installation.
“Units are rent regulated for the duration of tax abatements, and 15 of the apartments will maintain their status as affordable until 2025,” noted Ezratty, “giving the new owner a tremendous opportunity to take advantage of the increasing difference between existing rents and future market rents as the neighborhood continues to improve.”