Northeast Real Estate Business

NOV-DEC 2015

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

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14 • November/December 2015 • Northeast Real Estate Business www.REBusinessOnline.com N E W Y O R K JOINT VENTURE LAUNCHES LEASING AT ONE SIXTY MADISON IN NOMAD NEW YORK CITY — J.D. Carlisle De- velopment Corp., in partnership with DLJ Real Estate Capital Partners and Mitsui Fudosan America Inc., has launched leasing at One Sixty Madi- son, a new residential tower located in NoMad, at the nexus of Chelsea, Gramercy and Midtown. Designed by SLCE Architects, the 45-story oc- tagonal building features 319 rental residences in a mix of studios, one- and two-bedroom homes. The inte- rior spaces, which were designed by Philip Koether Architects, feature foor-to-ceiling windows, oak foors and panoramic views. On-site ameni- ties include the Three Sixty Lounge atop the building, an indoor freplace, two expansive rooftop terraces, a 14,000-square-foot Park Lounge, a ft- ness center, valet and concierge ser- vices, bicycle storage and a fully at- tended lobby. GFI BROKERS SALE OF EAST WILLIAMSBURG CORNER DEVELOPMENT SITE FOR $5.5 MILLION NEW YORK CITY — GFI Realty Ser- vices has brokered the $5.5 million sale of 310-312 Graham Avenue, a 5,000-square-foot development site located in the East Williamsburg sec- tion of Brooklyn. Max Koshkerman of GFI represented the seller. Moshe Gelbstein and Joseph Landau of GFI represented the buyers. Both the buy- ers and the seller are local investors. The property includes a two-story mixed-use building, which was de- livered vacant to the buyers. There are approved plans in place to con- struct a seven-story mixed-use build- ing with 23 apartments, parking and a commercial unit. The site is located on the northeast corner of Graham Avenue and Ainslie Street and has a maximum buildable area of approxi- mately 16,700 square feet including 1,700 square feet of air rights acquired from the adjacent parcel. NEW YORK REIT TO SELL APARTMENT BUILDING IN BROOKLYN FOR $38 MILLION NEW YORK CITY — New York REIT Inc. has entered into a defnitive agreement to sell an apartment build- ing located at 163 Washington Ave. in Brooklyn. The sales price is $38 mil- lion, or approximately $914 per square foot. Situated in Brooklyn's Clinton Hill neighborhood, the property fea- tures 49 rental units, one commercial unit and 38 parking spaces. Holliday Fenoglio Fowler represented New York REIT in the transaction, which is expected to close in the fourth quarter. The name of the buyer was not dis- closed. SL GREEN SELLS STAKE IN NYC OFFICE ASSET NEW YORK CITY — SL Green Realty Corp. has sold its interest in a com- mercial offce condominium located at 315 W. 36th St. in New York City. Walter & Samuels Inc. acquired the 35.5 percent stake for a gross asset valuation of $115 million, or $779 per square foot. The 17-story property fea- tures 14 loft condominiums across the upper seven foors and 132,945 square feet of offce space across the lower nine levels. Designed by George and Andrew Blum in 1925, the building is listed in the National Architectural Trust. SL Green acquired its interest in the property in late 2012 at a gross asset valuation of $45 million. Woody Heller of Savills Studley advised SL Green in the transaction. THOR EQUITIES ACQUIRES 43,000 SF APARTMENT BUILDING IN MANHATTAN NEW YORK CITY — Thor Equities has purchased a 43,000-square-foot apartment building located at 526 W. 111th St. in Manhattan's Morning- side Heights neighborhood. Situated between Broadway and Amsterdam Avenue, the six-story property fea- tures 45 residential rental units. The purchase price and name of the seller were not disclosed. Aaron Jungreis of Rosewood Realty brokered the $30 million transaction. VANBARTON GROUP ACQUIRES RIVERDALE CROSSING SHOPPING CENTER FOR $133 MILLION NEW YORK CITY — Vanbarton Group has acquired Riverdale Crossing, a shopping center located in the Bronx, for $133 million. The 159,037-square- foot center is anchored by the soon-to- be BJ's Wholesale Club and 98 percent leased to nationally recognized retail tenants. Angelo Gordon & Co., in a joint venture with Metropolitan Real- ty Associates, developed and sold the property. Acquisition fnancing was provided by Northwestern Mutual. Eastdil Secured represented the seller, while Hunton & Williams LLP served as legal counsel for Vanbarton. PARTNERSHIP TO DEVELOP TWO-HOTEL MARRIOTT AT JFK INTERNATIONAL AIRPORT NEW YORK CITY — Soundview Real Estate Partners and Chartwell Hos- pitality are developing a two-hotel Marriott at New York City's John F. Kennedy International Airport. The partnership has tapped Gene Kaufman Architect to design the 260,000-square-foot project, which Soundview and Chartwell plan to break ground on in 2016. CUSHMAN & WAKEFIELD ARRANGES $15.8 MILLION SALE OF 49-UNIT APARTMENT BUILDING IN MANHATTAN NEW YORK CITY — Cushman & Wakefeld has brokered the sale of an apartment building located at W. 204th and W. 207th streets in Manhattan's Inwood neighborhood. The 49-unit property sold for $15.8 million, or $375 per square foot, in an all-cash transac- tion. The six-story, 42,108-square-foot building consists of 44 rent-stabilized units, three free-market apartments, one rent-controlled unit and one su- perintendent's unit. Robert Shapiro of Cushman & Wakefeld handled the transaction. BERKADIA CLOSES $15.4 MILLION LOAN FOR RETAIL PROPERTY LATHAM, N.Y. — Berkadia has closed a $15.4 million loan for Latham Crossing, a retail property located in Latham. The 10-year, fxed-rate loan, which was provided by a conduit lender, features a 30-year amortization schedule with two years of interest- only payments, a 75 percent loan-to- value ratio and 1.25 times debt-service coverage. Located at 609 Troy Sche- nectady Road, the 100,000-square-foot center is fully occupied by a variety of tenants, including PetSmart and Staples. John DiCrocco of Berkadia's New York City offce arranged the f- nancing for the undisclosed borrower. NEW YORK LIFE REAL ESTATE INVESTORS SELLS 745,000 SF OFFICE BUILDING NEW YORK CITY — New York Life Real Estate Investors has completed the sale of an offce building located at 575 Lexington Ave. in Midtown Man- hattan's Plaza District submarket. The sellers were a joint venture partnership that included Prudential Real Estate Investors and Normandy Real Estate Partners. The partnership acquired the 745,000-square-foot building in 2012 and repositioned the property with a full renovation of the lobby and store- front, new elevator cabs, modernized building systems and new tenant ft- outs. Additionally, the partnership re- newed and expanded Cornell Univer- sity's lease at the building to a total of 212,000 square feet through 2028. The name of the buyer and the acquisition price were not released. BRODSKY LAUNCHES LEASING AT CITY TOWER NEW YORK CITY — The Brodksy Or- ganization has opened City Tower, the market-rate residential component of downtown Brooklyn's City Point de- velopment, for leasing. Located at 10 City Point Place, the 48-story proper- ty features 440 studio, one- and two- bedroom residential units, beginning on the 20th foor. On-site amenities in- clude more than 23,000 square feet of indoor and outdoor spaces, including a basketball court, health club, resi- dents' lounge with café, a green ter- race on the 18th foor and a sky terrace on the 43rd foor. Additional amenities include a 24/7 doorman, bicycle stor- age and a business center. Designed by COOKFOX, the property is slated to achieve LEED Silver certifcation. Pricing starts at $2,450 per month for a studio, $3,000 per month for a ju- nior one-bedroom, $3,300 per month for a one-bedroom and $4,500 per month for a two-bedroom apartment. City Tower is part of City Point, a 1.8 million-square-foot retail, commercial and residential property in downtown Brooklyn being developed by Wash- ington Square Partners and Acadia Realty Trust. PICONE CONTINUES WORK ON 52,000 SF MIXED-USE PROJECT IN BUFFALO BUFFALO, N.Y. — Picone Construction Corp. is constructing a $4.5 million, fve-story mixed-use building at 301 Ohio St. in Buffalo. The 52,000-square- foot property will house two restau- rants, 10,000 square feet of commercial space and 21 one- and two-bedroom apartments. Residential units will fea- ture balconies overlooking the Buf- falo River. Designed by Chaintreuil, Jenson, Stark Architects, the project is slated for completion in 2016. The 45-story octagonal One Sixty Madison features 319 rental residences and panoramic views of New York City.

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