Northeast Real Estate Business

MAY 2018

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

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Page 12 of 44

8 • May 2018 • Northeast Real Estate Business N E W Y O R K BESEN & ASSOCIATES BROKERS $11 MILLION SALE OF 70,000 SF BRONX APARTMENT BUILDING NEW YORK CITY — Besen & Associ- ates has brokered the sale of 1422 Nel- son Avenue in the Highbridge section of the Bronx for $11 million at a cap rate of 4.2 percent. The 70,500-square-foot, six-story building contains 72 apart- ments that are each 1,000 square feet. GF Financial, an experienced operator with an already established portfolio in the Bronx, purchased the property. The sellers, Steve Zervoudis and Rich- ard Sica of Galaxy General, acquired the building in 1992 for $700,000. Cur- rently, the property is operating under a regulatory agreement governed by the Low-Income Housing Tax Credit program. Jonathan Shainberg, Shallini Mehra, and Amit Doshi of Besen & As- sociates arranged the transaction. STUBBLEBINE CO./CORFAC ARRANGES 180,000 SF INDUSTRIAL LEASE NEWBURGH, N.Y. — The Stubblebine Co./CORFAC International has ar- ranged a 180,000-square-foot industri- al lease for Gekay Sales & Service Co. at 3 Enterprise Drive in Newburgh. Gekay specializes in fountain system repairs in the soft drink and vending machine industries. David Stubblebine and James Stubblebine of Stubblebine Co. represented the tenant while Art Ross and Lisa Ann Pollakowski of Newmark Knight Frank represented the landlord, Newburgh Industrial As- sociates. The property, which features 24-foot ceiling heights and 33 loading docks, was previously a distribution facility and is located seven miles east of Stewart International Airport. GFI REALTY SERVICES BROKERS SALE OF 46-UNIT APARTMENT BUILDING IN BROOKLYN FOR $12.5 MILLION NEW YORK CITY — GFI Realty Ser- vices has arranged the sale of a six-sto- ry, 46-unit apartment building in the Bay Ridge neighborhood of Brooklyn for $12.5 million. The pre-war proper- ty, located at 218 74th St., consists of 16 studios, 28 one-bedroom units and a couple of two-bedroom units, all of which are rent-stabilized. Yosef Katz and Natan Safdieh of GFI Realty rep- resented the seller, a local investor in the transaction. Erik Yankelovich, also of GFI, procured the buyer, Meridian Properties. The property is located on a tree-lined block between Ridge Bou- levard and Third Avenue. n Located at the corner of Bell Blvd. & 26th Ave., Bayside, NY, in Densely Populated Queens County n A mix of National and Specialty Retailers, Restaurants, Professionals and an AMC Multiplex Theatre n Easily accessible from the Cross Island Parkway and the Clearview Expressway FOR MORE INFORMATION PLEASE CONTACT: Patricia Walsh 718.947.7110 n PRIME REAL ESTATE AVAILABLE FOR LEASE Cord Meyer Development LLC www.bayte MACK REAL ESTATE CREDIT STRATEGIES PROVIDES $127 MILLION IN FINANCING FOR MULTIFAMILY DEVELOPMENT IN BROOKLYN NEW YORK CITY — Mack Real Estate Credit Strategies has provided Sugar Hill Capital Partners with a $97 million construction loan and a $30 million mezzanine loan to fund the redevelopment of One Prospect Park West in Brooklyn. The nine-story, 169,410-square-foot building, a former se- nior living facility, was vacant when Sugar Hill acquired it in 2016. Sugar Hill plans to redevelop the property as a mul- tifamily building. The Mack Real Estate financing was ar- ranged by Ronnie Levine, Shamir Seidman and Ben Jacobs of Meridian Capital Group. Kasowitz Benson Torres LLP provided legal representation for Sugar Hill and Stroock & Stroock & Lavan LLP represented Mack Real Estate. MARCUS & MILLICHAP ARRANGES SALE OF 73,000 SF SHOPPING CENTER IN UPSTATE NEW YORK FOR $12.3 MILLION GLENMONT, N.Y. — Marcus & Millichap has arranged the sale of Bethlehem Town Center II, a 73,613-square-foot shopping center in Glenmont, for $12.3 million. The fully leased shopping center, which is located three miles from downtown Albany, was purchased at a 7.09 percent capi- talization rate. Current tenants include Panera Bread, Five Guys Burger & Fries, SuperCuts, Taco Bell, and Twist 'N Flip Gymnastics. Joseph C. French Jr. and Thomas Dalzell of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, a private investor.

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