SELLING POINTS: DSA buys $47M apartment building

November 20th, 2022, by REW

LIC apartment building trades for $47M

DSA Property Group has bought Long Island City apartment building for $47 million.
Meridian Investment Sales announced it closed on the sale and arranged financing for the building on Queensboro Plaza.

The property sold for just under $500 psf, $408,000 per unit, a capitalization rate of 5.1 percent and a multiple of 13 times the annual rent roll.

Meridian’s Amit Doshi, Shallini Mehra and Jonathan Shainberg represented the seller, Jack Guttman, while David Schechtman, Abie Kassin and Adan Elias Kornfeld represented the purchaser, Arik Lifshitz of DSA Property Group.

Meridian’s Avi Weinstock and Josh Rhine arranged the acquisition financing of $31.5 million.
Located at 29-28 41st Avenue (pictured top) the elevatored property was gut renovated in 2015. It is 100 percent free market, spans 96,450 s/f and houses 115 apartments.

“These massive industrial loft-style units can be further reconfigured not only to increase cash flow but create efficient and more desirable units catering to the influx of young professionals,” said Elias Kornfeld.

The building offers concierge services, a gym, movie room, laundry room, pool and Green Desk, the property’s own flex office space tenant, occupies 7,600 s/f on the ground floor.

Wharton buys Williamsburg development site

B6 Real Estate Advisors has closed on the sale of 166 Berry Street in Williamsburg for $20 million.
The sale of the 6,200 s/f building at a price of $3,226 psf represents a record-setting transaction for this area.

The corner mixed-used developed is 62 by 100 ft and occupied by 6,200 s/f single-story warehouse building.

Situated in an M1-2 / R6A zoning district, the site offers 16,740 buildable square feet as-of-right for mixed-use development. The seller, Avi Kendi, was represented by B6 brokers Thomas Donovan, Tommy Lin, Eugene Kim, Robert Rappa, DJ Johnston, William Cheng, Bryan Kirk and Michael Murphy.

Eliot Tawil of Wharton Properties was the buyer.

Ashkenazy buys another suburban shopping center

Cushman & Wakefield announced the sale of Ferndale Shopping Center, an 84,000 s/f retail property in Larchmont.

Ashkenazy Acquisition Corporation (AAC) purchased the grocery- and pharmacy-anchored asset from Ten Grand Inc. at a price exceeding $35 million.

Located on 6.8 acres at 1310-1340 Boston Post Road, Ferndale Shopping Center is 96 percent occupied by seven tenants, including Stop & Shop and a 24-hour CVS.

“This Westchester County center enjoys a truly irreplaceable, infill location,” noted Cushman & Wakefield’s Andrew Merin, who represented the seller and procured the buyer with David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt along with Matt Lisk and Al Mirin of the cfirm’s Stamford, Conn. office.

“Strategically placed shopping centers that are in proximity to a strong consumer base, easily accessible and near other community assets make up an important part of our retail sector portfolio,” noted AAC president Daniel Levy.

“We plan to implement a carefully constructed business plan at this center to ensure it brings continued benefits to the community.”

Earlier this month, the privately-owned real estate investment firm acquired Vernon Hills Shopping Center, a 380,000 s/f retail asset in Eastchester; Cushman & Wakefield also orchestrated that transaction.

Bronkers building sold for $12M

Greg Corbin of Rosewood Realty has brokered the sale of a luxury apartment conversion at 759 Palmer Road in Bronxville for $12 million.

The 144,258 s/f three story building, situated on over an acre, was formerly a hall of records for the Metropolitan Life Insurance Company.

It is 70 percent throuhg a luxury residential conversion and will contain 35 units ranging from 1,776 to 4,399 s/f with large windows inlaid in an architecturally significant and brick façade.
The neighborhood, frequently referred to as “Bronkers,” is within a stone’s throw of Bronxville’s shopping and dining center and a three minute ride to the Bronxville train station.

Planned amenities include a two-level indoor parking garage, rooftop common area, movie theatre, indoor pool, fitness center, hair salon, and concierge area.

The seller was EMC Bronxville. The buyer was Cedar Holdings.

Harbor JV sells tony housing development

A partnership of Harbor Group International (HGI) and Azure Partners announced its sale of the Peaks of Nanuet, a 504-unit apartment community in Rockland County, to Mill Creek Residential Trust.

“The transaction cycle of the Peaks of Nanuet demonstrates Harbor Group International’s disciplined approach to investing in quality assets in high-demand areas and maximizing their potential,” said Richard Litton, President of Harbor Group International.

“We will continue to identify value-add properties within strong markets and divest these assets once they achieve their business plan to deliver strong returns to our investors.”

Located 20 miles northeast of Manhattan in Nanuet, New York, the Peaks of Nanuet was built in 1998 in the densely populated and affluent area.

The sale follows several multifamily investments from HGI in desirable communities, including the recent purchase of the Palette Property in Hyattsville, Maryland’s growing arts district, among others.

A JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Andrew Scandalios and Michael Kavanagh.

Brooklyn apartment portfolio hits market

B6 Real Estate Advisors has been retained to sell the BKL9N Portfolio which includes nine walk-up residential buildings across the Bed-Stuyvesant and Crown Heights neighborhoods of Brooklyn.

The seller is a joint venture between Alcion Ventures and Alchemy Ventures, who are asking $50 million for the 91,850 s/f portfolio containing 113 residential units.

Eighty percent of the apartments are free market and all of the buildings are located within a two mile radius.

Six of nine properties possess 2A or 2B tax classification, which limits the growth of future real estate tax expenses.

The seller has renovated 75 percent of units and completed upgrades to common areas, roof and mechanical systems

B6 Real Etsate brokers DJ Johnston, William Cheng, Michael Murphy and Ben Rechler,are handling the assignment.

Upper East Side office building offered for sale

Avison Young is marketing the sale of 414 East 75th Street, a five-story, 29,115 s/f office building on the Upper East Side of Manhattan. The asking price is $22,950,000.

Principal and head of Tri-State Investment Sales James Nelson, along with David Lawrence, Carter Lovejoy and Joseph Rosenfeld are marketing the property on behalf of the seller.

Located on the south side of East 75th Street between York and First Avenue, the uniquely configured building is comprised of an original 14,050 gross square-foot building across five stories, with a rear annex spanning 12,214 gross square feet across two stories, not including a basement.

The ground floor of the main building and annex currently function as a garage, with a dedicated curb cut and high ceilings.

The lower level across the main building and annex consist of storage space and a wine cellar. The remaining floors two through five are currently office space.

The property can be delivered vacant.


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