July 1, 2014 | Issue 282
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JV Buys 49 Percent Interest In Manhattan Office Building For $150M 
The 467,000-square-foot, Class A office building at 330 Hudson St. recently underwent a major redevelopment that included the addition of eight new floors.

NEW YORK CITY -- A joint venture between Ivanhoť Cambridge and Callahan Capital Properties (CCP) has acquired a 49 percent interest in a 467,000-square-foot Manhattan office building for $150 million. The Class A building is located at 330 Hudson St. in Midtown South on Manhattan's west side.


The 16-story property recently underwent a major redevelopment that included the addition of eight new floors. It is pre-certified LEED-Gold.


The building is particularly attractive among technology and creative users, according to Ivanhoť.


"330 Hudson is a leading example of the creative work environment that is increasingly desirable to the growing technology and media industries in Hudson Square, which is one of New York's most promising urban live/work neighborhoods," says Adam Adamakakis, the firm's executive vice president of U.S. investments. "We hope to capitalize on more opportunities in key U.S. markets soon."


This is the fifth transaction Ivanhoť has executed with CCP. The joint venture now has more than $2.1 billion invested in U.S. office properties. The majority owner of 330 Hudson is an affiliate of Beacon Capital Partners.


"We are delighted with the addition of 330 Hudson to the Ivanhoť Cambridge/Callahan portfolio as it exemplifies our strategy to build a high-quality office platform concentrated in top markets around the country," says Tim Callahan, CCP's CEO.


"With its prime location and unique attributes, 330 Hudson has a very strong competitive position and we look forward to working with Beacon to further enhance value as we complete the lease-up of the property," adds Callahan.


Canada-based Ivanhoť Cambridge focuses on real estate investments, developments, asset management, leasing and operations. The firm maintains about $37.4 billion worth of assets throughout Canada, the U.S., Europe, Brazil and Asia.


Chicago-based CCP is a real estate investment firm specializing in high-quality office properties that generate above-average, risk-adjusted returns.


-- Nellie Day 


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The Bauhouse Group Secures $35M Construction Loan For High Line Project


NEW YORK CITY -- New York City-based The Bauhouse Group has secured a $35 million construction loan, which was provided by Doral Bank, for the development of 515 West 29th Street in Manhattan. At the gateway to Hudson Yards and surrounded by the High Line, the residential and retail property will total approximately 43,000 gross square feet when complete. The Bauhouse Group acquired the property, which contained a six-story former warehouse, for $24.4 million in September 2013 and purchased three separate pieces of air rights for the building in March 2014 for $6 million to provide for additional square footage. Condo sales at 519 West 29th Street is slated to begin sales this fall through its broker, Corcoran Group.


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Greystone To Open Printhouse Lofts In Brooklyn's Williamsburg Neighborhood

Greystone's Printhouse Lofts will bring 36 luxury apartment units to Brooklyn's Williamsburg neighborhood.

NEW YORK CITY -- New York-based Greystone is transforming an industrial-style warehouse at 139 North 10th St. into Printhouse Lofts. Situated between Berry Street and Bedford Avenue in Brooklyn's Williamsburg neighborhood, the 36-unit luxury apartment building will offer a mix of 28 one-bedroom, six two-bedroom and two three-bedroom units.  


The units feature stainless steel appliances, farmhouse sinks and natural stone countertops. The project architect is H.T.O Architect, while Funda Durukan of Durukan Design designed the interiors. Building amenities include a virtual doorman, video intercom system, laundry machines on all floors, bike storage and 2,500 square feet of shared roof deck space offering panoramic views of Brooklyn and Manhattan. Residential move-ins are slated to begin August 1.


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NYU To Transform Vacant Building Into Academic Center In Downtown Brooklyn 
The renovated 500,000-square-foot building will house NYU's Center for Urban Science and Progress, along with other university services.

NEW YORK CITY -- New York University (NYU) plans to transform the long-dormant, city-owned 370 Jay Street in downtown Brooklyn into a modern, sustainable academic center. The renovated 500,000-square-foot building will serve as the home of NYU's Center for Urban Science and Progress (CUSP), as well as house the university's entrepreneurial incubators, additional classrooms and office space. CUSP will occupy the top three floors of the 14-story building and the three incubators will occupy the third floor. The remainder of the building will be used by NYU for classrooms and other academic uses, with the exception of 14,000 square feet of retail on the ground floor. Once approved by the Public Design Commission, construction will begin in 2015 with completion slated for 2017. Mitchell Giurgola Architects is providing architectural services for the renovation.


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Conshohocken, Keystone Property
To Redevelop Former Verizon Building

The 400,000-square-foot property will be redeveloped into 
a modern office, retail and community facility.

CONSHOHOCKEN, PA. -- Keystone Property Group and the borough of Conshohocken have formed a public-private partnership to redevelop the former Verizon building at 400 Fayette in Conshohocken. The partnership plans to redevelop the approximately 44,000-square-foot property into a modern office, retail and community facility, which will house the new borough hall, administrative offices and police headquarters. Under its agreement with Keystone, the borough will maintain ownership of the property and occupy approximately 22,000 square feet of the facility. The remaining portion of the building -- 16,500 square feet of office space and 5,500 square feet of retail space -- will be marketed by Keystone to prospective office and retail tenants.


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Messina Highlands Shopping Center Slated For Fall Opening
The 36,000-square-foot shopping center will be occupied by Peoples Bank, Panera Bread, AT&T, Great Clips and Five Guys, among others.

SHREWSBURY, PA. -- Joe Messina is developing Messina Highlands, a more than 36,000-square-foot shopping center in Shrewsbury. Slated to open this fall, the property will be occupied by Peoples Bank, Panera Bread, AT&T, Great Clips, Five Guys, Glamour Nails, Chipotle and Mattress Warehouse. Kevin Potter of Rhino Realty Group is marketing and leasing the property.


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River Drive Construction To Build Out Office Space For The RealReal In New Jersey


The RealReal will occupy the 128,835-square-foot
warehouse and office facility in Secaucus, N.J.


SECAUCUS, N.J. -- River Drive Construction has been selected tobuild out the new offices of The RealReal, an authenticated luxury resale marketplace. The retailer will occupy the entire 128,835-square-foot warehouse and office facility located at 35 Enterprise Ave. in Secaucus. River Drive will build out the 10,000-square-foot office portion of the property. Brian Tobiasz, president of Tobiasz Management Co., is overseeing the construction project on behalf of The RealReal.


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Tritower Financial Purchases 300 Apollo Drive For $39.4M In Chelmsford 


CHELMSFORD, MASS. -- Boston-based Tritower Financial Group has acquired 300 Apollo Drive in Chelmsford. Texas-based USAA Real Estate Co. sold the property for $39.4 million. The LEED Silver-certified property offers more than 293,000 square feet of Class A office space. At the time of sale, the property was 100 percent leased to eight tenants. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.


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Marcus & Millichap Capital Arranges Two Loans Totaling $24.2M In NYC
West 51st Street received a $9.5 million loan (left) and a mixed-use property on 10th Avenue received $14.7 million in financing (right). 

NEW YORK CITY -- Marcus & Millichap Capital Corp. has arranged two loans totaling $24.2 million for three properties in New York City. A 30-unit multifamily property and a three-unit mixed-use commercial property on 10th Avenue received a loan for $14.7 million, and a mid-rise 30-unit residential building on West 51st Street received $9.5 million in financing. The two seven-year loans have 3.9 percent fixed rates and 30-year amortizations with 70 percent loan-to-value. Chris Marks and Steve Rock of Marcus & Millichap arranged the financing.


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Greenwich Village 8,831 SF Mixed-Use Property Sells For $10.25M 
JMC Holdings sold
19 Eighth Street in Greenwich Village for $10.25 million.


NEW YORK CITY -- JMC Holdings has completed the disposition of 19 West Eighth Street in New York's Greenwich Village neighborhood for $10.25 million, or $1,160 per square foot. Built in 1920, the five-story, 8,831-square-foot building features one retail unit and eight residential units. The property recently underwent a high-end renovation for six apartments, the stairwell, roof, plumbing and security. All of the renovated, free-market units feature stainless steel appliances, granite countertops and marble bathrooms. Additionally, three units feature terraces, as well as two penthouse units with 16-foot ceilings and skylights. Peter Von Der Ahe, Joseph Koicim, David Lloyd, Sean Lefkovits and Assaf Tayar of Marcus & Millichap's Manhattan office represented the seller and the buyer, a private investor, in the transaction.



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Marcus & Millichap Brokers $10.2M Sale Of Queens Development Site 

NEW YORK CITY -- Marcus & Millichap has brokered the sale of a 23,000-square-foot development lot in the Flushing neighborhood of Queens. A local/regional development group purchased the property for $10.2 million from a family partnership. Located along Fowler Avenue, the site is five blocks from the intersection of Main Street and Roosevelt Avenue, an area that features retail space and access to the No. 7 subway line and Long Island Railroad commuter rail system. Steven Siegel, Michael Kook and Michael Helpern of Marcus & Millichap's Manhattan office represented both parties in the transaction.


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Gebroe-Hammer Arranges Two Multifamily Sales Totaling $8.95M

Gebroe-Hammer Associates brokered the sales of Monmouth Pines
in Freehold and Grand Regency Condominiums in Asbury Park.

FREEHOLD AND ASBURY PARK, N.J. -- Livingston, N.J.-based Gebroe-Hammer Associates has brokered two multifamily transactions totaling $8.95 million in New Jersey. In the first transaction, Steven Follman, Joseph Brecher and Elimelech Herskowitz of Gebroe-Hammer arranged the sale of Monmouth Pines, which is located at Eight Monmouth Ave. in Freehold. The four-building, 40-unit apartment property sold for $4.7 million. In the second transaction, Follman negotiated the $4.25 million sale of Grand Regency Condominiums in Asbury Park. Located at 315-410 Eighth Ave., the two-building property features nine studio, 31 one-bedroom and 10 two-bedroom units.



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GFI Realty Brokers Sale Of Residential Condo Package In Sheepshead Bay

Located in Brooklyn's Sheepshead Bay neighborhood, the 42-unit condo package sold for $6.5 million or $155,000 per unit.

NEW YORK CITY -- GFI Realty Services has brokered the sale of a package of residential condo units at 2781 Ocean Ave. in Brooklyn's Sheepshead Bay neighborhood. The condo package sold for $6.5 million, or $155,000 per unit. The package includes 42 unsold residential condo units, three community facilities, a laundry room, an antenna and 11 parking spaces. The units consist of 20 free market and 22 rent-stabilized apartments. Constructed in 1957, the 69,586-square-foot building is located near the Neck Road and Sheepshead Bay subway stations. Erik Yankelovich of GFI represented both the seller and buyer, both local investors, in the transaction. 


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B+B Capital Acquires 15,000 SF 
Three-Level Retail Condo In TriBeCa


NEW YORK CITY -- B+B Capital has acquired a three-level retail condo at 377 Broadway in Manhattan's TriBeCa neighborhood. Cooper Investors Inc. sold the 15,000-square-foot corner condo for an undisclosed price. Built in 1920, the property offers 4,500 square feet of retail space on the ground level, 1,200 square feet on the mezzanine level and 9,600 square feet on the lower level. Bracha New York at Keller Williams NYC represented the buyer and EPIC Commercial Realty represented the seller in the transaction.


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Marcus & Millichap Arranges 9,900 SF Retail Property Sale In Barnegat 
Located in Barnegat, N.J., the 9,900-square-foot 
Union Plaza sold for $1.1 million.

BARNEGAT, N.J. -- Marcus & Millichap has brokered the sale of Union Plaza in Barnegat. Located at 575 North Main St., the 9,900-square-foot retail property sold for $1.1 million. Michael Lombardi of Marcus & Millichap's New Jersey office represented the seller, a private investor, and Julienne Pape also of Marcus & Millichap's New Jersey office represented the buyer in the transaction.


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Sabre Real Estate Brokers 30,473 SF Retail Lease In East Islip
Pat's Meat Farms Inc. has leased space at 300 E. Main St. to open Pat's Marketplace in East Islip, N.J.

EAST ISLIP, N.J. -- Sabre Real Estate Group has brokered a lease at Heckschere Plaza Shopping Center in East Islip. Pat's Meat Farms Inc. will occupy 30,473 square feet at the 60,000-square-foot retail center located at 300 E. Main St. The new supermarket called Pat's Marketplace is expected to open by the third quarter of this year. The supermarket is owned by Pat LoCurto. Sabre Real Estate Group represented the lessee in the transaction.


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Patsy's Pizzeria To Open First Location in Brooklyn's Park Slope

NEW YORK CITY -- Patsy's Pizzeria has signed a lease for space at 450 Dean St. in Brooklyn's Park Slope neighborhood. The well-known pizzeria has four locations in Manhattan. Located between Flatbush and Fifth Avenue, the restaurant is expected to open later this year. Dan Marks and Joey Terzi of TerraCRG represented both the landlord and the tenant in the transaction.

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Upcoming Events

Certified Buyer Representative Course

Overview: Sponsored by REBNY, the two-day course is for real estate professionals looking to obtain CBR certification or continuing education credits.
When: August 12-13, 9 a.m. to 5:30 p.m. 
Where: REBNY Mendik Education Center, 570 Lexington Ave. (Lower Level), NYC

InterFace Net Lease

Overview: The agenda will cover investment, development and financing trends and discuss market conditions in the NNN and sale/leaseback space.
When: September 17 
Where: New York Bar Association
(Cocktail reception on Sept. 16 at The Terrace Club)

Certified Negotiation Expert Course

Overview: Sponsored by REBNY, the two-day course is for real estate professionals looking to obtain CNE certification or continuing education credits.
When: September 29-30, 9 a.m. to 5:30 p.m. 
Where: REBNY Mendik Education Center, 570 Lexington Ave. (Lower Level), NYC


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Matt Valley, Editorial Director 

 Northeast Real Estate Business

 France Media, Inc.





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