● BESEN & ASSOCIATES Once-in-a-lifetime Greenpoint opportunity
Besen & Associates has been retained on an exclusive basis to sell 227-233 Franklin Street in Greenpoint, Brooklyn. Matthew Garcia leading the marketing of the multifamily property which has an asking price of $32.5 million.
Currently operated as an income producing property composed entirely of free market apartments, Garcia said it offers “numerous value add scenarios through either partial condo conversion or redevelopment.ˮ 227-233 Franklin Street is situated on a corner lot with one hundred feet of frontage on Franklin Street and two hundred feet of frontage on Eagle Street. The site is directly adjacent to Greepoint Landing, Brookfield-backed project that could bring 5,5000 apartments to the waterfront over the next decade. 227-233 Franklin is zoned R6, as-of-right development allowing approximately 48,000 residential square feet and an additional 20,000 s/fof community facility space. However, as a result of the rezoning of all the immediate adjacent parcels to R8, Garcia said several land use attorneys have noted that, if 227 Franklin Street were to achieve a similar rezoning it would yield a total of approximately 144,500 s/f, with 25 percentof that designated for affordable housing. “ The property represents an extraordinary opportunity for a developer or investor to acquire an income producing asset while exploring various repositioning opportunities and to be part of a once-in-a-generation transformation of the Greenpoint waterfront,ˮ said Besen in a press release.
●ARIEL PROPERTY ADVISORS Harlem houses present neighborhood foothold
Ariel Property Advisors has been retained to sell Paul Robeson Houses, two elevatored Harlem apartment buildings located on opposite corners of West 120th Street and Adam Clayton Powell Boulevard. Located at 1995 and 1990 Adam Clayton Powell Boulevard, the property contains 80 residential units spread across 91,675 s/f. The asking price is $19.9 million.
Exclusive agents Shimon Shkury, Victor Sozio, Michael A. Tortorici, Josh Berkowitz, Joshua Kwilecki and Scot Hirschfield are representing the seller, a private investor. “Paul Robeson Houses presents investors with a great opportunity to secure a strong foothold in one of the fastest growing area of New York City,” said Shkury, prresident of Ariel Property Advisors. “With its significant scale, turnkey condition and a corner location among many neighborhood amenities, the property is truly a unique multifamily offering.” The portfolio’s unit mix consists of 20 one-bedroom, 39 two-bedroom and 21 three-bedroom units. The property is steps away from the 125th Street corridor and between several parks, including Morningside Park, Marcus Garvey Park and Central Park North.
● FORTUNE REALTY GROUP Moinian closes on Flatiron hotel
Morris Moinian’s Fortuna Realty Group has finalized the acquisition of a Wyndham-franchised hotel at 37 West 24th Street in the Flatiron District. Represented by Wayne Cook and David Glanz of law firm Windels Marx, LLP and lender U.S. Trust, Bank of America, Fortuna paid $60 million for the hotel at bankruptcy auction in December, 2015.
In a statement, Fortuna said it was able to “purchase the underperforming property significantly below market value on a replacement cost and per key basis. The purchase yields a strongly cash flowing asset to Fortuna Realty Group’s portfolio with significant near term upside potential.ˮ Fortuna plans to convert the 124-key hotel — which was built in 2008 — into a high-end boutique hotel. The new acquisition join a portfolio of lifestyle hotels that includes Hotel Hugo, Hotel Indigo Chelsea and The Garden City Hotel. Morris Moinian, President and Founder of Fortuna Realty Group, said, “We’re thrilled to add this new property to our portfolio and are excited at the prospect of bringing a new luxury lifestyle element to the Flatiron district.”
●CUSHMAN & WAKEFIELD Gravesend building fetches $17M
Cushman & Wakefield has sold a mixed-use building at 1623 Kings Highway in Gravesend, Brooklyn, for $17 million. The four-story, newly-built property has 137 feet of retail frontage totaling 21,960 gross square feet. The building is fully leased to Verizon Wireless, Tiger Schulman’s and Interborough Consulting. Kings Highway is one of the major commercial thoroughfares within south Brooklyn, making it a desirable location for national retailers. Bob Knakal, chairman, New York Investment Sales at Cushman & Wakefield, exclusively represented the seller with Alex Svetlakou and Jonathan Hageman. The buyer was represented by Chaim Cahane, president at Forte Capital Management, LLC. “Retail assets across the city continue to see strong demand. The outer boroughs have become increasingly popular with retail property investors as evidenced by the tremendous activity this property produced,” said Knakal.
●HOULIHAN-PARNES REALTORS Multifamily portfolio sold
Houlihan-Parnes Realtors arranged for the sale of a 113-unit multi-family portfolio located in Binghamton, New York. The transaction was handled by Ed Graf. The property includes 13 apartment complexes in the greater Binghamton area, all within a three mile radius. They range from suburban garden style communities to city neighborhood single building properties, ranging from two to 24 apartments a building. The sellers have owned the properties since 2006. The properties are located at: 97 Oak Street, 12 Grand Boulevard, 89, 93, 95, 126, 128, 157, 162-164 Chapin Street, 99, 101, 103 Murray Street.
Source: Real Estate Weekly