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Two adjacent extra-wide townhouses at 324-326 West 108th Street, located between Riverside Drive and Broadway in Manhattan’s Upper West Side neighborhood, were sold in an all-cash transaction valued at $11,750,000.  

The two five-story buildings combine for approximately 14,141 square feet on a 43.5’ x 100.92’ lot.  The properties are serviced by an elevator located in 324 West 108th Street and had been previously interconnected for use by a non-profit tenant.  The buildings feature tall ceilings on all floors reaching a high just over 12 feet on the parlor level.  The houses receive great light due to a combination of their mid-block locale and their proximity to an abundance of low-rise townhouses on all sides.  The sale price equates to $831 per square foot.

Since the lots are currently combined, there is a double wide garden measuring approximately 43.5’ x 28’.  Additional outdoor spaces could be created atop the large, sundrenched, three-story rear extension and the roof which features Hudson River views to the west.

“The new owner plans to convert the buildings back to residential use, which will benefit from a tremendous location close to Riverside Park and the rapidly changing retail surrounding the nearby Columbia University campus,” said Cushman & Wakefield’s Hall Oster, who exclusively represented the seller in this transaction with President, New York Investment Sales, Paul J. Massey Jr. and Teddy Galligan.  The buyer was represented by Tali Berzak of Nest Seekers International.

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Neighborhoods: Upper West Side/ Agents/Corporates: Hall Oster, Paul Massey Jr.

CREW, Commercial Real Estate Women of New York, announced that Bob Knakal, Paul Massey, and Ron Lo Russo will be speakers at their upcoming luncheon on March 3rd.  The "Commercial Real Estate Collaborators" panel, moderated by Dan Geiger of Crain's New York Business, will discuss recent real estate news.

Click here for event information

Corporates/Agents: Paul Massey Jr., Robert Knakal

Northern New Jersey’s office market saw a significant jump in 2014, as several large transactions in the third quarter proved to be weighty drivers of volume. The office sector had 171 transactions on the year, representing $1.3B. Transactional volume increased by 46% and dollar volume rose by 142% compared to 2013’s annual totals. Year-over-year, vacancies remained stable on the strength of both high demand and new deliveries, rental rates climbed slightly, and cap rates fell by 48 bps to 7.4%. 2014’s spike in dollar volume can be attributed to a pair of office tower sales that resulted in 3Q14’s dollar volume accounting for 58% of the year’s total: JPMorgan Chase’s acquisition of the Newport Office Center 5 in Jersey City for $315M and Vision Properties LLC’s purchase of Metropolitan Center in East Rutherford for $109M.

Cushman & Wakefield has been retained on an exclusive basis to sell a property at 5001-5009 27th Street.  The property is located between 49th and 50th Avenues in the Long Island City neighborhood of Queens.  Ownership is requesting proposals.

The property currently consists of a two-story building containing approximately 26,113 square feet on a 120’ x 320’ irregular lot.  Zoned M3-2 with a maximum FAR of 2.0, the total buildable square footage is 200,518, or an additional 174,863 square feet of development rights.

The property features direct access to all of New York City’s major distribution channels including the Pulaski Bridge, Long Island Expressway, Midtown Tunnel, and Brooklyn Queens Expressway  as well as barge and rail ports.

“This area is quickly emerging and its close proximity to several mega-projects as well as transportation options makes this an extremely appealing site for both users and investors,” said Cushman & Wakefield’s David Chkheidze, who is exclusively marketing this property with Conrad Martin.

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Neighborhoods: Astoria

The residential portion of a newly-constructed elevator building, located at 327 East 101st Street. between First and Second Avenues in Manhattan’s East Harlem, was sold in an all-cash transaction valued at $18,250,000.
 

The eight-story building is divided into two condominium units, a religious non-profit and residential portion. The community facility components are located on the ground and second floors and are not part of the sale. The residential component contains approximately 29,556 square feet and consists of the residential lobby on the ground floor and the units on the third to eighth floors. Constructed in 2009, the building is 99% occupied and benefits from a 421-a abatement.  The sale price equates to $617 per square foot and a 4.4% capitalization rate.
 
“Newly-constructed institutional quality assets of this caliber are scarce in today’s market.  This offers the investor the opportunity to own a stabilized asset with tremendous long-term upside,” said Cushman & Wakefield’s James Nelson who exclusively represented the seller in this transaction with Mitchell Levine and Lev Kimyagarov. “Over the past year, we have seen substantial growth in rents and condominium sellout values in this part of Manhattan. This area, traditionally considered part of East Harlem, is seeing values approach those in the Upper East Side,” added Lev Kimyagarov.  The buyer was represented by Jamison Weiner of The Manhattes Group.

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Neighborhoods: Harlem/ Agents: James Nelson

Cushman & Wakefield has been retained on an exclusive basis to sell a multifamily building at 976 Anderson Avenue, located between West 162nd and West 164th Streets in the Highbridge neighborhood of the Bronx.  The asking price is $1,550,000 or a 6.71% cap rate.

The five-story building contains approximately 12,160 square feet and sits on a 32.42’ x 157’ lot.  It consists of nine oversized residential units, all of which are three-bedroom, one-bathroom apartments.  Features of the building include a closed television security system, energy management computer system, new roof and side doors, and a recently replaced sidewalk.  Additionally, the boiler and heat pipes are newly insulated and seven apartments have been renovated.

The property is located two blocks from Yankee Stadium and the 161st Street stop for the 4, B, and D trains.  This offering represents a high cash flowing, low maintenance investment opportunity in one of the fastest growing neighborhoods of the Bronx.

“More than 1/3 of the units in this building are below market, providing new ownership future upside. Investors searching for yield will certainly be attracted to this type of investment,” said Cushman & Wakefield’s Mitchell Levine, who is exclusively marketing this property with James Nelson and David Simone.  “This well-maintained, nine-unit building is ideal for an investor looking for a turn-key opportunity in a thriving section of the South Bronx,” added Simone.

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Neighborhoods: Highbridge/ Agents: David Simone, James Nelson

Retail dollar volume in the region has kept pace with the prior two years. Activity was up from 273 transactions in 2013 to 370 in 2014, an increase of 36% year-over-year, while dollar volume saw a marginal increase to $620M. The average price per square foot for retail properties in 2014 rose to $270 PSF, a 10-year high, and the average cap rate increased by 80 bps to 7.4%. The sector finished 2014 with the strongest quarter of the year, with 30% of total dollar volume coming in 4Q14. Two of the largest retail projects currently underway are the long-awaited American Dream Meadowlands, a 5 million square foot entertainment/retail mega-complex slated for completion in 2016, and the first phase of Hudson Lights, which will feature 200,000 SF of retail space at the foot of the George Washington Bridge in Fort Lee.

Cushman & Wakefield is pleased to announce the closing of a $7.7 million non-recourse loan, collateralized by the Staybridge Suites, an 84-key hotel located at 2195 US Highway 1 South in North Brunswick, New Jersey. The loan features 30-year amortization and a 10-year fixed rate of 4.5%.

“Our clients were trying to refi out of a construction loan into more permanent financing, but were getting pushback from local banks. We secured a very competitive CMBS loan, and were able to substantiate the strength of the market for the lender,” said Cushman & Wakefield’s John Leslie, who exclusively handled this transaction.

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Agents: John Leslie

The multifamily sector in northern New Jersey followed 2013’s record marks with higher figures in 2014, as transactional volume rose by 23% in a fourth consecutive year of steady increases. Dollar volume increased 22% to $1.4B on the year, representing a new 10-year high and an increase of nearly 300% from 2009’s total. The average price per square foot has risen 16% this year, to $152, while cap rates have compressed, down 19 bps to 6.7% since last year. Sales activity surged in 4Q14, with 61% of 2H14’s dollar volume coming in the last quarter of the year. Four multifamily deals topped $100M in 2014, all in Hudson and Bergen counties, including JPMorgan Chase’s acquisition of The Curling Club Apartments in Hoboken for $125M.

Cushman & Wakefield has been retained on an exclusive basis to sell a mixed-use building at 99 Suffolk Street.  The property is located between Delancey and Rivington Streets on Manhattan’s Lower East Side.  The asking price is $26,000,000.

The eight-story, elevator-serviced building contains approximately 29,600 square feet and sits on a 75.17’ x 100.19’ lot.  Built in 2003, it consist of 40 units, of which 35 are rent stabilized (421-a) and five are ground floor community facility units leased to the Lower East Side Montessori School.  The 35 residential units are all oversized, and the unit mix consists of three studios, 30 one-bedroom, and two two-bedroom apartments.  The building benefits from a 421-a tax abatement program until June 2015.  

The property is next to Essex Crossing, a recently approved mixed-use project, which would bring approximately 900,000 square feet of new apartments and 600,000 square feet of shops and community facilities to the Lower East Side.  Additionally, the property is two blocks from the Delancey-Essex subway stop which is serviced by the F, J, M, and Z trains.

“Renovated apartment buildings in the Lower East Side are a rare commodity,” said Cushman & Wakefield’s Michael DeCheser, who is exclusively marketing this property.  “The building is relatively new and enjoys tremendous upside potential in rents in the near term.  Furthermore, a conversion to condominium is possible as well,” DeCheser continued.

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Neighborhoods: Lower East Side/ Agents: Michael DeCheser

A school building at 150 West 85th Street, located on the south side of West 85th Street between Columbus and Amsterdam Avenues on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $28,000,000.

The property consists of a six-story building containing approximately 30,009 square feet on a 75’ x 102’ irregular lot.  It was occupied by Mannes College The New School for Music, a highly respected music institution.  The sale price equates to approximately $933 per square foot.

The property is surrounded by an abundance of elite schools and global attractions including Central Park and the American Museum of Natural History.  It is easily accessible by public transportation, with the 1, B, and C subways nearby.  

“150 West 85th Street drew strong competition from developers and end-users alike who had been searching for a sizable opportunity in the Upper West Side, one of the most supply constrained neighborhoods in all of New York City,” said Cushman & Wakefield’s Hall Oster, who exclusively represented the seller in this transaction with Chairman, New York Investment Sales, Bob Knakal.  The buyer was represented by Timothy Sheehan of CBRE.  

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Neighborhoods: Upper West Side/ Agents: Hall Oster, Robert Knakal

Cushman & Wakefield has been retained on an exclusive basis to sell a loft building at 51 White Street, located between Broadway and Church Street in Manhattan’s TriBeCa East Historic District.  The asking price is $23,950,000.

The five-story building contains approximately 16,908 square feet and sits on a 38.67’ x 99.67’ lot.  In addition, the property benefits from approximately 6,365 square feet of air rights potentially allowing a developer to build a penthouse unit, subject to Landmarks’ approval.  The building features at least 12.5’ ceiling heights with oversized windows on all floors and the roof top offers Empire State Building views to the north and World Trade Center views to the south.  The property will be vacant shortly, making it an excellent conversion opportunity in one of Manhattan’s most sought after residential neighborhoods.

“We are very excited to bring this property to a market that is lacking conversion sites. Rarely do such opportunities with ceiling heights over 12’ on every floor become available,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property with Will Suarez and David Shalom.

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Neighborhoods: TriBeCa/ Agents: Guillermo Suarez, James Nelson

In 2014, 974 buildings sold in Manhattan, up 21% from 2013.  This represented a turnover rate of 3.5%, 60bps higher than in 2013.

Manhattan's aggregate sales consideration in 2014 was $41 billion, up 42% from 2013.  The  4Q14 dollar volume was $10.4 billion, an increase of 6% over the quarter.

Additionally, property values in the borough increased by 34% in 2014 to an average of $1,407 per square foot and cap rates were down by 40 bps from 2013 to 4%.

Two adjacent lots at 439-443 West 54th Street, located between Ninth and Tenth Avenues in Manhattan’s Midtown West neighborhood, were sold in an all-cash transaction valued at $19,600,000.
 
The lots combine for approximately 7,771 square feet and 75’ of frontage.  Currently vacant, there are DOB-approved plans for the construction of a 101-room hotel.  Residential and/or mixed-use development is also as-of-right and the approved project meets residential specifications.  The site holds approximately 32,638 buildable square feet and the sale price equates to approximately $601 per buildable square foot.

The site is within walking distance to major attractions such as Central Park, Columbus Circle, Lincoln Center and the Hudson River Greenway.  It is conveniently located near Manhattan’s major business districts, including Times Square, One Worldwide Plaza, and the Time Warner Center.  Public transportation is easily accessible, with the A, B, C, D, and 1 subway lines nearby.

“This sale illustrates the strength of demand for properties in Hell's Kitchen,” said Cushman & Wakefield’s Christoffer Brodhead, who exclusively represented the seller in this transaction with Clint Olsen.  “This was another example of a new, overseas buyer, ambitiously bidding for New York City assets,” added Olsen.  The buyer was represented by Michelle Guerrero of Pinkstone Realty.

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Neighborhoods: Midtown West/ Agents: Christoffer Brodhead, Clint Olsen

Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 210 East 135th Street, located off of Third Avenue in the Mott Haven section of the Bronx.  The asking price is $15,500,000.

The approximately 48,976 square foot site is zoned R8 / M1-2.  It has a residential FAR of 6.02 allowing for a development of up to approximately 294,836 square feet and a manufacturing FAR of 5.0 allowing for a development of up to approximately 244,880 square feet.

The property lies within the rezoned Lower Concourse section of the Bronx.  Mayor de Blasio recently announced a $200 million investment in the area that would go toward creating 4,000 affordable housing units and constructing new public open space, roads, and other infrastructure upgrades.  This public investment combined with several large private investments will undoubtedly lead to a resurgence in this section of the South Bronx.

This property is being marketed exclusively by Cushman & Wakefield’s David Simone.

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Neighborhoods: Mott Haven/ Agents: David Simone

In 2014, 595 properties sold in the Bronx, up 46% from 2014 and the highest number since 2007 when 701 properties traded.  Aggregate sales consideration in 2014 was $2.2 billion, an increase of 54% from 2013.

Each year, Real Estate Weekly turns the spotlight onto the female real estate leaders who are making strides in New York City and surrounding areas.  The 4th Annual Real Estate Weekly Women's Forum will be held on February 24th.  Over 550 women investors, owners, developers and professionals will join for a day of fresh perspectives on key real estate issues.

Jill Lovatt will speak as part of The “New” New York: The Future of Our Changing Neighborhoods panel, which will big deep into specific neighborhoods, identifing local nuances and how they interplay with global trends.

Click here for event information.

Agents: Jill Lovatt

Cushman & Wakefield is pleased to announce the release of their exclusive year-end 2014 New Jersey Property Sales Reports. These unique, industry-leading reports provide a comprehensive study of the investment sales market by product type in the northern New Jersey area (Bergen, Essex, Hudson, Middlesex, Passaic, and Union counties).

The region saw yet another year of impressive growth, finishing 2014 with 1,630 transactions, an increase of 77% from last year. Dollar volume reached $5.7B, the highest total since 2006, an increase of over 200% from 2009’s recession-driven lows, and 37% higher than last year’s sum. Pricing in the northern part of the state rose substantially, averaging $174 PSF over the year, a 10-year high and 67% greater than 2013’s average. Cap rates climbed to 7.1% this year, up from 6.7% in 2013. The fourth quarter bookended 2014 with an optimistic outlook as quarterly dollar volume for the multifamily, industrial, and retail sectors all surpassed their quarterly averages for the year by an average of 10%.

“The northern New Jersey investment sales market saw pronounced growth in 2014, driven primarily by strengthening economic fundamentals, tax incentives like “Grow NJ” and investor interest in alternative markets as tenants and residents search for affordable work and living accommodations outside of New York City. As a result northern New Jersey saw its highest dollar totals since 2006, finishing the year with $5.7B in total sales activity,” stated Adrian Mercado, Vice President, Research. “We expect northern New Jersey to maintain, if not increase its number of properties sold across core product types and dollar volume to increase as investors seek institutional grade product,” added Mercado.

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Neighborhoods: Union County, Essex County, Bergen County, Passaic County, Middlesex County, Hudson County

In 2014, Northern Manhattan saw 458 buildings sold, an increase of 12% from 2013.  The aggregate sales consideration in 2014 was $3 billion, up 46% from 2013 and 102% higher than the last cycle’s high of $1.5 billion in 2007.

The turnover rate in 2014 was 6.6% of the total stock of properties, the highest rate ever recorded for any New York City.

An apartment building at 287 19th Street, located between Fifth and Sixth Avenues in Brooklyn’s Greenwood Heights, was sold in an all-cash transaction valued at $2,000,000.

The brick three-story walkup building contains approximately 2,902 square feet and sits on a 19.75’ x 100.17’ lot.  It consists of five residential units, one two-bedroom unit with private garden and four one-bedroom units.  Recent capital improvements include new sidewalk, renovated entrance hall, and full renovation to the two-bedroom unit with steps to the landscaped private garden.  The sale price equates to approximately $689 per square foot, a 3.54% cap rate, and 21.06x gross rent.

The property is conveniently located six blocks from the Prospect Avenue R train station and two blocks from several bus routes.  Additionally, it is in close proximity to the BQE and Prospect Expressway providing access throughout Brooklyn and to Manhattan.

“The final sales price of $2 million, ultimately 7.5% above the asking price, exceeded our expectations and our client was thrilled with the result.  The property sold for approximately $689 per square foot, a record for South Slope / Greenwood Heights,” said Cushman & Wakefield’s Aaron Warkov, who exclusively handled this transaction with Robert DiBiase.  

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Neighborhoods: South Slope

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