Jungreis of Rosewood brokers two sales totaling $123.4 million; Cohen of Rosewood collaborates on $79 million deal on Upper West Side

November 21, 2017 - Front Section
10 West 65th Street - Manhattan, NY

Manhattan, NY Rosewood Realty Group has closed the following deals:

Aaron Jungreis,
Rosewood Realty Group

• The $79 million sale of an Upper West Side 82-unit rental building at 10 West 65th St., close to Central Park. Rosewood’s Aaron Jungreis and Devin Cohen represented the buyer Clipper Realty and the seller, Touro. David Bistricer’s Clipper Realty received $34.5 million in financing. New York Community Bank provided the 10-year loan, with an interest rate of 3.3%. At $79 million, Clipper paid $585 per s/f for the 82,230 s/f building, plus an additional 53,000 s/f of air rights.

“It’s an unbelievable basis,” said Bistricer, describing the six-story property as having good bones and being in a great location, about half a block from Central Park.

The seller bought the building for $44 million in 2008 from Extell Development, which snapped up the rental for $23 million in 2004 and renovated about half the units before selling the property last month to Clipper Realty. Earlier this year, Bistricer said Clipper will invest “incremental” capital to enhance the property.

2103-2117 Honeywell Avenue - Bronx, NY

 

2103-2117 Honeywell Avenue - Bronx, NY

 

• The $44.4 million sale of a two adjacent five-story elevator apartment buildings that take up the entire block of Honeywell Ave. in the West Farms neighborhood. FBE Limited bought the two buildings at 2103-2117 Honeywell Ave. between East 180th and East 181st St. that consist of 197 apartments and 46 indoor parking spots. Together, the buildings, which were built in 1979, comprise 181,093 s/f. The package sold for 11.17 times the current rent roll and 5.78% cap rate. Jungreis represented FBE Limited and the seller, Rajmattie Persuad, who bought the buildings just three years ago for $23.5 million.  

Earlier this year, Persuad, with partners Karan and Rajmattie Singh, bought Kushner Companies’ Astoria portfolio for $76 million.

FBE has also been active this year prior to the Honeywell Ave.acquisition, joining with former Extell executive Dov Hertz to buy a $141.5 million multifamily portfolio that included the buildings both in Manhattan and Brooklyn.  FBE also bought a four-building portfolio in Manhattan Valley for $50 million.

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