Category: Brokerage

Brooklyn, NY According to John Horowitz, VP - regional manager of Marcus & Millichap, the firm has brokered three deals totaling $7.76 million. The deals include the following: • The $2.35 million sale of 275 Prospect Park West, a 4,800 s/f mixed-use property. The asset sold for $2.35 million. Jakub Nowak, Matthew Rosenzweig and Jesse Kay, in Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.  “Despite a softening market for rent stabilized assets, our team just closed 275 Prospect Park West at $2.35 million. The interest we generated around this deal indicates that there is still a strong demand for value add rent stabilized buildings,” said Kay.

Manhattan, NY Howard Rosenblum has joined Cresa as senior vice president of the New York office. A 13-year veteran of the industry, Rosenblum specializes in tenant representation and has advised such prominent clients as Biz 2 Credit, Bonobos, JWE Inc., Northwest Group, ODA Architects, Selerity, Reunited Clothing and Vanguard Construction.

New York, NY According to developer Silverstein Properties, Brian Collins will join the firm as EVP and director of development. “Brian has a long and successful history in the real estate industry and we look forward to working with him in the New Year,” said Larry  Silverstein, chairman of Silverstein. “We have several billion dollars of development activity in the pipeline and I’m very excited for the future of our company.”

Queens, NY A partnership between Atlas Capital Group, Partners Group (on behalf of its clients) and Invesco have signed a 25,744 s/f, six-year lease for the relocation and expansion of Canada-based Spin Master Corp.’s New York City headquarters at The Factory, the 1.1 million s/f loft office building in Long Island City. The deal brings Spin Master’s total lease commitment at the Factory to 50,802 s/f. Spin Master will join its games and puzzle division, Cardinal Toys, on the sixth floor of the 10-story building. Newmark Knight Frank’s Brian Waterman, Howard Kesseler, Jordan Gosin and Alex Rosenblum represented the ownership.

Brooklyn, NY According to DJ Johnston, partner and managing director at B6 Real Estate Advisors, his team has closed on the $24.6 million purchase of a nine-building multifamily portfolio in Bedford-Stuyvesant. Alchemy Ventures purchased the portfolio from IWC General Partners. The properties, which total 81 untis and  52,136 s/f,  include: 879 DeKalb Ave., 419 Marcus Garvey Blvd., 421 Marcus Garvey Blvd., 654 Putnam Ave., 319 Malcolm X Blvd., 829 Halsey St., 804 Macon St. 808 Macon St., and 814 Macon St.

New York, NY After federal tax reform introduced the Opportunity Zone program in late 2017, a significant portion of the New York City real estate community evolved their investment strategies with an eye toward developing in these areas, according to GFI Realty Services’ most recent research report. The report, entitled The Land of Opportunity Zones, explains the various criteria that must be met by investors seeking to capitalize on the program, while detailing the growth of transaction activity and fund formation related to these areas. With interest in these opportunity zones increasing rapidly, the report notes, it is not surprising that, on a national level, sales of development sites in opportunity zones spiked by 80 percent in the first three quarters of 2018 when compared to the same period last year.

Bronx, NY Turnbridge Equities continues their expansion of their Last Mile Industrial portfolio in the New York City metro industrial market after acquiring a 10.2 acre land site located at 980 East 149th St. for $56.2 million.  The property, which is entitled for nearly 900,000 s/f of industrial warehouse use, is fully leased to Til-Con, a concrete recycling company.  

Manhattan, NY According to the Howard Gilman Foundation and Denham Wolf Real Estate Services, the Foundation has purchased a commercial office condominium overlooking Bryant Park for $8 million. In late 2019, the Foundation will relocate to this 5,300 s/f office in Harbor Group International’s 24 West 40th St. building. 

White Plains, NY The Westchester County Industrial Development Agency (IDA) celebrated projects it supported in 2018 that will result in $881.4 million in private investment in the county’s economy.