Sales Beat

Harbor Group International Acquires UES Residential Building for $16.15M

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Norfolk, Va.-based real estate investment firm Harbor Group International has acquired 162-164 East 82nd Street, a 37-unit apartment building, for $16.15 million.

The buyer will invest an additional $950,000 in the Upper East Side building for structural, mechanical and façade improvements. Capital will also be used to renovate rent-stabilized apartments as they become vacant, the company said in a statement.

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Sales Beat

Harbor Group International Takes Two Manhattan Properties for $20.3M Amid Emmes Asset Management Selloff

1420 Broadway

Harbor Group International has closed on the acquisition of 1420 Broadway and 246-248 West 125th Street for a combined $20.3 million.

The first building is located adjacent to the firm’s New York headquarters at 1412 Broadway, owned by an HGI affiliate, and the latter lies amid Harlem’s burgeoning retail sector.

The property at 1420 Broadway is a three-story, 7,200-square-foot building constructed in 1911 and located between the Times Square and 34th Street retail corridors. Read More

Sales Beat

HSBC Buys 4 New York Plaza, Home of The NY Daily News

4 New York Plaza (photo courtesy of CoStar)

HSBC Alternative Investments, along with Edge Fund Advisors, have reportedly paid $270 Million for 4 New York Plaza, the Lower Manhattan home of the New York Daily News and JP Morgan Chase & Co.

The partnership between an HSBC entity, HSBC Club Programme, and the Washington D.C.-based Edge Fund Advisors will take control of the 1,084,528-square-foot, 22-story property, which also counts OK! Magazine and American Media, Inc. as tenants.

“Our purchase of 4 New York Plaza is testament to the value we envision from the rebirth of the downtown market,” Mark Keller, the CEO of Edge Fund Advisors, said in a statement.

Harbor Group International, a Norfolk, Virgnia-based real estate investment firm, had sold the building after it purchased 4 New York Plaza at the “bottom of the cycle.”

“At the time we bought the building, I don’t think investors were as bullish on downtown as they are now,” Jordan Slone, CEO of Harbor Group International, told Bloomberg. Mr. Slone cited Conde Nast’s 1 million-square-foot lease deal at 1 World Trade Center as a pivotal moment in the market that transformed Downtown as a “focus for investors, which 2 1/2 years ago, it wasn’t.”

Harbor Group was represented by a CBRE team lead by Darcy Stacom and William Shanahan. They did not return phone calls requesting comment.   Read More

Lease Beat

Kids Clothier Takes Two Floors at 1412 Broadway

1412 Broadway

OuterStuff, hawkers of miniature jerseys for wannabe Sanchezes and Rodgers, has scored a grown-up-size space at Harbor Group‘s newly acquired 1412 Broadway. The garment maker for kids has taken 34,000 square feet, or the 18th and 19th floors, of the 415,000-square-foot tower, Crain’s reports.

This is the first new tenant since Harbor Read More