Investment Sales firm Marcus & Millichap has arranged the $1.75 million sale of a four-story residential property at 21 Broadway Terrace in the Inwood section of Manhattan, The Commercial Observer has learned.
The 17-unit building is 9,728 square feet and in addition to significant upside potential for the units includes an additional 2,310 square feet Read More
A group of veteran Philadelphia-based brokers has launched Rittenhouse Realty Advisors, a commercial real estate brokerage, consulting and advisory firm, it was announced yesterday. Based in the City of Brotherly Love, the firm will also have a New York office at 200 West 57th Street and a presence in Washington, D.C.
The firm was founded by Ken Wellar and Corey Lonberger, veterans of Marcus & Millichap, and Benjamin Oller, founder of The Condo Shop. The founders will be joined by Mark Duszak, formerly of CBRE, a 10-year veteran of the multifamily market. Collectively, the executive team at Rittenhouse Realty Advisors has over 30 years of combined experience in the multifamily market and has brokered over $4 billion in sales.
“We’ve been talking about doing this for years, it’s been a dream for the last 10 years,” Mr. Wellar, co-managing partner, told The Commercial Observer. Read More
Members of the Battaglia family have sold The Fine Arts Building located at 232-236 East 59th Street for $34 million, the first sale of the building since the local investors purchased the building in the 1950′s, The Commercial Observer has learned.
The six-and-half-story building, located on the south side of 59th Street and between Second and Third avenues in Midtown East, features 75 feet of frontage along East 59th Street. Read More
Peter Von Der Ahe is Marcus & Millichap’s top-producing multifamily agent in Manhattan, earning a steady slot in the ever-changing list of New York City’s top brokers. He has brokered more than $730 million in sales during his career, and $360 million of that changed hands in the past three years alone. Since joining the Read More
Thursday’s Real Estate Board of New York gala packed an estimated 2,400 guests into the Hilton New York’s overstuffed Grand Ballroom—an increase from last year by about 200. The Commercial Observer walked the room, hobnobbed with brokers and landlords and taste-tested a dinner of steak and potatoes while washing it all down with a few stiff drinks. Staff Reporters Karsten Strauss and Al Barbarino get the inside dish.
Marcus & Millichap has arranged the $8.9 million sale of a six-story, 42-unit elevator building at 1090 St. Nicholas Avenue in Washington Heights, positioned in a pocket of the neighborhood anchored by a number of medical institutions.
The buyer, an undisclosed local investment firm, will continue to run the residential, mostly rent stabilized apartments and retains the Metropolitan Center for Mental Health as a tenant in the basement-level commercial space. Read More
Real estate brokerage Marcus & Millichap has arranged the sale of a four-and-a-half-story walk-up building at 458 West 50th Street in Hell’s Kitchen for $3 million, The Commercial Observer has learned.
The 4,923-square-foot property features six units, including a one-bedroom penthouse with a balcony and a first floor two-bedroom with a garden. The rest are full floor, one-bedroom apartments. Read More
Marcus & Millichap has arranged the $5.1 million sale of a 6,270-square-foot multifamily building at 31 West 87th Street, which sat on the market for two years before the firm was called in, The Commercial Observer has learned.
The five-story building is located in the Upper West Side, just steps from Central Park, between Central Park West and Columbus Avenue – among the selling points that the firm didn’t shy away from when arranging a competitive bid for the property, hashed out between a handful of investors with their eyes on the coveted neighborhood. Read More
Larry Gluck’s Stellar Management has purchased an apartment building at 26 Vandam Street for $6.1 million in a play to add air rights to its undertaking at One SoHo Square.
Gluck plans to tack the 15,625 square feet of air rights onto the 80,000 square feet of new office penthouse space being added to neighboring 161 Sixth Avenue and 233 Spring Street.
“Because the air rights are essentially unusable towards the immediate property, Stellar Management will use them for the huge redevelopment of the office buildings next door — that will be a huge win for them,” said Peter Von Der Ahe, a first vice president of investments at Marcus & Millichap, who brokered the deal along with Joe Koicim, a vice president of investments, and David Lloyd. Read More
Real estate brokerage Marcus & Millichap has arranged the sale of two apartment buildings in Chelsea for a combined $7.2 million, with both properties going to 1031 exchange buyers, The Commercial Observer has learned.
The buildings, at 368 8th Avenue and 311 West 29th Street, bring the private investors who purchased them an opportunity to realize significant upside through upgrades and renovations, brokers at Marcus & Millichap said. Read More
Marcus & Millichap has arranged the sale of a five-story, 4,788-square-foot townhouse at 402 West 22nd Street in Chelsea for $3.5 million, The Commercial Observer has learned.
The property consists of a total eight units: six studio apartments, a single one-bedroom duplex, and a three-bedroom duplex on the ground floor.
The building is situated in the heart of West Chelsea, just off the corner of West 22nd Street and Ninth Avenue, one block from the Chelsea Highline, two blocks from the A-Line Subway, and a short walk from Chelsea Piers. Read More
Morris Moinian’s Fortuna Realty Group has sold a 31,434-square-foot, two-building portfolio at 215 West 108th Street and 210 West 109th Street to real estate investor Joseph Franco for $14 million, The Commercial Observer has learned.
The six-story walk-up at 215 West 108th Street is roughly 17,710 square feet and has 23 units, nine of which are rent stabilized. The property at 210 West 109th Street, also a six-story walk-up, is 15,944 square feet, with 21 units, two of which are rent stabilized.
A majority of the units are two- and three-bedroom units, most of which have been renovated, sources said.
“Franco owns several properties in that submarket and this was a way to bite off too big units with more than 30,000 square feet and tremendous upside in great locations,” said Peter Von Der Ahe of Marcus & Millichap, who represented both parties in the transaction. “With higher-end residential moving into this part of town and multiple universities surrounding the area, there has been a lot of rent growth over the last few years.” Read More
The International Council of Shopping Centers landed in New York at the Hilton yesterday morning for Day 1 of its two-day New York National Conferences. Keynote addresses were made, palms were greased and rubbery chicken was endured, as attendees shuffled between booths set up by retailers and brokerage firms ranging from A&G Realty Partners to Zinburger Frozen Yogurt.
After the jump, The Commercial Observer’s Billy Gray joins, and attempts to stay above, the fray.
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Springhouse Partners has purchased 105 Grand Avenue, a 38,500-square-foot, newly-constructed residential building in the Clinton Hill section of Brooklyn for $16 million, sources tell The Commercial Observer.
The sale was an off-market deal brokered by Sean Lefkovits, Joe Koicim and Peter Von Der Ahe of Marcus & Millichap; and the seller was a group of undisclosed Brooklyn-based investors that decided to part ways, sources said. Read More
Jones Lang LaSalle has promoted John Wheeler to head the firm’s lower Manhattan office, it was announced this week.
Mr. Wheeler, who boasts nearly 30 years of commercial real estate experience, including the past 16 years with Jones Lang LaSalle, will oversee the lower Manhattan office while continuing to provide brokerage and advisory services to some of the firm’s most significant clients.
“John Wheeler was the natural choice to lead Jones Lang LaSalle’s activities in Downtown New York,” said Peter Riguardi, president of Jones Lang LaSalle’s New York region. “Lower Manhattan is one of the most important and challenging office submarkets in the tristate area, and our commitment to the area has never wavered. John is one of a very few individuals with the skill and expertise to oversee our work downtown, and to continue to expand on our track record of success there.” Read More
