Sales Beat

Dermot Property Associates Sells 14 Building Portfolio for $190.5M

201 W 11th St - Front

Dermot Property Associates has sold a portfolio of 14 buildings in Manhattan, the Bronx and Queens for $190.5 million, The Commercial Observer has learned.

Ten of the buildings – five in Manhattan and five in the Bronx – were sold to the Parkoff Organization for $158 million, and the remaining four were sold to Douglaston Realty, said Aaron Jungreis, president of Rosewood Realty Group, who represented the buyers.

The 14 buildings were initially marketed as a package before it was determined that splitting it up was in the best interest of both the buyers and the seller. Read More

Mortgage Beat

Staten Island Shopping Center Gets $18M Loan

Forest Avenue Shopping Center.

A joint venture between REIT Kimco Realty Corp. and a group of institutional investors has secured an $18 million non-recourse first mortgage loan for Staten Island’s Forest Avenue Shopping Center.

Kimco Income Operating Partnership, the joint venture, owns 59 community shopping centers in 18 states around the U.S. This particular shopping center is 190,000 square feet and includes TJ Maxx, Michael’s and CVS among its long-term tenants. Read More