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Sales Beat

Sales Beat, ICSC 2015

Bill Ackman and Georgetown Close on 787 11th Avenue, Plan for Rooftop Tennis

787 11th Avenue (Photo: CoStar).

A partnership between The Georgetown Company and Bill Ackman has closed on 787 11th Avenue, Commercial Observer has learned, and plans to build a tennis court atop the building.

Mr. Ackman’s hedge fund, Pershing Square Capital Management, will move into part of the eight-story building, a source with knowledge of the sale said. Georgetown chief executive officer Adam Flatto led the purchase, and brought Mr. Ackman in as a partner, the source added.   Read More

Finance, Sales Beat

Bank of China Finances Beijing Insurance Company’s 717 Fifth Avenue Buy

717 Fifth Avenue.

Anbang Insurance Group, the Beijing-based insurance company that bought the Waldorf Astoria for $1.95 billion, closed on its purchase of 717 Fifth Avenue’s office space with a $260 million acquisition loan from Bank of China, Commercial Observer has learned.

Anbang acquired the 26-story tower—minus its luxury retail portion—from Blackstone Group for about $415 million, giving the debt deal a loan-to-cost ratio of just over 60 percent, a person with knowledge of the deal confirmed. Read More

Sales Beat

90K-Square-Foot Bronx Property Trades for $9M

1351 and 1339 Jerome Avenue in the Bronx.

A 90,000-square-foot property at 1351 and 1339 Jerome Avenue connected to 1320 and 1342 Inwood Avenue has sold for $9 million to Jerome Avenue Storage Associates LLC, operating under American Self-Storage.

American Self-Storage is one of two current tenants at the property; it has held a lease with the option to buy since 2011. There is also a 12,000-square-foot Antillana Supermarket at the property. Read More

Sales Beat

SL Green To Buy Eleven Madison Avenue

Eleven Madison Avenue.

In one of the largest real estate transactions in New York City history, SL Green Realty Corp. will acquire Eleven Madison Avenue for $2.285 billion, according to a press release issued by the company.

First reported by Bloomberg Business, the company will buy the 29-story, 2.3 million square-foot trophy property from The Sapir Organization and CIM Group. The building sits between East 24th and East 25th Streets and serves as Credit Suisse Group’s U.S. headquarters. Read More

Sales Beat

Dalan Management, RWN Real Estate Partners Buy Nolita Building for $14.6M

235 Elizabeth Street.

Dalan Management and RWN Real Estate Partners have partnered to purchase the residential property at 235 Elizabeth Street between East Houston Street and Prince Streets for $14.6 million, or approximately $800 per square foot, according to a press release. The seller, Gordon Chin, had owned the property with his family since 1987.

The six-story building is comprised of 18,081 square feet, with 27 residential apartments and three retail spaces. A B Biagi Coffee is one of the current tenants at the property. Read More

Sales Beat

Investor Trio Buys Bushwick Building for $26.7M

333 Johnson Avenue.

A group of investors has closed on 333 Johnson Avenue between Bogart and White Streets in the Bushwick section of Brooklyn for $26.7 million.

Buyers Normandy Real Estate Partners, Royalton Capital and Sciame Development plan on converting the former printing shop into a mixed-use space of offices, retail and food, according to TerraCRG, which represented the group in the deal. The seller was Richard Bart Realty, according to property records. Read More

Sales Beat

KKR Looking to Invest at Related’s Hudson Yards

Rendering of 10 Hudson Yards.

After nearly two decades at Sheldon Solow’s 9 West 57th Street, private equity giant Kohlberg Kravis Roberts is looking to make a move to an office condominium at Hudson Yards, Commercial Observer has learned.

The global investment firm occupies 161,000 square feet at 9 West 57th Street on floors 10, 11, 14, 16, 41 and 42, according to CoStar Group, a space that will be small in comparison with the 400,000-square-foot condo it is considering buying in Related Companies and Oxford Properties Group‘s 17-million-square-foot, 28-acre mixed-used development emerging on the West Side of Manhattan. Read More

Sales Beat

Taconic Closes First Sale at Sterling Mason, and It’s Commercial

The Sterling Mason.

Taconic Investment Partners has closed on the sale of a retail condominium unit at its new Sterling Mason residential building for $9.4 million, Commercial Observer has learned.

The buyers of the 3,890-square-foot ground-floor retail unit at the seven-story condo conversion 412 Greenwich Street in Tribeca are two high-net worth Tribeca residents who used 1031 Exchange money from an out-of-state real estate sale, according to Jonathan Butwin of Town Commercial, who represented both sides in the deal. He declined to further identify the buyers. Read More

Finance, Sales Beat

MetLife Finances Utopia Center Buy

Utopia Center.

A three-story medical office and retail building adjacent to St. Johns University in Queens has changed ownership in a deal financed by MetLife, Commercial Observer has learned.

New York-based Prestige Properties & Development purchased the Fresh Meadows property, Utopia Center, from New Jersey-based Wharton Realty Group for $75 million on May 1, according to the buyer. Read More

Sales Beat

Clinton Hill Rent-Stabilized Portfolio Sells for $38M

425 Grand Avenue.

A cluster of rent-stabilized apartment buildings in the Clinton Hill area of Brooklyn have sold for $38 million, property records indicate.

The four contiguous buildings, dubbed the Washington Flats Portfolio—425 and 435 Grand Avenue, 29 Putnam Avenue and 90 Downing Street—were sold to Lori Casey of EastCoast MIG, according to Cushman & Wakefield. They make up a combined 104,365 square feet and 129 rental apartments. Read More

Sales Beat

Debrah Lee Charatan’s BCB Buys Brooklyn Buildings for $10.3M

241 Ocean Parkway.

BCB Property Management has bought two apartment buildings from Jonas Equities for $10.3 million, Commercial Observer has learned.

The Brooklyn-based landlord sold the pre-war buildings at 239-241 and 243-245 Ocean Parkway in the Kensington neighborhood, according to GFI Realty Services. Together the contiguous buildings are comprised of 32 two- and three-bedroom apartments. The new tenant plans to renovate the building. Read More

Sales Beat

Crest Realties Buys $9M Washington Heights Building

140 Wadsworth Avenue.

Crest Realties has purchased a Washington Heights multifamily building for $9 million, according to property records made public May 1.

The Montreal-based real estate investment group picked up 140 Wadsworth Avenue at West 180th Street, a 39,578-square-foot, six-story elevator building with 31 apartments and four offices on April 23. The property is adjacent to 4240 Broadway and a few blocks up from 4300 Broadway, two multi-family properties which Crest Realties purchased in November 2013 for $23.7 million. Read More

Sales Beat

RockFarmer Capital Acquires Three Tudor-Style Buildings in Flushing

189-10 37th Avenue in Flushing.

Real estate investment and services firm RockFarmer Capital has bought three Tudor-style apartment buildings in Flushing, Queens for $11.7 million, Commercial Observer has learned.

RockFarmer bought 189-10, 189-15 and 189-16 37th Avenue, which sit adjacent to Utopia Parkway in the borough, according to a press release issued by the company. City property records list the seller as Embee Realty Co., LLC. Read More