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Cushman & Wakefield Retained to Sell Two Multifamily Buildings in New York City

23 Feb 2015, 8:52 pm

By Veronica Grecu, Associate Editor

99 Suffolk Street - Lower East Side Manhattan

99 Suffolk Street – Lower East Side Manhattan

Two multifamily properties in New York City are now looking for new owners, and Cushman & Wakefield announced it was selected on an exclusive basis to sell the assets. The two buildings are expected to sell for a combined total of $27.55 million.

An eight-story elevator building, 99 Suffolk Street is located on the west side of Suffolk—between Delancey and Rivington Streets on Manhattan’s Lower East Side. The building is currently owned by an entity called 99 Suffolk Management and, according to real estate website PropertyShark, was completed in 2001. Reportedly, the asset was last sold in August 2005 for $14 million. The 29,600-square-foot building has 40 units. According to Cushman & Wakefield, 35 units are offered in a combination of three studios, 30 one-bedroom units and 2 two-bedroom units and are temporarily rent stabilized due to a 421-A tax abatement. The rest of the units are ground floor community facilities which are leased to the Lower East Side Montessori School. The building is being marketed for an asking price of $26 million, Cushman & Wakefield announced.

976 Anderson Avenue - South Bronx

976 Anderson Avenue – South Bronx

The second asset that’s on the market is a multifamily building located at 976 Anderson Avenue between West 162nd and West 164th Streets, in the Highbridge section of the Bronx. According to Cushman & Wakefield, the asset is expected to attract investors looking for a turn-key opportunity thanks to the property’s location just two blocks from Yankee Stadium and in a thriving section of the South Bronx. The five-story, 12,160-square-foot building is being sold for $1.55 million or a 6.71 percent cap rate.

The building is currently owned by an entity identified by PropertyShark as MDBS Inc. and managed by Hudson View Associates. 976 Anderson was built in 1909 and includes 9 oversized units, all of which are three-bedroom, one-bathroom apartments.


Images via PropertyShark


Chinese Buyer Pays More than $230 Million for Baccarat Hotel New York

15 Feb 2015, 8:23 pm

By Veronica Grecu, Associate Editor 

China’s Sunshine Insurance Group Co. is purchasing the Baccarat Hotel New York in Midtown Manhattan for more than $230 million, Starwood Capital Group announced in a statement.

Baccarat Hotel New York

Baccarat Hotel New York

Located at 20 West 53rd Street, off Fifth Avenue and directly across from the Museum of Modern Art, the luxury hotel is part of the Baccarat Hotel & Residences, a condo/hotel/library building developed by a joint venture between Starwood and Tribeca Associates. The 50-story glass tower was completed ahead of schedule in fall 2014—but the project’s condominium component was already 60 percent sold in June 2014, according to Real Estate Weekly.

Designed by Skidmore Owings & Merrill (SOM) to honor the Baccarat heritage that spans 250 years, the landmark tower consists of 61 exclusive condominiums boasting interior designs by award-winning designer Tony Ingrao. With prices varying from $3.5 million to $60 million and ranging in size from 1,000 square feet to 7,400 square feet for a penthouse, the units at Baccarat are listed among New York City’s most expensive residences.

The hotel component occupies the first 12 floors of the building and is slated for opening in the first week of March. Gilles et Boissier, an interior design studio based in France, created the interiors of the hotel. The Grand Salon, which is one of the largest lobbies of any luxury hotel in New York City, and the silver leafed Petit Salon, will showcase a curated rotating collection of Baccarat “treasures” from the Baccarat museum in Baccarat, France.

Baccarat Hotel & Residences - courtesy of author ILNY on Flickr

Baccarat Hotel & Residences – courtesy of author ILNY on Flickr

According to Lodging Advisors CEO Sean Hennessey who was quoted by The Wall Street Journal, the fact that the Chinese buyer paid more than $2 million per room for a completely new, yet-to-be-launched luxury property shows that market conditions are very robust in New York City. The hotel’s website shows room rates starting at $729 per night for a Classic King and reaching $18,729 per night for the glitzy Baccarat Suite.

In fall 2014 another Chinese buyer, Anbang Insurance Group, snagged the historic Waldorf Astoria New York from Hilton Worldwide Holdings Inc. for nearly $2 billion.

Starwood was advised by Eastdil Secured LLC and represented by Greenberg Traurig LLP in the transaction, while Sunshine Insurance Group was represented by Holland & Knight LLP with JLL’s Hotels & Hospitality Group serving as legal adviser.


Rendering courtesy of SOM

The Montrose Changes Ownership, Goes Condo

9 Feb 2015, 9:08 am

By Veronica Grecu, Associate Editor

The Montrose, a boutique rental building in Midtown Manhattan, was recently sold in a $75 million transaction brokered by HFF on behalf of the seller.

The Montrose - Murray Hill, Manhattan

The Montrose – Murray Hill, Manhattan

Developers Gaia Real Estate and Acro Group are now the new owners of the 14-year-old building located at 308 East 38th Street between 1st and 2nd Avenues in Murray Hill, within walking distance of Grand Central, the United Nations and the waterfront promenade. The Real Deal reports that the seller, UBS Realty Investors, acquired the 22-story building for nearly $60 million in 2006.

Completed in 2001 by the Clarett Group, The Montrose was designed by Meltzer Mandl Architects (MMA). The rental tower has 97 luxury apartments in a mix of studio, one- and two-bedroom units with monthly rents ranging from $2,795 to $4,300. The list of amenities at The Montrose includes individual storage, bike storage, a fitness center, as well as 24-hour doorman and concierge services. The property is currently fully leased.

The new owners plan to redevelop the building into condominiums. “There is a lack of moderately priced condominiums in Manhattan,” said Andrew Scandalios, senior managing director at HFF. The Montrose is located near the Midtown CBD, hospitals, Grand Central Station and the United Nations.

The Montrose is the second rental building in Murray Hill that Gaia Real Estate purchased with plans for reconversion. In fall 2014 the developer paid $147 million for 144 units at The Corinthian—a 57-story, 863-unit tower located at 330 East 38th Street—and started a gut renovation and condo conversion of the residences.


Image via Gaia Real Estate 

GKA-Designed Mixed-Use Building Under Way in East Williamsburg/Bushwick

2 Feb 2015, 12:03 am

By Veronica Grecu, Associate Editor

A six-story, mixed-use building for artists is under way in Brooklyn’s  East Williamsburg/Bushwick—which was named one of the coolest neighborhoods in the world in a ranking published by Vogue.

100 Bogart Street - East Williamsburg-Bushwick NYC

100 Bogart Street – East Williamsburg-Bushwick NYC

Designed by New York City architect Gene Kaufman to fit with the neighborhood’s industrial atmosphere, the development will replace an old, 9,375-square-foot warehouse located at 100 Bogart Street, between Bogart Street and Morgan Avenue, and Ingraham Street and Johnson Avenue. According to information from PropertyShark, the 33,500-square-foot property is owned by Vlat LLC which purchased the asset for $3.47 million from an entity called 374-384 Johnson Ave. Corp. in February 2013.

Slated for completion in mid-2016, 100 Bogart is being developed by IBK Construction Group, an affiliate of Vlat LLC. As previously reported by the Commercial Observer, the $15 million project is slated for completion by the first half of 2016. At 56,000 square feet, 100 Bogart will include 50 to 60 studios and work spaces for local artists, as well as around 5,400 square feet of street-level retail space. The building will also feature heavy floor loads, extra-large elevator bays, and strategically placed stairs to allow for maximum flexibility and utility for resident artists.

Rendering courtesy of Gene Kaufman Architect (GKA)

YOTEL Picks Williamsburg Site for New Micro-Hotel project

30 Jan 2015, 2:00 am

By Veronica Grecu, Associate Editor

YOTEL Williamsburg - New York City

YOTEL Williamsburg – New York City

Almost four years after the first micro hotel was successfully launched in Midtown Manhattan, the UK-based luxury hospitality chain YOTEL is planning to open a  micro hotel in Brooklyn’s Williamsburg neighborhood.

Set to be constructed by Synapse Development Group, the new Yotel hotel will be located at the corner of Meeker Avenue and Lorimer Street near the Brooklyn-Queens Expressway and, once completed in spring 2017, is expected to become one of the most iconic buildings in the area and a landmark gateway to Williamsburg. Standing 14 stories above ground, the new YOTEL Williamsburg will have 110 micro-rooms of up to 200 square feet and six to eight condominiums on the top floors. The high-end, mixed-use structure will also include approximately 20,000 square feet of street-level retail space, as well as a 6,000-square-foot roof garden and a separate parking deck.

Designed by Hollwich Kushner Architects (HWKN) to fit into the current context of the former industrial neighborhood, the 100,000-square-foot structure will sit above a plinth elevated to the height of the Brooklyn-Queens Expressway and will feature a cascading glass façade with varying shades of gray shingles that will blend with the traditional architectural elements of Brooklyn. Each cabin-like room at YOTEL Williamsburg will have a convertible bed and a YOTEL’s signature “techno wall” with flat screen TVs and multi-power points.

According to an official statement announcing the Williamsburg location, two new YOTEL projects will open in Miami and San Francisco. Last year the hospitality chain revealed plans to open a similar micro-hotel in Boston as part of Seaport Square—Boston Global Investors’ live-play neighborhood that includes more than 300 small-sized apartment units and flexible office space on the South Boston Waterfront.


Rendering courtesy of HKWN Architects 

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