In a deal arranged by Pryor Cashman, a joint venture between affiliates of The Chetrit Group and Somerset Partners has closed the sale of two prime development sites along the Harlem River waterfront in the Mott Haven section of the Bronx. The parcels are at 101 Lincoln Ave. and 2401 Third Ave. The properties were purchased by affiliates of Brookfield Properties for $165 million.
Pryor Cashman had previously represented the joint venture when the properties were acquired and financed for $58 million in 2014. Pryor Cashman Partners Todd Soloway and Danielle Schechner, along with Associate Ari Tran, all members of the firm’s Real Estate Group, represented the joint venture in both the 2014 purchase and financing and the sale four years later.
Nuances of the deal
“Being a development site for roughly 1.2 million square feet of as-of-right residential development, the parties worked closely on Brookfield’s diligence relating to the ability to develop the property as planned. Otherwise, because it was a land deal, there were fewer complications than you might ordinarily find,” Soloway told Multi-Housing News. “We had lived with this deal since we represented the ownership in acquiring and financing the deal in 2014. So we knew all of the nuances of the deal: all of the potential title issues and related development issues. That made us nimble with the necessary information and governmental agencies involved. And thus we were able to smooth the deal for closing.”
The purchaser was represented by Fried, Frank, Harris, Shriver and Jacobson LLP. Cushman & Wakefield’s Chairman Doug Harmon and Executive Managing Director Adam Doneger brokered the transaction.
Last month, Brookfield Properties unveiled plans to install smart access Latch’s system through the company’s developments currently in the pipeline, creating the largest smart home access ecosystem within a single portfolio. The creators launched a $70 million Series B financing round led by Brookfield Ventures, the technology investing arm of Brookfield Asset Management.
Rendering courtesy of Hill Crest Architects