Cushman & Wakefield Sells Luxury Manhattan Community

Cushman & Wakefield brokers the sale of a 352-unit luxury community in Manhattan; Essex Realty Group sells a 101-unit community in Chicago for $6.7 million; and NorthMarq Capital arranges a $12 million Freddie Mac permanent loan.

88 Leonard St.

New York—The New York capital markets group of Cushman & Wakefield has sold 88 Leonard St., a 352-unit mixed-use luxury community in New York City’s Tribeca district, to a Chicago based investment firm. The deal is speculated to hit the $200 million mark.

“We received strong demand from a wide variety of investors, specifically because of the outstanding features and strong fundamentals of the asset, as well as the attractive demographics of the neighborhood and the strength of the apartment market in Manhattan,” says Nat Rockett, executive vice president at Cushman & Wakefield.

The firm listed the asset for sale on February 2, 2011. 88 Leonard St. was developed in 2007 by owner Africa-Israel USA. The 21-story community has 384,485 square feet of retail space.

Community amenities include an indoor fireplace lounge, billiards lounge, spa terrace with 20-foot hot tub, outdoor garden, roof deck and a fitness club. The unit mix includes studio, one-, two- and three-bedroom units.

Essex Brokers sale of 101-unit community in Chicago

7301 N. Sheridan Rd.

Chicago—Essex Realty Group Inc. has brokered the sale of 7301 N. Sheridan Road, a 101-unit community located in Chicago’s Rodgers Park neighborhood. The asset is located at the northeast corner of Sheridan Road and Chase Avenue, one block off of Lake Michigan.

Matt Welk and Doug Fisher of Essex represented both the buyer and seller in the $6.7 million transaction. The unit mix at the property includes 28 studio, 51 one-bedroom, 21 two-bedroom and 1 three-bedroom units.

NorthMarq arranges $12M Freddie Mac permanent loan

Sierra Vista, Ariz.–NorthMarq’s Denver regional office arranged permanent financing of $12 million for Mountain View Gardens Apartments located at 3477 Rodeo Drive in Sierra Vista, Ariz.

The project opened in 2009 and consists of a three-story, 117-unit senior independent living facility. Community amenities include barber/beauty shop, TV room with big screen television, chapel, exercise room, guest rooms, laundry, library, recreation center, pool and bistro.

Studios and one and two bedroom units feature kitchenettes, 24-hour emergency pull cords in each room, refrigerator, carpeting, drapes, linens, cable TV, and bathrooms with some handicap accessible and vaulted ceilings in select apartments.

The three basic services included in the rent are: three chef-prepared meals daily, exercise, shopping, community volunteers, bed linens and bath towels provided and laundered weekly, as well as weekly housekeeping.

Gordon Mickelson, senior vice president; and Angela Jordan, assistant vice president, arranged the loan with Freddie Mac through NorthMarq’s seller/servicer relationship.