79-89 Avenue D, photo courtesy of Eastern Consolidated
An East Village site where a residential development could potentially rise 12 stories hit the block today with an asking price of $22.5 million, the marketing broker told The Real Deal. The plot, at 79-89 Avenue D, is currently a one-story building with retail, owned by the Fried family, who purchased the land for $3.6 million in 2005, according to city records. [more]
From left: the site at 117-119 West 21st Street, Robert Knakal, chairman of Massey Knakal Realty Services, and David Schechtman, principal at Eastern Consolidated
A prime Chelsea development site has hit the market with Eastern Consolidated’s David Schechtman, Alan Miller and Paul Nigido, but only after a listing skirmish that pitted two of the city’s most active investment sales brokerages against one another.
The parcel, currently home to a four-story gallery, is being sold out of bankruptcy with an asking price of $15.5 million. But the unsecured lenders for the site, at 117-119 West 21st Street, opposed Eastern Consolidated’s representation of the seller, the Arc Building LP, court documents show. [more]
The Bedford portfolio
A group of parcels known as the Bedford portfolio, along Bedford Avenue in Williamsburg, has closed for upwards of $66 million, according to a statement today from Eastern Consolidated, who arranged the sale. The plots of land — at 158-160 N. 4th Street, 151-173 N. 3rd Street and 237-241 Bedford Avenue — will be developed into 50,000 feet of retail space and 39 residential units by a joint venture consisting of RedSky Capital and Waterbridge Capital. [more]
David Schechtman of Eastern Consolidated and 2300 Cropsey Avenue
A Swedish bank that holds dozens of former Lehman Brothers Holdings notes has retained commercial brokerage Eastern Consolidated to market the defaulted mortgage on a prospective Brooklyn development site owned by developer Alexander Gurevich, Eastern broker David Schectman, who is handling the listing, confirmed to The Real Deal today. [more]
Adelaide Polsinelli
High-profile, mid-market investment sales broker Adelaide Polsinelli resigned from Marcus & Millichap this past Friday and began working at Eastern Consolidated as a senior director today, Polsinelli told The Real Deal.
Polsinelli, who first started in the building sales business in 1985, is best known in the industry for deals such as Savanna’s $43 million purchase in 2007 of the Children’s Wear Building at 131 West 33rd Street in Midtown and the sale of the Knitting Factory at 74 Leonard Street in Tribeca, in 2008, for $12 million. [more]
Big New York City job losses in the construction industry continued in January, according to a January employment report issued today by Eastern Consolidated. However, New York City added 31,200 jobs in the month of January alone, the highest month-over-month gain in the last 23 years. Year-over-year, the city added 54,200 jobs.
Eastern Consolidated considers the construction sector to be one of the “biggest losers” of jobs for the one-month period from December 2011 to January 2012, with 3,000 jobs lost. For the period spanning December 2010 to January 2012, the industry lost 2,300 jobs, which marks a 2.1 percent loss from the same period the year before. [more]
1527-1531 York Avenue
A pair of mixed-use buildings in Yorkville have hit the block, asking $16 million, according to a statement today from Eastern Consolidated, who is marketing the properties.
The three-story buildings, at 81st Street on York Avenue, have rental apartments and ground-floor retail, the statement said. The 14 apartments include seven that rent at free-market rates, six that are rent-stabilized and one that is rent-controlled. Azita Aghravi, a senior director at Eastern Consolidated, and colleague Gary Meese, director of financial services for the firm, are marketing the buildings. [more]
Marion Jones (l) & David Schechtman of Eastern Consolidated and 310 East 55th Street
In a strange twist, a Queens development site comes with a free gift — 75 sponsor units in a Manhattan residential co-op, Crain’s reported.
The buyer of the defaulted loan for a 3.7-acre development site in Flushing, Queens, near Citi Field, will also get 75 apartments at 310 East 55th Street, because the apartments were used as collateral for the loan. U.S. Bank National Association made the loan to ABS Flushing Development in 2006, Crain’s said. Crain’s didn’t know the size or value of the apartments at press time. [more]
Brooklyn commercial property sales in 2011 (source: TerraCRG)
In Brookyln, sales of commercial properties showed significant recovery in 2011, according to a report by commercial real estate brokerage firm TerraCRG.
A total of 1,052 commercial sales closed for over $1.8 billion, an 86 percent increase in dollar volume from 2010, and a 35 percent increase in total number of sales. About 70 percent of the dollar volume increase came from institutional activity, the report shows. [more]
Compiled by Adam Pincus
Brokers broadly expect next year to be an improvement over 2011 in New York City’s investment sales market, although concerns about the global economy and financial services layoffs create uncertainty, and that puts a drag on activity. This year, total investment sales are expected to end up at about $25 billion, far ahead of the $14.5 billion in 2010. The Real Deal talked to a series of brokers about what they expect for the new year. [more]
