$250M Queens rental portfolio up for grabs
A large Queens portfolio of rental apartments worth up to $250 million has hit the market, at a time when more big developers are looking to the borough for investment opportunities. (See related story, “The Queens craze.”) Hudson Realty Capital is looking to offload 53 buildings — comprising 1,270 apartments — in the Kew Gardens neighborhood in eastern Queens. Hudson Realty has tapped Massey Knakal Realty Services to market the portfolio, which largely contains rent-regulated apartments. Massey Knakal chairman Bob Knakal confirmed to Crain’s that he was handling the sale along with colleagues Tom Donovan and Stephen Preuss. Knakal added that interest in Queens and other outer boroughs had “picked up significantly” and that the trend would continue in 2014.
LIC development site hits market for $50M
A V-shaped development site at 29-37 41st Avenue in Long Island City is on the market asking $50 million. The site has a total buildable square footage of 204,938 and comes with plans for a 30-story, 242-unit condominium tower with 29 parking spaces, according to Buzzbuzzhome. Under the current plan, the “Maiestas” condo project would have 197,356 square feet of residential and 7,582 square feet of commercial space. There’s also the possibility of an as-of-right 15-year tax abatement, the website said. The Address Group is marketing the site. As The Real Deal previously reported, Queens developer Steve Cheung paid $8.3 million for the vacant site in October 2011.
Zionist group looks to sell HQ for $40M-plus
The Zionist Organization of America tapped commercial brokerage CBRE to market its New York City headquarters at 3 East 34th Street, The Real Deal has learned. The organization has owned the property since 1973, city records show. Edward Midgley, Daniel Kaplan and Michael Kadosh of CBRE are marketing the building. While an official asking price was not available, sources said the Zionist Organization wants more than $40 million for the six-story property. The 29,162-square-foot mixed-use building comprises 24,162 square feet of office space and 5,000 square feet of retail, according to data from PropertyShark. Development rights at the site exceed 52,000 square feet. The retail space appears to be occupied by clothing retailer Bolton’s.
Midwood multi-family pair on sale for $36M
Two multi-family properties in Midwood, owned by trusts linked to diamond dealer Michael Nektalov, hit the market for a combined $36 million, The Real Deal has learned. The buildings, at 1106 and 1201 Avenue K, are being marketed by Ben Weiss and Jackie Himmelstein of commercial brokerage Besen & Associates. The properties total 125,000 square feet and comprise 140 apartments, two offices and two units for community facility use. They apartments are comprised of four studios, 80 one-bedroom units, 46 two-bedroom units and 10 three-bedroom units. A buyer could expand the existing buildings by adding one to three stories on top, according to a spokesperson for Besen, who said the buildings come with 30,000 square feet of additional air rights.
Landlord asks $20M for Downtown Brooklyn church
A Brooklyn landlord has listed an historic Downtown Brooklyn church, at 360 Schermerhorn Street on the corner of Third Avenue, for sale as a development site. Experts say it could garner as much as $20 million due to heightened demand for residential units in the borough. The two-story red brick church houses the Recovery House of Worship and was built in 1894. The plot is the second property on the block to hit the market recently, following 233 Schermerhorn Street in December. With Brooklyn apartment prices at a high due to dwindling inventory, landlords are taking advantage of the value of their properties and are cashing them in while they can, according to Crain’s. Ofer Cohen of commercial brokerage TerraCRG is offering the property.