Industry News and Transactions

Greystar Management acquired the 1,020-unit Jefferson Hills multifamily complex located at 160 Worcester Rd. in Framingham, MA for $128MM ($125.5K per unit) from JPI Multifamily Inc. The acquisition was financed with a $98MM Freddie Mac loan.

The 9-story, 63,000 SF property located at 640 Broadway / 172 Crosby St. in NYC traded for $32.5MM ($516 PSF). The property which is composed of 12 commercial units and 21 residential units is configured for subdivision and sale as condos.

Irongate Realty Partners completed its acquisition of 2 multifamily properties located in the Sheepshead Bay section of Brooklyn, NY by acquiring the $38MM note secured by the properties from Westdeutsche Landesbank for $20.7MM.The two buildings need to be completed and are located at 2750 E. 12th St. and 1125 Banner Ave.

The Brodsky Organization acquired the multifamily property located at 445 W. 20th St., between Ninth Ave. and Tenth Ave., in NYC for $18.5MM from the General Theological Seminary.

A venture between Latus Partners and TreeTop Development acquired a 4 property multifamily portfolio totaling 82 apartments and 11 retail units for $18.4MM. The properties are located at 120-126 W. 116th St., 1917-1919 Adam Clayton Powell Jr. Blvd., 110 St. Nicholas Ave., and 110 W. 116th St. in NYC.

954 Woodycrest Ave. LLC acquired 2 buildings in Bronx NY that total 129,000 SF composed of 113 apartments and 5 commercial units for $9.6MM ($85.0K per unit) from 950 & 957 Woodycrest LLC. The properties are located at 950-958 Woodycrest Ave. and 957-964 Woodycrest Ave. in Bronx, NY.

Icon Realty Management acquired the 12-unit mixed-use building located at 37 Crosby St. in NYC for $4.3MM ($358.3K per unit) for Bob Kahn.

The fully-occupied, 32-unit multifamily building located at 158-162 Gregory Ave. in Passaic, NJ traded for $2.7MM ($84.4K per unit).

The Steiner family is preparing to start construction on a 52-story multifamily tower at the intersection of Flatbush Ave. and Schermerhorn Ave. in Brooklyn, NY that will contain 720 apartment units and 50,000 SF of retail space. The family acquired the site in November 2011 for $30MM and the project construction cost for the new building is projected at between $325MM and $350MM.

Park Lane North Owners obtained $7.9MM in financing and a $1MM LOC for its 205-unit co-op building located at 118-17 Union Tpke. in Forest Hills, NY.

The 38-unit co-op located at 160 W. 87th St. in NYC obtained a $2.4MM mortgage and a $500K LOC from NCB.

Wakefield Owners Corp. obtained a $2.3MM mortgage and a $500K LOC for its co-op building located at 110-07 73rd Rd. in Forest Hills, NY.