New York City

Just hours before a scheduled public auction on the Henry T. Sloane Mansion at 18 E. 68th St., the whole loan on the 18,267-square-foot, single-family property sold for $33 million. Marcus & Millichap Real Estate Investment Services’ Peter Von Der Ahe, Scott Edelstein and Seth Glasser arranged the sale of the note between the seller, Madison Realty Capital LP, and the buyer, a Ukrainian-based industrialist, represented by Matt Lesser of Leslie J. Garfield & Co. Inc. The Wall Street Journal identified the buyer as Alexander Rovt. The asking price on the circa-1905 property in 2008 was $64 million, according to Marcus & Millichap.

Florida-based ProMed Properties has acquired the fee interest in a medical office condominium at 345 E. 37th St. in New York City for $31 million. The approximately 81,000-square-foot medical office condominium comprises three floors of the Corinthian, a 57-story apartment building. A Massey Knakal Realty Services team of John Ciraulo, Robert Knakal and Michael Azarian represented the sellers. ProMed financed the acquisition with a new seven-year, $20-million loan at a fixed 4.59% interest rate and cash on hand.

Sioni & Partners’ Moses Sioni has completed the $2.2-million sale of 507 W. 179th St., a five-story, 20-unit walk-up apartment building in Manhattan’s Washington Heights neighborhood. The sale to an undisclosed buyer on behalf of Washington Management Realty LLC equated to a gross rent multiplier of 7.9 x RR, a price per unit of $110,000 and $154 per square foot.

Cornerstone Real Estate Investments has arranged a lease for the sixth floor of 42 Bond St. to PSFK, a web marketing company. Asking rent for the 5,700-square-foot loft space was $38.50 per square foot. Edmond Levy of Cornerstone Real Estate Investments represented the landlord, while Elizabeth Juviler of Rice & Associates represented the tenant.

Tax services provider H&R Block has leased a new Upper West Side storefront location of 2,432 square feet at 208 W. 96th St. Winick Realty Group’s Joseph Isa and Steven L. Weissmann brokered the lease on behalf of Catalpa Development LLC. Craig Hantgan of Esquire Properties Inc. represented H&R Block, which is relocating from nearby 96th Street and Columbus Avenue into the newly constructed space.

Investing over $4 million in improvements, national nonprofit and land conservation organization the Trust For Public Land signed over the deeds for 32 out of 69 community garden properties to the Bronx Land Trust and Manhattan Land Trust on Tuesday afternoon. As a result of the deal, TPL will most likely transfer the remaining gardens to the Brooklyn-Queens Land Trust. The parcels—totaling approximately eight acres citywide—are worth around $7 million. Andy Stone, New York City director of TPL, tells GlobeSt.com that open space can actually increase multifamily property values. “From the point of view of real estate, even as the city adds a million people over the next 20 or 30 years, it is getting more built out, and yet there are more of these permanent community gardens that are not parks, but are a resource for the community,” Stone says. “They enhance property values and value in the community. They provide a place where people can come together.” In a 1999 agreement with Mayor Rudolph Giuliani’s administration, TPL saved more than 60 gardens from city auction and purchased them for $3 million.

Westchester 

In the latest public- and privately-funded multifamily project in Westchester County, the Yonkers Industrial Development Agency (IDA) and L+M Development Partners gathered on June 23 to officially christen 330 Riverdale, a $54.4-million 12-story, 137-unit affordable housing tower located near the Ludlow-Metro North train station. To keep apartment rents affordable and to help enable L+M obtain the necessary financing for the project, the Yonkers IDA approved incentives, including a 30-year real property tax agreement and a sales and uses tax exemption for construction. The project also received 4% low-income housing tax credits from the state’s Homes and Community Renewal agencies. The site features a community room that will serve as an on-site business center for residents, which will offer job training, a library and workforce training. Apartments at 330 Riverdale will be available to individuals and families with incomes no higher than 60% of the Westchester County Area Median Income (AMI), and 20% of the units will be set aside for those earning 50% of the AMI. —Additional reporting by Jacqueline Hlavenka