Apthorp Retail Condo Trades for $37M

New York City

The 14,875-square-foot retail condominium within the Apthorp condo apartment building on Manhattan’s Upper West Side is under contract for $37 million, or nearly $2,500 per square foot. William Friedland Co. is buying the retail condo from Apthorp Associates LLC, an affiliate of the Feil Organization. Darcy Stacom and Paul Gillen of CB Richard Ellis Inc. represented Apthorp Associates, while the buyer acted as its own broker.

Beech Street Capital provided a Fannie Mae DUS loan of just under $10.6 million to refinance 523 Prospect Place Apartments in Brooklyn. The transaction was originated by Meridian Capital Group and was financed by Beech Street as part of its correspondent relationship with Meridian. The 83-unit 523 Prospect was originally built in 1922 as part of a five building hospital; Beech Street recently closed a $9.5-million refi for 713 Classon Ave., another of the original five buildings.

The Louzon Group, based in Paris, has made its first US acquisition with the $7.6-million purchase of a development site at 347-349 Bowery, now occupied by a vacant building formerly used by the Salvation Army as an SRO. Louzon plans to put up a boutique hotel on the site. Eastern Consolidated’s Alan P. Miller and Robert Ortiz procured the Louzon Group; Jonathan S. Plotkin of Colliers International acted on behalf of the Salvation Army.

Jack Resnick & Sons’ 250 Hudson St. reached 100% occupancy this past week with the signing of a full-floor lease for 27,039 square feet by American Express Travel Related Services. Michael Liss and Bruce Surry of CBRE represented American Express Travel in the 10-year deal, while Resnick’s Brett S. Greenberg and Dennis P. Brady represented the building owner. Only a 3,100-square-foot retail unit is still available at the 388,000-square-foot office property, which its current ownership transformed from a Hudson Square printing plant.

Long Island

ENT and Allergy Associates is taking a new 9,000 square-foot medical suite lease at the Treeline Cos.’ Atria East at 990 Stewart Avenue in Garden City, NY. Treeline’s Kraig Silver represented the property’s ownership; Laurence London of Admiral Real Estate Services Corp. represented the tenant. The suite replaces ENTA’s existing Garden City offices at 901 Stewart Ave. and 975 Franklin Ave.

Westchester County

French-American School of New York has purchased the Ridgeway Country Club, a 128.6-acre property at 400 Ridgeway in White Plains, NY.  The total purchase price was $11 million. CBRE’s William V. Cuddy Jr. and Budd Wiesenberg handled negotiations on behalf of the club. FASNY plans to develop a campus which will consolidate functions from three separate locations.

Fairfield County

Jones Lang LaSalle has completed two sublease deals totaling 63,000 square feet for General Re Corp. at 120 Long Ridge Rd., also known as Long Ridge Corporate Center, in Stamford, CT. The reinsurance firm subleased 56,000 square feet to Statoil and 7,000 square feet to Fuel Tech Inc. for 10 years at the 310,000-square-foot office building. Gen Re, which triple net leases the building from Building and Land Technology, was represented in the Statoil and Fuel Tech transactions by JLL’s Brian Higgins Chris Kraus, Ethan Rice and Pat Lennon. JLL’s George Walker and John Stoddard negotiated for Statoil in the 7,000-square-foot sublease, while Statoil was represented by Colin Riley of CBRE in its 56,000-square-foot sublease.

New York State

A portfolio containing two upstate ShopRite-anchored shopping centers and a freestanding ShopRite has traded for $37.1 million. The portfolio included ShopRite Plaza-Warwick in Warwick, NY; the ShopRite Plaza in Ellenville, NY; and a freestanding supermarket in Hudson, NY. Steven Siegel of Marcus & Millichap Real Estate Investment Services represented the seller, a New York-based institutional owner, and the buyer, a New York-based supermarket buyer.

Boston

Denenberg Realty Advisors’ Dan Waldman made it a two-fer sales day recently, lining up buyers for two strip shopping centers on the same day. In one transaction, the $2.26-million sale of a 23,000-square-foot center at 124 King St. in Cohasset, MA, Waldman represented seller Jonathan Livingston Realty Trust and buyer Cricket Realty LLC. On the $1.4-million sale of 46 Columbia Rd., a 21,464-square-foot center in Pembroke, MA, the buyer was Gordon Brown Trust and the seller was Rogan Real Estate Trust.