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Meridian Sells Three Washington Heights Multifamily Properties Totaling 69 Units for $15.375 Million

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold three multifamily properties located in Washington Heights to Guardian Realty Management for $15.375 million on behalf of Castellan Real Estate Partners. Meridian Senior Executive Managing Director, David Schechtman, Managing Director, Lipa Lieberman, and Directors Abie Kassin and Mark Steinmetz, exclusively represented the seller and procured the buyer.

The three properties, which include the 20-unit building at 649 West 184th Street, the 25-unit building at 325 Wadsworth Avenue and the 24-unit building at 85 Fairview Avenue, were acquired in 2012 and 2013 by Castellan Real Estate Partners for a total of $7.625 million. Meridian is also exclusively representing Castellan Real Estate Partners in the sale of the multifamily property located at 1315-1317 St. Nicholas Avenue that is in contract for $7.25 million and is marketing the 24-unit elevator multifamily building located at 4441 Broadway.

Built in 1925, 649 West 184th Street is a five-story, 17,965 square foot building located between Broadway and Wadsworth Avenue. Built in 1920, 325 Wadsworth Avenue is a five-story, 21,675 square foot building located between West 189th Street and West 190th Street. Built in 1928, 85 Fairview Avenue is a triangular four-story, 15,141 square foot building located between Broadway and Broadway Terrace. All of the properties are located in the Washington Heights neighborhood of Manhattan.

Washington Heights is an area which continues to transition and improve and has recently benefit from the New York Department of Transportation investing in the 191st Street subway station as well as the $62 million renovation of High Bridge Park. In addition, there are numerous other parks in the area including the Harlem River Park, Gorman Park, Bennett Park, For Washington Park, Jay Hood Wright Park, Mitchel Square Park and Fort Tyron Park, which houses the Cloisters, a branch of the Metropolitan Museum of Art. In addition, both Columbia University and Yeshiva University have an expanding presence in Washington Heights. Several hotels have also recently opened in the area including the Hotel Cliff and the Edge Hotel. It is also highly accessible by mass transit via the 1, A and C subway lines and Harlem River Drive and US-1 provide access to the north and south as well as to New Jersey and the Bronx.

“Quality multifamily assets in the boroughs continue to sell at benchmark prices because cash flow coupled with continuing growth in these areas and the ample availability of financing at record low levels make for a perfect buying environment,” said Mr. Lieberman. 

For additional information on Meridian Investment Sales, contact David Schechtman at (212) 468-5907 or dschechtman@meridiancapital.com.

Meridian Investment Sales is Exclusively Retained to Sell Two Contiguous Retail Condominiums in NoHo

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has been exclusively retained to sell two retail condominium properties located on Bond Street, in the NoHo area of New York City. Meridian Senior Executive Managing Director, David Schechtman, Managing Director, Lipa Lieberman, and Director, Abie Kassin, are marketing the property.

The property, 25 Bond Street, is composed of two contiguous retail condominiums, located at the intersection of NoHo and Greenwich Village. The first condominium occupies 2,070 square feet and the second occupies 740 square feet. With approximately 60 feet of frontage along Bond Street, each space maximizes visibility on a street which is a destination unto itself. The condominiums sit on the south side of Bond Street between Lafayette Street and Bowery, and are within walking distance to public transportation, including the 6, B, D, F, and M subway line.

NoHo is characterized by loft buildings, restaurants and bars, luxury retail and architecture, both new and old. The neighborhood has also become a mecca for high-end hotels and condominiums and is known to be one of the most exclusive and prestigious neighborhoods in the world.

“Long undervalued, 25 Bond Street is a proven retail destination with ultra-elite high-end shopping and rents, which are exceptionally lower than SoHo and Tribeca,” Mr. Schechtman explained. “The imminent lease expiration of one of the two stores makes this a very attractive near term growth opportunity,” he added.

Additional information is available from exclusive agent, David Schechtman at (212) 468-5907 or dschechtman@meridiancapital.com.

Meridian Investment Sales is Exclusively Retained to Sell a Pristine 27-Unit Multifamily Property Located in Chelsea

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has been exclusively retained to sell a multifamily property located in the Chelsea area of New York City. Meridian Senior Executive Managing Director, David Schechtman, Managing Director, Lipa Lieberman, and Director, Abie Kassin, are marketing the property.

The Clarke, located at 222-224 West 21st Street is composed of two contiguous multifamily walk-up buildings, consisting of 27 apartments and totaling 20,120 square feet. Located in the heart of Chelsea, between Seventh and Eighth Avenues, the property is in close proximity to public transportation, which includes the 1, C, E, F, and M subway lines, as well as the Path Train. The property was completely renovated and each unit is of exceptional quality with high-end fixtures and finishes used across all facets of the building.

Chelsea remains a popular neighborhood known for its residential character and rich cultural history. Tenants enjoy access to parks, a wide variety of restaurants, and distinguished museums including The Whitney.

“Everyone boasts about pristine, turnkey condition multifamily assets but very few support those lofty adjectives,” Mr. Schechtman explained. “Properties like The Clarke are rarely available and offer investors stable in-place net operating income in an area that continues to perform with no signs of slowing down.”

Additional information is available from exclusive agent, David Schechtman at (212) 468-5907 or dschechtman@meridiancapital.com.

Meridian Sells 93-Unit Rent-Stabilized Multifamily Building on Fenimore Street in Flatbush, Brooklyn for $16.6 Million

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold the multifamily property located at 743-755 Fenimore Avenue in Brooklyn, NY to 743 Fenimore Associates LLC for $16.625 million on behalf of Ace Fenimore LLC, which acquired the property in 1991. Meridian Director, Mark Steinmetz and Managing Director, Lipa Lieberman, represented the seller and procured the buyer. The sale price equates approximately to a 4.2% cap rate.

743-755 Fenimore Street is a 62,740 square foot elevatored multifamily building, built in 1964, and has an alternate address of 544-566 Troy Avenue. The seven-story property is composed of 93 rent-stabilized apartments and features a mix of studio, one bedroom and two bedroom units. 743-755 Fenimore Street is located in the Flatbush area of Brooklyn and sits at the northwest corner of Fenimore Street and Troy Avenue with a parking lot extending to the corner of Rutland Road.

“The property is located on the Eastern Boundary of Prospect-Lefferts Gardens, a gentrifying area that should see significant rent growth over the next five to 10 years,” said Mr. Steinmetz.

Founded in 1991, Meridian Capital Group is one of the nation’s leading commercial real estate finance advisory firms and America’s most active debt broker. In 2015, Meridian closed 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since its inception, the Company has closed more than $240 billion in transactions with the full complement of capital providers, including local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers, and it’s expansive platform has specialized practices for a broad array of property types, including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. http://www.mis.meridiancapital.com

Meridian Sells a 44-Unit Mixed-Use Property in the Bronx for $8.825 Million

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has negotiated the sale of a mixed-use property located at 600 East 178th Street in the Bronx for $8.825 million, equivalent to a 5.5% cap rate. Meridian Investment Sales Director, Mark Steinmetz, represented the buyer and seller in this transaction.

The six-story elevator building, consists of 51 units, including six stores, totaling 47,200 square feet. Located in the Bronx’s Tremont neighborhood, the property has a live-in super and is conveniently situated just blocks from the Bronx Zoo, Tremont Park and Crotona Park. Residents are also in close proximity to the 2 and 5 subway lines, Interstate 95 and Fordham University.

“Given the seller’s desire for a transaction to occur within a tight timeframe, Meridian was able to quickly procure a buyer and close the sale within less than 30 days,” said Mr. Steinmetz.

About Meridian Capital Group:
Founded in 1991, Meridian Capital Group is one of the nation’s leading commercial real estate finance advisory firms and America’s most active debt broker. In 2015, Meridian closed 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since its inception, the Company has closed more than $240 billion in transactions with the full complement of capital providers, including local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers, and it’s expansive platform has specialized practices for a broad array of property types, including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. http://www.mis.meridiancapital.com

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: 516 Eighth Avenue for $25MM. The three-story property totals 7,500 SF of retail space and is located between W 35th and W 36th Streets in Manhattan’s Garment District near the Hudson Yards development.

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Helen Hwang speaking on “New York City Market Forecast: Where Are We Now? and Where Are We Going?” at @REBNY’s Members’ Luncheon today.

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Meridian Sells the Crescent Club Luxury Multifamily Property in Long Island City for $97 Million

Meridian Sells the Crescent Club Luxury Multifamily Property in Long Island City for $97 Million

Meridian Sells the Crescent Club Luxury Multifamily Property in Long Island City for $97 Million

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has negotiated the sale of the class-A Crescent Club multifamily property located in Long Island City to Crescent Club LLC for $97 million on behalf of Bonjour Capital. This transaction was negotiated by Meridian Investment Sales Managing Director, Lipa Lieberman.

The 140,000 square foot luxury multifamily property houses 130 apartments, 6,000 square feet of retail space and a 50-space parking garage. Crescent Club contains studio, one-, two- and three-bedroom apartments in addition to duplex penthouse units. The property boasts a robust amenities package that includes a state-of-the-art fitness center and outdoor yoga area, a landscaped backyard with an outdoor pool, chaise lounge seating, sunbathing areas, an outdoor shower, barbeque and dining areas, a business lounge, a residents lounge with a billiards table, a catering kitchen, a 24-hour attended lobby as well as the premier Sky Club that features unparalleled views of the Manhattan skyline.

Located at 41-17 Crescent Street in the Long Island City area of Queens, residents of the Crescent Club are steps away from the N, Q and 7 subway lines which service Manhattan in a matter of minutes. Long Island City is well-known for its distinctive mix of restaurants, bars and retailers as well as art and event spaces. The neighborhood is also punctuated by Silvercup Studios, the largest production studio in New York City. This unique location also allows residents to enjoy the vibrant waterfront with views of Manhattan’s East River and East Side.

“The Crescent Club offers an exceptional blend of luxury amenities and accessibility in an area that has maintained its historic character. The property has terrific interior design in the common areas and the apartments feature condominium-quality finishes as well as 10-foot ceiling heights creating a high-end loft feel,” said Mr. Lieberman.

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.mis.meridiancapital.com