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Monday, 01 February 2016

Gershon Offers for Sale Brooklyn, N.Y., Apartments

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Commercial Real Estate Directs Staff

Gershon & Co. is offering for sale 55 Hope St., a 117-unit upscale apartment building with 6,200 square feet of retail space in the Williamsburg neighborhood of Brooklyn, N.Y.

The New York company has hired Cushman & Wakefield to market the four-year-old building, which could sell for $95 million, or about $805,085/unit.

The building's apartment units are 97 percent leased, while its retail space is fully leased by restaurant Momofuku Milk Bar. Units include plank oak floors, stainless-steel appliances and washers and dryers, as well as areas for a home office.

The six-story building, between Marcy and Havemeyer streets, has units that average 822 sf and up to two bedrooms each.

Cushman is pitching the property, which only has market-rate units, as an opportunity for a condominium conversion where units could fetch, on average, $1,500/sf, or $1.2 million.

The building's monthly rents, meanwhile, average $3,491, which is about 15 percent below Williamsburg's rents.

It includes a fitness center, a landscaped 8,500-sf rooftop deck, 50 storage units and 17 parking spaces. The property's lobby has bamboo gardens.

It sits on the site of a 109-year-old pencil factory that Gershon had acquired in 2010 for $17 million. The company then spent another $40 million converting the warehouse into apartments, according to the Brownstoner.

The 55 Hope building serves as collateral for a $38 million loan that TIAA-CREF provided in 2013.

Gershon, led by Jeffrey Gershon, develops and owns apartment and condo properties in New York City. Its other developments include an office building at 181 Sullivan St. in Manhattan that was converted into residential condos.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Multifamily
  • Subject: Property Offerings (OFF)
  • Valuation: Between $50 million and $100 million
  • Private: No
Read 946 times Last modified on Wednesday, 03 February 2016

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

MOODY'S/RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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