Westchester County - Admiral Real Estate



Westchester County - Admiral Real Estate
8A New York Real Estate Journal
February 25 - March 10, 2014
Visit the paper online nyrej.com
Westchester County
Barrett of Admiral Real Estate Services represents
CPC in $2.9m sale of condominium package in Ossining
Admiral Real Estate
Services Corp. has sold nineteen
unsold condominium units at the
Orchid Condominium located
on Spring St. John
Barrett, head of
investment sales
at Admiral, had
sold an adjacent
development parJohn Barrett
cel at 25 State St.
for the original developer in 2010.
John Barrett exclusively represented the seller, Community Preservation
Corporation (CPC), in the REO
sale. The buyer was an international
investor from China. “There was
significant interest from buyers from
Westchester as well as the entire
Metro NY area. The ultimate buyer
was originally looking
to invest in Manhattan
but found cap-rates there
to be too low,” said
Barrett. “The property
had been neglected until CPC took a deed in
lieu from the developer
in 2012 and installed
Barhite Holzinger as
managing agent. Barhite
stabilized the asset and
strengthened the condo
association, so that the
remaining 19 units were
marketable and attracted
significant interest.”
“As the condominium
market in Ossining gets
more robust, there is significant upside
for the buyer if he opts to sell the units
73 Spring Street - Ossining, NY
on an individual basis,” said Barrett.
The property sold for $2.9 million,
$125 per s/f.
Admiral Real Estate Services Corp.
is a full-service commercial real estate
firm, offering leasing, investment
sales, property management and advisory services. Based in Westchester,
the company currently lists and/or
manages over 85 retail, office, residential and development properties
in the New York metropolitan area.
The 19 units in the bulk sale consisted of 17 residential units and two
ground floor commercial units. The
remaining nine units in the property
had previously been sold by the developer at auction.
Unit amenities included granite
counter tops, cherry wood cabinets,
stainless steel appliances, bamboo
wood flooring and glass enclosed
showers. The building also provided
both indoor and outdoor off-street
LBG names Groszkowski an associate
More of Mission Capital Advisors secures $13m preferred
vice president in firm’s White Plains office equity investment for grocery-anchored shopping center
WHITE PLAINS, NY Leggette, Brashears
& Graham, Inc. (LBG), a professional
groundwater and environmental
engineering services firm, has
named Sean Groszkowski, CPG,
an associate vice
Based in the
f ir m’s White
Plains off ice,
G r o s z k ow s k i
manages environmental projects with
multi-million dollar construction and
remedial costs that cross a wide spectrum of environmental disciplines,
including regulatory compliance,
hazardous waste investigations and
cleanups, hydrogeological investigations, environmental assessments,
contaminant fate and transport
modeling, and litigation support. He
specializes in management of inactive
hazardous waste and site remediation
under the NewYork State Brownfield
Cleanups Program (BCP).
Groszkowski holds a B.A. degree
in geosciences, from Franklin & Marshall College. He is a Certified Professional Geologist with the American
Institute of Professional Geologists.
Additionally, his technical affiliations
include the Association of Ground
Water Scientists and Engineers
(National Ground Water Association), and the American Academy of
Environmental Engineers (AAEE).
Leggette, Brashears & Graham,
Inc. was one of the first consulting
firm in the United States to specialize
in groundwater geology.
Graf of Houlihan-Parnes finances $600,000 loan for
3-story walk-up apartment bldg. at 505 Main Street
Ed Graf
Graf of Houlihan-Par nes
Realtors, LLC
has arranged the
first mortgage,
re-financing for
a 3-story walk-up
apartment building containing 4
residential units
and 2 commercial tenants located at
505 Main St.
The non-recourse loan of $600,000
was placed for a term of five years,
with a five year option term. The
initial term is fixed at 4.25% with a
30 year amortization schedule. The
prepayment penalty is 5% for the 1st
year with a declining 1% per year,
Bruck of Time Equities closes $2.1m first mortgage
YONKERS, NY Stuart Bruck, director of
mortgage brokerage ofTime Equities,
Inc., has closed a $2.1 million first
mortgage loan with a N.Y.-based bank
for a major retail store with a 10-year
term and the rate floor of 4.1%. The
property is located on McLean Ave.
The loan allowed the borrower to
sub-lease the space to another major
retail tenant.
According to Mission Capital Advisors, one of the leading national real estate capital markets
solutions firms, its
Debt & Equity Finance Group has
arranged $13 million in preferred
equity financing
on a grocery-anchored shopping
Jonathan More center.
A Mission Capital team led by
director Jonathan More arranged the
investment, which was provided by a
shopping center investment/development firm. In a compact timeframe, the
Mission Capital team worked through
the deal’s structural issues, and was
able to swiftly canvass the market and
create a competitive landscape to secure
attractively-priced capital at highly
competitive terms.
According to More, this ultimate
investor was attracted to the shopping center’s high occupancy rate,
grocer sales of $1,000 per s/f, superb
demographics and irreplaceable infill
location. He said the tenant roster has
been predominately intact since the
property’s original development nearly
30 years ago.
“The investment opportunity precluded the offering of the standard
rights and remedies which generally
accompany subordinate debt, a nuance
which bifurcated the market’s interest,”
More said. “Prior to commencing
marketing efforts, our team thought
creatively as to which types of sophisticated investors would immediately
comprehend the property’s overall
value in seeing past the structural
issues associated with the property
capitalization. By tapping into Mission
Capital’s vast number of relationships
with a wide range of capital sources,
and leveraging the shopping center’s
superb collateral, we created a competitive market and transacted at attractive
terms within a four-week timeframe.”
Schwartz of GHP reps building owner in penthouse floor
lease totaling 28,132 s/f at 145 Huguenot Street, New Rochelle
LLC, a major owner and manager of office and retail properties in Westchester
County has leased
the Penthouse, 8th
floor consisting of
28,132 rentable
s/f at 145 Huguenot St. 145
Huguenot St. is a
class A, 300,000
s/f building in the
downtown with
views of the Long Island Sound and
Westchester County.
Jamie Schwartz, executive vice
president of GHP represented the
owner of the building. Schwartz said
“We are thrilled that Benchmark
Education chose 145 Huguenot St. as
their new headquarters for at least the
145 Huguenot Street - New Rocehlle, NY
next ten years. We look forward to their
growing and thriving business for years
to come. This deal represents one of
the largest office deals in Westchester
County in 2013 and the largest deal in
the submarket.” Schwartz continued,
“The deal had a lot of moving parts and
everyone involved, including Benchmark principalsTom and Sera Reycraft
and their team, as well as their broker,
Matt Lisk of Cushman & Wakefield,
worked very hard to make it happen.”

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