26C — March 29 - April 11, 2019 — The Best of 2018 — M id A tlantic
Real Estate Journal
www.marejournal.com
The BEST OUT OF STATE PROJECT OR DEAL of 2018
HFF-PA & NJ Halstead New Rochelle New Rochelle, NY
Denholtz Associates 490 First Avenue St. Petersburg, FL
PROGRESS CAPITAL 330 East 62nd St. New York, NY
Type of Project: Multifamily Renovation and Sale Size: 588 Units HFF represented The DSF Group in the sale of Halstead New Rochelle, which is a 40-story, class A apartment tow- er in New Rochelle, NY, to the buyers, Azure Partners and Harbor Group International, LLC. Halstead New Rochelle Metro North was completed in 2007 and comprises a mix of 95% occupied, market-rate studio through three-bed- room units averaging 956 s/f. The transit-oriented property, which has earned a Walk Score ® of 97, is situated along Huguenot St. adjacent to the New Rochelle Metro North train station. DSF purchased the property in November 2013 and implemented an amenity renovation program, in- cluding the delivery of a 40th floor, state-of-the-art sports club, which includes cardio machines, free weights, weight machines, yoga studio, spin room and lounge.
Type of Project: Construction Loan New Construction, Size: 90,000 SF
Type of Project: Office Renovation and Sale Size: 238,699 SF
Brad Domenico of Progress Capital negotiated an $86,250,000 construction loan for YYY 62nd St. LLC, a joint venture between Joy Construction and Maddd Equities, to construct and fit out a new 7-story office building at 330 East 62nd St. in Manhattan. The 90,000 s/f building is slated for a Memorial Sloan Kettering facility. The building is currently under construction and is a through block site acquired from the Archdiocese of New York between First and Second Ave. The loan is a 24-month IO construction loan with two 1-year extensions floating over LIBOR. Loan terms include limited recourse that burns off once the building is occupied. The loan represents a 90% loan to project cost ratio with a flexible prepayment option, which was a major consideration in choosing a lending partner.
The long-time home of The Tampa Times, 490 First Ave. was less than 50% leased prior to Denholtz Associates’ acquisi- tion in 2016. With the goal of creating the exciting, modern multi-tenant office building missing in the market at that time, Denholtz Associates and their joint venture partner, Convergent Capital, immediately began a substantial two- year, $9 million renovation project. The interior and exterior capital improvement plan would provide the flexibility and amenities most in-demand from today’s tenants to increase the building’s marketability. Following the renovation proj- ect, Denholtz was able to sell the now-stabilized asset late in 2018 for $39 million.
The BEST VENDOR of 2018
American Architectural Window & Door
Crystal Window & Door Systems, LTD
Quality Title & Abstract Agency, Inc.
Sparta, NJ Specialties: Engineering, Sales & Installation of Windows and Patio/Terrace Doors.
For over 25 years, Ameri- can Architectural Window & Door has been the chosen
supplier and installer of high quality aluminum and vinyl window and door products to the multi-family housing in- dustry. Working closely with the nation’s top manufacturers, we offer our clients a vast selection of product choices. When considering a Hi-Rise, Garden, Historical, Industrial or Insti- tutional project, we have the products to fit your needs. Our proven in-house design, engineering and installation teams will bring your project to a successful completion on time and within budget. American Architectural Window & Door con- tinues to be a major supporter of the Multi-Family Housing Industry through its support of industry initiatives, education, trade shows and charity events. COUNT ON US for your next project. What makes your company unique? Whether the window replacement project is 50 windows, 10,000 windows or even larger, no job is too big or too small for American Architec- tural Window & Door. Our recent work includes historical, building conversion, occupied multi-family & government housing, new construction and more! We are your one stop choice for all your building envelope fenestration needs. Name your favorite/most unique project/service or job this past year: We are proud to have been awarded the new construction Larkin Plaza project in Yonkers, NY currently in progress. The project fenestration requirements for American Architectural Window & Door consist of: 100,000 s/f of Win- dowWall , 20,000 s/f of Curtainwall / Store Front , ACM / Cor- rugated Metal Panels , Bulkhead Louvers & Revolving Doors.
Ocean Twp., NJ Quality Title & Abstract Agency , led by industry veteran James Jordan, provides comprehensive commercial and resi- dential title insurance in 14 states along the east cost. Serving the legal and mortgage lending community for over 35 years their mission statement clearly defines the core values of the organization… “Treat every order as if it is our only order; every client as if they are our only client”. What makes your company unique? Staffed with title insurance professionals who focus on driving client acquisitions and refinances to closing and making complex transactions look easy. Past notable closings include Pier Village in Long Branch, NJ, Asbury Park Brewery in Asbury Park, NJ, Quail Ridge Apartments in Plainsboro, NJ and a host of strip malls, restaurants, office buildings and vacant land along with single family and 2-4 family properties. Share your favorite/most unique project/service or job this past year: $19 million warehouse in South Brunswick, NJ, acquisition of MJ’s Restaurant in Bayville, NJ, $7.6 million refinance of a retail/apartment building in Philadelphia, PA and $4 million acquisition and construction loan of a ware- house in Newark, NJ. You will quickly experience the difference and identify what makes Quality Title &Abstract Agency unique. They set the standard within the title insurance and settlement industry.
Crystal Window & Door Systems is one of the top 30 manu- facturers in North America of replacement and new construc- tion vinyl and aluminum window and door products and high-end fenestration systems. Crystal offers a full product line, rapid order-to-delivery times, quality workmanship, in- novative product features, outstanding value, and an experi- enced and knowledgeable staff. Headquartered in New York, the company operates a national network of factories, branch- es, subsidiaries and affiliates in California, Illinois, Missouri, Ohio, and Pennsylvania. For further information about Crys- tal and its products, call 718-961-7300, or visit the website at www.crystalwindows.com.
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