Friday, August 5, 2011

$63 Million in Investment Sales Closed by Marcus & Millichap in New York City

NEW YORK, N.Y., Aug. 5, 2011 – Peter Von Der Ahe (top right photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of four prime properties – two of which are pride-of-ownership assets – in New York City totaling $63.45 million during the first half of 2011.

Von Der Ahe, a vice president investments in Marcus & Millichap’s Manhattan office, “The first half of 2011 has seen many Manhattan multifamily sales and contract signings. This accelerated pace can be largely attributed to the low cost of capital, as well as the growth in residential rents and increases in employment.”

 In Manhattan, Von Der Ahe worked with senior associate Joseph Koicim (top left photo) and associates David Lloyd to negotiate the sale of 220 Park Ave. South (middle right photo) for $20 million.

 Located at the corner of Park Avenue South and 18th Street, 220 Park Ave. South has 37 residential units, most of which are studios and one-bedrooms. The 33,638-square foot, nine-story asset also includes four two-bedroom duplex penthouse apartments and one 2,650-square foot retail space currently occupied by Japanese restaurant Haru.

 “This building presents the new ownership with many future redevelopment opportunities, including conversion to condos,” says Von Der Ahe. “In this particular submarket, property owners have commanded north of $1,300-plus per square foot for newly constructed condominiums.”

“Foreign investors, funds and a wide array of private investors are interested in Manhattan commercial real estate opportunities,” adds Koicim. “Furthermore, this pride-of-ownership building will only continue to appreciate in value, making this an excellent long-term investment.”

In another example of a trophy-building sale, Von Der Ahe brokered the $33 million sale of the Henry T. Sloane Mansion (middle left photo) located at 18 East 68th St. on Manhattan’s Upper East Side. 

The property has limestone facades, 17-foot ceiling, seven granite fireplaces and a marble staircase.  An elevator provides access to all floors and to the rooftop gardens overlooking Central Park.

 Von Der Ahe marketed the property along with associates Scott Edelstein and Seth Glasser.

“The Henry T. Sloane Mansion is one of New York City’s great homes,” says Von Der Ahe. “It is a classic Beaux Arts-style mansion that could be converted to a single-family home or repurposed as a diplomatic embassy or as an art gallery.”

Further uptown, Von Der Ahe arranged the $8.05 million sale of 203 West 107th St (lower right photo)., a 34,514-square foot, nine-story building with 28 residential units.

“The property received extensive capital improvements, which were major factors in the buyer’s decision to acquire the property. The property was essentially a turn-key asset with significant upside,” says Edelstein.

In an example of the strong demand for multifamily assets in burgeoning Manhattan neighborhoods, Von Der Ahe closed a $2.4 million sale in Chelsea. 308 West 22nd St. is a four-story multi-unit townhouse property that consists of eight one-bedroom apartments with an average rent of $1,543. The property is situated a 20-foot by 99-foot lot.

“This transaction highlighted a perfect example of how the market caught up to the asking price of the building,” says Lloyd. 

“Several investors bid on this asset in an effort to acquire a quality building in Chelsea, and we were able to help the seller select the right candidate, which resulted in a smooth closing,” adds Von Der Ahe.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Names Gene A. Berman Executive Vice President


 FORT LAUDERDALE, FL –The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Gene A. Berman (top right photo) executive vice president, one of the highest honors the firm bestows on its managing directors. Most recently, Berman held the title of senior vice president.

            “Gene’s proven leadership abilities, his dedication to supporting the firm’s investment professionals through mentorship and training, and his extensive knowledge of the investment brokerage market have earned him this title,” says John J. Kerin (lower left photo), president and chief executive officer.

“He has proven to be a dominant force in some of the country’s biggest markets, including the Greater Los Angles Area, South Florida and the Northeast. For instance, Gene was instrumental in the expansion of our presence in the state of Florida, positioning Fort Lauderdale as one of our firm’s top-producing offices,” adds Kerin.

Berman began his career at Marcus & Millichap in 1982 as an agent in the Encino office.  He was designated a senior investment associate in 1987. In 1996 he left his sales career for a new challenge: relocating to Fort Lauderdale, Fla., to open the office as its regional manager.

 In 1997 Berman was promoted to vice president and in 2001 he earned the title first vice president.  He received the Regional Manager of the Year designation in 2001, and a year later was elected a senior vice president one year later.

Berman was elected a managing director of the firm in 2005, a position he continues to hold. In 2007 he accepted the responsibility for overseeing the company’s Florida offices; in 2008 he began to oversee its Texas offices and in 2010 he accepted responsibility over the Northeast offices. In all, Berman currently oversees 20 offices nationwide.

 Berman received a Bachelor of Arts from the University of Southern California. He received a Juris Doctor in 1981 from Southwestern University School of Law.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Smith Equities and CMB Realty Broker Sale of Shopping Center near University of Central Florida in Orlando

ORLANDO, FL (Aug. 5, 2011) – Orlando-based Smith Equities Real Estate Investment Advisors and CMB Realty announced the sale of University Shoppes (aerial photo top left) shopping center to an undisclosed all cash buyer.

 Located on approximately 14 acres of land at the northwest corner of
University Boulevard and Alafaya Trail the site is opposite the main entrance to University of Central Florida which is part of the university system of the State of Florida.

University Shoppes was built in the late eighties by Craig Bayhi when the area had a rural flavor and UCF was a medium size university. Since that time UCF has expanded to be the second largest university in the country at just over 56,000 students.

The seller was M&H University Shoppes, LLLP. The seller was represented by Craig Bayhi of CMB Realty and the undisclosed buyer was represented by Paul Guyet (lower  right photo), the student housing specialist at Smith Equities Real Estate Investment Advisors, in this sale.

Paul M. Guyet
Student Housing Specialist
Smith Equities Real Estate Investment Advisors
350 East Pine St
Orlando, FL 32801
Tel: (407) 422-0704 X 105
Fax: (407) 422-0705
SEREIA Websites:

Craig M. Bayhi, 407‐321‐6299

Charles Dunn Co. Completes $4.22 Million Sale of 18-Unit, Multifamily Property in Los Angeles

 LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $4.22 million sale of an 18-unit multifamily property that was built in 2002 and is located at 821 Wilcox Ave. (top left photo) in Los Angeles.

Michel Hibbert (middle right photo) of Charles Dunn Company represented the Los Angeles-based buyer, 821 Wilcox Avenue, LLC in the transaction.

The seller was Sherman Oaks, Calif.-based 821 Wilcox LLC who was represented by David Meir of KW Commercial. Earlier this month, Hibbert sold the sister property (813 Wilcox Ave) located next door and purchased by the same buyer.

“The southern section of Hollywood is a great location for multifamily property as rents are continuing to climb as vacancies decline,” said Hibbert. “The Wilcox neighborhood has seen extensive re-development over the past year or so, which provides an investor to opportunity to purchase now in an improving locale.”

The unit mix consists of 14 two-bedroom/two-bathroom units with monthly rents ranging from $1,600 to $1,800; two, two-bedroom/two and a half bathroom units with monthly rents ranging from $1,890 to $1,936 and two, two-bedroom/two and a half bathroom townhouse units with monthly rents at $2,200.

Features of the property include: central heat and air conditioning, balconies, fireplaces, an elevator, laundry facilities and secured entry and parking.

Contact: Darcie Giacchetto, D.G. Communications, Inc., 949.278.6224