Marcus and Millichap Sells Mixed-Use Building in Prime Midtown Manhattan Location for $4.2M

NEW YORK, N.Y.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 5,000-square foot mixed-use building (above photo) at 41 East 41st St. between Park and Madison avenues in Manhattan. The sales price of $4,225,000 represents $845 per square foot.

Peter Von Der Ahe, (top right photo) an associate vice president investments in the Manhattan office of Marcus & Millichap, and Scott Edelstein, (top left photo) an investment specialist also in the firm’s Manhattan office, represented the seller, Twin 41 Realty LLC, and the buyer, 41 East 41st Street Holding LLC.

“This mixed-use asset is located in the heart of Midtown Manhattan, steps from Grand Central Station and a block from Bryant Park,” says Von Der Ahe. “Through rent growth or conversion to office space, this property is expected to appreciate rapidly in value, presenting excellent upside potential to the new owner. Because of its prime East Side location, this asset can be converted to a variety of uses, including office, consulate/government or retail space.

Located at 41 East 41 St., the five-story building consists of three large multi-family units and two commercial units. The property is situated on a 20-foot by 52-foot lot.

“Supply and demand trends in Midtown have remained positive despite the recent downturn impacting the rest of the country, and this asset’s proximity to the United Nations complex makes it perfectly suited for use as a small embassy or other diplomatic building. Just a block from the Fifth Avenue retail corridor, this property could also be repositioned as a flagship retail location,” Von Der Ahe adds.

Press contact:

Stacey Corso, Communications Dept., 925 953 1716 SCorso@marcusmillichap.com

Stirling Sotheby's International Realty to Host Absolute Auction of 46 Luxury Condominiums June 21 at Siena in Downtown St. Petersburg

ST. PETERSBURG, FL --- Stirling Sotheby’s International Realty will conduct an absolute auction Saturday, June 21, to sell 46 luxury condominiums at Siena Downtown, (above photo) located at 555 3rd St. North in St. Petersburg.

The auction will begin at 11 a.m. at Siena Downtown and bids will be accepted live, online and via telephone. Roger Soderstrom, (top right photo) founder and owner of Stirling Sotheby’s International Realty in Orlando, said that with no reserve bids or minimum bids, the auction will establish a firm and accurate market price for condominiums in the area.

Siena Downtown features one and two-bedroom condominiums that range from 468 square feet of living space to 937 square feet.

Its close proximity to Tampa Bay and downtown waterfront parks, restaurants, cafes and shopping makes Sienna Downtown a perfect vacation getaway, Soderstrom said.

The condominium community has been totally renovated to include upgraded finishes, cabinetry, stainless steel appliances, and granite countertops, Soderstrom said. Soderstrom said Siena Downtown condominiums were last offered at prices ranging from $135,000 to $262,000. For more information, visit http://www.auctionsbystirling.com/ or call Lori Chipps, director of Auction Services, 1-800-327-1048.

For media information, please contact:

Lori Chipps or John Chips, Auction Services, Stirling Sotheby’s International Realty 407-588-1260;

Roger Soderstrom, Owner/Founder Stirling Sotheby’s International Realty 407 588-1260

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

HFF Named to Market Sale of Preserve at Cress Creek in Naperville, IL

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been named to market for sale Preserve at Cress Creek, (above photo) a 474-unit multifamily community located in Naperville, Illinois.

HFF senior managing director Matthew Lawton, (top right photo) managing director Marty O’Connell (middle right photo) and director Sean Fogarty (middle left photo) will lead the investment sales team on behalf of the seller, Waterton Associates, LLC.

The property is being listed without an asking price and is subject to Freddie Mac debt that is to be assumed by the purchaser.

Situated in a 28-acre pond setting at 701 Royal St. George Drive, the Preserve at Cress Creek is located near downtown Naperville, approximately 30 miles southwest of Chicago.

The property has six residential buildings with one- and two-bedroom units averaging 934 square feet each. Community amenities include a clubhouse, fitness center, business center, laundry facilities, swimming pool and 72 detached garages.

The Preserve at Cress Creek underwent a $4 million renovation between 2000 and 2003, which included exterior improvements, common area upgrades and apartment home renovations.

Additionally, over the past two years, the property has undergone further renovation to exterior and interior areas including added upgrades to select apartment homes.

“The Preserve at Cress Creek presents an opportunity to enter the Naperville market with a strong rental product and one that gives an investor further opportunity to add value,” said Lawton.

“Naperville’s market continues to see a decline in apartment homes as there are currently five conversions underway that when completed will further reduce the apartment supply by 586 homes with no new supply in the pipeline.”

Waterton Associates was founded in 1995 and has acquired multifamily properties and other property types over the past 13 years and has completed over $2 billion in real estate investments to date.

Since its inception, Waterton Associates has acquired in approximately 40,000 apartments in 106 properties in most major metro areas in the U.S.

CONTACTS:

Matthew D. Lawton, HFF Senior Managing Director, 312 528 3650, mlawton@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Marcus & Millichap Closes $8.75M Multi-Family Property Sale in New York City

NEW YORK, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of four 5-story apartment buildings consisting of 87 units (above photo) in Manhattan.

The selling price of $8.75 million represents $100,575 per unit.

Peter Von Der Ahe, (top right photo) a senior associate in the Manhattan office of Marcus & Millichap, and Scott Edelstein,(middle left photo) an investment specialist also in the firm’s Manhattan office, represented the seller, Norman Steele. Marcus & Millichap also represented the buyer, Heritage Realty LLC.

“The seller sold this prime property after more than 20 years of ownership, which will allow the new owner to create value through rent growth,” says Von Der Ahe.

Located at 575-587 W. 177th St., the 48,350-rentable square foot property consists of four 5-story buildings situated on a 148-foot by 94-foot lot between St. Nicolas and Audubon avenues.

The asset features a strong mix of 46 one-bedroom, 20 two-bedroom and 21 three-bedroom units. “Average rents are just over $700, leaving ample upside for this investor to increase the NOI,” comments Edelstein.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

CBRE Global In-Sight Web Meeting June 20

Global In-Sights: United States

Please note that there is a maximum attendance of 200 people for this meeting. Access is granted on a first come basis.

BOSTON, MA--CBRE provides capital and property market analyses to its clients through multiple avenues. One such avenue is CBRE's Global In-Sight web-meetings, a series of presentations on the economy of major global markets.

Raymond Torto, (top right photo) CBRE's Global Chief Economist, hosts each web meeting and sets the stage for the presentation.

This presentation features Jon Southard, (middle left photo) Principal and Director of Forecasting at CBRE Torto Wheaton Research who will opine on the current state of the economy, the capital markets and the outlook for commercial real estate.

Please join Jon Southard and Raymond Torto to discuss the US Economy and Real Estate Outlook on Friday, June 20, 2008, at 14:00 GMT (10:00 am EDT)

AGENDA:

• US within a Global Perspective

• Capital Markets Flows and Pricing

• Property Fundamentals

• Q & A Duration: 60 minutes


For computer issues accessing the meeting, please contact Live Meeting Technical Support at (866) 493-2825 (Toll Free) or (650) 526-6950 (International Toll)