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| Jennifer L. Keller |
NEW YORK, NY – HFF announced it has closed the sale of and arranged financing for Avalon
Chrystie Place, a 14-story, 361-unit luxury apartment community in lower
Manhattan.
HFF marketed the property on behalf of the seller. Ashkenazy Acquisition Corporation purchased
the asset, and HFF also worked on behalf of the buyer to place a senior
acquisition loan with the Bank of China and secured preferred equity through a
commingled fund managed by American Realty Advisors.
Avalon Chrystie Place is located at 229 Chrystie Street at
the intersection of SoHo, the East Village and the Lower East Side. In addition to the residential component,
the property also includes 72,329 square feet of 100-percent-leased ground
floor retail that is anchored by Whole Foods.
Completed in 2005
and partially renovated in 2012, the property features studio, one- and
two-bedroom units averaging 739 square feet.
 |
| Andrew Scandalios |
Amenities include 24-hour concierge service, a
state-of-the-art fitness center, rooftop sundeck, resident storage and access
to multiple subway lines within a five-minute radius.
The HFF investment sales team representing the seller was
led by senior managing directors Andrew Scandalios and Jose Cruz
and managing director Jeffrey Julien.
HFF’s debt and equity placement team was led by executive
managing director John Pelusi, senior managing director Mike Tepedino
and director Jennifer Keller.
Headquartered in New York City, Ashkenazy Acquisition Corporation is a
private real estate investment firm focusing on retail and office assets.
Ashkenazy Acquisition has acquired more than 13 million square feet of retail,
office and residential properties, located throughout the United States, Canada
and England.
 |
| Jose Cruz |
With a portfolio
containing more than 100 buildings valued at approximately $7 billion,
Ashkenazy Acquisition has a superior performance history in purchasing and
managing premier assets.
American Realty Advisors (“American”) is an investment manager to
institutional investors and, with more than $6.2 billion in assets under
management, has provided real estate investment management services for more
than 26 years utilizing core and value-added commingled funds and separate
accounts.
American acquires assets
directly or provides equity, preferred equity, mezzanine debt, debt and hybrid
debt to primary investors and developers operating throughout the United States
for office, industrial, multifamily and retail properties.
More information regarding American can be
found at www.americanreal.com.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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