JLL Capital Markets closes $825 million sale of multi-housing One Sutton Place, Two Sutton Place and One East River Place located on the Upper East Side of New York City.

Joy Ryoo

 

 NEW YORK, NY,  Dec. 5, 2022 – JLL Capital Markets has closed the approximately $825 million sale of three Upper East Side multi-housing properties totaling 858 units, including One Sutton Place, Two Sutton Place and One East River Place, that are part of a larger five-property portfolio.

One Sutton Place, Upper East Side, New York City

JLL exclusively represented the seller, Solow Building Company, and an equity syndication by GO Partners acquired the assets. GO Partners is a partnership between Black Spruce Management and Orbach Affordable Housing.

One East River Place, Upper East Side, NYC

Sheldon H. Solow, the renowned real estate developer/investor, developed all five properties. They include:

 

·         The 234-unit One Sutton Place at 420 E. 61^st St, New York, NY

·         The 209-unit Two Sutton Place at 1113 York Ave., New York, NY, which includes 2,000 square feet of commercial space

·         The 415-unit One East River Place at 525 E. 72^nd St., which includes 27,275 square feet of commercial space

 

Sheldon H. Solow

The three properties offer spacious units with an average size of 989 square feet, allowing ample room for families wanting proximity to the Upper East Side’s prestigious schools, as well as young professionals conducting hybrid work-from-home lifestyles.

 Rob Hinckley

Additionally, the portfolio offers some of the few black glass façade residential buildings within Manhattan.

 

The 408-unit 685 1^st Ave. was the first property to close of the larger portfolio with JLL representing the seller (announced in October), bringing the total portfolio transaction amount thus far to $1.2 billion. 

 

 An additional property of the portfolio is currently under contract between the parties.

Jeff Julien

The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Directors Rob Hinckley and Jeff Julien, Vice Chairman Scott Panzer, Senior Managing Director Andrew Scandalios, Senior Director Steve Rutman, Vice President John Taylor and Associates Jon Faxon and

Associates Jon Faxon and Joy Ryoo.

 

“The Solow Company was decades ahead in their construction of these assets in terms of quality and amenities.  It will be exciting to see where new ownership will take them into the future,” said Hinckley.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Scott Panzer

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization.

 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

 

About GO Partners

Go Partners is a vertically integrated real estate development and investment firm where innovation and thoughtful planning converge to curate urban developments of the future, founded by Meyer Orbach‘s Orbach Affordable Housing Solutions and Josh Gotlib’s Black Spruce Management.

 

Meyer Orbach

In 2022, the firm closed more than $2 billion in assets encompassing a portfolio of over 2,000 apartments consisting of Class A iconic New York City buildings that have reshaped the city's skyline.

 These include The Copper Buildings, One East River Place, One United Nations, and 1 & 2 Sutton Place North.

 The company also has more than $500 million of deals set to close in the coming months. 

With their sharp knowledge of the industry, Go Partners takes pride in building their credibility with dedication and excellence.

 

Josh Gotlib

CONTACT

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 gopartnersdevelopment.com.

jll.com

 

Dream Finders Homes is Offering a Sweet Holiday Deal to Prospective Homebuyers

Patrick Zapulski

JACKSONVILLE – Dream Finders Homes, a national homebuilder headquartered in Jacksonville, is making the holidays a little merrier by buying down interest rates on select move-in-ready homes throughout its more than a dozen divisions in the U.S. 

The buydown – which offers a 3.75% rate for the mortgage’s first year and a 5.75% rate for the second year – affords homebuyers a lower mortgage payment for the first two years of their loan, according to Patrick Zalupski, CEO of Dream Finders Homes 

 Brad Muston

“This incentive will help homeowners save substantially in the beginning of their mortgage,” he said. “In many cases, we believe that savings could be a factor in whether a purchase is made or not; and often without compromising.”

Dream Finders Homes pays to buy down the rate for select move-in ready homes that are sold by Dec. 31, 2022 and loans that fund from DFH’s preferred lender by Jan. 13, 2023. The interest rate on the loan returns to the original fixed rate at the end of the two-year period, Jacksonville Division President Brad Muston explained.

CONTACTS:

Brad Muston, 

Jacksonville Division President,

 Dream Finders Homes,

 888-208-7736 or 

Brad.Muston@dreamfindershomes.com

Beth Payan, Larry Vershel Communications,

 407-461-3781 or

 beth@larryvershel.com

dreamfindershomes.com/sales-event.

Daum Commercial announces $31 million sale of four-building, 95,745-SF prime industrial park in City of Industry, CA

 

CITY OF INDUSTRY, CA – DAUM Commercial Real Estate Services, announces the sale of a four-building, 95,745 square-foot freestanding industrial park located in City of Industry, California, a submarket of Los Angeles, for $30.75 million. 

Anthony Bergeman

The Daum Capital Markets group of Costa Mesa represented the buyer Newport Beach based Focus Real Estate and their joint venture equity partner Long Wharf Capital.  

 The seller, a private investor, represented itself in the transaction.

 

Krishna Shegran

The fully leased industrial park features prime 60 Freeway frontage, up to twenty-four-foot-height clearance, dock-high and ground level doors, and ample parking on low coverage lots.

 

 Charles Johnson

The asset affords the buyer value-add repositioning and cash-flow upside as it is situated on individual parcels with mark to market near-term lease expirations.

The industrial park is located at 19501 E. Walnut Drive S., 1180 Wright Way, 1170 Wright Way and 19449 E. Walnut Dr. S. in City of Industry, California.

 The DAUM Capital Markets Costa Mesa team of Anthony Bergeman, SIOR, Executive Vice President, and Krishna Shegran and Michael Chase, along with DAUM City of Industry’s Charles Johnson, Executive Vice President, and Joseph Harmon, Vice President collaborated with the Buyer to identify the premier property within the highly sought-after City of Industry.

 

 Michael Chase

“Through our long-standing business relationships within DAUM Commercial and in the Southern California industrial marketplace, we were able to source a rare off-market opportunity for our client to acquire a much-valued industrial park,” says Bergeman.

 

Joseph Harmon

“The transaction represents our capacity to leverage our extensive network to meet our clients’ needs. It is essential to leave no stone unturned in exceeding investor expectations, especially in a highly competitive market.”

 Demand for warehouse space in Los Angeles County remains strong as rents continue to rise and developers complete new projects.

According to a DAUM report, asking industrial rental rates in the San Gabriel Valley market where City of Industry is located increased by 2.0% in Q3 from the previous quarter to a record high of $1.51 per square foot.

“With investor interest in industrial assets in this submarket so robust, sales prices have risen 5% and sales volume increased by 8.8% in the third quarter, requiring deep resourcefulness to satisfy buyer demand for well-located assets,” says Bergeman.

  “Industrial investors and users are extremely interested in properties in this market, as City of Industry is composed almost entirely of industrial assets and serves as an economic hub for the San Gabriel Valley.”

 

CONTACTS:

 

Hanna Kokuashvili / Elisabeth Manville  
The Smart Agency, Inc.
(949) 438-6262 
hkokuashvili@thesmartagency.com

Illustrated Properties Opens New Office in Palm Beach, FL

 

 Daniel Dennis

PALM BEACH, FL –– Illustrated Properties, a leader in the South Florida luxury real estate market, announces the opening of its new Palm Beach Island office.

Located in the Town of Palm Beach, the state-of-the-art facility is strategically located near fine dining, retail, and hotels in one of the most desirable destinations in the country.

With a longstanding presence in South Florida, strong firm culture and unparalleled industry reputation, Illustrated Properties views the expansion as a long-term investment in the Palm Beach market and in its nearly five-decades of buyers and sellers.

 

“While we’ve been on the island for many years, we’re more excited about the Palm Beach market than ever before, Illustrated Properties President, Daniel Dennis, said.

 

“The experience of our sales associates coupled with the Illustrated brand in this new location is a perfect match for our buyers and sellers” 

 

Anderson Ohman

Anderson Ohman will serve as the Manager of the new office and oversee the day-to-day operations.

 

 “This is an exciting time for Illustrated,” Ohman said. “We are eager to move into our new office and location. In an ever-changing market, Illustrated adapts and modernizes, while maintaining stability through our rich history and commitment to Palm Beach. Our roots run deep, and we are here to stay.”

  

Renovations are expected to be complete in early December.

 

 

 

CONTACTS:

 

Mike Pappas, CEO

MPappas@ipre.com

305.803.4429

 

Daniel Dennis, President                                  

DDennis@ipre.com                                                                                    

251.604.7687                                                                                                              

                                                           

Anderson Ohman, District Sales Manager                                             

AOhman@ipre.com                                                               

440.781.4969

 

 

Daniel Benjamin

Senior Account Executive,

 BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

Basis Industrial Completes $32 Million Orlando Acquisition of Self-Storage Development Site in Melbourne, FL

 

Daniel Weinstein

MIAMI, FL –– Basis Industrial, a privately held and vertically integrated real estate owner and operator, continued its flurry of acquisitions with the $32 million purchase of a mixed-use asset in the Orlando market.

Anthony Scavo

The newly acquired assets total 254,000 square feet, with 150,000 square feet of multi-tenant flex space and 100,000 square feet of office suites.

 

The acquisition of the 7550-7800 Southland Blvd. property closed on Nov. 30. Following the closing, Basis now owns and manages more than 1.1 million square feet of multi-tenant industrial and mixed-use real estate.

 

 This transaction also brings the firm’s total portfolio in the Orlando market to over 600,000 square feet.

“We are extremely bullish on the Orlando market, as strong population growth and the evolving distribution landscape has increased the need for high-quality and well positioned industrial assets,” said Basis Industrial CEO Daniel Weinstein.

 

“One of our first industrial transactions was in Orlando and we plan to continue growing our footprint there.”

 

Jay Massirman

The Orlando acquisition immediately follows Basis closing on a four-acre development site in Melbourne – part of Florida’s Space Coast region.

 

 Basis plans to develop a Class A self-storage facility with 125,000 square feet on the 2480 Aurora Road site, which it purchased on Nov. 22.

 

In only nine months since its initial launch, Basis has amassed a vast portfolio of existing multi-tenant industrial and self-storage space and development sites – with a focus on Florida and the Sun Belt. Basis has active developments in 12 states.

 

The firm is becoming Florida’s largest small-bay industrial owner and operator.

Stephen Garchik 

“We are perhaps the only group actively acquiring and self-managing in this asset class,” said Basis Industrial Chief Operating Officer | Partner Anthony Scavo.

 

Basis uses its subsidiary management company, BaySpace, to manage the company’s industrial assets.

 

About Basis Industrial

 

Basis Industrial is a vertically integrated real estate owner and operator formed by industry veterans and sponsors Jay Massirman, Stephen Garchik and Daniel Weinstein.

 

 Basis brought Anthony Scavo on as C.O.O. and partner to run day to day activities of the company.

 

 

CONTACTS:

 

 

Eric Kalis

954-370-8999

ekalis@boardroompr.com

 

 

Max Brodsky

Account Coordinator,

 BoardroomPR

mbrodsky@boardroompr.com

O 954-370-8999

C 954-279-7574

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

 

 www.basisindustrial.com/ or

 www.bayspace.com.