Austin’s Historic Palazzo Lavaca on the Market for $5 million

This 1890 building was first a firehouse and then the world-famous Capitol Saddlery where custom-made-cowboy boots were sold to celebrities for as high as $3,000. a pair

Photo credit: Scott Basile           Source: www.kuperrealty.com

AUSTIN, TX --One of America’s fastest growing towns and tech hot spots, Austin, Texas has retained much of its Old West vibe and vibrant history including an 1890 building that was first a firehouse and then the world-famous Capitol Saddlery where custom-made-cowboy boots were sold for thousands of dollars.

T.C. “Buck” Steiner
(Photo by Threadgills)

Later, it was reborn as a stunning residence and event space while retaining much of its historical charm.

 Now for sale, the former Capitol Saddlery is priced at $4.95 million including the neon-lit boot above the home’s entrance, according to TopTenRealEstateDeals.com

Charlie Dunn

The unassuming building facade could easily be taken for almost any other Austin building near the University of Texas were it not for the gigantic boot above the entrance - a clue that it was formerly home to Capitol Saddlery.

 Carol King 

 The owner was T.C. “Buck” Steiner, a gruff rodeo rider with up to 100 employees, but the star was Charlie Dunn, a boot maker that Jerry Jeff Walker wrote a song about in 1972.

 Gene Autry

 Charlie’s boots were so well known that many celebrities wouldn’t dream of wearing boots made by anyone else.

Al Capone

 Known as the “Michelangelo of cowboy boots,” Charlie charged as much as $3,000 a pair and had a three-year waiting list.

Slim Pickens

 The wait didn’t phase clients like Gene Autry, Slim Pickens, Arnold Palmer, Carol King and even Al Capone.

Charlie died in 1993 and the Steiner family moved Capitol Saddlery to a new location in 2007. In 2008, the building was totally transformed by its new owners into Palazzo Lavaca, a stunning residence and event space.

Arnold Palmer

While maintaining its Old West character in the original floorboards, paneled-and-transomed doors, exposed brick and some worn paint surfaces, it has introduced an upscale cowboy-and-cowgirl look with coffered-living-room ceiling, Italian chandeliers, Fortuny wallpaper and gold-leaf ballroom.

Janis Joplin

Measuring at 6,780 square feet of living space, it has three bedrooms, three full baths and four half baths. In addition to huge multi-use rooms, the kitchen is large enough for catering but also for producing family meals, ensuite bedrooms are elegant, the media and game room is large and comfy and it all opens out to a rear courtyard that still retains artifacts from the boot business.

Stevie Ray Vaughan

Austin isn’t just about producing music celebrities such as Janis Joplin and Stevie Ray Vaughan, it’s about ideas and creativity that runs the gamut and is grandly displayed in Palazzo Lavaca.

Kumara Wilcoxon

From the number of celebrities who have walked through its front door to choose the style of their next pair of pricey cowboy boots to the tinkle of cocktail glasses from the party in the gilded ballroom, Austin has it going on.

Now for sale, Palazzo Lavaca is priced at $4.95 million, listed by Kumara Wilcoxon of Kuper Sotheby’s International Realty in Austin.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

The Godfather Part II Lake Tahoe, NV Estate Sale Asking $5.5 Million

 Actually located on the California side of Lake Tahoe, the property (above), used in the Godfather II movie, is now an exclusive development that was originally built in 1938 by 300 workers in just 29 days for industrialist Henry J. Kaiser

Photo credit: Sotheby’s      Source: www.sierrasothebysrealty.com

LAKE TAHOE, NV -- A home in the stunning estate on Lake Tahoe that was used for a number of scenes in The Godfather Part II including the Fredo Corleone lake murder, the Michael and Kay Corleone machine-gun assassination attack in their bedroom, and the Corleone son’s First Holy Communion celebration is for sale at $5.5 million.

Henry J. Kaiser

At Tahoe’s water’s edge, Fleur du Lac represented the film version of the Corleone-family and their move to Nevada to sell their interests in their Las Vegas casinos as part of the plan to make the mob family more legitimate, according to TopTenRealEstateDeals.com.

 Actually located on the California side of the lake, it is now an exclusive development that was originally built in 1938 by 300 workers in just 29 days for industrialist Henry J. Kaiser.

 Kaiser, who built the Hoover Dam and many of World War II’s military ships and aircraft, and his friends spent much time racing their boats in the lake and he named his enclave Fleur du Lac (Flower of the Lake) after his favorite racing boat. He built a number of the still-existing structures, club house, yacht club and office buildings.

Katherina Haug

Now a luxurious private resort, Fleur du Lac Estates spans 15 acres with 22 private townhomes with the yacht club and marina open to all residents.

In addition to tennis courts, there is an exercise facility with locker rooms and steam showers, heated pool and jacuzzi and a private beach.

 The yacht club has a guest apartment named the Kaiser Suite and there is an outdoor terrace for scenic viewing, a bocce ball court and private marina with personal boat slips.

On-site concierge management oversees resort services and there is also a property vehicle and driver available.

Originally the Fleur du Lac property developer’s own home when the townhomes were added in the 1980s, the 4,200-square-foot home with four bedrooms and five full baths is located in a prime position lakeside.

Renovated and updated to 21st-century standards, many of its original touches remain such as the interior carved-wood columns, beamed ceilings and walls of glass with lake and mountain views.

Large stone fireplaces grace the great room, library/media room, two of the four guest suites and master suite that turn chilly evenings into warm gathering places.

The chef’s kitchen is a beautiful spot for an intimate meal or cheerful breakfast overlooking the lake but is outfitted on a scale large enough to feed a sizable crowd.

Craig Miller

The stairs off the foyer lead to the second-floor bedroom suites where the hallway is washed in light from the rooftop cupola.

Fleur du Lac was touched by two geniuses: Henry J. Kaiser, legendary industrialist who had the vision to build it, and Francis Ford Coppola, legendary Hollywood director who used it as the backdrop for some of the most memorable scenes in The Godfather Part II.

Selling completely furnished and priced at $5.5 million, the home is represented by Katherina Haug, Tahoe City, CA and Craig Miller, Incline Village, NV, both of Sierra Sotheby’s International Realty.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

JLL completes $6.4 million sale of 3041 Webster Avenue Warehouse in Bronx, NY neighborhood of Norwood

Former warehouse of Sam's Carpet,  3041 Webster Avenue,
Norwood neighborhood, North Bronx, NY

North Bronx, NEW YORK — JLL Capital Markets announced it has completed the sale of 3041 Webster Avenue, a development opportunity in the Norwood neighborhood of the north Bronx, N.Y.  

 Karl Brumback 

The seller was Sam’s Carpet, a long-term owner-operator; Bolivar Development acquired the property for $6.4 million.

The development opportunity at 3041 Webster Avenue includes an existing two-story, 15,140-square-foot commercial, fireproof warehouse. 

The building was the former home of Sam’s Carpet, a carpet retail company, and offers 126 feet of prime frontage along bustling Webster Avenue.

The site is in an inclusionary housing zone and benefits from R7D/C2-4 zoning. It can support a residential zoning floor area of 63,588 square feet or an inclusionary housing zoning floor area of 84,784 square feet.

 Eric Tiefen 

The property is located on the west side of Wester Avenue just north of the Mosholu Parkway and offers easy access to the Bronx River Parkway. 

The building is within walking distance to the B and D subway lines as well as the Botanical Gardens Metro North train station. 

3041 Webster Avenue is steps away from the New York Botanical Garden and is conveniently located near the Bronx Zoo, Fordham University and the Bronx’s vibrant Little Italy.

The JLL Capital Markets professionals that represented Sam’s Carpet included Managing Director Karl Brumback and Directors Eric Tiefen and Brian Streilein.

“This was an incredible opportunity for Bolivar Development to acquire a significant development opportunity in the vibrant Bronx neighborhood of Norwood,” Brumback said. 

“3041 Webster Avenue is the ideal location for a mixed-use project with excellent public transportation options and easy access to some of New York’s most beautiful green spaces.”

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

Brian Streilein

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

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contacts:

George Shea, Mark Faris
Company: Shea Communications

Phone: +1 212 627 5766

Email: mfaris@sheacommunications.com

Kimberly Steele

 JLL Senior Associate

Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 jll.com.

JLL to exclusively market 121 East 37th Street Apartments in New York’s Murray Hill Neighborhood

121 East 37th Street
in New York’s
 Murray Hill neighborhood
 for sale at  $10.25 million

 Clint Olsen

NEW YORK, NY — JLL Capital Markets has been retained by PR 121 East 37 LLC to exclusively market and sell 121 East 37th Street in New York’s Murray Hill neighborhood. 

The 9,124-square-foot residential building includes 11 apartments. The owner is asking $10.25 million for the property.

The five-story 121 East 37th Street, located between Park and Lexington Avenues, offers one studio, one two-bedroom unit and nine one-bedroom apartments. 

The property was constructed in 1920 and underwent an extensive renovation that was completed in 2019. The renovation included high-end condo style finishes, and several of the apartments have private outdoor spaces or mezzanine loft spaces. 

 Brock Emmetsberger

The building has an elevator, and all of the units have high ceiling heights. The fully free-market property will be delivered vacant.

The apartment building is located in the heart of Manhattan’s office core and is within walking distance of Grand Central Terminal and the United Nations campus.

 It offers convenient access to the B, D, F, M, N, Q, R, W at Herald Square, as well as the 4, 5, 6, 7 and S at Grand Central, and several bus lines serving Manhattan.

Josh Gruber

 Located at the edge of the dynamic Murray Hill neighborhood and Midtown East, 121 East 37th Street is close to some of the city’s best restaurants and nightlife.

The JLL professionals overseeing the sale assignment include Managing Directors Clint Olsen and Brock Emmetsberger and Directors Josh Gruber, Albert Mamiye, Stephen Godnick, Ryan Kossoy and Reed Waggoner. Senior Managing Director Max Herzog will offer financing assistance.

Albert Mamiye

“121 East 37th Street is an excellent turnkey investment opportunity right off of Park Avenue and with quick access to Grand Central,” Emmetsberger said. 

“It’s rare to find a recently renovated elevatored building of this size with condo-level finishes. The apartment building offers an excellent opportunity for a low maintenance investment or a corporate housing operator looking to plug and play as a furnished rental.”

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

Stephen Godnick

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

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

 Ryan Kossoy

Contact:

 Olivia Hennessey

JLL Senior Associate

 Public Relations  

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

jll.com.

JLL arranges $20 million refinancing for Jacksonville, FL office asset

One Deerwood,  a 161,167-square-foot, Class A office building in Jacksonville, FL

 

Porter Terry

JACKSONVILLE, FL – JLL Capital Markets announced it has arranged a $20.1 million refinancing for One Deerwood, a 161,167-square-foot, Class A office building in Jacksonville, Florida.

JLL worked on behalf of the borrower, an affiliate of Boston-based Taurus Investment Holdings, LLC, to secure the three-year, floating-rate bridge loan with Prime Finance.  

One Deerwood is located at 10201 Centurion Parkway within Jacksonville’s prestigious Butler/Baymeadows submarket.

The property has a highly visible and accessible location near the interchange of J Turner Butler Boulevard/Route 202 and Southside Boulevard and is surrounded by a robust amenity base, including St. Johns Town Center. Renovated in 2017, the six-story building is 88% leased.

Tarik Bateh

The JLL Capital Markets team representing the borrower included Senior Directors Porter Terry and Tarik Bateh.

“The closing took place in the midst of the current unrest in the financial markets and both Taurus and Prime worked diligently through those challenges to get the transaction closed,” Terry said.  

“Having both a best-in-class and cycle-tested borrower and lender allowed JLL to close a transaction in an extremely challenging environment,” Bateh added.              

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

  

CONTACT:

Kristen Murphy

Senior Manager, Public Relations

JLL Capital Markets

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 us.jll.com/capitalmarkets

 jll.com.

tiholdings.com 

primefinance.com. 

JLL arranges $58.5 million financing for Bay Area multi-housing portfolio

Part of Mosser Capital Apartments National Portfolio

SAN FRANCISCO, CA, April 16, 2020 – JLL Capital Markets announced today that it has arranged $58.5 million in financing to fund the recapitalization of a nine-property multi-housing portfolio located in Oakland, California.

JLL worked exclusively on behalf of Mosser Capital (Mosser) and its new foreign investment partner to secure the seven-year (including extension options), floating-rate loan through Société Générale. 

Part of Mosser Capital Apartments National Portfolio

The loan includes interest-only payments through the first five years of the term with an initial advance of $49.5 million and an additional $9 million in future funding for unit renovations, the addition of new accessory dwelling units (ADU’s) and other expenses. 

Mosser originally acquired the assets in a series of transactions and aggregated the portfolio between 2016 and 2017.

The portfolio consists of 282 existing rent-controlled residential units, including the addition of 28 to-be-built (accessory dwelling units (ADU’s), and four ground-floor retail suites.

 Peter Smyslowski

 The properties are centrally located in highly desirable submarkets of Oakland: Cleveland Heights, Adam’s Point, Lakeside, Uptown and East Lake. Units average 522 square feet.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Peter Smyslowski and Director Bercut Smith.

“Closing this loan during the recent market disruption posed some unique challenges,” Smyslowski said. “However, thanks to the borrowing team’s outstanding reputation and experience, Société Générale never wavered from its commitment to close the loan in a timely manner.”

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

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

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Bercut Smith

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About Mosser Capital:

Mosser is a leading investor, acquirer and operator of value-add, rent-stabilized urban workforce housing in San Francisco, Oakland and Los Angeles for institutional and high-net-worth investors.  

Since Mosser’s founding in 1955, the company has become a leader in urban workforce housing specializing in West Coast gateway markets.  

Mosser’s portfolio comprises more than $1.5 billion in apartment assets in emerging neighborhoods throughout the San Francisco Bay Area and Los Angeles, totaling more than 3,400 units.

Contacts:

 Peter Smyslowski

JLL Senior Managing Director 

CA Lic.: #01301231

Phone: +1 415 276 6300

Email: Peter.Smyslowski@am.jll.com

Olivia Hennessey

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

 jll.com.

BLT Enterprises Acquires Two Hollywood, CA Properties for $20 Million Despite the Ongoing Covid-19 Pandemic

Stephanie Lakatosh

HOLLYWOOD, CA – BLT Enterprises, a multi-faceted commercial real estate development and investment company, has acquired two properties in Hollywood, California for a total consideration of $20 million.  

The properties include a creative office project at 5735 Melrose Avenue, and an 18,000 square-foot production and entertainment office compound at 6151 Santa Monica Boulevard.

Bernard Huberman

The Melrose acquisition occurred on March 6, and the closing of the Santa Monica property occurred on April 10, despite the current health and economic crisis.

“BLT never wavered from its commitment to close” remarked Stephanie Lakatosh, one of the principals of the seller.  “In fact, BLT closed more than a month early at our request, without any adjustments to the purchase price.”

 BLT Enterprises has acquired an 18,000 square-foot 
production and entertainment office compound 
at 6151 Santa Monica Boulevard. BLT plans to transform 
the property into a modern creative industrial compound.

“These acquisitions are directly in line with our ongoing strategy of acquiring well-located properties that deliver value over a long hold period,” says Bernard Huberman, Founder and President of BLT Enterprises. 

“Despite the current COVID-19 crisis, we are a firm believer in the resiliency of the California economy, and the long term value in the Hollywood submarket.” 

BLT Enterprises has acquired a creative office project
at 5735 Melrose Avenue within walking distance
 of Paramount Studios and Larchmont Village

BLT plans to transform the Santa Monica property into a modern creative industrial compound catering to production companies, digital advertising agencies and other companies at the convergence of tech and media, according to Huberman. 

Brad McCoy

“The building has incredible bones, and ample parking in excess of most other buildings in the market.”

The Melrose property, which is within walking distance of Paramount Studios and Larchmont Village, was already renovated to fit the needs of various users in the marketplace. 

 “The prior owner did an incredible renovating this property,” remarked Huberman.  “We may convert the existing screening room into a recording studio, given the lack of quality recording space integrated into Class A creative office projects.  Other than that, it’s ready to go.”

BLT has experience with a variety of out-of-the-box acquisitions and conversions in the Greater L.A. market. The firm recently acquired a four-stage studio lot in the core of the Hollywood Media District. 

David Wilson

The 34,000 square-foot studio lot has been rebranded as BLT Studios and continues to serve production clients throughout the area.

BLT was represented in both transactions by Brad McCoy and David Wilson of Lee & Associates.  

The seller of the Santa Monica property was represented by Adam Hall of TOLD Partners, Inc. Paul Brehme and Brad McCoy of Lee & Associates represented the seller of the Melrose property.

Paul Brehme

About BLT Enterprises

Headquartered in Santa Monica, Calif., BLT Enterprises was founded in 1984 and is a multi-faceted real estate development and investment company with an exceptional track record of success in industrial and commercial real estate. The firm has developed or acquired more than $2 billion in assets to date.

Adam Hall 

BLT Enterprises specializes in the acquisition, entitlement, development, operation, and property management of industrial, office, retail, mixed-use and special-use properties.

Contacts:

Lisa James / Jenn Quader

Brower Group

(949) 438-6262

ljames@brower-group.com