NEW YORK, Dec. 22, 2014 /PRNewswire/ -- Broad Street
Development (BSD), a multi-faceted investor and developer, has
acquired 298 Mulberry Street and 304 Mulberry Street, two
multi-family buildings with 182 apartments, with investment partner
Crow Holdings, a national real estate investment fund. The
partnership acquired the two-property residential portfolio for
$178.5 Million from GID Investment
Advisors LLC, a private, globally diversified organization
headquartered in Boston, MA.
Photo - http://photos.prnewswire.com/prnh/20141222/165838
This acquisition comes on the heels of BSD's tremendous sales
success at its 215 Sullivan Street condominium project nearby. This
ground-up development completely sold out in four months over the
summer at record-breaking Greenwich
Village prices exceeding $3,000-psf.
"The acquisition of the Mulberry Street portfolio will provide
us with the ideal opportunity to bring our targeted investment
strategy and hands-on ownership style to these assets, and to
duplicate the great success we've had with both our rental and
condominium residential projects," said Raymond Chalme, principal
of BSD, which celebrates its 10th anniversary in
January. "Given our intimate knowledge of this neighborhood and our
respect for its historic standing and desirability, we see a great
opportunity to add value to these assets by enhancing the product
and meeting the market's strong rental demand."
BSD and Crow Holdings will immediately embark on a $3.5 Million renovation campaign comprised of
significant aesthetic and operational improvements to maximize the
portfolio's value. Planned improvements include the installation of
new windows, new roof and roof decks, the redesign and renovation
of the lobbies, modernization of interior areas, and upgrades to
individual homes, including kitchens and bathrooms.
The properties are located at the crossroads of Manhattan's white-hot Greenwich Village, SoHo and NoHo
neighborhoods, just across the street from the landmark, iconic
Puck Building. The buildings at 298 and 304 Mulberry Street
consists of 182 apartments, 11,825 square feet of prime ground
floor retail space with full frontage on both Houston and Mulberry
Streets, and an on-site parking garage. The properties are easily
accessible via public transportation, boasting direct access to
multiple subway lines including the B, D, F, M, and 6 trains,
several bus routes and the Lafayette Street and Jersey Street
Citi-Bike stations are just one block away.
The seller was represented by the HFF sales team of Andrew Scandalios, Jeffrey Julien and Rob
Hinckley. Mike Tepedino,
Michael Gigliotti and Sam Nidenberg of HFF arranged financing, with
Michael Eglit and Michael Henry of Blackstone for 304 Mulberry Street and
Rob Dirks of Principal Real Estate
Investors for 298 Mulberry Street. Eli
Dweck of Wachtel Missry LLC, represented BSD in the
acquisition.
BSD's recent successes in the residential property arena include
the record-breaking sales achieved at 215 Sullivan Street as well
as the successful condominium conversions of 140 homes at 184
Thompson Street and 100 luxury condominium homes at Maison East,
located on Third Avenue and 81st Street. BSD also
handles management and leasing at its Gramercy Portfolio consisting
of 208 units between two buildings on 22nd Street. The
company is widely respected for its investment philosophy and
hands-on management - attributes that have resulted in the
completion of some of the city's most noteworthy and unique
residential projects.
In addition to its residential investments and developments, BSD
is also a major force in the commercial real estate industry. The
company made headlines this fall for acquiring the office tower at
80 Broad Street for $173 Million.
Recognized for their expertise in creating outstanding value for
their properties, the BSD team is embarking on a major capital
improvement campaign at the asset. The purchase followed the
successful repositioning and subsequent sale of 55 Broadway and 61
Broadway, for nearly a combined $500
Million in 2014.
"Ten years ago, we promised to build a unique real estate
business, focused on creating value through hard work, attention to
tenants' needs, excellent workmanship and design, and belief in the
Downtown market," said Daniel Blanco, a BSD principal. "Today, as
we look at our portfolio and our track record, we know we can
celebrate our 10th anniversary with great pride at the
fulfillment of our promise, and look to a future that builds on
this commitment."
About Broad Street Development
Broad Street
Development is an investor group led by Raymond Chalme and Daniel M. Blanco focusing on the acquisition and
management of real estate assets. With more than four decades
of combined real estate experience, Mr. Chalme and Mr. Blanco have
developed a reputation as "hands-on" owners and managers. The firm
specializes in the repositioning of acquired assets to meet the
requirements of today's commercial and residential tenants. For
more information, please visit www.BSDRE.com
Broad Street Development
80 Broad
Street, Second Floor
New York, NY 10004
About HFF
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF
Securities L.P.) are owned by HFF, Inc. HFF operates out of
23 offices nationwide and is a leading provider of commercial real
estate and capital markets services to the U.S. commercial real
estate industry. HFF together with its affiliate HFFS offer clients
a fully integrated national capital markets platform including debt
placement, investment sales, equity placement, advisory services,
loan sales and commercial loan servicing. For more information,
please visit hfflp.com or follow HFF on Twitter
@HFF.
CONTACT:
Great Ink Communications
212-741-2977
Roxanne Donovan – Email
Jimmy Lappas – Email
Miriam Lamey – Email
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/broad-street-development-acquires-premier-residential-portfolio-at-epicenter-of-manhattans-dynamic-greenwich-village-soho-and-noho-neighborhoods-300013279.html
SOURCE Broad Street Development