Hudson reaches ‘insider’ deal with Cobble Hill tenants

Real Estate Weekly

Wednesday, March 9, 2011 B7

Hudson reaches ‘insider’ deal with Cobble Hill tenants

The Hudson Companies and the Cobble Hill Towers Buyers Group have reahced an agreement on terms for the purchase of apartments at Cobble Hill Towers. Hudson is in the process of converting the landmark building to condominium ownership through a noneviction plan. As a result of the negotiated settlement, residents will be able to purchase their units at a “substantial discount,” and it is expected that over 30% of the residents will buy their units or agree to a buyout. An additional 25% of the units are available for sale to the general public. Hudson principal David Kramer said, “A large group of tenants saw the opportunity to own their own home, in a residence they already know and love. “We’re very conscious of the fact that Alfred Treadway White developed iconic worker housing in 1879 and that the second heroic phase occurred in the late 1970’s

when Frank Farella saved Cobble Hill Towers from arsonists and thugs to redevelop affordable rental housing. We see this as the appropriate third phase — the chance for middle class Brooklyners to own their own homes and enjoy the most compelling sales prices in all of Brownstone Brooklyn.” Amanda Abry, a tenant who is buying her apartment, said, “My family loves living here. t’s everything we love about Cobble Hill — beautiful architecture, a unique and historic building, and a sense of community in the middle of a big city. The courtyard is like having a huge backyard – we’re especially looking forward to using it this spring. “We are excited to be in contract to buy the apartment we have been renting, and that we’ve had the opportunity to do so at an insider price. This is our only opportunity to ever own an apartment in this neighborhood.” Vacant apartments are available for sale to the pub-

Amanda Abry, a tenant who is buying her apartment, pictured with David Kramer in the Wisteria Courtyard at Cobble Hill Towers.

lic through The Corcoran Group. One bedrooms start at $320,000 and two bedrooms at $475,000. “We have been overwhelmed with requests from the first day that we went on the market,” said Leslie Marshall of the Corcoran Group, exclusive brokers on the project. “Buyers have been looking at, and making offers on, every one, two and three bedroom apartment that we have on the market. Surprisingly, they are just as interested in the unrenovated apartments where they can do their own upgrading, as they are in the completely renovated, movein ready units. “They are attracted by the prime Cobble Hill location, the excellent schools and other amenities in the neighborhood, and the prices, which are less than other condos being sold in the vicinity.” In addition, one of the critical terms of the agreement between Hudson and the current tenants allows residents to purchase other va-

cant apartments at a discount. As a result, several tenants are purchasing neighboring units to expand their homes, while other tenants who may have admired other apartments from afar are purchasing units where they do not reside and will be relocating to their new homes. The first closings are expected to occur in early summer. Cobble Hill Towers is a nine-building complex with 188 units facing Warren, Baltic and Hicks Streets. Built in 1879, the buildings enclose two private landscaped courtyards. Apartments have views of Manhattan’s financial district and around Brooklyn. The Hudson Companies partnered with the long-time owner of Cobble Hill Towers, Frank Farella in 2008, and has been managing and upgrading the buildings since then. In addition, Hudson initiated the approved non-eviction condominium conversion plan, which allows for tenants who do not purchase their apartments to remain as renters.

Been there, Dunne that: CBRE suburban team predicts another busy year

The CB Richard Ellis New York Institutional Group, led by vice chairman Jeff Dunne, ended 2010 on a $1B high note. The team arranged the

disposition and recapitalization of investment grade suburban properties worth nearly $1 billion, carving out a 39.8% market share for

all asset class sales in 2010, as reported by Real Capital Analytics. Responsible for the sale of the suburban region’s larg-

‘Parkologist’ Ezratty gearing up for sales The City’s stock of parking garages are trading, quietly and consistently, say parking garage aficionados. Eastern Consolidated’s Brian Ezratty closed 10 parking garage deals last year and he’s negotiated a 90 such transactions during his 26-year tenure at Eastern, not including dozens of parking lots that he sold as development sites to various New York City developers such as The Related Companies, Aby Rosen, Tishman Hotels, Harry Macklowe, The Albanese Organization, Mike Steinberg and Goldman Sachs to name a few. Ezratty arranged five sales leasebacks of parking garages last year, worth a total price of $44 million. Uptown and down, from the Upper West Side to Battery Park, Mr. Ezratty’s transactions quietly occur citywide. In addition, he leased out another five, which include: 210 West 89th Street, 1820 Morton Street, 329 East 21st Street, The Verdesian, in Battery Park City at 211 North

End Avenue, and an Upper West Side highrise apartment building garage. According to Ezratty, ‘parkology,’ which has become something of a hobby for him, works well with his investment sales. “When investment sales activity is slow, doing parking garage deals can pick up the slack. I always take note of the date a garage lease expires if it happens to be a component of a property I’m selling or repping a buyer on, so that down the road, it might become a candidate for a leasing deal.” One of Ezratty’s most noteworthy leases last year was the parking garage at 18-20 Morton Street, in the heart of Greenwich Village. It received lots of interest and eventually traction because noted Ezratty, “It is situated in a 24/7 location, in a highly trafficked area, with a steady turnover of restaurants and bars. It had all the components necessary for a desirable garage lease.”

Hakimian launches solo career Continued from Page B1

buildings in Tribeca and a hotel development site in the Times Square vicinity. Hakimiam also plans to work with other residential buildings, development sites and office buildings, in addition to retail properties. Most recently, Hakimian wrapped up the $72 million sale of 1414 Sixth Avenue, representing both the buyer, Starwood Capital Group, and seller, Murray Hill Properties. Starwood plans to convert the troubled 19-story office building, which is mostly empty, into a hotel. Born on Long Island to Persian parents, Hakimian graduated from Hofstra University with a bachelor’s degree in finance. He began his career in the precious gems industry before switching to real estate. Within a year, he had sold five Soho buildings, representing both buyer and seller. Over the next several years as a top producer at Itzhaki,

he expanded his resume to include several notable transactions, including the sale of the Moondance Diner site on the corner of Sixth Avenue and Grand Street, later developed into the James Hotel. In 2010, Hakimian sold a 48-unit residential elevator building on 65th Street between Central Park and Lincoln Center, and another 48-unit elevator building on 91st Street between Columbus Avenue and Central Park. He attributes his ability to complete deals and down-toearth personality for his success. IVAN HAKIMIAN

Focus puts Cohen back on top Continued from Page B1

undergoing radiation treatment and chemotherapy. Then, in August, after experiencing difficulty breathing, he was diagnosed with a heart issue —the result of his cancer treatments — that required surgery. Now 24, Ashley Cohen graduated from Marymount College in 2009 with a bachelor of business management degree. She chose to go into public relations and worked briefly as the lifestyle division coordinator at a New York City public relations firm, but left not long after. “I told her, ‘If someone’s going to abuse you, let me abuse you,’” the elder Cohen recalled telling his daughter in March, just before he became ill. “I needed her,” Cohen explained, noting that working in tandem enabled them to combine his know-how of the business with her mobility. “It turns out the customers liked her better than me.” For Ashley Cohen, the move into real estate required lots of learning. Moreover, she said, she had to overcome being a woman in a maledominated business.

“It was a whole new world for me,” she said. “It’s been nerve wracking, but he held my hand in the beginning.” Cohen also learned to work with his daughter. “I didn’t yell at her,” Richie Cohen said “I’m very surprised.” Now, Ashley Cohen is learning more about the real estate business with each passing day. “We’re preparing her as if this is forever,” Richie Cohen said. “She likes people and they like her.” She inspects properties with her dad and sits alongside him as he negotiates deals. And she’s been canvassing for clients. And it appears she’s hooked. “Getting a lead is the most exciting part,” she said. “I love it. It’s been the best for me.” As for her dad, he has returned to work and to his daily workouts at Gold’s Gym in Deer Park. And he is once again closing deals. The cancer, he said, is gone, but he remains on antibiotics to prevent a recurrence of the heart valve infection. Nevertheless, Cohen said he’s raring to pick up new business and maintain his status as a CoStar Power Broker. “I’m on the road to recovery.”

est — in terms of aggregate dollar value — multi-family and office sales, the team was also CBRE’s top investment sales team nationally in the suburban markets. Dunne’s team’s brings a diverse background of professionals with over 100 years of combined experience that encompass the sale and recap of apartments, office, retail and industrial assets in the suburban Metropolitan markets of New York, Connecticut and New Jersey. Key members include senior vice president Kevin Welsh, leading the New Jersey operations for office and industrial; senior Vice Presi-

dent Steven Bardsley, who focuses on office transactions in Connecticut, Westchester County and Long Island; vice president Chris Leonard, who heads up the apartment sector; and senior associate David Gavin, who oversees all underwriting. CB Richard Ellis was at the forefront of the larger consummated deals in 2010, successfully closing several of the suburban New York region’s largest real estate transactions, including: • The $67.6 million sale of 100 Tice Boulevard in Woodcliff Lake, New Jersey, the North American Headquarters for Eisai, Inc.

• The $55 million sale of Princeton Forrestal Village, a mixed-use development consisting on Route 1 in Princeton, New Jersey. • The $155 million sale of Bank Street Commons, a 502-unit trophy apartment community in downtown White Plains, New York located in an irreplaceable site adjacent to the White Plains train station. “Our team also completed several note sales and recapitalizations and was fortunate to close eight transactions in December alone for over $500 million,” said Dunne. “Already in early 2011, we feel this momentum continuing.”