HFF closes $57 million sale of and arranges $31 million financing for 54-unit apartment property in Manhattan’s East Village
NEW YORK, NY – June 22, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $57 million sale of and arranged $31 million in financing for 200 East 11th Street, a 54-unit, newly renovated apartment property in Manhattan’s East Village.
HFF marketed the property on behalf of the seller, Benchmark Real Estate Group, and procured the buyer, Shorenstein Company LLC. Additionally, HFF secured acquisition financing on the new owner’s behalf through Helaba.
200 East 11th Street is located on the corner of East 11th Street and 3rd Avenue near multiple transportation options and numerous highly sought-after retail, entertainment and dining amenities. The 12-story, 53,000-square-foot building consists of 54 one-, two- and three-bedroom residential units, all of which are fair market. Apartment amenities include new windows, oak flooring, in-unit washers and dryers and new heating/cooling units. The property also features a rooftop deck with lounge space and a recently constructed, three-story amenity building that houses a new lobby, gym and yoga studio.
The HFF investment sales team was led by managing directors Jeff Julien and Rob Hinckley and associate director Steven Rutman.
HFF’s debt placement team was led by director Geoff Goldstein, managing director Scott Aiese and associate Rory Shepard.
About Benchmark Real Estate Group
Benchmark Real Estate Group (“Benchmark”) is a real estate investment and management firm specializing in the acquisition and re-positioning of New York City multifamily assets through a value-add private equity fund structure. Founded in 2009 by Jordan Vogel and Aaron Feldman, Benchmark has acquired more than 1,000 apartments with a cumulative market value of over $1 billion. Together, the pair have built a vertically integrated firm and are directly involved in all aspects of the acquisition, re-positioning and/or redevelopment process of each property.
Benchmark targets under-managed, undervalued and off-market investments in New York City, where opportunities exist to create value through a more active management approach. Through the team’s experience, Benchmark has demonstrated an ability to create and maximize value through operational efficiencies, local expertise and hands-on real estate knowledge. benchmarkrealestate.com
About Shorenstein Company LLC
Founded in 1924, Shorenstein is one of the country’s oldest and most respected real estate organizations active nationally in the ownership and operation of high-quality office properties. More recently, Shorenstein has made selective investments in multifamily rental properties. Due to its success over many years and multiple real estate cycles, Shorenstein has established its reputation as a creative and knowledgeable investor. The company is privately owned and is headquartered in San Francisco.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.