ronald a solarz at eastern consolidated investment sales ......commercial property news “hot...

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Ronald A Solarz at Eastern Consolidated

Investment Sales Advisory Services

COVER PHOTO: 28 EAST 10TH STREET THIS PAGE: 655-671 AVENUE OF THE AMERICAS

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EASTERN CONSOLIDATED INVESTMENT SALES

Eastern Consolidated has been a leader in investment property sales in New York City for 35 years, representing an impressive array of prominent real estate families, institutions, and private investors in transactions that include multifamily buildings, portfolios, retail condos, development sites, hotels, and office towers in all five boroughs.

As a full service investment real estate firm, we offer our Investment Sales clients an integrated platform that includes our Capital Advisory Division, which originates and delivers commercial real estate debt and equity for all property types, and our Retail Leasing Division, which is skilled in repositioning assets.

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4110 FIFTH AVENUE

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Ronald A. Solarz Executive Managing Director, PrincipalRonald A. Solarz is one of New York City’s most respected and successful investment sales brokers. A 33-year industry veteran, he has arranged more than $8 billion in investment property sales for institutional investors, hedge funds, and private investors in neighborhoods throughout the five boroughs.

Recognized as one of the leading land-sales specialists in New York City, Mr. Solarz has extensive experience successfully marketing all asset classes including multifamily buildings and portfolios, development sites and assemblages, loft/office buildings, and retail properties.

In recent months, Mr. Solarz has arranged the $115 million sale of 139 East 56th Street, a 111,216-square-foot development site; the $165 million sale of the Washington Heights portfolio, a package of nine mixed-use elevator buildings totaling 487,700 square feet; the $63.6 million sale of the Inwood Portfolio, a portfolio of 13 buildings across 313,938 square feet; the $43.5 million sale of 22-24 West 38th Street, a 70,000-square-foot office building; and a number of retail properties.

Throughout his career Mr. Solarz has received numerous awards, including CoStar “Power Broker” (five times), Real Estate Weekly “Commercial Broker A ll Star”, Real Estate Forum “Top Broker”, Commercial Property News “Hot Broker”, and Real Estate Weekly “Top 50 Deal Maker” (2005 and 2009). He also was awarded Eastern Consolidated’s “Broker of the Year” Award in 2003, 2006, and 2010. Most recently Real Estate Weekly profiled Mr. Solarz in an article recognizing his accomplishments and deal-making ability.

He is a graduate of the State University of New York at Buffalo Management School, where he graduated Summa Cum Laude. He is a member of the Real Estate Board of New York (REBNY).

6240 EAST 27TH STREET

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—Washington Heights Portfolio, containing nine mixed-use elevator apartment buildings with 413 apartments and 48 retail stores.

—The Inwood Portfolio, 13-building, 361-unit portfolio.

—60-68 West 107th Street, four-building portfolio with 100 apartments.

—240 East 27th Street in Kips Bay, 324-unit, 348,386-square- foot luxury multifamily.

—Devonshire House at 28 East 10th Street in Greenwich Village, a 15-story luxury pre-war apartment building with 134 units. Client: Sterling Equities.

—600 Washington Street in Greenwich Village, a 100,000-square-foot, 135-unit apartment building with four retail stores.

—420 East 80th Street on the Upper East Side, a 137,000-square-foot 155-unit, luxury apartment building.

—The Decathlon Portfolio, 10 Upper Manhattan multifamily buildings in Washington Heights and Inwood.

Select Multifamily Transactions

THE INWOOD PORTFOLIO

WASHINGTON HEIGHTS PORTFOLIO

600 WASHINGTON STREET

8609 FIFTH AVENUE

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—375 Pearl Street, 31-story, 800,000-square-foot commercial building.

—180 Madison Avenue, 23-story, 271,000-square-foot office building. Client: SL Green.

—110 Fifth Avenue, 173,000-square-foot office building.

—220-230 West 19th Street, 12-story, 115,000-square-foot commercial building.

—650 Avenue of the Americas 7-story, 110,000-square-foot office building.

—121 West 19th Street, 100,000-square-foot building.

—636 Avenue of the Americas, 6-story, 88,142-square-foot office building.

—625 Broadway, 12-story, 88,000-square-foot commercial building.

—49-53 East 21st Street, 75,000-square-foot commercial building.

Select Office Transactions

180 MADISON AVENUE

375 PEARL STREET650 AVENUE OF THE AMERICAS

10139 EAST 56TH STREET

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—30-36 East 29th Street, three-building development assemblage with 170,000-square-foot zoning floor area. Clients: Extell Development and Rockefeller Group.

—139 East 56th Street, development site with 111,000-square- foot zoning floor area. Clients: Welltower Inc. and Hines.

—22-12 Jackson Avenue, LIC, development site with 169,500-square-foot zoning floor area.

—170 Amsterdam Avenue, 99-year net lease for residential development with 200,000-square-foot zoning floor area.

—522-532 West 29th Street, development site with 82,000-square-foot zoning floor area.

—359-361 West Street, development site with 89,000-square- foot zoning floor area.

—160 West 62nd Street, development site with 400,000-square- foot zoning floor area.

—678-684 Lexington Avenue, development site with 88,000-square-foot zoning floor area.

—302-306 Third Avenue, development site with 270,000-square-foot zoning floor area.



Select Development Transactions

22-12 JACKSON AVENUE, LONG ISLAND CITY

170 AMSTERDAM160 WEST 62ND STREET

124 WEST 19TH STREET

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—633 Third Avenue, retail condo anchored by Chase Bank. Client: SL Green

—4 West 19th Street, retail condo anchored by Zuber.

—959 First Avenue, two retail condos at the base of The Sutton, new construction luxury residential building. Client: Toll Brothers.

—211-217 Columbus Avenue, retail building with air rights anchored by Club Monaco. Client: Vornado.

—81 Spring Street, retail condo anchored by MoMa Store.

—122-124 Spring Street aka 84-86 Greene Street, retail co-op anchored by John Varvatos. Client: Vornado.

—131-137 Spring Street, 58,100-square-foot mixed-use building anchored by Burberry & Diesel.

—148 & 150 Spring Street, mixed-use buildings with value driven by retail component.

—210 Lafayette Street aka 51 Crosby Street, retail condo anchored by Mitchell Gold + Bob Williams. Client: Cape Advisors

—40-42 Thompson Street, 29,000-square-foot mixed-use office building with retail.

—4 St. Mark’s Place, mixed-use landmarked Hamilton-Holly House with retail.

—28 East 10th Street, retail condo in Devonshire House. Client: Sterling Equities

—456 West 19th Street, retail condo directly across from the High Line.

—22-24 West 38th Street, 70,000-square-foot mixed-use building with retail.

—31-46 & 31-48 Steinway Street in Astoria, two retail buildings anchored by FedEx & the Gap.

Select Retail Transactions

211-217 COLUMBUS AVENUE

959 FIRST AVENUE

131-137 SPRING STREET

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About Eastern Consolidated

Customized Marketing

Whether you’re selling one property or a portfolio, we know that every deal is unique. With that in mind, we’ll take a holistic look at your asset and tailor a marketing strategy around your property and goals to achieve the maximum return on your investment.

On and Off Market Deals

We’re sensitive to our clients’ circumstances and offer quiet, off-market deals for those who value discretion, as well as exclusives for owners seeking a full market launch.

Over 100 Brokers Under One Roof

We have the ability to mobilize our entrepreneurial team of more than 100 brokers, fluent in 15 languages, and active in every neighborhood in New York City to get the greatest possible exposure for a property, a competitive process we find results in higher values.

Cutting-Edge Platform

We’ve customized our database and information technology platform, which gives us access to a vast network of international and domestic investors willing to pay top dollar for a property like yours, and enables us to generate robust market research about the local market.

Collaborative Teams

Our dynamic operation pairs a new generation of brokers with industry veterans who will tap into their long-term relationships to identify the right buyer, and find creative solutions to even the most complex deals when negotiating on your behalf.

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Eastern Consolidated is prepared to undertake a sales assignment immediately and dedicate every available resource to effect the successful disposition of the Property, producing maximum value in a short period of time.

Structure and Sequence

We estimate that valuation and production of an offering brochure will take approximately 2 weeks from the date of appointment as exclusive agent and delivery of pertinent information by ownership. The initial identification of potential buyers will begin immediately and will be finalized while the marketing materials package is being produced. The distribution of materials will commence once the package has been approved by the client. A critical component of the marketing program is the management of communications with, and the distribution of information to, prospective buyers.

Eastern Consolidated utilizes a well-organized system to register buyers, makes crucial follow-up telephone calls, supervises property tours and controls the flow of data to prospective purchasers by our team. Follow-up is critical. Merely sending out hundreds of investment summaries and waiting for a response does not ensure that all the players will be sufficiently excited to participate in the bidding. All of Eastern’s agents proactively call the majority of prospects on the list to promote the sale and to verify “in person” their level of interest. At every step of the process, Eastern Consolidated will advise ownership of the progress to date and of any new developments in the market, continually evaluating the success of the marketing strategy.

Marketing Materials

Creating a First Class Offering Memorandum

Once the necessary data is gathered, we produce a comprehensive offering brochure for the Property. The brochure will be organized as follows:

Investment Summary

Outlines the investment opportunity and the future potential of the Property and summarizes developments and key buildings in the surrounding area.

Property Description

Contains interior and exterior photographs of the Property and floor plans if available. The physical condition of the Property is detailed further in this section.

Market Data

Discusses the general character of the overall and niche markets and recent investment sales of comparable properties.

Location Description

Describes the surrounding neighborhood, and includes maps and lists of surrounding points of interest. Discusses convenient transportation access, unique amenities of the area and the outlook of this particular submarket.

Marketing Process

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Marketing Strategy

Print

Brochures Offering Setups Advertising & Press

Signage

EASTERN OPPORTUNITIES | Q4 2016 1

THE EASTERN CONSOLIDATED ADVANTAGE INTEGRATED INVESTMENT SALES, RETAIL LEASING AND CAPITAL ADVISORY SERVICES QUARTER 4 | 2016

Capital Advisory Services A

Real estate investment services

THE

CAPITAL ADVISORY SERVICES


The Eastern AdvantageRetail Leasing Landlord and Tenant Advisory Services



BUILDING FOR SALERon Solarz I 646.658.7306 I [email protected]


Investment Sales | Retail Leasing | Capital Advisory Services

959 First AvenueSutton Place, New YorkTwo Retail Condominiums at the Base of The Sutton — Toll Brothers City Living’s New Construction Luxury Residential Building

Exclusive Offering Memorandum

EASTERN CONSOLIDATED IN THE PRESS

WWW.EASTERNCONSOLIDATED.COM I 212.499.7700

Recent Commercial Real Estate Transactions: The Sutton, 959 First Avenue

AS APPEARED IN THE NEW YORK TIMES ON FEBRUARY 7, 2017

$4.5 MILLION

The Sutton959 First Avenue (between East 52nd and 53rd Streets)

A private investor has bought two retail condominiums on either side of the entrance of this 30-story luxury condo-minium tower in Turtle Bay, which was completed at the end of 2016. The spaces — a 1,932-square-foot vacant space and a 781-square-foot space recently leased to Mme Eleanor’s Cleaners,

which is moving from across the street this spring — have asking rents of $125 per square foot. They offer 58 feet of frontage and 15-foot ceilings. The building’s 20-year 421-a exemption re-duces real estate taxes, with the first eight years tax free.

Buyer: Sarex 959 Retail L.L.C.

Seller: Toll Brothers

Brokers: Ron Solarz and Jon-athan Schwartz, Eastern Consolidated

Ronald A. SolarzExecutive Managing Director, Principal

Jonathan SchwartzDirector



The Long View: Here’s where resi development would boom if NYC had no zoning

AS APPEARED IN THE REAL DEAL ON NOVEMBER 23, 2016

By Konrad Putzier

What would New York City look like if there were no zon-ing or landmark restrictions? Gowanus could be a sky-scraper canyon, the West Vil-lage could look a lot more like Murray Hill and the low-rise neighborhoods of northeastern Queens could see a construc-tion boom – at least according to one urban economist.

Through an economic analy-sis of building density, Rutgers University-Newark’s Jason Barr found that Red Hook, Gowanus, Carroll Gardens, Park Slope Brooklyn’s Chi-natown, the West Village and northeastern Queens are the city’s most underbuilt residen-tial neighborhoods. If zoning restrictions were removed, he says, the housing stock in these areas could surge.Here’s what Barr did: first, he calculated the median resi-dential sales price for each zip code based on public sales records between May 2015 and April 2016. He then esti-mated average construction

costs by building height based on his own prior research – ranging from $250 per square foot for single-story buildings to $1150 per square foot for 91-story towers.

Barr assumed that in a free market without zoning re-strictions, developers will build exactly the amount of residential space that maxi-mizes profits – i.e. maximizes the difference between cur-rent residential sales prices and construction costs.

Still with us?

Based on that assumption, and his estimates of con-struction costs and sales prices, he calculated the total square footage of res-idential space for each zip code that would maximize

developer profits. Then he compared that profit-max-imizing square footage to existing residential square footage. If zoning restric-tions were removed, the ar-eas where the difference is greatest are the areas that are most underbuilt and


Economist IDs areas where building more apartments would make financial sense for developers

Exclusive Offering Memorandum

Inwood Multifamily Portfolio

Inwood, Upper Manhattan—Multifamily Portfolio 13 Buildings, 359 Apartments, 2 Stores and Surface Parking Lot

582-598 Academy Street

109-129 Sherman Avenue

22-38 Post Avenue

109-129 Sherman Avenue

66 Vermilyea Avenue

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40+ YEARS OF OWN

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EASTERN CONSOLIDATED

41Years

Mary DunstanSenior Executive Assistant [email protected] 646.658.7308

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Digital

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Inwood Portfolio Upper Manhattan, NY

13 Buildings - 359 Apartments, 2 Retail Units, Leased Surface Parking Lot

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959 First Avenue

Two New Construction Retail Condos Sutton Place - Manhattan, NY

As exclusive agent, Eastern Consolidated is pleased to offer for sale the two (2) new construction retail condominiums located at 959 First Avenue, Manhattan, New York. More specifically, the condominiums are situated along the west side of First Avenue between East 52nd and East 53rd Streets in Sutton Place – one of New York City’s most coveted neighborhoods. This opportunity merits your close attention for the following reasons:

Two (2) retail condominiums totaling ±2,713 SF — All on ground floor Located at the base of The Sutton — Toll Brothers City Living’s new construction luxury residential

building Delivered vacant — Ideal for investor and/or user 17 foot slab-to-slab ceiling height

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Over 58 feet of combined frontage along First Avenue 20 Year 421-A Tax Exemption — ±16 years remaining including ±8 more years with 100%

exemption Nearby retail tenants include: Chase, Duane Reade, Subway, GNC, Dunkin’ Donuts, Financier,

D’Agostino and Domino’s Pizza

If you are interested in receiving a copy of the full offering memorandum, please click on the links below to sign the confidentiality agreement and return it to me via fascimile at 212-499-7718 or by email at [email protected] . There is a link to the electronic version of the confidentiality agreement below as well.

Asking Price: $6.25 Million

355 Lexington Avenue New York, NY 10017 T: 212.499.7700 F: 212.499.7718 www.easternconsolidated.com

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from Eastern Consolidated.

Information contained herein is from sources deemed reliable but is subject to errors, omissions, change of price or terms, and withdrawal without prior notice at any time.





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Press



Dalan Scoops Up $44M Garment District Office Building

AS APPEARED IN REAL ESTATE WEEKLY ON 12/16/2015

By Katherine Clarke

Dalan Management nabbed a 70,000-square-foot office building in the Garment Dis-trict for $43.5 million, or $620 a foot.

The Chelsea-based invest-ment firm led by Andrew and Daniel Wrublin is looking to revamp the property at 22-24 West 38th Street for tenants in the technology and creative services sectors. The 12-story building had been under the same ownership since 1978, records show.

The deal is just the last in a string of similar acquisitions by Dalan. The firm recently renovated a similar two sim-ilar buildings totaling 61,000 square feet at 10-12 East 33rd Street. The firm owns about 43 buildings in the city — with 1,200 apartments and a little over 100 commercial units,

both retail and office, Wrublin recently told The Real Deal.

Andrew Wrublin said the firm plans to substantially upgrade the lobby, elevators and tenant spaces in order to modernize the building.

Ron Solarz and Nataliya Stel-makh of Eastern Consolidat-ed represented the seller, an

affiliate of Alvin Jacobson Re-alty, while Ben Tapper, also of Eastern, represented Dalan.

Tapper said the property, which is located between Fifth and Sixth Avenues, has the right bones to attract tenants in the TAMI sector.

“This Midtown building has a great physical structure with

high ceilings and columns on center that will allow for max-imum flexibility when leasing office space in the neighbor-hood, which is transitioning from exclusively garment in-dustry businesses to tenants in the tech sector and other professional industries,” Tap-per said.

Ronald A. SolarzExecutive Managing Director

Benjamin TapperSenior Director

Nataliya StelmakhDirector



EV Home That Belonged to Alexander Hamilton’s Son Sells for $10M


By Liam La Guerre

This sale is probably not part of the historical hit musical Hamilton, but it adds another chapter to the history of the family of the first Secretary of the Treasury.

Castellan Real Estate Partners has completed a $10 million purchase of the landmarked 4 St. Marks Place, which was owned by Alexander Hamilton Jr.—son of the founding fa-ther—Commercial Observer has learned.

The sale of the 10,000-square-foot townhouse between Sec-ond and Third Avenues closed on April 21, according to a spokesman for Eastern Con-solidated, which handled the deal for the seller, 4 St. Marks Place Realty. Last year, the property was listed for roughly

$12 million, as The New York Post reported.

The building is currently va-cant, but the 5,668-square-foot retail space on the ground floor and the lower level was occupied by punk rock clothing shop Trash and Vaudeville for 40 years until

the shop relocated to nearby 96 East Seventh Street four weeks ago. The property has four free-market apartments on the floors above.

Since it has no tenants, “it is in effect a blank canvas, offering the buyer a unique opportuni-ty to renovate the building and

realize a tremendous amount of upside,” Eastern Consol-idated’s Ron Solarz, who represented the seller with colleague Nataliya Stelmakh, said in a prepared statement. Mr. Solarz and Ms. Stelmakh were the only brokers on the deal.

Retail rents near 4 St. Marks Place range from $100 per square foot to $250 per square foot, according to Eastern Consolidated’s James Fam-ularo, who has been hired by Castellan to market the retail floor. Castellan could not be reached for comment.

Hamilton Jr. bought the build-ing in 1833 two years after it was built. The property, known as the Hamilton-Holly House, became a New York City landmark in 2004.


James FamularoSenior Director



Hines and Welltower Pick Up Midtown East Development Site for Senior Housing Project


By Scott Klocksin

After a couple of decades of owning and managing a portfolio of nine mixed-use elevator buildings in Wash-ington Heights, Intervest De-velopment Corporation has sold them for $165 million, Commercial Observer has learned. The deal closed this afternoon.

“They’ve had the properties for between 20 and 30 years and wanted to take advantage of the currently strong market,” said Eastern Consolidated‘s Marcia Rose Yawitz. She and Ron Solarz represented In-tervest Development Corpo-ration, a long-term owner of investment-grade properties, and they procured the buyer, WHP LLC, a corporation out-side of New York City made up of a consortium of private investors.

The buildings are located primarily on St. Nicholas Av-enue between West 164th and West 192nd Streets and

span 487,700 square feet. They contain 413 apartments (383 are rent-stabilized, 25 are

rent-controlled and five are free market with monthly rents running from $378 to $2,639),

70 percent of which have two or more bedrooms, 48 street-level retail stores (most-ly mom-and-pop shops), two professional offices and one rooftop antenna.

“As values in West Harlem and Hamilton Heights have increased exponentially, ac-tive real estate investors are seeking properties with up-side in Washington Heights,” Ms. Yawitz said in prepared remarks. “Renters priced out of other areas also are attract-ed to the area because of its abundance of large, pre-war apartments like those in this portfolio, which are ideal for both families and shares.”

Mr. Solarz noted: “The buy-er saw a rare opportunity to acquire a prime, mixed-use Washington Heights portfolio that offers tremendous upside value on the residential and retail units, as the rents are far below market. All but one property in the package is a corner building with ground-floor retail.”

Peter HauspurgChairman and CEO

Adelaide PolsinelliSenior Managing Director


Gary MeeseSenior Director, Financial Services



Recent Commercial Real Estate Transactions: The Sutton, 959 First Avenue

AS APPEARED IN THE NEW YORK TIMES ON FEBRUARY 7, 2017

$4.5 MILLION

The Sutton959 First Avenue (between East 52nd and 53rd Streets)

A private investor has bought two retail condominiums on either side of the entrance of this 30-story luxury condo-minium tower in Turtle Bay, which was completed at the end of 2016. The spaces — a 1,932-square-foot vacant space and a 781-square-foot space recently leased to Mme Eleanor’s Cleaners,

which is moving from across the street this spring — have asking rents of $125 per square foot. They offer 58 feet of frontage and 15-foot ceilings. The building’s 20-year 421-a exemption re-duces real estate taxes, with the first eight years tax free.

Buyer: Sarex 959 Retail L.L.C.

Seller: Toll Brothers

Brokers: Ron Solarz and Jon-athan Schwartz, Eastern Consolidated


Jonathan SchwartzDirector

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Adam America takes on first Queens project


By Mark Maurer

Adam America Real Estate, one of the most active devel-opers in Brooklyn, is planning its first Queens project – an 11-story condominium build-ing across the street from MoMA PS1 in Long Island City.

The Midtown East-based de-velopment firm, led by Dvir Cohen Hoshen and Omri Sachs, closed on the pur-chase last week of a residen-tial development site at 22-12 Jackson Avenue for $43.5 mil-lion, or nearly $257 per square foot. The site offers 169,500 square feet.

The seller, Plaxall, a Long Is-land City-based plastic pack-aging firm tied to Diamond Service Corp., put the park-ing lot on the market in No-vember for $53.5 million. A taxi company now leases the 33,900-square-foot lot.

Ron Solarz and Chris Ma-tousek of Eastern Consolidat-ed were the sole brokers on the deal.

“There is high demand for condos in Long Island City, given the attractive price point,” Solarz told TRD. “And there was a strong amount of competition to buy the site.”

Adam America partnered with MSD Partners on the project,

according to Crain’s, which first reported on the deal. The new building is slated to hold 186 condo units and a 5,000-square-foot, ground-floor retail space.

The site is located near the 5Pointz redevelopment and Jeffrey Gershon’s 182-unit apartment project. Barneys New York recently moved one of its offices to Plaxall’s 5-25 46th Avenue in the neighbor-

hood.

Adam America is Brooklyn’s most active residential devel-oper by number of projects, based on projects with more than 20 units launched since 2009, according to a TRD analysis. Since 2011 alone, the developer has been in-volved in at least 18 projects, often in partnership with Slate Property Group.


22-12 Jackson Avenue, LIC, Queens



Intervest Development Corporation Sells Washington Heights Portfolio for $165M


By Lauren Elkies Schram

After a couple of decades of owning and managing a portfolio of nine mixed-use elevator buildings in Wash-ington Heights, Intervest De-velopment Corporation has sold them for $165 million, Commercial Observer has learned. The deal closed this afternoon.

“They’ve had the properties for between 20 and 30 years and wanted to take advantage of the currently strong market,” said Eastern Consolidated‘s Marcia Rose Yawitz. She and Ron Solarz represented In-tervest Development Corpo-ration, a long-term owner of investment-grade properties, and they procured the buyer, WHP LLC, a corporation out-side of New York City made up of a consortium of private investors.

The buildings are located primarily on St. Nicholas Av-enue between West 164th and West 192nd Streets and span 487,700 square feet. They contain 413 apartments (383 are rent-stabilized, 25 are

rent-controlled and five are free market with monthly rents running from $378 to $2,639), 70 percent of which have two or more bedrooms, 48 street-level retail stores (most-ly mom-and-pop shops), two professional offices and one rooftop antenna.

“As values in West Harlem and Hamilton Heights have increased exponentially, ac-tive real estate investors are seeking properties with up-side in Washington Heights,” Ms. Yawitz said in prepared remarks. “Renters priced out of other areas also are attract-ed to the area because of its abundance of large, pre-war apartments like those in this portfolio, which are ideal for both families and shares.”

Mr. Solarz noted: “The buy-er saw a rare opportunity to acquire a prime, mixed-use Washington Heights portfolio that offers tremendous upside value on the residential and retail units, as the rents are far below market. All but one property in the package is a corner building with ground-floor retail.”


Marcia Rose YawitzSenior Director

610 West 174th Street. Part of the Washington Heights portfolio that sold.



Solarz Hitting His Stride At Eastern Consolidated


By Dan Orlando

Veteran broker Ron Solarz is back in his stride at Eastern Consolidated.

After 29 years in the busi-ness and $6 billion in sales and acquisitions, one of the most respected and success-ful New York City investment sales brokers of the past three decades said he’s still a half-glass full sorta guy.

“Nobody has a crystal ball,” said Solarz. “At the moment, things are incredibly strong. Demand is absolutely out-weighing supply.

“If anything, more and more money is pouring into New York. From what I can tell, things are going to be healthy for a while.”

After a stint at Brookfield Fi-nancial with his former partner at Eastern Consolidated, Eric Anton, Solarz rejoined the firm as a principal and executive managing director in April last year.

He said there were “no hard feelings” surrounding the de-cision, but that Eastern Con-solidated was simply “a better

fit” for him.

Indeed, since his return, he was the first broker to bring an infamous Ring building to market when he sold Extell’s 34 West 17th Street building for $20 million, or about $810 psf, in February.

Last month, Solarz and col-league Chris Matousek han-dled the sale of 22-12 Jack-son Avenue to Adam America Real Estate for $43.5 million. The current commercial lot is slated to become the site of a residential building, something that Solarz feels is desperately needed in the growing section of Queens. “Demand for well-located

condominium development sites is very strong,” he said. “Most of the deals that are be-ing developed are being de-veloped as rentals.

“You buy a condo in midtown Manhattan, it might cost — for arguments sake — $2,000 psf. You buy a condo in Long Island City and today it might cost 1,100 or $1,200 psf. It just represents a value play. It’s a huge discount from Man-hattan, but it’s incredibly con-venient to Manhattan. It’s just a cool area with lots of artists and lots of cool restaurants.”

One thing that the neighbor-hood does currently lack is an extensive selection of retail options, but Solarz is “bull-ish” on that void being fi lled promptly and said it will follow the incoming residents.

He told Real Estate Weekly that he’s executing another sizeable transaction in the area currently. “I’m signing another contract today on a smaller development site for about $281 psf.”

It may come as a surprise that the big city broker Solarz has become is a small town guy. He grew up in Buffalo, NY and

went to SUNY Buffalo to study management, but confesses he headed for the Big Apple with no real game plan.

“I always wanted to live in a big city, no question about it,” said Solarz. “When I graduat-ed from college and I came to New York City, I was 22 years old and honestly, I didn’t know exactly what I wanted to do.” He said he eventually “fell into” real estate after deciding to pursue a career in sales. “I’m a social person and I think sales is a great extension to being social,” said Solarz. “It fi t my personality.”

After getting his start as a residential broker, Solarz started Solarz Realty, a Man-hattan-based real estate bro-kerage and investment fi rm, then in 1994, joined Eastern Consolidated. He put in six years before becoming a prin-cipal.

“In 1994, I got tired of being a residential broker and I de-cided to move into commer-cial real estate,” he said of a decision that led to a string of big deals at Eastern Consoli-dated, ranging from the $210 million sale of 240 East 27th Street to the $110 million sale




Eastern Consolidated arranges $63.6M Inwood multifamily portfolio sale

AS APPEARED IN REAL ESTATE WEEKLY ON DECEMBER 23, 2016

Eastern Consolidated has ar-ranged the sale of the Inwood Portfolio, a 13-building multi-family package in the Inwood section of Manhattan, for $63.6 million.

Executive managing director and principal Ron Solarz, and senior director and principal Matthew Sparks, represented the long-time private owner, and procured the buyer, a private real estate investor. Gary Meese, se-nior director, Financial Services, was the analyst for the offering.

The Inwood Portfolio consists of 13, five-story walk-up build-ings located on Sherman Av-enue, Post Avenue, Academy Street, and Vermilyea Avenue, and a surface parking lot be-hind the buildings. The units include two retail stores and 359 residential apartments of which 93 are one bedrooms, 210 are two bedrooms, 51 are three bedrooms, and five are super units.

“There was a tremendous amount of interest in this portfolio, which offers signifi-cant future upside potential,” Solarz said.

“The buildings have been well-maintained by the same owner for 40 years and are lo-cated within close proximity of each other, allowing for efficient operation and administration.”

Sparks added, “The port-folio’s location in Inwood made it even more desirable because the buildings are steps from the subway and the vibrant Dyckman Street retail corridor where national retailers and major banks are located. Young profession-als have discovered Inwood and are moving into the large apartments in the neighbor-

hood’s residential buildings.”

The buildings in the Inwood Portfolio also are located with-in three blocks of two Upper Manhattan parks situated along the Hudson River — Fort Tryon Park and Inwood Hill Park — and transportation via the A or 1 subway lines, which offer easy access to Midtown and Downtown Manhattan.


Matthew SparksSenior Director, Principal

Gary MeeseSenior Director, Financial Services

633 THIRD AVENUE, RETAIL CONDO

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Investment Sales Services

Retail Condos/Co-ops1031 Exchange OpportunitiesMixed-Use PropertiesPortfoliosMultifamilyOffice BuildingsDevelopment SitesAir RightsHotelsParking Garage Sales/Leasing

Retail Leasing Services

Landlord AdvisoryTenant AdvisoryNational ChainsInternational BrandsEmerging BrandsRestaurantsMedicalFitness & RecreationalApparelEducational

Capital Advisory Services

Bridge FinancingConstruction FinancingPermanent FinancingCommercial LendingMezzanine Financing & Preferred EquityJoint Venture EquityCMBSSingle-Tenant Financing

Eastern Consolidated’s Complementary Services:

All properties featured in this brochure were sold by Ron Solarz.

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INVESTMENT SALESRETAIL LEASINGCAPITAL ADVISORY

WWW.EASTERNCONSOLIDATED.COM355 LEXINGTON AVENUE

NEW YORK, NY 10017F. 212.499.7700O. 212.499.7718

ronald a solarz at eastern consolidated investment sales ......commercial property news “hot...

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