94 8th Ave.
NEW YORK—Locally-based ABS Partners Real Estate has closed on a $25.3-million sale-leaseback of 12 Pay-O-Matics in Manhattan, Brooklyn, Queens and the Bronx. The going in cap rate was just under 5%.
ABS Partners Real Estate's Steven Hornstock, Randy Modell, Ryan Cerqueira and Alex Warner acted on behalf of Pay-O-Matic, while the buyer, Global Asset Management, was represented by ABS' Mark Tergesen.
The assignment began in 2016 when ABS was retained by Pay-O-Matic, which is one of New York's largest providers of check cashing services, operating 150 retail locations, as its real estate consultant, managing and leasing agent for 14 Pay-O-Matic-owned locations. Many of the locations are mixed-use containing apartments and other retail uses.
The initial phase of the assignment was to stabilize the residential and ancillary retail uses at the properties, according to Hornstock, who is a founder and co-managing partners of ABS. Then it decided to pool 12 of the properties together and sell them as a sale-leaseback package, he said.
The portfolio included a POM garage and truck depot in Bushwick, as well as their corporate office on Syosset, Long Island.
Other buildings in the Pay-O-Matic portfolio include 254 Scholes St., in Williamsburg, a 27,500-square-foot, block-through lot with a 17,500-square-foot industrial property onsite; 94 8th Ave., a three-story walkup between 14th and 15th streets in Manhattan's Meatpacking District; and 4551 3rd Ave., a 5,400-square-foot corner lot with a one-story taxpayer, with the potential for 29,700 buildable square feet, located directly across from St. Barnabas Hospital and adjacent to four properties owned by the hospital.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
