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July 24, 2008

ING Sells Roosevelt Raceway Center on Long Island for $103M

ING Clarion Partners L.L.C. has sold the Roosevelt Raceway Center in Westbury, N.Y. The New York office of Holliday Fenoglio Fowler L.P. announced the finalization of the $103 million sale and arranged financing, representing the buyers, the Mattone Group and Gartenstein Properties, who put up $32.3 million in cash. The property consists of 427,000 square feet of retail stores and condominiums. The deal also included a $70.7 million fixed-rate loan from New York Community Bank. The Roosevelt Raceway Center , located on Corporate Drive in the suburb of Westbury in Nassau County, Long Island, was completed in 1995. It was the the home of the Roosevelt Raceway for trotters. The fully leased property has retail tenants that include Applebee’s and Sprint. “We were very pleased to be part of this transaction” Robert Delitzky (pictured), HFF managing director, told CPN. “This was really against the trend because the financing happened at about the same time as the sale. We worked very fast to make this happen.” It took about 90 days to arrange and finalize the financing of the acquisition. What made this possible, Delitzky explained, was that “the borrowers were longtime clients of New York Community Bank.” In addition, HFF has a lot of business as brokers to New York Community Bank. According to Delitzky, the deal was specially desireable as it enabled the buyers to acquire one of the top retail properties in Long Island. “It is very difficult to assemble that much developable land..and property of that size in Nassau County now,” he noted. “And with the timing of the approval process…[it is difficult now] to develop a property in Long Island for such quality clients.” Other recent deals by the New York office of HFF, as reported by CPN, include a $ 90 million refinancing for 401 West 14th St. , a 62,000-square-foot retail and an office building in Manhattan’s Meatpacking District. The New York HFF office has also been brought aboard to market the sale of Riverbank West, a 44-story, 418-unit luxury residential building in Manhattan’s West 42nd Street corridor. The Mattone Group is a development and construction company based in Queens, N.Y., that manages about 2 million square feet of commercial property in and around the New York metropolitan area. It been in the business for 45 years. The Gartenstein Properties, in Brooklyn, is actively developing multi-family and commercial projects in Brooklyn, in particular, and in the New York metropolitan area generally.

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