REBusinessOnline

SL Green Agrees to Sell Multifamily Building in Manhattan for $62M

NEW YORK CITY — SL Green has agreed to sell a 126-unit multifamily building in the Sutton Place neighborhood of Manhattan for $62 million. Located at 400 E. 58th St., 16-story property also includes approximately 3,800 square feet of commercial space. The transaction is expected to close during the third quarter and generate net cash proceeds to SL Green of approximately $20 million. SL Green and an undisclosed joint venture partner acquired the building in 2012 as part of an eight-building …

Colliers Arranges Sale of 40,000 SF Warehouse in Levittown, Pennsylvania

LEVITTOWN, PA. — Colliers International has arranged the sale of a 40,000-square-foot warehouse in Levittown, a southern suburb of Trenton, for an undisclosed price. The Class C building is located at 1901 Hartel St. and was constructed in 1969. The property offers immediate access to the Pennsylvania Turnpike and Interstate 95. Jim Scott of Colliers represented the buyer, family-owned tire service company McCarthy Tire. Scott also represented the undisclosed

JLL Brokers $19.8M Sale of Residential Development Site in Brooklyn

NEW YORK CITY — JLL has brokered the $19.8 million sale of a vacant, 19,991-square-foot residential development lot in the Dumbo neighborhood of Brooklyn. Located at 251 Front St., the property includes 39,982 square feet of developable land and is zoned for a boutique condominium or townhouse project. The space also includes 400 feet of retail visibility on three streets. Stephen Palmese and Brendan Maddigan led a JLL team that represented the seller, a private investor, in the transaction. …

NKF Negotiates 15,499 SF Retail Lease Renewal in South Whitehall, Pennsylvania

SOUTH WHITEHALL, PA. — Newmark Knight Frank (NKF) has negotiated a 15,499-square-foot retail lease renewal for Grocery Outlet Inc. in South Whitehall, a western suburb of Allentown. Located at 4680 Broadway Road, the property is part of the 248,533-square-foot Tilghman Square shopping center, which offers convenient access to State Routes 22 and 309 and Interstates 78 and 476. Other tenants include New Vision Theaters, Dollar Tree and Staples. Grocery Outlet Inc. had previously leased the …

Charlie’s Pizza Signs 2,000 SF Retail Lease at Morrell Plaza in Philadelphia

PHILADELPHIA — Charlie’s Pizza has signed a 2,000-square-foot retail lease at Morrell Plaza, a 103,000-square-foot shopping center that is located at the intersection of Frankford Avenue and State Route 13 in Philadelphia. A 63,000-square-foot ShopRite supermarket anchors the center. Other tenants include Northeast Cycle, Wingstop, Freedom Credit Union, Rite Aid, T-Mobile, Supercuts, Dunkin’ and Yamato Sushi & Hibachi. Sidney Singer of Levin Management Corp., which serves as the …

Lululemon Acquires Digital Exercise Platform Mirror for $500M

DOVER, DEL. — Lululemon Athletica Inc., a provider of athletic apparel that is based in Vancouver, British Columbia but incorporated in Delaware, has acquired digital exercise platform Mirror for $500 million. The startup fitness concept, which launched in 2018, sells a digital mirror with a camera, speakers and virtual metrics that allow users to participate in live fitness classes from home. Mirror will bolster Lululemon’s digital offerings and bring personalized in-home workouts to …

Outdoor, Indoor Entertainment Businesses Reopen in West New York, State Rolls Back Broader Reopenings

ALBANY, N.Y. — Some outdoor and indoor entertainment businesses, including aquariums, zoos and professional sports venues without fans, have reopened in the West New York region, according to a statement from New York Gov. Andrew Cuomo’s office on Tuesday, June 30. New York has gradually reopened businesses on a region-by-region basis according to a multi-phased reopening plan, but Cuomo has decided to remove shopping malls, gyms and movie theaters from the phase after observing recent …

CBRE Brokers Sale of 180,000 SF Industrial Facility in Lyndhurst, New Jersey

LYNDHURST, N.J. — CBRE has brokered the sale of a 180,000-square-foot industrial facility in Lyndhurst, a northwestern suburb of New York City. Located at 1201 Valley Brook Ave., the facility features 11 loading docks, parking for 162 cars and a clear height of 26 feet. The property is located less than 30 miles from Newark Liberty International, La Guardia and John F. Kennedy International Airports and 14 miles from the Port Newark Container Terminal. The building formerly served as a …

Greystone, Lappin Form Joint Venture to Lend on Affordable Housing Renovation Projects in New York City

NEW YORK CITY — Commercial mortgage lender Greystone and developer Lappin Associates have formed a joint venture to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing in New York City. The joint venture will originate long-term agency loans that will enable owners of affordable multifamily projects to complete renovations in order to prolong the lives of their properties. Lappin Associates is led by Michael Lappin, former CEO of the …

Conway Capital Acquires Multifamily Portfolio in Brooklyn for $11.5M

NEW YORK CITY — Locally based investment firm Conway Capital has acquired a four-property multifamily portfolio in Brooklyn for $11.5 million. The portfolio consists of 14 residential units and two commercial spaces, one of which was vacant at closing. The portfolio includes 74 First Place, a 5,324-square-foot, four-story building with five units; 228 Livingston Street, a 4,904-square-foot, four-story building with two residential units and two retail spaces; 710 DeGraw Street, a …

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