New York

CIM Group, L+M Development Sell Two Affordable Housing Buildings Totaling 490 Units in Manhattan

by Taylor Williams January 8, 2021

NEW YORK CITY — A joint venture between Los Angeles-based CIM Group and L+M Development Partners has sold 265 and 275 Cherry Street, two 26-story Section 8 apartment buildings located on Manhattan’s Lower East Side that total 490 units. The properties were originally built in 1979 and feature one-, two- and three-bedroom units. Amenities include a community room, convenience mart, outdoor courtyards and playgrounds. The buyer was an affiliate of Related Cos. Cushman & Wakefield represented both parties in the transaction.

January 8, 2021

Development Multifamily New York Northeast

Sinatra & Co. Completes $15M Multifamily Redevelopment Project in Buffalo

by Taylor Williams January 8, 2021

BUFFALO, N.Y. — Locally based developer Sinatra & Co. has completed the redevelopment of Mid-City Apartments, a $15 million project that added 50 units and 12,000 square feet of commercial space to the supply in downtown Buffalo. The property was originally constructed as a storage building in 1916 and was subsequently renovated to allow for commercial and residential uses. Sinatra & Co. originally acquired the building in 2014.

January 8, 2021

Acquisitions Industrial New York Northeast

JLL Brokers $74.5M Sale of Warehouse Leased to Home Depot on Long Island

by Taylor Williams January 7, 2021

HICKSVILLE, N.Y. — JLL has brokered the $74.5 million sale of Lincoln Logistics @ Hicksville, a 195,610-square-foot distribution center in the Long Island hamlet of Hicksville that is fully leased to The Home Depot. The seller and developer, Lincoln Equities Group, completed the property in December 2020. Building features include 36-foot clear heights, 29 dock-high doors and 4,185 square feet of office space. Jose Cruz, Marc Duval, Jordan Avanzato, Tyler Peck, Rob Kossar, Leslie Lanne and Tom DiMicelli of JLL represented Lincoln Equities Group in the transaction. The buyer was an undisclosed institutional investor.

January 7, 2021

Leasing Activity New York Northeast Office

Three Apparel Companies Sign Office Leases Totaling 35,458 SF in Manhattan

by Taylor Williams January 7, 2021

NEW YORK CITY — Three apparel companies have signed office leases totaling 35,458 square feet at 463 Seventh Ave., a 22-story building in Manhattan’s Garment District. Sensual Inc. signed a lease for 23,785 square feet, A.W. Chang Corp. renewed its lease for 8,936 square feet and Blue Duck Trading Ltd. signed a 2,737-square-foot renewal. David Levy of Adams & Co. Real Estate represented the landlord, Arsenal Co., in all three sets of lease negotiations. Built in 1925, 463 Seventh Ave. is located within Penn Plaza and recently underwent a multimillion-dollar renovation.

January 7, 2021

Acquisitions New York Northeast Restaurant Retail

Urban Edge Properties Acquires 1.2 MSF Sunrise Mall on Long Island for $29.7M

by Taylor Williams January 6, 2021

MASSAPEQUA, N.Y. — Urban Edge Properties (NYSE: UE) has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent occupied, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. A JLL team of Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson represented the seller in the transaction. The new ownership is planning a redevelopment plan, details of which were not disclosed.

January 6, 2021

Acquisitions Industrial New York Northeast

Transwestern Arranges $14.4M Sale of Warehouse Occupied by Goodwill in Queens

by Taylor Williams January 5, 2021

NEW YORK CITY — Transwestern has arranged the $14.4 million sale of a 31,000-square-foot warehouse located at 26-25 Fourth St. in the Astoria neighborhood of Queens. Goodwill Industries owns and occupies the building. Stephen Powers, Lindsay Ornstein and Jake Cinti of Transwestern represented Goodwill in the transaction. The buyer was not disclosed.

January 5, 2021

Acquisitions Multifamily New York Northeast

PEBB Enterprises, Sagamore Hill Buy 188,109 SF Shopping Center on Long Island

by Taylor Williams January 4, 2021

PORT WASHINGTON, N.Y. — A partnership between South Florida-based PEBB Enterprises and New York-based Sagamore Hill Partners has purchased Soundview Marketplace, a 188,109-square-foot shopping center located in the Long Island hamlet of Port Washington. The 11-acre property was built in phases between 1962 and 1977 and houses tenants such as T.J. Maxx, Target, Walgreens and Ace Hardware. John Bell, Jon Kleinberg and Patrick Heeg of Transwestern represented the undisclosed seller in the transaction.

January 4, 2021

Leasing Activity New York Northeast Office

Transwestern Negotiates 34,500 SF Office Lease in Queens

by Taylor Williams January 4, 2021

NEW YORK CITY — Transwestern has negotiated a 34,500-square-foot office lease for social services agency Sheltering Arms Children & Family Services at 165-19 Jamaica Ave. in Queens. The six-story building spans 69,000 square feet. Stephen Powers, Lindsay Ornstein, Thomas Hines, Jake Cinti and Alexander Smith of Transwestern represented Sheltering Arms, which plans to relocate to its new space in the third quarter of 2021, in the lease negotiations.

January 4, 2021

Company News New York Northeast

Peloton Agrees to Acquire Fitness Equipment Maker Precor, Two Manufacturing Facilities for $420M

by Taylor Williams December 22, 2020

NEW YORK CITY — Interactive fitness company Peloton (NASDAQ: PTON) has entered into an agreement to acquire Precor, a producer of fitness equipment based in metro Seattle, for approximately $420 million. Under the terms of the deal, which is expected to close in early 2021, Peloton will also acquire two of Precor’s equipment manufacturing facilities totaling 625,000 square feet in North Carolina and Washington. Peloton’s stock price eclipsed $160 per share in early trading on Tuesday, Dec. 22, which represents a 13 percent increase from its closing price of $141.79 per share on Monday, Dec. 21, and a more than 400 percent increase from its mark of $30.15 per share a year ago.

December 22, 2020

Acquisitions Multifamily New York Northeast Retail

JLL Negotiates $11.4M Sale of Multifamily, Retail Building on Manhattan’s Upper West Side

by Taylor Williams December 21, 2020

NEW YORK CITY — JLL has negotiated the $11.4 million sale of a multifamily and retail building located at 57 W. 86th St. on Manhattan’s Upper West Side. The property is located less than a block from Central Park and consists of 12 residential units and 6,300 square feet of retail space. Paul Smadbeck, Hall Oster, Teddy Galligan, Conrad Martin, Tim O’Brien and Braedon Gait of JLL represented the seller, Endeavor Guidance, in the transaction. The buyer was Michael Herzog LLC.

December 21, 2020

Newer Posts

Older Posts

Upcoming Events

Aug
18