New York

Cushman & Wakefield Arranges Sale of 51,794 SF Grocery-Anchored Shopping Center in Boonton, New Jersey

by Alex Patton June 3, 2020

BOONTON, N.J. — Cushman & Wakefield has arranged the sale of Del’s Village Shopping Center, a 51,794-square-foot grocery-anchored retail property in Boonton, a northwestern suburb of New York City. The sales price was $12.5 million. Kings Food Market anchors the shopping center, which is located at 115 Hawkins Place, and the property was 97 percent leased at the time of sale. Seth Pollack, Andrew Merin and David Bernhaut led a Cushman & Wakefield team that represented the seller, ROI Management, in the transaction. The team also procured the buyer, a private investor.

June 3, 2020

New York Northeast Retail

Urban Edge Launches Dedicated Grab-And-Go Services at Retail Properties

by Alex Patton June 3, 2020

NEW YORK CITY — Urban Edge Properties, a New York City-based management company, has launched dedicated grab-and-go shopping services at select retail properties in New York and New Jersey. Urban Edge will offer short-term parking spaces located near stores that allow shoppers to pick up items ordered online or briefly enter the store. The spaces are designed to limit the amount of time customers physically spend in stores and to emphasize social distancing as retailers gradually begin to reopen their stores amid the COVID-19 outbreak. Urban Edge has launched the new service at 16 properties, including Bergen Town Center and Hudson Mall in Jersey City and Burnside Commons in New York. Additional properties will launch the program throughout June and July. Restaurant and other essential retailers are already using the parking spots.

June 3, 2020

New York Northeast

Two New York Regions Expected to Begin Phase II of Reopening This Week

by Alex Patton June 2, 2020

ALBANY, N.Y. — Two regions in the state of New York are expected to begin Phase II of the state’s reopening plan this week following improved conditions amid the COVID-19 health and economic crisis, according to a statement issued by New York Gov. Andrew Cuomo on Monday. The regions in question are Western New York and the Capital Region, which includes the state capital of Albany. Phase II includes the reopening of office-based jobs, real estate construction and services, barbershops, salons and expanded retail services. Five regions in Upstate New York — the Finger Lakes, North Country, Mohawk Valley, Central New York and Southern Tier regions — were permitted to begin Phase II on Friday. New York City is expected to enter Phase 1 on June 8. The requirements to reopen a region include a 14-day decline in hospitalizations and hospitalized deaths, fewer than two new hospitalizations per 100,000 residents, as well as several other requirements related to hospital capacity and testing availability. As of June 1, the Center for Disease Control and Prevention reported more than 370,000 cases of the COVID-19 in New York and nearly 29,000 deaths.

June 2, 2020

Healthcare Leasing Activity New York Northeast Office

HSS Opens 15,000 SF Medical Center at Hudson Yards in Manhattan

by Alex Patton June 2, 2020

NEW YORK CITY — Hospital for Special Surgery (HSS) has opened a new 15,000-square-foot outpatient medical center at the Hudson Yards mixed-use development in Manhattan. The space is located within 31 Hudson Yards, a 72-story building that also houses the Equinox Hotel and an Equinox fitness club. The facility will be staffed by physicians and surgeons specializing in hand and upper extremity, spine, joint replacement and pain management. Related Cos. is the developer and owner of Hudson Yards.

June 2, 2020

Leasing Activity New York Northeast Office

Cushman & Wakefield Negotiates 7,400 SF Office Lease in Manhattan

by Alex Patton June 2, 2020

NEW YORK CITY — Cushman & Wakefield has negotiated a 7,400-square-foot office lease for Australian pension fund AustralianSuper in the Plaza District of Manhattan. AustralianSuper leased the entire 20th floor of 527 Madison Avenue, an approximately 240,000-square-foot office building that was constructed in 1986. Jim Frederick and Gordon Hough of Cushman & Wakefield represented the landlord, Mitsui Fudosan America Inc., in the lease negotiations. Paul Amrich, Neil King and Georgina Cook of CBRE represented AustralianSuper.

June 2, 2020

Acquisitions Multifamily New York Northeast

Avison Young Brokers $4.5M Sale of Multifamily Property in Manhattan

by Alex Patton June 2, 2020

NEW YORK CITY — Avison Young has brokered the $4.5 million sale of a four-unit multifamily property in the SoHo neighborhood of Manhattan. Located at 198 Prince St., the 5,000-square-foot property was constructed in 1900 and includes ground-floor space for retail or office uses. Brandon Polakoff of Avison Young represented the seller, a private owner, in the transaction. The buyer was undisclosed.

June 2, 2020

Acquisitions New York Northeast

Naftali Group Acquires 94,500 SF Waterfront Development Site in Brooklyn

by Alex Patton June 1, 2020

NEW YORK CITY — Naftali Group LLC has acquired a 94,500-square-foot waterfront development site at 470 Kent Ave. in the Williamsburg neighborhood of Brooklyn. Certified Lumber formerly leased an existing building on the site, which will be demolished for the redevelopment of a residential or mixed-use project. The property, which overlooks the East River, is located near the Brooklyn Navy Yard mixed-use district and offers convenient access to the East River Ferry terminal and Marcy Avenue train station. Brendan Maddigan and Stephen Palmese of JLL represented the undisclosed seller in the transaction, along with Robert Burton of Cushman & Wakefield. The sales price was undisclosed.

June 1, 2020

Leasing Activity New York Northeast Office

Cushman & Wakefield Negotiates 7,263 SF Office Lease in Manhattan

by Alex Patton June 1, 2020

NEW YORK CITY — Cushman & Wakefield has negotiated a 7,263-square-foot office lease for portfolio management firm Axium Infrastructure Inc. in the Plaza District of Manhattan. Axium leased the entire 21st floor of 527 Madison Avenue, an approximately 240,000-square-foot office building. The 26-story building was constructed in 1986. Jim Frederick and Gordon Hough of Cushman & Wakefield represented the landlord, Mitsui Fudosan America Inc., in the lease negotiations. CBRE represented Axium.

June 1, 2020

Leasing Activity New York Northeast Office

PhotoShelter Signs 23,300 SF Office Headquarters Lease in Manhattan’s Financial District

by Alex Patton May 29, 2020

NEW YORK CITY — PhotoShelter, a photography and videography support service, has signed a 23,300-square-foot office lease for its new headquarters in Manhattan’s Financial District. The space is located on the 19th floor of 111 Broadway, a 22-story, Class A office building constructed in 1905. Amenities include a fitness center, indoor swimming pool and outdoor lounge. The 484,901-square-foot building and its neighboring tower at 115 Broadway are collectively known as Trinity Centre. Montroy DeMarco Architecture LLP designed PhotoShelter’s office build-out. Capital Properties own the building. CBRE is the building’s leasing agent.

May 29, 2020

Leasing Activity New York Northeast Office

Hickory Lane Capital Management Signs 2,100 SF Office Lease in Manhattan

by Alex Patton May 28, 2020

NEW YORK CITY — Hickory Lane Capital Management has signed a 2,100-square-foot office lease for its new headquarters in Manhattan’s Garment District. The firm signed a three-year lease for space on the seventh floor of an office building located at 530 Seventh Ave. The building features a 30,000-square-foot co-working space, which serves as an amenity to all tenants and offers additional office spaces and conference rooms. Brian Neugeboren, Nicole Goetz and Alicia Parente of Savitt Partners represented the undisclosed landlord. Christina Combias of Voro Real Estate represented Hickory Lane.

May 28, 2020

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