NEW YORK CITY — Simone Development Companies has added a 40,000-square-foot self-storage facility to its Hutchinson Metro Center in the Pelham Bay section of the Bronx. CubeSmart is managing the climate-controlled facility. The new facility at 1260 Waters Place offers a variety of storage unit sizes in a well-lit site with 24-hour video surveillance. Amenities include hand-carts and dollies, availability of packing supplies and boxes, and printing/copy/fax services. The facility also offers a complimentary truck and driver through A Super Move. Delivery services directly to storage units are available. The facility has bi-lingual managers, and offers insurance services and discounts for military personnel.
NEW YORK CITY — 60 Guilders, a New York-based real estate investment and operating firm, has partnered with The Carlyle Group to convert three buildings in Midtown South to office condominiums. The three properties include The Corinthian, a 105,640-square-foot medical office building in Midtown South; 20 West 33rd Street, a 176,700-square-foot office building near the Empire State Building; and the adjacent 18 West 33rd Street, a 18,234-square-foot boutique office building. Rudder Property Group is marketing the units at the buildings. The conversions will add 300,000 square feet of available office condominium space to the Midtown South and Penn Plaza submarkets.
MELVILLE, N.Y. — Merrill Lynch Wealth Management has signed a five-year renewal for its 28,522-square-foot lease at the Melville Square Corporate Center at 1305 Walt Whitman Road in Melville. The Feil Organization owns the building, which is located in the heart of Long Island’s corporate headquarters corridor on the border of Nassau and Suffolk counties. Merrill Lynch has been a tenant in the building since the property’s renovation in 1999. Feil acquired the three-story, 165,310-square-foot building in September 2015 and plans major upgrades including the relocation and installation of a full-service café, creation of a high-tech conference center, and renovation of the fitness center. David Turino and Nicholas Forelli of Feil represented the landlord. Vince LaManna and Richard Freel of CBRE represented Merrill Lynch.
NEW YORK CITY — KZA Realty Group recently brokered a three-year lease for a 20,000-square-foot warehouse on Manida Street in the Bronx that allows global delivery box service Marley Spoon to expand into a larger warehouse located in the Bronx. Marley Spoon is a European-based recipe kit delivery service start-up. The company launched its recipe box delivery service in Germany, expanding to the Netherlands and the U.K., and then launching in the United States in 2015 with funding from Kreos Capital, QD Ventures, Luxor Capital and Lakestar. Kathy Zamechansky of KZA Realty Group represented the company in leasing the new, larger warehouse facility after it outgrew its Long Island warehouse space.
ALBANY, N.Y. — Marcus & Millichap has arranged the sale of Corporate Plaza, a 149,460-square-foot office park in Albany, for $14.47 million, or just under $100 per square foot. The eight buildings were 93 percent occupied at the time of sale to local owner/developer Cass Hill Development Cos. Ben Sgambati, Chip Collins, and Anthony Asencio of Marcus & Millichap represented the seller, Rosenblum Cos., an Albany-based owner/developer, and procured the buyer. J.D. Parker is Marcus & Millichap’s broker of record in the state of New York.
NEW YORK CITY — Eastern Consolidated has arranged the $40.73 million sale of a 167-unit, 187,800-square-foot multifamily property at 94-25 57th Avenue in Elmhurst, Queens. The fully occupied property, located on Junction Boulevard between 56th and 57th Avenues, includes 15 studios, 101 one-bedrooms, 35 two-bedrooms, 12 three-bedrooms, and three professional units. Matt Sparks and Ted Volynets of Eastern Consolidated represented the seller, a private investor, and Sparks procured the buyer, Treetop Development, in the off-market transaction.
New York City’s retail outlook is sunny, as steady labor market expansion — bolstered by substantial Fortune 500 hiring — has spurred retailer demand for existing and new spaces in all five boroughs. Strong retail property performance in the City That Never Sleeps has supported continued rent and price growth, which will result in higher sales velocity over the short- and mid-terms. Employment Gains, Tourism Underlie Performance During the first six months of 2016, New York City employers created 33,600 new jobs. This pronounced job growth, which has been characteristic of the current cycle, reduced the unemployment rate to 5 percent by the end of the first quarter. This is the lowest rate unemployment rate the city has seen since November 2007. By the end of the year, area employers will add 90,000 workers, with the education and health services and professional and business services sectors projected to post the greatest increases. The leisure and hospitality sector will also contribute significantly to employment gains this year, as greater tourism spending prompts organizations in the sector to ramp up hiring. Another important indicator of NYC’s economic health is strong retail sales, which represent one of the best paces of retail spending …
NEW YORK CITY — Rudder Property Group has brokered a number of office and retail property sales, including seven that total $72.1 million at 866 United Nations Plaza in New York. Systems Property Development acquired the retail and garage portion of the building for $31.1 million. Glenn Tolchin of JLL represented the seller in the transaction. Michael Rudder and Mike Heller of Rudder Property Group represented the seller in the office condominium sales: The National Spiritual Assembly Of the Baha’is of the United States acquired a 9,938-square-foot office condominium for $12.4 million. James Saunders of Newmark Grubb Knight Frank represented the buyer in the deal. The Government of Monaco purchased a 7,031-square-foot office space for $9 million. Steven Kaufman of Hanley Advisors represented the buyer. MGRM Holding Inc. bought a 3,563-square-foot office condo for $3.6 million. Mike Bhuiyan of DJK Residential represented the purchaser. The Egyptian Building Fund Authority and the Ministry of Egyptian Foreign Affairs acquired a 10,200-square-foot office space for $8.2 million. Joshua Sloyer of Douglas Elliman and Tahani Elrafei of McBride Agency Realtors represented the buyer. The Permanent Mission of the Republic of Djibouti to the United Nations purchased a 4,643-square-foot office condo for $4.9 million. The Military …
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 239 Elizabeth St. in Manhattan’s Nolita neighborhood. An estate sold the property to a private investor for $7.2 million, or more than $900 per square foot. The six-story property comprises a studio unit, five two-bedroom apartments, five one-bedroom apartments and one retail unit. Peter Von Der Ahe, Joe Koicim and Joshua Grossman of Marcus & Millichap represented the seller and buyer in the transaction.
NEW YORK CITY — HFF has arranged $26.9 million in acquisition and construction financing for 314 Scholes Street, a three-building industrial complex located in Brooklyn’s Williamsburg neighborhood. HFF arranged the five-year, floating-rate loan through M&T Bank for the borrower, The Hudson Companies. The borrower plans to convert the 97,475-square-foot complex into 83,211 square feet of creative office space and 14,543 square feet of retail space. Designed by S9 Architects, the project is slated for completion in 2018. Christopher Peck and Rory Shepard of HFF secured the financing for the borrower.