New Jersey

Lennar Unveils 103-Unit Condominium Building in New Jersey

by Amy Works June 20, 2016

WEEHAWKEN, N.J. — Lennar has unveiled 1200 Avenue at Port Imperial, a boutique condominium project located on Weehawken’s Port Imperial waterfront. The seven-story development features 103 condominiums, a grand salon lobby, library lounge, media screening room, children’s playroom, fitness center and the Skyline Social Room, which offers lounge space, a catering kitchen, bar, multiple gathering areas with fireplaces, sound systems and televisions. Designed by Handel Architects, the building features a sleek glass interior with brick and metal panel accents, large windows and private balconies/terraces to maximize views of the Hudson River and Manhattan skyline. Ranging from 887 square feet to 3,139 square feet, the one- to three-bedroom residences are available for sale, starting at $759,000. 1200 Avenue at Port Imperial is the second building to open within Lennar’s Avenue Collection, a series of amenity-rich residential properties on the New Jersey Gold Coast.

June 20, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $29.3M Sale of 108-Unit Apartment Community in New Jersey

by Amy Works June 17, 2016

RAHWAY, N.J. — Gebroe-Hammer Associates has arranged the sale of Meridia at Waters Edge, an apartment community located at 4 City Hall Plaza in Rahway. 4 City Hall Plaza Urban Renewal LLC acquired the 108-unit property from Meridia’s Water Edge Urban Renewal Rahway LLC for $29.33 million. Built in 2014, the five-story residential building features one- and two-bedroom layouts. On-site amenities include a fitness center, laundry rooms, business center and lounges. Ken Uranowitz and Gehane Triarsi of Gebroe-Hammer represented the seller and identified the buyer in the deal.

June 17, 2016

Multifamily New Jersey Northeast

Point Capital, Fields Construction Co. Complete 83-Unit Apartment Building in Jersey City

by Amy Works June 14, 2016

JERSEY CITY, N.J. — Point Capital Development and Fields Construction Co. have completed the construction of The Baker Building, an apartment building located at 234 Suydam Ave. in Jersey City. Situated in the Lafayette neighborhood, the five-story complex features 83 apartments, a roof deck, courtyard, dog run, parking, lounge and fitness center. Additionally, the property is located in close proximity to the Liberty State Park light rail station. The complex was designed by C+C Architecture with Urban Design Workshop as the architect of record for construction.

June 14, 2016

Healthcare New Jersey Northeast Office

NAI Hanson Arranges Sale of 45,912 SF Medical Office Building in New Jersey

by Amy Works June 14, 2016

HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a medical office building located at 155 Polifly Road in Hackensack. Polifly Group acquired the 45,912-square-foot property from Polifly Plaza Associates for an undisclosed sum. The three-story building was 50 percent vacant at the time of sale. Hackensack University Medical Center currently occupies the first floor, leaving 20,269 square feet available for new tenants. The third floor is currently vacant, offering 15,000 square feet of contiguous office space. Randy Horning and Darren Lizzack of NAI Hanson represented the seller, while Anthony Cassano, also of NAI Hanson, represented the buyer in the deal.

June 14, 2016

New Jersey Northeast Office

Bergman Real Estate Sells 112,260 SF Office Building in New Jersey

by Amy Works June 13, 2016

NEW PROVIDENCE, N.J. — Bergman Real Estate Group has completed the sale of its four-story office building located at 121 Chanlon Road in New Providence. A private entity acquired the property for an undisclosed sum. Situated on 6.5 acres, the 112,260-square-foot office building is 85 percent leased by a variety of companies in industries such as publishing, technology and healthcare. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.

June 13, 2016

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $16.9M Sale of 222-Unit Apartment Complex in New Jersey

by Amy Works June 10, 2016

NEWTON, N.J. — Marcus & Millichap has arranged the sale of Brookside Terrace, an apartment complex located on 7.2 acres at 33 Mill St. in Newtown. The property was sold for an undisclosed sum. Built in 1976, the 222-unit HUD property consists of a 10-story high-rise building and townhouses. Andrew Townsend, Ridge MacLaren, Clarke Talone of Marcus & Millichap represented the seller and procured the buyer. The names of the seller and buyer were not released. J.D. Parker of Marcus & Millichap was the firm’s broker of record in New Jersey.

June 10, 2016

Loans Multifamily New Jersey New York Northeast

Arbor Funds Four Loans in New York, New Jersey Totaling $29.8M in Loans

by Amy Works June 10, 2016

NEW YORK CITY, AND JERSEY CITY, N.J. — Arbor Commercial Mortgage has funded four loans for properties in New York City and Jersey City totaling $29.8 million. Ari Short of Arbor’s New York office originated the loans, which were funded under the Freddie Mac Small Balance Loan program. The firm provided a $12.6 million loan to a three-property, 97-unit multifamily portfolio in the Bronx. The 20-year refinance loan features a 30-year amortization schedule. In the second loan, Eastern Parkway Portfolio, a five-property, 49-unit multifamily portfolio in Brooklyn, received $9.6 million in financing. The 20-year refinance loan features a 30-year amortization schedule. In the third deal, a 23-unit multifamily property located at 429 Lenox Ave. in New York City received a $5.1 million loan. The 20-year refinance loan features a 30-year amortization schedule. In Jersey City, Arbor provided a $2.4 million loan to a 27-unit multifamily property located at 112-118 Tonnele Ave. The 20-year refinancing features a 30-year amortization schedule.

June 10, 2016

Industrial New Jersey Northeast

Tulfra Real Estate, Hampshire Cos. Sell 181,000 SF Industrial Facility in New Jersey for $17.5M

by Amy Works June 9, 2016

PARSIPPANY, N.J. — Tulfra Real Estate, along with its partner The Hampshire Cos., has completed the sale of an industrial facility located at 2 Cranberry Road in Parsippany. An undisclosed buyer acquired the 181,000-square-foot property for $17.5 million. The property recently underwent a $2.1 million renovation, including upgrades to the façade, parking lot resurfacing, addition of loading docks and building system improvements. The property is currently occupied by a variety of warehousing, R&D and production tenants, including Aphena Pharma Solutions, Applechem Inc. and IWK Packaging Systems. Jeffrey Dunne, Kevin Welsh, Brian Schultz and Steve Sander of CBRE represented the seller. Additionally, Igor Derbaremdiker provided in-house representation for The Hampshire Cos.

June 9, 2016

New Jersey Northeast Office

Bergman Real Estate Group Buys 120,000 SF Office Building in New Jersey

by Amy Works June 8, 2016

LYNDHURST, N.J. — Bergman Real Estate Group has acquired 1099 Wall Street West, an office building located in Lyndhurst’s Meadowlands submarket. A private equity fund sold the property for an undisclosed price. Situated on 7.5 acres, the three-story building comprises 120,000 square feet of office space. At the time of sale, the property was 50 percent leased to more than 30 companies. M&T Bank provided a flexible acquisition loan for the purchase. Rick Steel and Mark Zurlini with M&T Bank arranged the loan. Patrick Arangio and Christopher McGlone of CBRE’s National Loan & Portfolio Advisory Group, in collaboration with Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE Institutional Properties, represented the seller in the deal.

June 8, 2016

Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of 21,500 SF Industrial Building in New Jersey

by Amy Works June 6, 2016

SOUTH HACKENSACK, N.J. — NAI James E. Hanson has arranged the sale of an industrial building located at 60 Romanelli Ave. in South Hackensack. Main Event-Mauzone Caterers acquired the 21,500-square-foot property from 60 Romanelli LLC for an undisclosed price. The buyer is relocating from Englewood, N.J., and plans to use the space for a commercial kitchen. The property features 14-foot ceiling heights, one loading dock, two drive-in doors, 17 private parking spaces and 2,800 square feet of office space. Tom Vetter and Jeff DeMagistris of NAI Hanson represented the seller in the deal.

June 6, 2016

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