POUGHKEEPSIE, N.Y. — Marcus & Millichap has brokered the sale of a mixed-use portfolio in Poughkeepsie for $1.5 million. The portfolio consists of three buildings: 509-513 Main St., a 12-unit mixed-use building; 30 Kelsey Road, a five-unit residential property; and 82-84 Garden St., a six-unit apartment building. Chip Collins of Marcus & Millichap represented the buyer and seller in the transaction, both private investors.
MOUNT PLEASANT, N.Y. — GHP Office Realty has acquired 115-117 Stevens Ave., a two-building office complex totaling 182,630 square feet in Mount Pleasant, nearly 40 miles north of New York City in Westchester County. Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE represented the seller, Reckson, a division of SL Green Realty Corp.,in the transaction. The buyer was a White Plains-based commercial real estate firm.The first property, 115 Stevens Ave., is a three-story, 130,630-square-foot office building. Totaling 52,000 square feet, 117 Stevens Ave. is a two-story office building. GHP intends to invest $3.5 million of new capital into the buildings. Amenities at the buildings include a fitness facility, full service café and conference center. Current office tenants include Retriever Medical Dental Payments Inc., Archcare, Cardinal McCloskey Community Services and Utopus Insights.
NEW YORK CITY — Soundview Real Estate Partners and Chartwell Hospitality have broken ground on a 270,000-square-foot, dual-branded Marriott and Residence Inn property at John F. Kennedy International Airport. The 540-room hotel will include 4,000 square feet of meeting space, fitness facilities, and lounge and bar areas. Gene Kaufman Architect PC designed the building and the interiors for both the hotel’s public spaces and guest rooms. DLC Development Corp. is serving as general contractor. This is the 12th Marriott-branded hotel designed by Kaufman. The hotel is expected to open in 2020
NEW YORK CITY — NorthMarq Capital has arranged the $47 million refinancing of 64 West 48th Street, a 128,251-square-foot mixed-use building in Manhattan. The property is located one block south of New York City’s iconic Rockefeller Center. The refinancing was structured as a 15-year term with two years of interest-only payments followed by a 30-year amortization schedule. Charles Cotsalas and Bob Delitsky of NorthMarq arranged financing for the undisclosed borrower through a life insurance company.
SAYVILLE, N.Y. — Brightview Senior Living has acquired a 7.5-acre plot of land in the Long Island hamlet of Sayville. Anthony James Fusco LLC sold the property for $5.5 million. Brightview plans to begin development of a seniors housing property on the plot, starting in June. Although the type of care offered was not disclosed, Brightview generally offers independent living, assisted living and memory care. The community will be Brightview’s first on Long Island. The company’s current portfolio totals 25 seniors housing communities in Connecticut, Florida, Maryland, Massachusetts, Missouri, New Jersey, Pennsylvania, Rhode Island and Virginia. Dennis McCoy of NAI Long Island represented Brightview in the transaction.
NEW YORK CITY — Progress Capital has arranged $36 million in mortgage loans for two self-storage locations branded under the name Storage Fox in Queens and Yonkers. The two separate $18 million loans will go toward refinancing existing debt and recapturing equity in the two properties. Kathy Anderson of Progress Capital worked with Signature Bank to secure a seven-year, fixed-rate loan at 4 percent with a 25-year amortization. The combined loans represent a 66 percent loan-to-value for both properties. The proceeds of the loans represent a significant cash-out financings that Storage Fox plans to reinvest in future real estate acquisitions. Chris Read of the Amato Law Group represented Storage Fox in the transaction. Constructed in 2013, 30-46 Northern Boulevard in the Long Island City section of Queens is a 12-story 123,000-square-foot building with 70,000 square feet of self-storage space as well as the Davita Dialysis Center. The second property, located in Yonkers at 280 Fullerton Avenue, is a five-story, 190,000-square-foot self-storage facility constructed in 2012.
STAMFORD, N.Y. — Evans Senior Investments (ESI) has arranged the sale of Robinson Terrace, a two-building assisted living and skilled nursing campus in the small, Upstate New York town of Stamford. The property comprises a 120-bed skilled nursing facility built in 1973 and a 55-unit assisted living facility built in 2011. The two properties are located less than two miles from each other. Although the properties featured an occupancy rate above 90 percent over the 12 months preceding the sale, the property was operating at a loss. ESI represented the seller, a local nonprofit organization seeking an operator that could provide the same level of care but turn around the financial performance. The buyer was a regional, for-profit owner-operator. The price was not disclosed.
ELIZABETHTOWN, N.Y. — Charterhouse Development Corp. has acquired a Kinney Drugs retail store in Elizabethtown for $2.8 million. Located at 7550 Court St. in the small town in Upstate New York, STORE Master Funding X LLC sold the 11,598-square-foot store. Kinney Drugs is a national pharmacy chain with more than 110 locations primarily in Central and Northern New York.
NEW YORK CITY — Rosewood Realty Group has negotiated the sale of an office building in Jamaica, Queens for $9.2 million. The 16,791-square-foot building is located at 175-20 Hillside Ave. and was built in 1973. The four-story building is currently fully leased to St. Joseph’s Hospital, Labcorp and a pharmacy on the ground floor. The property also includes 30 outdoor parking spaces. Michael Guttman of Rosewood represented the seller, 175-20 Hillside LLC, in the transaction. Jacob Setton of Rosewood represented the undisclosed buyer.
MELVILLE, N.Y. — A&G Realty Partners has been retained to arrange the sale of all of The Bon-Ton Stores Inc.’s assets. The retailer, which has stores and leases in 23 states, filed for Chapter 11 bankruptcy in February. Melville-based A&G will arrange the transaction on behalf of a joint venture between Great American Group LLC, Tiger Capital Group LLC and Bon-Ton’s second lien noteholders. The joint venture acquired Bon-Ton’s assets in April after submitting the winning bid to the U.S. Bankruptcy Court for the District of Delaware. The retailer’s assets include 22 fee-owned properties, seven ground leases, and 194 leased properties with a significant amount of lease term remaining. The assets include 157 department stores at regional malls, 39 locations in open-air shopping centers, 16 freestanding stores, nine furniture galleries and two clearance stores, all operating under the Bon-Ton, Boston Store, Bergner’s, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates. Most of the company’s department stores range from 80,000 to 125,000 square feet, with some as large as 200,000 square feet. In addition to the stores, A&G is marketing the sale of five office facilities and four distribution centers, including a 1.1 million-square-foot fulfillment center in West Jefferson, Ohio.
