MIDDLETOWN, NEW YORK — Holliday Fenoglio Fowler (HFF) has arranged the $8 million sale of two adjacent buildings totaling 68,831 square feet in the Hudson Valley community of Middletown. The two properties, 100 and 110 Crystal Run Road, are located in the healthcare-focused district of Middletown near the recently completed Orange Regional Medical Center. They offer immediate access to Interstate 84 as well as close proximity to Route 17, Interstate 87 and the Port Jervis Line, a commuter rail line offering access to Manhattan. The 43,518-square-foot 100 Crystal Run Road is fully leased to law, consulting and healthcare companies, including DaVita Dialysis Center and Cornerstone Environmental Group, while the 24,380-square-foot 110 Crystal Run Road is 95 percent leased. Tenants include Orange Regional Medical Center and Prime Time Early Learning Center. Rob Hinckley, Stephen Simonelli, Michael Oliver, and Jose Cruz of HFF represented the undisclosed seller.
NEW YORK CITY — U.S. Bank, the fifth largest commercial bank in the United States, is relocating its New York City headquarters from 461 Fifth Avenue to Three Bryant Park. Cushman & Wakefield has closed a 68,000-square-foot, multi-level sublease with U.S. Bank at the property, which is owned by the Ivanhoé Cambridge/Callahan partnership. U.S. Bank is subleasing the space from MetLife. Bruce Mosler, John Cefaly, Ethan Silverstein, and Peyton Horn of Cushman & Wakefield represented MetLife in the transaction. U.S. Bank was represented by Michael Burlant, Dale Schlather, Jon Herman and Greg Herman of Cushman & Wakefield. Three floors of Midtown Manhattan office space remain available for sublease at the property.
NEW YORK CITY — NorthMarq Capital has arranged a $1.5 million refinance for a mixed-use property comprising 15 residential units and one retail unit located at 340 East 86th Street in New York City. The transaction was structured with a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged financing for the borrower through NorthMarq’s relationship with a regional bank.
NEW YORK CITY — Development partners Bizzi & Partners Development, Aronov Development and Halpern Real Estate Ventures have begun accepting pre-sales for 565 Broome SoHo, a 290-foot, 115-unit, dual-tower multifamily building under development in New York’s SoHo neighborhood. The project marks the first New York City residential project for the Pritzker Prize-winning architect Renzo Piano. Douglas Elliman Development Marketing is overseeing the marketing and sales. Parisian firm RDAI is designing the interiors. 565 Broome SoHo’s two-tower design will offer 360-degree views of the Hudson River, historic SoHo, midtown Manhattan, Tribeca and the World Trade Center. Amenities at the property include a saltwater pool and private driveway entrance.
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.