New York

Cushman & Wakefield Negotiates Sale of 164,070 SF Office Building in Middletown, New York

by Amy Works October 20, 2016

MIDDLETOWN, N.Y. — Cushman & Wakefield has arranged the sale of an office building located at 85 Crystal Run Road in Middletown. A private equity group acquired the 164,070-square-foot Class A property from an affiliate of Madison International Realty and its operating partner for an undisclosed price. Situated on 21 acres, the four-story property serves as the corporate accounts services location for Empire Blue Cross Blue Shield. The building features ample parking, multiple on-grade entryways, a naturally-lit atrium lobby, cafeteria and fitness center infrastructure. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Andrew Schwartz of Cushman & Wakefield represented the seller and procured the buyer.

October 20, 2016

New York Northeast Office

Thor Equities Begins Site Work for 7.7-Acre Waterfront Office Campus in Brooklyn

by Amy Works October 19, 2016

NEW YORK CITY — Thor Equities has started the site work for Red Hoek Point, a 7.7-acre waterfront office campus located in Brooklyn’s Red Hook neighborhood. Designed by Foster + Partners, the project will feature two heavy timber buildings totaling 795,000 square feet of creative office space on three levels and 23,000 square feet of retail and restaurant space. Additionally, the design features 125,000-square-foot open floor plates. Additional amenities at the office campus will include a central open courtyard, a 1.8-acre green rooftop on each building, walking/meeting trails, bike valet, on-site underground parking and a kayak launch. The site is surrounded by water on three sides and offers clear views of the Statue of Liberty and Lower Manhattan.

October 19, 2016

New York Northeast Office

SL Green Breaks Ground on One Vanderbilt Avenue in Manhattan

by Amy Works October 19, 2016

NEW YORK CITY — SL Green Realty Corp. has broken ground on One Vanderbilt, a 58-story office tower located in Manhattan’s East Midtown business district. Designed by Kohn Pederson Fox Associates, tower will offer 1.7 million square feet of Class A office space. The project also includes $220 million of public improvements to Grand Central Terminal, which is adjacent to the tower. TD Bank is set to occupy 200,000 square feet of office and retail space at the property, upon its completion in 2020. Hines is serving as development manager and AECOM’s Tishman Construction is serving as construction manager.

October 19, 2016

New York Northeast Office

Laurelwood Corporate Center Trades Hands in Voorhees, New Jersey

by Amy Works October 19, 2016

VOORHEES, N.J. — An entity related to Interstate Commercial Real Estate Inc. has acquired Laurelwood Corporate Center, an office building located at Haddonfield-Berlin and Laurel Oak Road in Voorhees. Quaker Commercial Properties sold the property for $6.8 million. The building offers 81,577 square feet of Class A office space. Evan Zweben, Jeff Algatt and Brian Sherlock of Colliers arranged the transaction. Additionally, Colliers has been retained by the buyer as its leasing agent for the property.

October 19, 2016

Multifamily New York Northeast

Ariel Property Advisors Facilities $2.7M Sale of Multifamily Building in Brooklyn

by Amy Works October 19, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily building located at 392 15th St. in Brooklyn’s Park Slope neighborhood. A private investor sold the six-story property for $2.7 million. The 4,860-square-foot building features six apartment units: five two-bedroom apartments and one three-bedroom duplex. Five of the apartments are free-market units and one apartment is a rent-controlled unit. Mark Spinelli, Michael Tortorici, Shimon Shkury, Daniel Tropp and Jonathan Berman of Ariel Property Advisors represented the seller. The name of the buyer was not released.

October 19, 2016

Industrial New York Northeast

Monmouth Real Estate Purchases 338,584 SF Industrial Building in Hamburg, New York, for $35.1M

by Amy Works October 18, 2016

HAMBURG, N.Y. — Monmouth Real Estate Investment Corp. has acquired an industrial building located at 3779 Lake Shore Road in Hamburg. An undisclosed seller sold the property for $35.1 million. Situated on 49 acres, the 338,584-square-foot facility is net leased for 15 years to FedEx Ground Packaging System Inc.

October 18, 2016

New York Northeast Retail

Thor Equities Buys 180 Bedford Avenue in Brooklyn to Develop 14,500 SF Retail Building

by Amy Works October 17, 2016

NEW YORK CITY — Thor Equities has acquired 180 Bedford Avenue in Brooklyn’s Williamsburg neighborhood from an undisclosed seller for $30 million. The company plans to develop a retail building. Designed by Fradkin & McAlpin Architects, the 14,500-square-foot building will feature 120 feet of wrap-around frontage on Bedford Avenue and North Seventh Street. The building will feature brick exterior finishes, floor-to-ceiling glass windows, a 2,500-square-foot roof deck, and 12,000 square feet of floor space divided equally among three floors, including a lower level with 12-foot ceilings. Additionally, the building’s plumbing, electrical and HVAC systems are designed to accommodate a commercial kitchen, should a future tenant need one.

October 17, 2016

Loans Multifamily New York Northeast Seniors Housing

Housing & Healthcare Finance Secures $27M for Seniors Housing Community in Yonkers, New York

by Amy Works October 17, 2016

YONKERS, N.Y. — Housing & Healthcare Finance (HHC Finance) has arranged $27 million in refinancing for an assisted/independent living community in Yonkers. Located on 10 acres, the 195-bed property is the only facility in the area with the Medicaid Assisted Living Program. HHC Finance arranged the financing with an interest rate below 3 percent through HUD for the undisclosed borrower.

October 17, 2016

Loans New York Northeast Office

Houlihan-Parnes Realtors Places $4.2M Loan for Office Building in Greenburgh, New York

by Amy Works October 14, 2016

GREENBURGH, N.Y. — Houlihan-Parnes Realtors has placed a $4.2 million first mortgage for an office building located at 297 Knollwood Road in Greenburgh, a suburb of White Plains, N.Y. The non-recourse loan features a 4 percent fixed interest rate for 10 years. A 10,000-square-foot branch of the General Services of America – US Social Security Administration occupies the 35,000-square-foot building. Andrew Greenspan of Houlihan-Parnes Realtors closed the loan, while Lee Pollock of Pollock & McGuire LLP represented the undisclosed borrower.

October 14, 2016

Multifamily New York Northeast

Ariel Property Advisors Arranges $5M Sale Development Site in South Bronx

by Amy Works October 14, 2016

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development site located at 417 Gerard Ave. in the Mott Havens section of the South Bronx. Treetop Development purchased the site from Galaxy General Contracting for $5 million, or $100 per buildable square foot. Zoned M1-4/R8A, the 9,816-square-foot site provides 49,680 buildable square feet as-of-right. Jason Gold, Scot Hirschfield, Marko Agbaba and Victor Sozio of Ariel Property Advisors represented the seller and procured the buyer in the deal.

October 14, 2016

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