Northeast

Mission Capital Arranges $80M Bridge Loan for Sister City Hotel in Manhattan

by David Cohen April 4, 2019

NEW YORK CITY — Mission Capital Advisors has arranged an $80 million bridge loan for the recently completed Sister City hotel, a 200-room hotel on the Lower East Side of Manhattan. Located at 225 Bowery, the 14-story property features a 234-seat café, ground-floor garden and a 150-seat rooftop bar with views of Manhattan. Jonathan More, Steve Buchwald, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing on behalf of a partnership between Omnia and Northwind Group. The lender was Bank Hapoalim. After purchasing the property, Omnia and Northwind commenced a major construction campaign, adding three floors and transforming the century-old building into a food-and-beverage-centric hotel. The property is the first Sister City-branded hotel and will be managed by hotel operator Ace Hotels.

April 4, 2019

Development Loans New York Northeast Office

JLL Secures $66.7M Construction Loan for Office Building in Manhattan

by David Cohen April 4, 2019

NEW YORK CITY — JLL has arranged a $66.7 million construction loan for a nine-story boutique office building in Manhattan. Located at 141 E. Houston St., the 63,000-square-foot property will include seven individual office floors ranging from 5,000 to 7,000 square feet, a 3,300-square-foot retail store at grade level, and two additional below-grade retail levels. Aaron Appel, Jonathan Schwartz, Michael Diaz, and Patrick Cotter of JLL secured the financing on behalf of the borrowers, East End Capital and K Property Group. The lender was CapitalSource, a division of Pacific Western Bank and Canyon Partners Real Estate LLC. Terms of the financing were not disclosed.

April 4, 2019

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Orchestrates $7.5M Sale of Fractured Condominium Complex

by David Cohen April 4, 2019

HARTFORD, CONN. — Chozick Realty has arranged the $7.5 million sale of Wickham Garden, a fractured condominium in Hartford. Located at 1267 Burnside Ave., the 100-unit complex was built in the mid-1960s and declared a condominium in 1988. Only 10 units were sold at that time, leaving the property as a “fractured” condominium complex with 90 apartment units. Rick Chozick of Chozick Realty represented the seller in the transaction, who acquired the property in the mid-1990s. The buyer was North Point Management.

April 4, 2019

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $2.8M Sale of Apartment Building in Massachusetts

by David Cohen April 4, 2019

FRAMINGHAM, MASS. — Marcus & Millichap has brokered the $2.8 million sale of a 22-unit apartment building in downtown Framingham. Located at 139-143 Hollis St., the property is comprised of 12 two-bedroom units, nine one-bedroom units and one studio apartment. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed.

April 4, 2019

Acquisitions Mixed-Use New York Northeast

CBRE Negotiates $1.3M Sale of Mixed-Use Property in Brooklyn

by David Cohen April 4, 2019

NEW YORK CITY — CBRE has negotiated the $1.3 million sale of a mixed-use building in the Flatbush section of Brooklyn. Located at 2837 Church Ave., the 4,500-square-foot property is comprised of four apartments and a 1,500-square-foot, ground-floor retail space. The property was fully occupied at the time of sale. Elli Klapper, Charles Berger and Jay Gelbtuch of CBRE represented the undisclosed seller in the transaction. The buyer was also undisclosed.

April 4, 2019

Loans New York Northeast

New York Life Provides $55M Refinancing for Apartment Community in Manhattan

by David Cohen April 3, 2019

NEW YORK CITY — New York Life Real Estate Investors, on behalf of New York Life Insurance Company, has provided a $55 million loan to refinance West End Towers, a 1,000-unit apartment community on the Upper Westside of Manhattan. Located at 75 West End Ave., the property is nearby Lincoln Square and includes panoramic river and city views. Mark Young of New York Life Real Estate Investors’ New York regional office secured the financing on behalf of the owner, an affiliate of The Brodsky Organization. Terms of the financing were not disclosed.

April 3, 2019

Acquisitions Industrial New Jersey Northeast

Terreno Realty Acquires Industrial Facility in New Jersey for $14.1M

by David Cohen April 3, 2019

KEARNY, N.J. — Terreno Realty Corp has acquired a 28,000-square-foot industrial facility in Kearny for $14.1 million. Located at48 3rd St., the 4.6-acre transshipment building is fully leased to three tenants. The property is adjacent to Exit 15E of the New Jersey Turnpike. The seller was not disclosed. Terreno acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.

April 3, 2019

Acquisitions Industrial New Jersey Northeast

HFF Brokers $7.7M Sale of Industrial Property in Carlstadt, New Jersey

by David Cohen April 3, 2019

CARLSTADT, N.J. — HFF has brokered the $7.7 million sale of a 71,745-square-foot industrial building in Carlstadt. Located at 463 Barell Ave., the 3.5-acre property features two loading doors, six drive-in doors and clear heights of up to 21 feet. Jose Cruz, Jordan Avanzato, Marc Duval, J.B. Bruno, Kevin O’Hearn, Steve Simonelli and Michael Oliver of HFF represented the undisclosed seller in the transaction. The buyer was Penwood Real Estate.

April 3, 2019

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates $4.1M Sale of Apartment Building in Jersey City

by David Cohen April 3, 2019

JERSEY CITY, N.J. — Marcus & Millichap has negotiated the $4.1 million sale of a 22-unit apartment building in Jersey City. Located at 86-88 Charles St., the property is less than onemile from the 9th Street light rail station. Fahri Ozturk and RichardGattoof Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

April 3, 2019

Acquisitions New York Northeast Retail

Rafinia Property Group Orchestrates $2.2M Sale of Retail Strip in Upstate New York

by David Cohen April 3, 2019

OGDENSBURG, N.Y. — Rafinia Property Group has arranged the $2.2 million sale of Seaway Shopping Center, a 102,796-square-foot retail strip in Ogdensburg. The single-story strip center is configured to fit 15 retail spaces and is occupied by Save-A-Lot food stores, Peebles, Family Dollar and a mix of local and regional tenants. The property was constructed in 1960 and significantly upgraded in 2018. Evan Rafinia of Rafinia Property Group represented the undisclosed seller in the transaction. The buyer was a private investor based in New York City.

April 3, 2019

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