Northeast

Lee & Associates Brokers $18.4M Sale of Office Condominium in Midtown Manhattan

by David Cohen June 13, 2018

NEW YORK CITY — Lee & Associates has brokered the $18.4 million sale of an 18,000-rentable-square-foot, 14th floor office condominium at 420 Fifth Ave. in Midtown Manhattan. Lee & Associates represented the buyer, Marist College, and the seller, A.M. Property Holding Corp., in the transaction. The space will serve as an alumni information center for Marist College in New York City. The private, liberal arts college is located in Poughkeepsie. The 28-story office building was completed in 1989 and is located near Bryant Park. Marist College will take occupancy of the space in December 2018.

June 13, 2018

Connecticut Healthcare Loans Northeast Office

Associated Bank Provides $27.7M Loan for VA Community Care Center in Orange, Connecticut

by David Cohen June 13, 2018

ORANGE, CONN. — Associated Bank has provided a $27.7 million construction loan to Orange VA LLC for a 56,000-square-foot office building in Orange. The building, which will be located at 200 Edison Road, will house a Veterans Administration Community Care Center. Completion is slated for mid-2019. Services at the center will include primary care, team vocational services, health psychology and peer support services. Brian P. Rogan of the Commercial Real Estate division of Associated Bank originated the loan.

June 13, 2018

Leasing Activity New York Northeast Retail

CoverGirl to Open Flagship Store in Times Square

by David Cohen June 13, 2018

NEW YORK CITY — CoverGirl will open its first-ever brick-and-mortar store in New York City’s Times Square this fall. The 10,000-square-foot flagship location will feature an experiential beauty “play room” with interactive elements, full-service makeup application, on-the-go services and digital experiences. The retail store will be an experiential interpretation of CoverGirl’s new campaign, “I Am What I Make Up,” which it released at the beginning of this year. CoverGirl, a Coty Inc. brand, will be the first mass legacy beauty brand to launch a flagship store in North America, according to a release from the company.

June 13, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Arranges $8M Sale of Mixed-Use Building in Brooklyn

by David Cohen June 13, 2018

NEW YORK CITY — Marcus & Millichap has arranged the $8 million sale of 162-164 Court St., an 8,875-square-foot mixed-use building in the Cobble Hill neighborhood of Brooklyn. The sales price represents a capitalization rate of 3.87 percent. Jakub H. Nowak, Matthew Rosenzweig, and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The property has 50 feet of frontage on Court Street’s retail corridor.

June 13, 2018

Development New York Northeast Office

Silverstein Properties Celebrates Opening of 3 World Trade Center

by David Cohen June 12, 2018

NEW YORK CITY — Real estate development firm Silverstein Properties has officially opened 3 World Trade Center, New York City’s fifth-tallest tower, with a ribbon-cutting ceremony June 11. The 80-story, 2.5 million-square-foot office building is the second-to-last tower to open on the 16-acre site. The building will welcome more than 6,000 new employees to Lower Manhattan this year. Located at 175 Greenwich St., 3 World Trade Center was designed by architecture firm Rogers Stirk Harbour + Partners and features a reinforced concrete core encased by a steel structure.Advertising media company GroupM will anchor the building. Other tenants who have signed leases include stock exchange company IEX and management consulting firm McKinsey & Co. The building will also feature 216,000 square feet of retail space, spanning five floors.

June 12, 2018

Development Northeast Pennsylvania

IMC Construction Breaks Ground on $32M Women’s Health Center in King of Prussia

by David Cohen June 12, 2018

KING OF PRUSSIA, PA. — IMC Construction has broken ground on a $32 million medical office building for Main Line Health in King of Prussia. The seven-story, 94,000-square-foot facility will be a specialty care center for women located in the Town Center mixed-use complex at the Village at Valley Forge. Services provided by the center will include primary care, heart health, obstetrics and gynecology, breast health, skin care, and emotional wellness. The team building Main Line Health includes construction manager IMC Construction, architect NELSON, development manager Anchor Health Properties, site/civil engineer Bohler Engineering,and design consultant Perkins Eastman Black.

June 12, 2018

Acquisitions New York Northeast

Barone Management Purchases Two Redevelopment Sites in Queens

by David Cohen June 12, 2018

NEW YORK CITY — New York-based developer Barone Management has acquired two parcels of land with a total of 295,000 buildable square feet at 89-25 161st St. and 89-25 162nd St. in the Jamaica neighborhood of Queens. Barone plans to build an educational institution and two new residential buildings on the parcels. The projects are slated for completion in 2021. The parcel located at 89-25 161st St. includes the 70,000-square-foot building that was formerly home to Dominican Commercial High School — founded by the Sisters of St. Dominic in 1936 — which became one of the premiere business schools for girls in New York City. The parcel at 89-25 162nd St. includes a convent building and a parking lot. Barone acquired the properties from the Sisters of St. Dominic.

June 12, 2018

Acquisitions Massachusetts Mixed-Use Northeast

Related Beal Acquires Mixed-Use Development in Boston’s Seaport District for a Second Time

by David Cohen June 12, 2018

BOSTON — Related Beal has acquired 451 D Street, a nine-story, mixed-use development in Boston’s Seaport District for an undisclosed price. The company previously owned the building before selling it in 2012. The seller was a joint venture between State Street and Meritage Properties. The development, which is 85 percent leased, offers more than 477,000 square feet of lab and office space as well as an amenities package that includes a 3,000-square-foot fitness center and a 20,000-square-foot on-site child care center. The tenant roster includes Alion Science & Technology, RDK Engineers and JPMorgan Chase.

June 12, 2018

Acquisitions Massachusetts Multifamily Northeast

NAI Hunneman Arranges $3.7M Sale of Apartment Community in Fall River, Massachusetts

by David Cohen June 12, 2018

FALL RIVER, MASS. — NAI Hunneman has arranged the sale of a 50-unit apartment community in Fall River for $3.7 million. The 37,824-square-foot property, which is located at 655-735 North Main St., contains four separate brick apartment buildings with 40 two-bedroom and 10 one-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Ferris Apartments Inc., in the transaction. The buyer was 655-735 North Main Street Realty Trust.

June 12, 2018

Acquisitions Multifamily Northeast Pennsylvania

IPA Negotiates $61M Sale of Apartment Community in Metro Pittsburgh

by Jeff Shaw June 11, 2018

WEXFORD, PENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $61 million sale of Ascent Four Thirty, a 319-unit apartment community located in Wexford, roughly 15 miles north of Pittsburgh. A joint venture between Buligo Capital and Graycliff Capital acquired the asset from The NRP Group. Constructed in 2014, Ascent Four Thirty includes 17 three-story buildings and features a fitness center, resort-style swimming pool with a sundeck and a conference room. Joshua Wintermute, Michael Barron, Daniel Burkons and Victor Nolletti of IPA arranged the transaction on behalf of the seller, and procured the buyer.

June 11, 2018

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