Northeast

HFF Arranges $55.2M Sale of Retail Center in Lehigh Valley

by David Cohen May 21, 2018

ALLENTOWN, PA. — HFF has arranged the $55.2 million sale of MacArthur Commons, a 371,886-square-foot, grocery-anchored retail center located at 2631 MacArthur Road in Lehigh Valley. HFF represented the seller, an affiliate of Abrams Realty & Development, in the transaction. HFF also arranged $50.4 million in acquisition financing for the undisclosed buyer. The buyer was able to obtain long-term lease extensions with the anchor tenants. Current tenants at the 47-acre center include GIANT Food Stores, Dick’s Sporting Goods, Big Lots and T.J.Maxx.

May 21, 2018

Loans Multifamily New York Northeast

PCCP Provides $45.9M Financing for Condominium Tower in Manhattan

by David Cohen May 21, 2018

NEW YORK CITY — PCCP LLC has provided a $45.9 million senior loan to Forkosh Development Group for the development of a 20-story residential condominium at 157-161 E. 28th St. in Manhattan. Forkosh acquired three vacant apartment buildings at the site in January for $17 million in an all-cash transaction. The privately owned real estate development firm will build a boutique condo development on the site of the former apartment buildings. Once completed, the project will offer units with open layouts, floor-to-ceiling windows and hardwood floors.

May 21, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates Sale of Apartment Community in New Jersey for $32.1M

by David Cohen May 21, 2018

LINDENWOLD, N.J. — Gebroe-Hammer Associates has negotiated the sale of Woodland Village Apartments in Lindenwold for $32.1 million. The property, which is located at 401 E. Gibbsboro Road is a 546-unit, two-story, garden-style apartment complex. Gebroe-Hammer represented the seller, Odin Properties, in the transaction. The buyer was undisclosed. Odin purchased the property for $15.8 million in 2014 and fully renovated the 30-building, 28.4-acre complex.

May 21, 2018

Acquisitions Multifamily New York Northeast

Cignature Realty Orchestrates $6.2M Sale of Apartment Building in Hamilton Heights

by David Cohen May 21, 2018

NEW YORK CITY — Cignature Realty Associates LLC has arranged the sale of 3594 Broadway, a 15,072-square-foot apartment building in the Hamilton Heights neighborhood of Manhattan. The six-story building features 25 units and was built in 1910. Peter Vanderpool of Cignature Realty represented both the seller, Sugar Hill Capital Partners, and the buyer, City Skyline Realty, a local private investment company.

May 21, 2018

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $4.3M Sale of Retail Center in Connecticut

by David Cohen May 21, 2018

SHELTON, CONN. — Marcus & Millichap has brokered the $4.3 million sale of Shelton Town Center, a 19,450-square-foot retail center in Shelton. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The undisclosed buyer purchased the property in all cash. Shelton Town Center is located at 350 Bridgeport Ave. and was originally built by the seller in 2006. Tenants at the retail center include a nail salon, pizza shop, liquor store and car rental company.

May 21, 2018

Development Multifamily Northeast Rhode Island

WinnCos., Omni Development Break Ground on $42M Redevelopment of Rhode Island Public Housing Community

by David Cohen May 18, 2018

PAWTUCKET, R.I. — WinnCos. and Omni Development Corp. have broken ground on a $42 million redevelopment of Prospect Heights Apartments, an affordable housing property in Pawtucket. Built in 1942, Prospect Heights qualified for Federal Historic Tax Credits after being placed on the National Register of Historic Places in December 2016. The project will rehabilitate 292 units spread across 35 buildings and add 20 new units of housing on the 21-acre site. A joint venture between WinnDevelopment and Omni Development acquired the ground lease for the property from the Pawtucket Housing Authority in June 2017. Rhode Island Housing and Mortgage Finance Corp. provided tax-exempt bond financing for the construction and permanent loans, the Low Income Housing Tax Credits and separate bridge financing for the project.

May 18, 2018

Leasing Activity New York Northeast Retail

Google Leases 8,000 SF Pop-Up Retail in Manhattan

by David Cohen May 18, 2018

NEW YORK CITY — Google has leased 8,000 square feet of retail space at 350 Sixth Ave. in Manhattan. The three-week lease will serve as a technology pop-up for the tech giant and will feature mini-golf, games, giveaways and demonstrations of the company’s newest tech products. The site will be located one block from the A, C, E, B, D, F and M subway lines. The asking rent was $225 per square foot. Google’s pop-up will take occupancy in the last week of May 2018 and will run through the first two weeks of June. Lee & Associates represented both Google and the landlord, Nuovo Ciao-Di LLC, in the lease negotiations.

May 18, 2018

Development Loans Mixed-Use New Jersey Northeast

Progress Capital Arranges $26.2M Loan for Construction of Mixed-Use Building in Jersey City

by David Cohen May 18, 2018

JERSEY CITY, N.J. — Progress Capital has arranged a $26.2 million construction-to-perm loan for a new 159,861-square-foot mixed-use building in Jersey City. Sterling National Bank provided the financing to the undisclosed borrower, which acquired the site in 2015. The new nine-story development will include 99 residential units and 2,240 square feet of street-level retail space. Amenities will include 24-hour concierge service, a fitness center and a rooftop terrace. Terms of the loan, which was collateralized by two parcels of land, include a 65 percent loan-to-cost (LTC) ratio, an 18-month interest-only period and two optional 12-month extensions on the construction phase. Upon stabilization, the borrower has the option to convert to a permanent mortgage.

May 18, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates $9.3M Sale of Apartment Building in Upper East Side

by David Cohen May 18, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $9.3 million sale of 309 East 92nd St., a five-story, 8,600-square-foot apartment building locatedon Manhattan’s Upper East Side. Cushman & Wakefield represented the seller, 309 East 92 LLC, in the transaction. The 10-unit, free-market apartment building includes nine four-bedroom units and one two-bedroom unit. The property underwent a renovation project, which included the construction of a roof deck, in 2015.

May 18, 2018

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $2M Sale of Office Building in New Jersey

by David Cohen May 18, 2018

RIDGEWOOD, N.J. — Marcus & Millichap has brokered the $2 million sale of a 6,000-square-foot office building in Ridgewood, about 20 miles outside of Manhattan. The property is located at 166 Franklin Ave. near the downtown area.David Thurston of Marcus & Millichap represented the seller and procured the buyer in the transaction, both of which were limited liability companies. Other terms of sale were not disclosed.

May 18, 2018

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