Northeast

Rosewood Brokers $287M Sale of Apartment Community in Manhattan

by David Cohen April 13, 2018

NEW YORK CITY — Rosewood Realty Group has brokered the $287 million sale of Stonehenge Village, a 420-unit, three-building apartment community on the Upper West Side of Manhattan. Aaron Jungreis of Rosewood Realty represented both the buyer, A&E Real Estate Holdings, and the seller, Ofer Yardeni’s Stonehenge Partners. The seller acquired the property for $115 million in 2005. Signature Bank and Mesa West Capital provided $145 million in acquisition financing to A&E for the purchase of the property. The buildings, which were built in 1968, total 69,605 square feet. At the time of sale, the buildings were 98 percent occupied, with a mix of free-market and rent-stabilized tenants.

April 13, 2018

Acquisitions Industrial Loans New Hampshire Northeast

CBRE Secures $17.5M in Acquisition Financing for Two Industrial Properties in New Hampshire

by David Cohen April 13, 2018

MERRIMACK, N.H. — CBRE has secured $17.5 million in acquisition financing on behalf of Calare Properties for 57-59 Daniel Webster Highway, a two-building industrial property in Merrimack. The two warehouses total 511,000 square feet. Kyle Juszczyszyn and Matthew Machiros of CBRE secured the financing from Harbor One Bank. Calare Properties is a real estate manager and operator. The tenant roster at the property currently includes Law Logistics, Nanocomp Technologies, Raymer’s Express and XPO Logistics.

April 13, 2018

Loans Multifamily New Jersey Northeast

NorthMarq Capital Arranges $30M Refinancing of Multifamily Portfolio in New Jersey

by David Cohen April 13, 2018

MORRISTOWN, N.J. — NorthMarq Capital has arranged a $30 million loan to refinance the DeMattheis Multifamily Portfolio, which includes eight apartment properties in New Jersey. Four properties are located in Morristown with the other four located in Highland Park, Woodbridge and Edison. In total, the portfolio includes 307 units. The borrower is a full-service real estate investment company. Gary Cohen of NorthMarq arranged the refinancing, which was structured with a 15-year term and a 30-year amortization schedule. The lender was a national life insurance company.

April 13, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $2.6M Sale of Retail Property in Parsippany

by David Cohen April 13, 2018

PARSIPPANY, N.J. — Marcus & Millichap has arranged the $2.6 million sale of The Shoppes on New Road, a recently completed 7,410-square-foot retail property in Parsippany, 28 miles west of Manhattan. The four-tenant retail center is located at 131 New Road and is 100 percent occupied. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.

April 13, 2018

Leasing Activity New Jersey Northeast

Duke Realty Signs RAB Lighting to 264,085 SF Industrial Lease in New Jersey

by David Cohen April 13, 2018

CRANBURY, N.J. — Duke Realty has signed RAB Lighting to a 264,085-square-foot industrial lease in Cranbury. RAB Lighting will relocate and expand its distribution center operations in the Northeast at the newly developed building, which was acquired by Duke Realty in October. RAB Lighting is a manufacturer of indoor and outdoor LED lighting and controls. The facility, located at 10 Broadway Road, features a 36-foot clear height, 42 dock doors and two drive-in doors. The property also includes a 130-foot trailer court and parking for 89 automobiles and 11 trailers. Chuck Fern of Cushman & Wakefield represented both parties in the transaction.

April 13, 2018

Acquisitions Hospitality New York Northeast

Lightstone Acquires Hilton Garden Inn in Queens for $60M

by David Cohen April 12, 2018

NEW YORK CITY — Lightstone, a national real estate investor and developer, has acquired the 183-room Hilton Garden Inn in Long Island City, Queens for $60 million. The hotel is located at 29-21 41st Ave. Lightstone plans to continue operation of the hotel, which was constructed in 2015, as a Hilton Garden Inn for the immediate future. The developer opened the 612-room Moxy Times Square hotel in fall 2017 and plans to open the 37-story, 349-room Moxy Chelsea hotel this fall. The acquisition of the Hilton Garden Inn is a joint venture between Lightstone’s REIT II and REIT III.

April 12, 2018

Loans Mixed-Use New York Northeast

Madison Realty Provides $72M Loan for Condo Project Near Completion in NYC

by David Cohen April 12, 2018

NEW YORK CITY — Madison Realty Capital has provided a $72 million first-mortgage loan for the nearly completed condominium development in the Chelsea neighborhood of Manhattan. The financing retires the previous debt of the borrower, Highline Development Group. The property is being developed by Highline and Tamarkin Co. Currently in the final stages of interior construction, 550 West 29th St. will include 19 residential units and 5,022 square feet of ground-floor retail space. The property is adjacent to the High Line between 10th and 11th avenues. Amenities will include a 24-hour doorman, fitness center, sauna and storage units for each residence. Select units will have private terraces. Prices range from $4.6 million to $13.5 million. The project is expected to be completed in mid-2018.

April 12, 2018

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers $16M Sale of Retail Property in Queens

by David Cohen April 12, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of a 10,001-square-foot retail property in the Jackson Heights neighborhood of Queens. The property, which is located at 74-12 to 74-24 37th Ave., sold for $16 million or $1,600 per square foot. The buyer was the estate of Fazlur Khan. Dana Newton, Donovan Mackey and Scott Plasky of Marcus & Millichap represented the seller, Chui King Yee in the transaction. Nineteen offers were received on the property, according to Newton. The property was fully occupied with long-term tenants at the time of the sale.

April 12, 2018

Loans Massachusetts Northeast Office

Cornerstone Realty Arranges $8.5M Loan for Office Building in Boston

by David Cohen April 12, 2018

BOSTON — Cornerstone Realty Capital has arranged an $8.5 million loan for the refinancing of a mid-rise office building in Boston near transit hub South Station. The borrower, a long-time owner of the property was not disclosed. The lender was a local savings bank. Cornerstone delivered a non-recourse, fixed-rate loan with a two-year interest-only period followed by a 30-year amortization. The brick building was built in 1899 and fully renovated in 2013. It contains approximately 36,500 of rentable square feet with offices ranging in size from 1,000 square feet to 4,700 square feet. Tenants include a number of technology companies and an art design firm.

April 12, 2018

Acquisitions Hospitality New York Northeast

Muroff Daigle Hospitality Negotiates $3.6M Sale of Landmark Motor Inn in Saratoga

by David Cohen April 12, 2018

GLENS FALLS, N.Y. — Muroff Daigle Hospitality Group has negotiated the sale of The Landmark Motor Inn, located in Glens Falls, for $3.6 million. Glens Falls is approximately 14 miles north of Saratoga Springs. The seller was John Naja of Landmark Motor Lodge Corp., who had owned the property for more than 43 years. The buyer was Nadeem Lodging Corp. Glens Falls National Bank and the U.S. Small Business Administration provided financing for the project. The Landmark Motor Inn contains 77 updated guestrooms as well as two pools and a fitness center. Muroff Daigle and Vanguard–Fine LLC brokered the transaction.

April 12, 2018

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