Northeast

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

Acquisitions New York Northeast Office Top Stories

SL Green, Ivanhoe Agree to Sell Office Condo Portion of Tower in Manhattan for $633M

by Camren Skelton April 12, 2018

NEW YORK CITY— SL Green Realty Corp. (NYSE:SLG) and joint venture partner Ivanhoé Cambridge have agreed to sell their office condominium space at 1745 Broadway in Manhattan for $633 million. The 930,000-square-foot tower includes retail spaces, offices and residential condominiums. SL Green and Ivanhoé will sell their portion of the property, totaling 674,000 square feet and spanning floors two through 26, to an institutional client of Invesco Real Estate. In deals separate from Ivanhoé Cambridge, SL Green also agreed to sell two suburban office properties in New York —115-117 Stevens Ave. in Valhalla and Reckson Executive Park in Rye Brook — to two different buyers for a combined price of $67 million. The transactions are expected to generate combined net proceeds to SL Green of approximately $190 million, which will be used toward the company’s $1.5 billion stock repurchase program. To date, SL Green has repurchased a total of 12.3 million shares. “We continue to make strategic divestments of non-core assets to both support the stock repurchase program and strengthen our portfolio,” says Isaac Zion, co-chief investment officer of SL Green. 1745 Broadway occupies the entire block front between 55th and 56th streets and is located three blocks from Central Park and …

April 12, 2018

Acquisitions Industrial New Jersey Northeast Office

Cushman & Wakefield Arranges Sale of Monmouth Shores Corporate Park in New Jersey

by David Cohen April 11, 2018

WALL TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of Monmouth Shores Corporate Park, an eight-building office/flex complex totaling 400,000 square feet in Wall Township. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The buyer was Monmouth 2 LLC, an affiliate of BHN Associates. Monmouth Shores Corporate Park is one of the largest business parks in the region, according to Cushman & Wakefield, and it was 88 percent leased to 24 tenants at the time of sale. The park is comprised of five single-story flex buildings and three office buildings.

April 11, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Negotiates $6.3M Sale of Mixed-Use Building in Red Bank, New Jersey

by David Cohen April 11, 2018

RED BANK, N.J. — Marcus & Millichap has brokered the $6.3 million sale of the Kislin Building, a 23,000-square-foot mixed-use property in Red Bank, four miles south of Middletown. Michael Lombardi and Charles Loccisano of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor. Located at 8 East Front St., the Kislin Building is the former home of a sporting goods store, which closed in 2005 after a century of continuous operation. The property was renovated in 2007 and the upper two floors were converted into eight, two-bedroom apartments and two, one-bedroom apartments. The ground floor features 7,500 square feet of retail space. The purchase also included a 6,000-square-foot parking lot across the street.

April 11, 2018

Acquisitions Massachusetts Northeast

Seyon Group Acquires Industrial Facility in Greater Boston for $38.5M

by David Cohen April 11, 2018

MANSFIELD, MASS. — The Seyon Group has acquired a 350,000-square-foot warehouse in Mansfield for $38.5 million. Located at 560 West St., the Class A facility, which was built in 2009, is a cross-dock warehouse. Cross-dock warehouses are rare in the Greater Boston market, where high land costs have resulted in limited new warehouse construction. There are only 12 such facilities in Boston, according to the Seyon Group. This marks the 15th acquisition for the Seyon Group, which was launched in January 2017.

April 11, 2018

Acquisitions Industrial New York Northeast

Cushman & Wakefield Brokers Sale of Commercial Building in Brooklyn for $12.8M

by David Cohen April 11, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $12.8 million sale of a commercial building and lot in the Gowanus neighborhood of Brooklyn. Located at 80 4th St., the purchase includes a 180-by-107-foot lot and a 17,942-square-foot, single-story, brick warehouse. Winfield Clifford and William Barrett of Cushman & Wakefield represented the seller, sculptor Tom Otterness, in the transaction. The final closing price of $12.8 million equates to approximately $714.40 per square foot and more than $300,000 above the original asking price. The buyer was The Brooklyn Home Company. The property is located in an M3-1 zoning district, allowing for 35,954 square-feet of commercial development.

April 11, 2018

Acquisitions Industrial Midwest Northeast Ohio

Affiliates of Phoenix Investors Acquire Three Industrial Properties in New York, Connecticut and Ohio for $12.8M

by David Cohen April 11, 2018

PAWCATUCK, CONN., DELAWARE, OHIO and POUGHKEEPSIE, N.Y. — Affiliates of Phoenix Investors have acquired three industrial properties totaling 1 million square feet in Pawcatuck, Delaware and Poughkeepsie. The sales price was $12.8 million. The seller was Industrial Realty Group. The properties range in size from approximately 250,000 to 450,000 square feet. The occupancy rate across the portfolio averaged 65 percent and included a diverse roster of 20 tenants at the time of sale. Phoenix intends to renovate these assets in order to attract new users. Following the transaction, Phoenix affiliates own approximately 22 million square feet of industrial real estate across 23 states. Walker & Dunlop Commercial Property Funding LLC provided senior mortgage financing for the purchase.

April 11, 2018

New York Northeast Retail Top Stories

Retailer Nine West Files for Bankruptcy, Will Close All 70 Stores

by David Cohen April 11, 2018

NEW YORK CITY — Nine West Holdings Inc., a New York-based women’s shoe and apparel wholesaler, has filed for bankruptcy after accumulating $1.6 billion in debt. As a result, the company plans to close all 70 of its brick-and-mortar retail stores. The company joins Toys ‘R’ Us, The Walking Company, Bon-Ton and Claire’s as prominent retailers to file for bankruptcy in the last year. An unidentified lender has provided $300 million in debtor-in-possession financing. The company also entered into a restructuring support agreement with the holders of 78 percent of its secured term debt and 89 percent of its unsecured term debt. The loan and agreement will allow the Nine West to remain an ongoing wholesale entity during bankruptcy proceedings. More than 80 percent of Nine West’s sales come from wholesale distribution and sales to department stores and off-price retail “This is the right step to address our two divergent business profiles,” says Ralph Schipani, Nine West Holdings’ Chief Executive Officer. “We will retain our strong, profitable and growing apparel, jewelry and jeanswear businesses, and continue to operate them under a new capital structure so that we can leverage their existing strengths to drive even greater growth.” “Once we complete the reorganization process, …

April 11, 2018

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