Northeast

Levin Management Corp. Signs R&J Warehouse to 103,350 SF Industrial Lease in Piscataway

by David Cohen March 30, 2018

PISCATAWAY, N.J. — Levin Management Corp. has signed shoe wholesaler R&J Warehouse to a 103,350-square-foot, full building lease at the Rutgers Industrial Center in Piscataway. Located at 140 Circle Drive North, R&J Warehouse’s new space offers close proximity to I-287 and is five miles from exit 10 of the New Jersey Turnpike. This transaction is the third new lease signing at the five-building, 535,000-square-foot industrial complex in the past 18 months. Levin Management is the asset manager for the property.

March 30, 2018

Acquisitions New York Northeast

Marcus & Millichap Arranges Sale of Two Apartment Buildings in Brooklyn for Combined $2.8M

by David Cohen March 30, 2018

NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment properties in Brooklyn for a combined $2.8 million at 102 Baltic St. and 361 Legion St. Located in the Columbia St. Waterfront District, 102 Baltic Street has 8 apartment units and sold for $2 million to a private investor. The seller was also a private investor. 361 Legion Street is located in the Brownsville neighborhood and has 4-units. The property sold for $850,000 to a private investor. The buyer was a limited liability company.

March 30, 2018

Acquisitions Multifamily New York Northeast

CBRE Brokers Sale of 300-Unit Apartment Community in New York for $91M

by David Cohen March 30, 2018

TARRYTOWN, N.Y. — CBRE has brokered the sale of Talleyrand Apartments, a 300-unit multifamily community in Tarrytown. County records listed the sale at $91 million. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller, a REIT, in the transaction. The buyer was an affiliate of The DSF Group. The community, which is located at 1202 Crescent Drive, is 29 miles north of Manhattan and offers access to the city via the Metro North Railroad.

March 30, 2018

Acquisitions Massachusetts Multifamily Northeast

Colliers Brokers Sale of 185-Unit Apartment Portfolio in Suburban Boston for $45.2M

by David Cohen March 29, 2018

WAKEFIELD AND ACTON, MASS. — Colliers International has brokered the $45.2 million sale of a two-community, 185-unit apartment portfolio outside of Boston. The two apartment properties are located at 105-109 Hopkins St. in Wakefield and 117 Central St. in Acton. The properties offer close proximity to the MBTA commuter rail stations in Wakefield and Acton, respectively. Colliers represented both the buyer, OBP Partners, and the seller, True North Capital Partners, in the transaction.

March 29, 2018

Multifamily New Jersey Northeast

Strategic Capital Tops Out Waterfront Condominium Development in Jersey City

by David Cohen March 29, 2018

JERSEY CITY, N.J. — Developer Strategic Capital has topped out Park and Shore, a luxury condominium project under construction in the Newport neighborhood of Jersey City. The waterfront condominium project consists of two buildings, 75 Park Lane and Shore House, which have now reached their full heights of 37 stories and seven stories, respectively. The 75 Park Lane building features resort-style living and 358 residences while Shore House includes 71 boutique residences inspired by the lofts of Tribeca. Designed by architecture firm Wood Bagot, both buildings feature views of the Hudson River and Manhattan skyline. Park and Shore is the first condominium development in Newport in eight years. The general contractor for the project is Plaza Construction, a sister company of Strategic Capital. The first closings are slated to begin late this year with pricing for one-bedroom homes starting at $640,000. Both buildings are slated to be completed in 2019. Strategic Capital is the project developer and investment arm of China Construction America.

March 29, 2018

Loans Mixed-Use New York Northeast

Madison Realty Provides $31.4M in Construction Financing for Williamsburg Mixed-Use Development

by David Cohen March 29, 2018

NEW YORK CITY — Madison Realty Capital has provided a $31.4 million loan for the construction of a mixed-use development at 744 Bedford Ave. in the Williamsburg neighborhood of Brooklyn. All proceeds of the loan will go toward completing construction of the 134,742-square-foot building. When complete, the building will include 88 residential rental units, 18,393 square feet of retail space and 76 parking spaces. The borrower, a local developer, has laid the foundation of the building and begun construction. The project is scheduled to be complete by spring 2019.

March 29, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $42M Loan for Apartment Community on Manhattan’s Lower East Side

by David Cohen March 29, 2018

NEW YORK CITY — Meridian Capital Group has arranged $42 million in financing for the acquisition and renovation of an apartment property in the Lower East Side neighborhood of Manhattan. The eight-story property is located at 10 Rutgers St. and includes 83 units. A balance sheet lender provided the seven-year loan, which features three years of interest-only payments, followed by a 30-year amortization schedule. The borrower, AMAC Holdings, plans to renovate and reposition the property. Tal Bar-Or and Richard Sutton of Meridian negotiated the financing in the transaction.

March 29, 2018

Acquisitions Connecticut Northeast Retail

HFF Brokers Sale of 382,864 SF Shopping Center in Connecticut

by David Cohen March 29, 2018

WATERBURY, CONN. — HFF has brokered the sale of Naugatuck Valley Shopping Center, a 382,864-square-foot, grocery-anchored shopping center in Waterbury. HFF represented the undisclosed seller and procured the buyers, Premium Property and BH Premium Quality Waterbury. The 50.5-acre shopping center at 950 Wolcott St. offers 2,155 parking spaces and is anchored by the region’s highest grossing Walmart. Other tenants include Panera Bread, Bob’s Stores and Wendy’s. The sale price was not disclosed.

March 29, 2018

Acquisitions Massachusetts Multifamily Northeast

JLL Brokers Sale of 188-Unit Apartment Community in Suburban Boston for $53.6M

by David Cohen March 28, 2018

NORTON MASS. — JLL Capital Markets has brokered the sale of East Main Apartments in Norton for $53.6 million. Campanelli Construction built the 188-unit multifamily community in 2017. Michael Coyne, Travis D’Amato, Kevin Gleason and Brendan Shields of JLL arranged the sale on behalf of Campanelli and Thorndike Development. The buyer was Jones St. Investment Partners. Amenities at the Class A apartment community include a swimming pool, outdoor kitchen with grills, fitness center and an expansive clubhouse. The property is located 40 miles south of Boston.

March 28, 2018

Acquisitions Industrial New Jersey Northeast Self-Storage

Tulfra Real Estate, Hampshire Companies Complete Sale of 91,000 SF Self-Storage Facility in New Jersey for $19.5M

by David Cohen March 28, 2018

TOTOWA, N.J. — Tulfra Real Estate and The Hampshire Companies have completed the disposition of a 91,000-square-foot self-storage facility in Totowa. The property, located at 930 Riverside Drive, was acquired by an undisclosed public company for $230 per square foot. Tulfra and Hampshire acquired the property in 2016 and redeveloped it into a self-storage facility with 1,500 units. Located 17 miles from Manhattan, the facility is part of the 225,000-square-foot Totowa Business Center office park.

March 28, 2018

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