NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-story apartment building in the Park Slope neighborhood of Brooklyn. The 17-unit property, which is located at 400 6th Ave., sold for $6.5 million at a capitalization rate of 3.4 percent. The sales price equates to $604 per square foot. Matt Fotis and Matthew Shapiro of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
PISCATAWAY, N.J. — Bussel Realty Corp. has negotiated the $4.1 million sale of 150 Ethel Road West, a 33,000-square-foot industrial buildingin Piscataway. The property features 20-foot ceiling heights, 3,000 square feet of offices and one oversized drive-in door for loading. Steve Bussel and Anthony Mircovich of Bussel Realty represented the seller, Preferred Management, in the transaction. Resource Realty of North Jersey represented the buyer, East Coast International Tire Group.
ELMWOOD PARK, N.J. — NAI James E. Hanson has arranged the sale of a 45,000-square-foot industrial and flex building at 475 Mola Blvd. in Elmwood Park. The sales price was undisclosed. NAI James E. Hanson represented the seller, 475 Boulevard LLC, in the transaction. The buyer was Millstein Acquisitions. The property includes 7,000 square feet of office space, six loading docks, one drive-in and 165 parking spaces. Achieve 24 Fitness currently operates 13,000 square feet of the building as a fitness center. The buyer plans to divide the building’s remaining vacant space into two 5,000 square feet units and one 23,000-square-foot unit.
BOSTON — Omni Hotels & Resorts has broken ground on the $550 million Omni Boston Seaport Hotel, a 21-story, 1,055-room hotel in Boston’s Seaport district. Set to open in late 2020 on a two-acre parcel at the corner of Summer and D streets, the hotel will feature 100,000 square feet of meeting and event space that includes the largest hotel ballroom in the Seaport District. Other amenities will include an urban rooftop pool deck with an event space featuring views of Boston’s skyline, all-day restaurant, retail shop, fitness center and spa. Once completed, the Omni Boston Seaport will become the city’s fourth largest hotel, according to the developer. “This project’s hotel, retail, restaurant and outdoor space is a welcome addition to Boston’s Seaport District and will lead to expanded economic opportunities for many businesses within the Commonwealth,” Massachusetts Governor Charlie Baker said at the groundbreaking. “Our administration looks forward to continuing to work together with partners at the local level and in the private sector to support economic development in communities across Massachusetts.” The Massachusetts Port Authority (Massport) tapped Omni Hotels & Resorts, along with a team from New Boston Hospitality, in 2017 to develop the hotel. The project is estimated …
NEW YORK CITY — Cushman & Wakefield has negotiated the $9.9 million sale of 43-10/24 Queens Blvd., an 8,521-square-foot retail building in the Sunnyside neighborhood of Queens. The single-story property features 95 feet of retail frontage and currently houses eight retail tenants. Tom Donovan, Will Suarez, Eugene Kim, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the seller in the transaction. The buyer was undisclosed.
NUTLEY, N.J. —HFF has arranged $10.2 million in financing for the development of a 925-unit, CubeSmart-branded self-storage facility at 10 Kingsland St. in Nutley. The three-story, 125,000-square-foot facility will contain 765 climate-controlled and 160 non-climate-controlled units in a variety of sizes. HFF represented the developer, Tulfra Real Estate, in securing the construction loan with Bank of New Jersey. Loan proceeds will be used for acquisition costs, site improvements, construction and facility lease up.
PHILADELPHIA — Colliers International has brokered the $3.3 million sale of 1026 Arch St. in the Chinatown neighborhood of Philadelphia. The three-story, 9,000-square-foot building currently houses ground-floor retail and second-floor office space. Colliers represented the seller, Alfred and Nancy Cappelli, in the transaction. A private investor purchased the building.
SCHENECTADY, N.Y. — Marcus & Millichap has arranged the sale of Cottage Row Apartments, a 21-unit apartment property located in Schenectady for $1.7 million. Located at 1 Cottage Row, the apartment building is situated in the historic Stockade District of Schenectady. Units at the complex feature hardwood floors as well as spacious outdoor patios and decks. Chip Collins of Marcus & Millichap represented seller, a private investor, in the transaction. The buyer was also a private investor.
NEW YORK CITY — Seagis Property Group has acquired six warehouse buildings in South Queens for an undisclosed price. The properties, which are located in the JFK submarket of Queens, total 68,000 square feet. Seagis now owns 52 buildings totaling 1 million square feet across New York City.
NEWARK, DEL. — CBRE has negotiated the sale of 322 Ruthar Drive in Newark for an undisclosed amount. DuPont Transportation & Advanced Polymers acquired the 120,000-square-foot industrial facility. CBRE represented DuPont in the transaction. The seller was undisclosed. DuPont has committed to invest $45 million in the new facility, which will increase its manufacturing capacity for DuPont Kalrez, a specialized engineered material used in a variety of sealing applications.
