Northeast

Barone Management Purchases Two Redevelopment Sites in Queens

by David Cohen June 12, 2018

NEW YORK CITY — New York-based developer Barone Management has acquired two parcels of land with a total of 295,000 buildable square feet at 89-25 161st St. and 89-25 162nd St. in the Jamaica neighborhood of Queens. Barone plans to build an educational institution and two new residential buildings on the parcels. The projects are slated for completion in 2021. The parcel located at 89-25 161st St. includes the 70,000-square-foot building that was formerly home to Dominican Commercial High School — founded by the Sisters of St. Dominic in 1936 — which became one of the premiere business schools for girls in New York City. The parcel at 89-25 162nd St. includes a convent building and a parking lot. Barone acquired the properties from the Sisters of St. Dominic.

June 12, 2018

Acquisitions Massachusetts Mixed-Use Northeast

Related Beal Acquires Mixed-Use Development in Boston’s Seaport District for a Second Time

by David Cohen June 12, 2018

BOSTON — Related Beal has acquired 451 D Street, a nine-story, mixed-use development in Boston’s Seaport District for an undisclosed price. The company previously owned the building before selling it in 2012. The seller was a joint venture between State Street and Meritage Properties. The development, which is 85 percent leased, offers more than 477,000 square feet of lab and office space as well as an amenities package that includes a 3,000-square-foot fitness center and a 20,000-square-foot on-site child care center. The tenant roster includes Alion Science & Technology, RDK Engineers and JPMorgan Chase.

June 12, 2018

Acquisitions Massachusetts Multifamily Northeast

NAI Hunneman Arranges $3.7M Sale of Apartment Community in Fall River, Massachusetts

by David Cohen June 12, 2018

FALL RIVER, MASS. — NAI Hunneman has arranged the sale of a 50-unit apartment community in Fall River for $3.7 million. The 37,824-square-foot property, which is located at 655-735 North Main St., contains four separate brick apartment buildings with 40 two-bedroom and 10 one-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Ferris Apartments Inc., in the transaction. The buyer was 655-735 North Main Street Realty Trust.

June 12, 2018

Acquisitions Multifamily Northeast Pennsylvania

IPA Negotiates $61M Sale of Apartment Community in Metro Pittsburgh

by Jeff Shaw June 11, 2018

WEXFORD, PENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $61 million sale of Ascent Four Thirty, a 319-unit apartment community located in Wexford, roughly 15 miles north of Pittsburgh. A joint venture between Buligo Capital and Graycliff Capital acquired the asset from The NRP Group. Constructed in 2014, Ascent Four Thirty includes 17 three-story buildings and features a fitness center, resort-style swimming pool with a sundeck and a conference room. Joshua Wintermute, Michael Barron, Daniel Burkons and Victor Nolletti of IPA arranged the transaction on behalf of the seller, and procured the buyer.

June 11, 2018

Acquisitions Delaware Northeast

CBRE Arranges Sale of Nearly 100-Year-Old DuPont Country Club in Wilmington, Delaware

by Jeff Shaw June 11, 2018

WILMINGTON, DEL. — CBRE has brokered the sale of DuPont Country Club, which occupies more than 500 acres in northern Delaware’s Brandywine Valley, for an undisclosed price. A local investment group that includes former DuPont executives Ben duPont and Don Wirth acquired the property from DowDuPont Co. Jeff Woolson, an executive vice president with CBRE who serves as the managing director of its Golf & Resort Group, handled the transaction, along with fellow professionals in CBRE’s Wilmington office. Established in 1920, the club was originally built as an amenity for DuPont company employees. Recreational amenities include three 18-hole golf courses and 25 tennis courts, complemented by a stately clubhouse measuring approximately 113,000 square feet. A key component of the property is the 60-acre Brantwyn Estate, which features a three-story 28,000 square foot mansion surrounded by manicured gardens that is utilized for weddings and other special events. The new buyers plan to spend $18 million on improvements, which include a swimming pool, fitness center as well as a new driving range. The DuPont championship course has hosted many professional and prestigious amateur golf tournaments over the years, most notably serving as the home of the LPGA Tour’s McDonald’s Championship from 1987 …

June 11, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $45M Sale of Multifamily Portfolio in White Plains, New York

by Jeff Shaw June 11, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has arranged the sale of a three-property, 104-unit multifamily portfolio in White Plains. A Westchester-based investor acquired the properties for $45 million, or $433,000 per unit. Victoria Fisher of Marcus & Millichap’s Westchester office represented the sellers, Lighthouse Living and The Daten Group, which originally developed the properties. All three communities were completed in 2015 in downtown White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; The Reed, a three-story building located at 115 N. Broadway. The new owner plans to hold the properties for the long term, according to Marcus & Millichap.

June 11, 2018

Acquisitions New Jersey Northeast Office

PCCP, Vision Real Estate Acquire 66-Acre Office Campus in Morris Plains, New Jersey

by Jeff Shaw June 11, 2018

MORRIS PLAINS, N.J. — PCCP and Vision Real Estate Partners have acquired 185 and 201 Tabor Road in Morris Plains, about 20 miles west of Newark. The purchase price was not disclosed. The 66-acre office campus is comprised of two properties. Built in 2006, 185 Tabor Road is a 240,000-square-foot Class A office building. Constructed in phases from the 1950s to the 1990s, 201 Tabor Road is a series of Class B and C buildings totaling 644,000 square feet. The buyers plan to demolish the existing structure and redevelop the site at 201 Tabor Road. The previous occupant, Johnson & Johnson, was the seller. John Alascio, Sridhar Vankayala and Noble Carpenter III of Cushman & Wakefield acted as exclusive advisor to Vision Real Estate Partners in arranging joint venture equity for the acquisition.

June 11, 2018

Acquisitions New Jersey Northeast Retail

NAI Hanson Negotiates Sale of 3,321 SF Retail Building in Englewood, N.J.

by Jeff Shaw June 11, 2018

ENGLEWOOD, N.J. — New Jersey-based NAI Hanson has negotiated the sale of a 3,321-square-foot retail building located at 491 Grand Ave. in Englewood. The property is directly across the Hudson River from The Bronx. The price was undisclosed. The building, which is currently unoccupied, consists of two retail storefronts on the main level and a two-bedroom apartment on the second floor. The buyer, NWR Realty Corp., plans to convert the retail space into offices for its business. Pablo Castro of NAI Hanson represented the seller, 491 Grand Avenue LLC, in the transaction.

June 11, 2018

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $14.2M Construction Financing for Two Affordable Seniors Housing Renovations in Buffalo

by David Cohen June 8, 2018

BUFFALO, N.Y. — KeyBank Community Development Lending & Investment has provided $14.2 million in construction financing for the renovation of Riverview Manor and Piotr Stadnitski Gardens in Buffalo. The two-building property consists of 210 one-bedroom units for seniors. Riverview Manor is a 12-story building built in 1977 and was last renovated in 1989. Stadnitski Gardens is an 11-story building built in 1978. Kyle Kolesar of KeyBank originated the financing. Alliant Capital and New York State HFA provided additional funding. The project will be developed in partnership with Smith & Henzy Advisory Group and MDG Design + Construction and is supported by existing project-based HUD Section 8 vouchers.

June 8, 2018

Acquisitions Hospitality New York Northeast

Westgate Resorts Acquires Hilton New York Grand Central in Midtown Manhattan

by David Cohen June 8, 2018

NEW YORK CITY — Westgate Resorts has acquired the Hilton New York Grand Central, a 23-story, 300-room hotel in Midtown Manhattan. The sales price was not disclosed. Westgate will rebrand the two-tower hotel as the Westgate New York City. The hotel first opened in 1931 and was formerly known as the Hotel Tudor and Hilton Manhattan East. The property features gothic-revival architecture blended with modern luxuries. Amenities include a business center, 24-hour fitness center and 3,500 square feet of flexible meeting space. Westgate will continue to operate the resort as a hotel while it undergoes an extensive renovation. The company will also explore opportunities to add timeshare vill

June 8, 2018

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