Northeast

RHYS Arranges $4.3M Sale of Mixed-Use Building Near Norwalk

by David Cohen April 19, 2018

WILTON, CONN. — Commercial real estate services firm RHYS has arranged the $4.3 million sale of 59 Danbury Road in Wilton, about seven miles north of Norwalk. The 32,270-square-foot mixed-use building was built in 1959 and fully renovated in 2007. Cory Gubner, Christian Bangert and Alex Haendler of RHYS represented the seller, New York City-based Caroline APTS Co., and the buyer, New England Investment Partners. The property is currently fully leased to two tenants: ASML, a semiconductor company; and Building Blocks Learning Center, an early childhood learning center.

April 19, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates Two Apartment Property Sales in New Jersey for Combined $3.5M

by David Cohen April 19, 2018

WEST NEW YORK, BAYONNE, N.J. — Marcus & Millichap has negotiated the sales of two apartment buildings in separate transactions in Hudson County, New Jersey, for a combined $3.5 million. In the first transaction, 5204 Palisade Ave., a 16-unit multifamily building in West New York, sold for $2.5 million. The property was 100 percent occupied at the time of sale. In the second deal, 265 Ave. B in Bayonne sold for $1 million. The property includes eight residential units and one storefront. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap’s New Jersey office represented the sellers, both private individuals, in the two transactions.

April 19, 2018

Development Loans Mixed-Use New York Northeast Top Stories

HFF Arranges $260M Construction Financing for New Tower at Mixed-Use Project in Manhattan

by Camren Skelton April 19, 2018

NEW YORK CITY — HFF has arranged a $260 million construction loan for the development of 202 Broome Street. The 16-story tower will rise at Essex Crossing, a planned mixed-use project on Manhattan’s Lower East Side. Evan Pariser, Michael Gigliotti, Scott Aiese, Alex Staikos and Jackie Ferrer of HFF arranged the 42-month loan on behalf of the developer, Delancey Street Associates, a joint venture comprising Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman Sachs Urban Investment Group. Square Mile Capital Management LLC provided the loan. “We continue to see compelling opportunities for debt investments in the New York market,” said Sean Reimer of Square Mile Capital. “The Essex Crossing project is a great example — a transformative development being created by a strong, visionary ownership group.” Upon completion in 2020, 202 Broome Street will include 179,234 square feet of Class A office space, 36,888 square feet of retail space and 83 luxury condominiums. The building will also contain a portion of Market Line, an underground marketplace that will span three city blocks and feature a food hall and a variety of large and small businesses. The historic Essex Street Market will anchor the marketplace. Construction on Essex Crossing …

April 19, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

J.G. Petrucci Acquires Six Acres in Suburban Philadelphia, Plans Mixed-Use Development

by David Cohen April 18, 2018

WILLOW GROVE, PA. — J.G. Petrucci Co. has acquired five properties totaling six acres in Willow Grove in separate transactions brokered by CBRE. The sales price was not disclosed. Willow Grove is located about 13 miles north of Philadelphia. The developer plans to build a new $75 million mixed-use development on the site, which will be called Station at Willow Grove. Patrick McCabe of CBRE represented the buyer in all five transactions. The project will include 275 new apartment units and 30,000 square feet of commercial and retail space. Located across from the Willow Grove Southeastern Pennsylvania Transportation Authority train station, the development fits J.G. Petrucci’s penchant for transit-oriented residential projects. Construction is scheduled to begin on April 19 and is expected to be completed in the second quarter of 2019.

April 18, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $28.8M in Financing for Creation of Affordable Housing Community Near Boston

by David Cohen April 18, 2018

LAWRENCE, MASS. — MassHousing has provided $28.8 million in financing to Reed Realty Advisors for the creation of a 180-unit affordable housing community in Lawrence, about 30 miles north of Boston. Reed Realty will redevelop a section of the former Pacific Mills cotton complex into new mixed-income housing that will include 40 workforce housing units for moderate-income households. The project will be called Pac 10 Lofts. MassHousing provided a $14 million tax-exempt permanent loan, a $1 million taxable permanent loan, an $8.8 million tax credit equity bridge loan and $5 million from MassHousing’s $100 million Workforce Housing Initiative. The transaction also involved $1.8 million from an allocation of state historic tax credits, a $3.6 million seller note, a $2.5 million deferred developer fee and $210,000 in financing from the City of Lawrence.

April 18, 2018

Acquisitions New York Northeast

Cushman & Wakefield Negotiates $17.5M Sale of Multifamily Building in Williamsburg

by David Cohen April 18, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $17.5 million sale of a multifamily building in the Williamsburg neighborhood of Brooklyn. The buyer was Golden Lioness Corp. Located at 347 Berry St., the six-story, loft-style building includes 23 residential units and a 606-square-foot retail storefront as well as a partially enclosed parking lot that accommodates up to nine vehicles. The 21,500-square-foot building was converted from an ice cream factory into apartments in 2016. At the time of the sale, the multifamily portion of the building was fully leased. The retail space is occupied by Butler & Co., a café with a 10-year lease. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton and James Berluti of Cushman & Wakefield represented the seller, Horrigan Development, in the transaction.

April 18, 2018

Acquisitions New York Northeast Retail

Speedway Agrees to Acquire 78 Express Mart Locations in New York

by David Cohen April 18, 2018

SYRACUSE, ROCHESTER, BUFFALO, N.Y. — Speedway LLC has signed an agreement to purchase 78 Express Mart store locations held by Petr-All Petroleum Consulting Corp. The stores are located primarily in the Syracuse, Rochester and Buffalo markets. Following the acquisition, the stores will be rebranded as Speedway locations. The transaction is expected to close by the end of the third quarter. Speedway, headquartered in Enon, Ohio, is the nation’s second largest company-owned and operated convenience store chain with approximately 2,740 stores located in 21 states. Speedway is a subsidiary of Marathon Petroleum Corp.

April 18, 2018

Loans Mixed-Use New York Northeast

Ariel Property Advisors Arranges $6.5M Refinancing for Mixed-Use Portfolio in Brooklyn

by David Cohen April 18, 2018

NEW YORK CITY — Ariel Property Advisors has arranged a $6.5 million cash-out refinance loan for four mixed-use properties in the Bedford-Stuyvesant neighborhood of Brooklyn. Paul McCormick and Matt Dzbanek of Ariel Property Advisors arranged the five-year, cash-out refinancing at a 75 percent loan-to-value and fixed interest rate of 4 percent for the undisclosed borrower. The four properties include 22 residential and six commercial units. Approximately 30 percent of the owner’s gross income comes from commercial leases.

April 18, 2018

Acquisitions Hospitality New York Northeast Top Stories

Icahn Enterprises Agrees to Sell Tropicana Entertainment for $1.85B

by David Cohen April 18, 2018

NEW YORK CITY — Icahn Enterprises has agreed to sell Tropicana Entertainment Inc. to Gaming and Leisure Properties Inc. for $1.85 billion in a deal that includes all of Tropicana’s real estate. The company’s gaming and hotel operations will be merged into Eldorado Resorts Inc., which owns and operates 20 casinos in 10 states. Under the agreement, Pennsylvania-based real estate investment trust Gaming and Leisure Properties will buy Tropicana’s real estate for $1.21 billion and lease properties to Eldorado Resorts. Eldorado will pay $640 million in cash and assume Tropicana’s cash and debt. The transaction includes all of Tropicana’s locations except Aruba, which will close as a condition of the deal. Icahn Enterprises invested in Tropicana when it was bankrupt in 2008, after state regulators deemed its former owner unfit to run a casino. The New York City-based investment company controlled by American businessman Carl Icahn hired Tony Rodio as chief executive and reinvested profits into operations. Carl Icahn has been chairman of Tropicana’s board since 2010. “I am incredibly proud of what the entire Tropicana team has been able to accomplish over the past eight years, taking Tropicana from bankruptcy to one of the industry’s true success stories,” says Rodio. …

April 18, 2018

Market Reports New York Northeast Northeast Market Reports Retail

Manhattan Retail: 2018’s Challenges and Opportunities

by David Cohen April 18, 2018

Real estate experts continue to keep a close eye on the Manhattan retail market in 2018. Having wrapped up 2017 with challenges and opportunities for landlords and tenants alike, it appears the biggest strides toward adjusting to new conditions are behind us, though further rent adjustments are never out of the mix. At year-end 2017, average asking rents across Manhattan’s 16 main retail corridors declined by 18.4 percent, compared to those from year-end 2016, while availabilities ticked up slightly. Leasing velocity was strong in 2017 with 2.6 million square feet of transactions closing during the year, posting a year-over-year increase of 8.2 percent. Food and beverage tenants dominated the market in terms of deal volume, inking 172 leases (the most in Manhattan) at year-end 2017, which encompassed nearly 556,000 square feet. The apparel industry also posted strong numbers in 2017, leasing 459,200 square feet of space across 91 deals. 2017 data shows that SoHo was the most active neighborhood in terms of square footage leased (approximately 227,000 square feet) and the number of closed deals (43). The neighborhood outpaced the runner up, Midtown West, by more than 60,000 square feet. After suffering from consistently high vacancy rates, SoHo is …

April 18, 2018

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