Northeast

Berkadia Forecast: Southeast to Garner Bulk of Multifamily Investment, Financing Activity in 2018

by John Nelson January 25, 2018

AMBLER, PA. — Mortgage bankers and investment sales brokers alike expect multifamily markets in the Southeast to record more investment and financing activity than any other region in 2018. In Berkadia’s inaugural poll of nearly 150 staffers across 60 offices, the company reveals that more than one-third (36 percent) of its respondents predict the Southeast would see the most deals take place this year. “Population influx, continued job growth and significant development stabilization will make the Southeast a destination for commercial real estate growth and investor appetite in the coming months,” says Ernie Katai, executive vice president and head of production at Ambler-based Berkadia. For example, the Atlanta metro area is on track to add 2.5 million people over the next 25 years, the equivalent of adding the entire metro Charlotte population, according to the Atlanta Regional Commission. This type of population growth is attractive for employers looking for a new base of operations. This week French car manufacturer Groupe PSA announced that it chose Atlanta for its North American headquarters, and media outlets are reporting that Facebook is interested in building a massive data center complex in the metro area. Atlanta recently made the short list for Amazon’s second …

January 25, 2018

Multifamily New York Northeast

Eastern Consolidated Facilitates $27.6M Sale of Manhattan Apartment Portfolio

by Amy Works January 24, 2018

NEW YORK CITY — Eastern Consolidated has negotiated the sale of a 68,200-square-foot Section 8 multifamily portfolio located at 14-18 W. 107th St. in Manhattan’s Upper West Side. A private real estate investment firm acquired the assets for $27.6 million. Comprised of two elevator buildings, the properties feature 60 units in a mix of studio, one-bedroom and two-bedroom units. Ron Solarz of Eastern Consolidated represented the seller, a private owner, and procured the buyer. Gary Meese, also of Eastern Consolidated, served as analyst for the transaction.

January 24, 2018

New Jersey Northeast Retail

Prestige Properties Acquires 117,000 SF Retail Center in Metro NYC for $25.4M

by Amy Works January 24, 2018

EAST BRUNSWICK, N.J. — Prestige Properties and Development has purchased a grocery-anchored retail center located at 50 Race Track Road in East Brunswick. A partnership between MCB Real Estate and Alex Brown Realty sold the property for $25.4 million. Aldi, Burlington, AutoZone and Jersey Fine Wines occupy the 117,000-square-foot retail center. The recently renovated center also includes a new building that is occupied by Starbucks, Supercuts and Five Guys. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal.

January 24, 2018

New York Northeast Office Retail

Cushman & Wakefield Arranges $21M Sale of Office, Retail Property in Manhattan

by Amy Works January 24, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a multi-tenanted commercial office and retail building located at 224 Fifth Avenue in Manhattan. An undisclosed buyer acquired the property for $21 million. Originally built in the mid-19th century and significantly altered in 1980, the six-story building features 15,949 square feet of office and retail space. The building has floor plates that range from 2,600 square feet to 2,827 square feet and is currently leased to three office tenants and one retail tenant, 7-Eleven. John Ciraulo and Craig Waggner of Cushman & Wakefield represented the undisclosed seller in the transaction.

January 24, 2018

Massachusetts Northeast Office

Chatham Investment Sells 66,825 SF Office Building in Metro Boston for $13.9M

by Amy Works January 24, 2018

NEWTON, MASS. — Chatham Investment has completed the disposition of an office building located at 29 Crafts St. in Newton. Capasso Realty acquired the property for $13.9 million. Anchored by W.T. Rich Co., Steward Health Care System and Capital Advisors Group, the five-story property features 66,825 square feet of office space and 190 on-site parking spaces. Robert Griffin, Edward Maher, Matthew Pulled, Samantha Hallowell, Christian Brannelly and Drew Nelson of NKF represented the seller in the deal.

January 24, 2018

Northeast Office Pennsylvania

CBRE Arranges $12.5M Sale of Office Plaza in West Chester, Pennsylvania

by Amy Works January 24, 2018

WEST CHESTER, PA. — CBRE has brokered the sale of West Chester Office Plaza, a five-building office portfolio located at 790 E. Market St. in West Chester. High Associates sold the complex to Maguire Hayden Real Estate Co. for $12.5 million. Situated on 8.3 acres, the 116,621-square-foot complex is currently 90 percent occupied by 48 tenants, including American Precision Industries, ESCFederal, Women’s Health Care Group of PA and BackOffice Thinking and Kinetic Prosthetics. Stephen Marzullo and Adam Silverman of CBRE represented the seller in the transaction.

January 24, 2018

Multifamily Northeast Pennsylvania

Westrum Development Adds Final Phase to Luxor Apartment Complex in Norristown, Pennsylvania

by Amy Works January 23, 2018

NORRISTOWN, PA. — Westrum Development Co. has completed Luxor Building II, the final phase of the revitalization and transformation of 770 Sandy Street into Luxor Lifestyle Apartments in Norristown. Located at the renamed 800 Luxor Lane address, Luxor Building II features 38 apartment units and complements the 157-unit main building at the Luxor complex. Amenities at the community include an open-air courtyard with bocce, grilling and fire pits, an infinity pool, a bar, a fitness center and panoramic views of Norristown and Philadelphia’s skyline. For more than a decade before Westrum Development Co. acquired the property, 770 Sandy Street was embroiled in construction, legal and financial turmoil that cost Norristown taxpayers up to $4 million for repairs and legal expenses.

January 23, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Group Closes $23M HUD Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works January 23, 2018

PENNSYLVANIA — Capital Funding Group, a Baltimore-based lender, has provided a $23 million HUD loan for a 324-bed skilled nursing facility in Pennsylvania. The name and location of the facility were not disclosed. Capital Funding is the sole lender, and also provided the initial bridge acquisition loan in 2014. The new loan converts the existing debt into HUD financing.

January 23, 2018

Loans New York Northeast Office

HFF Secures $12.5M in Refinancing for Office Building in Manhattan

by Amy Works January 23, 2018

NEW YORK CITY — HFF has arranged $12.5 million in refinancing for 135 Bowery, a boutique creative office building in Manhattan’s Midtown South technology corridor. The borrower is a joint venture between Caspi Development and RWN Real Estate Partners. Steven Klein and Alex Staikos of HFF secured the five-year, fixed-rate loan through BBVA Compass Bank. Loan proceeds were used to refinance a construction loan on the property. Originally built in 1900 and redeveloped in 2016, the eight-story, 21,308-square-foot building features a ground-floor retail space occupied by a high-end restaurant, and full-floor loft office units above. The office spaces feature collaborative open floor plates, 10-foot ceilings, reclaimed wood details, custom kitchenettes, conference rooms and two suites that offer private terraces with city views. The property is fully occupied by tenants, including lola/VFX, Bullish, Tradewind, breather, Martin Lui & Associates, Minds+Assembly and RTS Ventures.

January 23, 2018

Multifamily New York Northeast

Cignature Realty Arranges $12.1M Sale of Apartment Building in Manhattan

by Amy Works January 23, 2018

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a six-story apartment building located at 964 Amsterdam Ave. in Manhattan Valley. TriArch Real Estate Group acquired the building from The Orbach Group for $12.1 million. Built in 1900, the 21,072-square-foot property features 22 residential apartments and four retail stores. Peter Vanderpool of Cignature Realty represented the buyer, while Elan Teichman, also of Cignature, represented the seller in the deal.

January 23, 2018

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