Northeast

Besen & Associates Brokers Sale of 20,000 SF Multi-Use Building in Hudson Heights for $9.1M

by David Cohen March 22, 2018

NEW YORK CITY — Besen & Associates has arranged the sale of 4468-4474 Broadway in northern Manhattan for $9.1 million. The sales price equates to $457 per square foot and a 3.75 percent capitalization rate. The two-story, 20,000-square-foot building consists of six stores and five offices. Built in 1991, the property features 100 feet of retail frontage along Broadway in the Hudson Heights neighborhood and is located just north of the George Washington Bridge between Fort Tyron Park and Harlem River Park. The property also includes 14,400 square feet of unused air rights. Hilly Soleiman, Amit Doshi and Ron Cohen of Besen & Associates represented the seller, Broadway 10th Ave. Corp. in the transaction. Alma Realty was the buyer.

March 22, 2018

Acquisitions Northeast

Marcus & Millichap Arranges Sale of 73,000 SF Shopping Center in Upstate New York for $12.3M

by David Cohen March 22, 2018

GLENMONT, N.Y. — Marcus & Millichap has arranged the sale of Bethlehem Town Center II, a 73,613-square-foot shopping center in Glenmont, for $12.3 million. The fully leased shopping center, which is located three miles from downtown Albany, was purchased at a 7.09 percent capitalization rate. Current tenants include Panera Bread, Five Guys Burger & Fries, SuperCuts, Taco Bell, and Twist ‘N Flip Gymnastics. Joseph C. French, Jr. and Thomas Dalzell of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, a private investor.

March 22, 2018

Leasing Activity Massachusetts Northeast

PREIT Signs Three New Tenants to Mall in Southeast Massachusetts

by David Cohen March 22, 2018

PREIT has signed three new tenants at Dartmouth Mall in Dartmouth, a city in southeast Massachusetts. Local retailer Newbury Comics will open a 3,900-square-foot store this spring. In the fall, Forever 21 will open an 11,500-square-foot location, and EbLens will open a 6,000-square-foot store. The new leases come on the heels of several recent openings, including a new 23,000-square-foot H&M, and new Encore and Torrid stores. Dartmouth Mall’s AMC Theatres was renovated in 2015.

March 22, 2018

Loans Massachusetts Northeast Office

Fantini & Gorga Arranges $30M Loan to Refinance 61,000 SF Office Building in Cambridge

by David Cohen March 21, 2018

CAMBRIDGE, MASS. — Fantini & Gorga has arranged a $30 million loan to refinance a 61,000-square-foot office building in Cambridge. The property, located at 784 Memorial Drive and owned by an affiliate of the Bullfinch Companies, was originally built in 1937 and underwent renovations in 1999 and 2014. Harvard University recently executed a long-term lease for the entire building with plans to house a technology services department there. Wayne Clough and Despina Hixon of Fantini & Gorga arranged the financing with one of its correspondent life insurance companies. The building is located along the Charles River in the Cambridgeport neighborhood, halfway between the campuses of Harvard and the Massachusetts Institute of Technology.

March 21, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

Castle Square, WinnDevelopment to Redevelop 102-Unit Senior Housing Community in South End.

by David Cohen March 21, 2018

BOSTON — Castle Square Tenants Organization and WinnDevelopment have been selected by the Boston Housing Authority to redevelop the Eva White Apartments, a 102-unit, low-income senior housing community at 440 Tremont St. in Boston’s South End. The 50-year-old, seven-story building includes 34 studio, 57 one-bedroom and 11 two-bedroom affordable apartments for seniors. As the majority owner, Castle Square will deliver programs and services to Eva White residents and will partner with WinnDevelopment on a two-year renovation project to upgrade apartment kitchens and baths as well as community spaces, mechanical systems and life-safety systems. A final project budget for renovations has not been set. Castle Square and WinnDevelopment first worked together in 1987 to purchase and renovate the 500-unit Castle Square Apartments in South End. The $50 million rehabilitation achieved a LEED Platinum rating from the U.S. Green Building Council.

March 21, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates Sale of 42-Unit Multifamily Building in Upper West Side for $18.3M

by David Cohen March 21, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of 410 West End Ave., a seven-story apartment building in the Riverside-West End Historic District on Manhattan’s Upper West Side. The sales price was $18.3 million. The 42-unit, 20,272-square-foot building contains 14 studios and 28 one-bedroom apartments. The property also retains 25,415 square feet of excess air rights. Hall Oster, Mitchell Levine and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction.

March 21, 2018

Acquisitions Multifamily New York Northeast

Besen & Associates Brokers Sale of 70,000 SF Apartment Building in Bronx for $11M

by David Cohen March 21, 2018

NEW YORK CITY — Besen & Associates has brokered the sale of 1422 Nelson Avenue in the Highbridge section of the Bronx for $11 million at a cap rate of 4.2 percent. The 70,500-square-foot, six-story building contains 72 apartments that are each 1,000 square feet. GF Financial, an experienced operator with an already established portfolio in the Bronx, purchased the property. The sellers, Steve Zervoudis & Richard Sica of Galaxy General, acquired the building in 1992 for $700,000. Currently, the property is operating under a regulatory agreement governed by the Low-Income Housing Tax Credit program. Jonathan Shainberg, Shallini Mehra, and Amit Doshi of Besen & Associates arranged the transaction.

March 21, 2018

Acquisitions Hospitality New York Northeast

HREC Arranges Sale of 81-Room Hampton Inn in Upstate New York

by David Cohen March 21, 2018

SENECA FALLS, N.Y. — HREC Investment Advisors has arranged the sale of an 81-room Hampton Inn located in Seneca Falls. The sales price was undisclosed. The buyer was SF Hotel Group. Seneca Falls, located between Syracuse and Rochester, is a popular tourist destination due to the close proximity of vineyards, outdoor recreation and the Finger Lakes. Ketan Patel, Mark von Dwingelo and Peter Dolan of HREC negotiated the deal for seller Seneca Hospitality.

March 21, 2018

Hospitality Loans Massachusetts Northeast

Square Mile, JPMorgan Chase Provide $75M in Financing for Acquisition of Boston Marriott Quincy

by David Cohen March 20, 2018

QUINCY, MASS. — Square Mile Capital Management and JPMorgan Chase have provided $75 million in financing to Columbia Sussex Corp. for the acquisition and renovation of the 466-room Boston Marriott Quincy in Quincy. The hotel is located in South Boston’s Quincy market, 12 miles from downtown Boston and sits atop a hill overlooking the city skyline and Massachusetts coastline. Amenities at the hotel include a fitness center, indoor swimming pool, business center and 16,000 square feet of renovated meeting space. Lawrence Britvasn and Matt Jacobs of Hodges Ward Elliot in New York arranged the financing. The Columbia Sussex Corp. is a privately owned hotel owner and operator based in Crestview Hills, Ky., with a portfolio of more than 13,000 rooms.

March 20, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers Sale of 15,000 SF Mixed-Use Building in Chelsea for $18.3M

by David Cohen March 20, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of 151 Eighth Ave., a five-story mixed-use building in Manhattan’s Chelsea neighborhood, for $18.3 million. Brock Emmetsberger, Billy Simons and Rachel Aschendorf of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a partnership made up of Stone Street Properties and Greenwich Village Capital. The 15,260-square-foot building contains 16 residential units, two retail units and one cell tower. Of the 16 apartments, 11 are free market, four are rent stabilized and one is rent controlled. The building is located in close proximity to retail and dining options that include Chelsea Market and Barneys New York.

March 20, 2018

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