Northeast

Rosewood Realty Brokers $97M Three-Building Portfolio Sale in Upper West Side

by David Cohen March 16, 2018

NEW YORK CITY — Rosewood Realty Group has brokered the $97 million sale of a three-property multifamily portfolio in the Upper West Side. Located in the Manhattan Valley neighborhood, the portfolio consists of three adjacent six-story elevator apartment buildings at 210, 220 and 230 W. 107th St. with a total of 180 units spanning 153,786 square feet. The buildings, built in 1925, sold for 15.15 times the current rent roll at a 4.66 cap rate. Aaron Jungreis of Rosewood Realty Group represented both parties in the transaction. Brooklyn-based investor Isaac Kassirer was the buyer. Orbach Group, a New Jersey-based firm that acquired the three buildings in 2013 for $70 million, was the seller.

March 16, 2018

Loans Northeast Pennsylvania

Pillar Originates $20M Refinancing for Manufactured Housing Portfolio in Pennsylvania

by David Cohen March 16, 2018

PENNSYLVANIA AND MARYLAND — Pillar Financial has originated more than $20 million in fixed-rate, full interest-only 10-year terms through Fannie Mae for the refinancing of a manufactured housing community portfolio. The portfolio consists of three properties in Pennsylvania and one in Maryland. Cullen O’Grady of Pillar sourced the portfolio through Michael Cordes of Columbia National Real Estate Finance. The three Pennsylvania-based properties, The Chesapeake Estates at Grantville, Chesapeake Estates at New Oxford and Walnut Grove, include a total of 689 pads. All three are located 15 miles northeast of Harrisburg, Pa. The Maryland property, called Darlington Mobile Homes Estates, is located 35 miles northeast of Baltimore and has 67 pads.

March 16, 2018

New York Northeast

Madison Square Realty Arranges 20,000 SF Lease for Historic Harlem Bank

by David Cohen March 16, 2018

NEW YORK CITY — Madison Square Realty has negotiated a 20,000-square-foot lease for Carver Federal Savings Bank at 1825 Park Ave. in Harlem following the $20 million sale of the bank’s historic headquarters at 125th St. in February. The building had been fully occupied by Carver since 1958. Carver leased the top floor of 1825 Park Ave., which offers views of Harlem and Manhattan. Madison Square Realty CEO Eric Yarbro facilitated both the building sale and the new lease on behalf of the bank. Savanna, the owner of the 12-story building at 1825 Park Ave., also known as the Lee Building, recently completed a capital improvement plan for the property that resulted in it becoming the first ever Wired Certified Gold building in Harlem. Mitch Arkin of Cushman & Wakefield and Ellen Israel of JRT Realty represented Savanna in the lease transaction. Carver was founded in 1946 and is the nation’s largest bank founded and run by African-Americans.

March 16, 2018

New Jersey Northeast Office

Vision Real Estate Closes Two Office Leases in Trenton Totaling 103,000 SF

by David Cohen March 16, 2018

LAWRENCEVILLE, N.J. — Vision Real Estate Partners has negotiated an 89,000-square-foot office lease at 1009 Lenox Drive in Lawrenceville, New Jersey, for software company Billtrust and 14,000 square feet for law firm Pelletieri at 989 Lenox Drive. The two properties are part of the 817,000-square-foot Class A Princeton Pike Corporate Center. Billtrust, a payment cycle management software company founded in 2001, has established its new headquarters at the campus.

March 16, 2018

Connecticut Loans Multifamily Northeast Seniors Housing

Grandbridge Provides $35M Freddie Mac Refinancing for Community in Connecticut

by David Cohen March 16, 2018

NEW CANAAN, CONN. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has provided a $35 million Freddie Mac refinancing for Brightview on New Canaan. The 90-unit seniors housing community is located in New Canaan, a suburb of Norwalk approximately 35 miles northeast of New York City. The permanent, fixed-rate financing features a 10-year term and 30-year amortization. Richard Thomas and Meredith Davis originated the loan.

March 16, 2018

Industrial Northeast Pennsylvania

1788 Holdings Acquires 423,900 SF Industrial Building in Eastern Pennsylvania for $11.7M

by David Cohen March 15, 2018

WHITEHALL, PA. — 1788/Riverside Business Center, an affiliate of 1788 Holdings, has acquired Riverside Business Center, a 423,900-square-foot single-story light industrial building in Whitehall for $11.7 million. Located at 1139 Lehigh Ave., the Class B light industrial property was 87 percent leased at the time of acquisition. Constructed in 1910, the building has been improved and renovated multiple times, most recently in 2006 when the property was converted from a single-user manufacturing facility into a multi-tenanted warehouse. Positioned on 34 acres of land, the structure features average ceiling heights of 20 feet and is located less than three miles from Lehigh Valley International Airport.

March 15, 2018

Mixed-Use New York Northeast

Ariel Property Advisors Arranges $16.4M Sale of 41-Unit Mixed-Use Portfolio in Harlem

by David Cohen March 15, 2018

NEW YORK CITY — Ariel Property Advisors has facilitated the sale of Adam Clayton Powell Cluster, a mixed-use portfolio in Central Harlem. The portfolio, which includes four mixed-use buildings and a vacant lot between 133rd and 134th streets, sold for $16.4 million. The four walk-up buildings contain 41 residential and six retail units spanning 39,445 square feet. The vacant lot is zoned R7-2/C1-4, allowing for 7,500 buildable square feet of retail and residential development. Victor Sozio, Shimon Shkury, Michael A. Tortorici and Orry Michael of Ariel represented the undisclosed seller.

March 15, 2018

Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 129-Bed Skilled Nursing Facility in Philadelphia-Area

by David Cohen March 15, 2018

YEADON, PA. — Tryko Partners has acquired ManorCare Health Services at Mercy Fitzgerald Hospital, a 52,000-square-foot skilled nursing facility at 600 S. Wycombe Ave. in Yeadon, a suburb of Philadelphia. A $2.5 million renovation is planned by Marquis Health Services, Tryko’s healthcare affiliate. The facility has been renamed the Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald. Built in 1995, the facility sits adjacent to Mercy Fitzgerald Hospital, which is part of the Mercy Health System. The two-story, 129-bed facility provides post-hospital care, short-term rehab and long-term residential care. Tryko purchased the facility from a ManorCare Health Services/Mercy Fitzgerald Hospital joint venture for an undisclosed price. The hospital will retain ownership of the land. CIBC financed the transaction.

March 15, 2018

Acquisitions Industrial Northeast Pennsylvania Self-Storage

US Storage Centers Buys 107,606 SF Self-Storage Facility in Philadelphia

by David Cohen March 15, 2018

PHILADELPHIA — US Storage Centers has acquired a 107,606-square-foot facility in Philadelphia from Philly Self Storage. The 1,545-unit self-storage facility is located at 1910 S. Christopher Columbus Blvd. in Pennsport, directly off Interstate 95. The property is the first US Storage Centers location in Pennsylvania and will be rebranded as a US Storage Centers self-storage facility. Terms of the sale were not disclosed.

March 15, 2018

Massachusetts Multifamily Northeast

NAI Hunneman Brokers $4.3M Multifamily Sale in Boston’s South End

by David Cohen March 15, 2018

BOSTON — NAI Hunneman’s Capital Markets Group has arranged the sale of a 10-unit brownstone building in Boston’s South End neighborhood at 665-667 Massachusetts Ave. for $4.3 million. The property is made up of five one-bedroom and five two-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the undisclosed seller and procured the buyer, High Street Properties. The property features access to public transportation via the Silver Line stop on Washington Street.

March 15, 2018

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