Northeast

Columbia Property Trust, Normandy to Develop $300M Boutique Office Building in Manhattan

by Camren Skelton September 13, 2018

NEW YORK — Columbia Property Trust Inc. (NYSE: CXP) and Normandy Real Estate Partners LLC plan to form a joint venture to develop 799 Broadway, a 12-story boutique office building in Manhattan’s Midtown South neighborhood. The $300 million, ground-up project will be located at the corner of 11th Street and Broadway, at the convergence of Union Square and Greenwich Village. The loft-style building will total 182,000 square feet and will feature floor plates ranging from 3,600 to 22,000 square feet. Other features will include 15-foot ceilings, floor-to-ceiling glass and private terraces. “We look forward to working with Columbia to jointly develop a Class A, loft-style creative building in this ideal location,” said Jeffrey Gronning, founder and partner of Normandy Real Estate Partners. “With its high-end amenities and features, this unique building will be ideally suited for tenants seeking a creative and collaborative environment and should benefit from the limited supply of newly developed properties in this neighborhood.” Chicago-based architecture firm Perkins+Will is designing the building, which is slated for completion in the second half of 2020. Once completed, 799 Broadway will join Columbia’s existing Manhattan portfolio, which includes 218 W. 18th St., 249 W. 17th St., 114 5th Ave., 229 …

September 13, 2018

Connecticut Loans Northeast

NKF Capital Markets Secures $19.5M Acquisition Loan for Multifamily Complex in Connecticut

by David Cohen September 12, 2018

WEST HARTFORD, CONN. — NKF Capital Markets has secured a $19.5 million acquisition loan for Cove West Hartford, a 200-unit apartment community in West Hartford. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of NKF secured financing on behalf of CS Acquisitions Group through an equity investor. The six-building complex is located approximately two miles from downtown Hartford. The seller was not disclosed.

September 12, 2018

Development Multifamily Northeast Pennsylvania

IMC Construction Breaks Ground on $35M Apartment Building in Philadelphia

by David Cohen September 12, 2018

PHILADELPHIA — IMC Construction has broken ground on Station Square, a $35 million apartment building on Philadelphia’s Main Line. Located at 37 North Valley Road in Paoli, the property is adjacent to the Paoli train station. The four-story, 256,000-square-foot building will include 153 units as well as a fitness center, co-working space and outdoor pool. The project, which Linden Lane Capital Partners is developing, is scheduled for completion in spring 2020.

September 12, 2018

Loans Multifamily New York Northeast

Axiom Capital Arranges $21M Refinancing of Multifamily Community Near Albany

by David Cohen September 12, 2018

GLENVILLE, N.Y. — Axiom Capital Corp. has arranged a $21 million refinancing for a 360-unit multifamily community in Glenville. The property is approximately 31 miles northwest of Albany. Axiom Capital represented the borrower, a private investor, in securing financing through a bank. The community is located in close proximity to Union College and Schenectady Community College.

September 12, 2018

Loans Multifamily New York Northeast

Bellwether Structures $11.7M Construction Loan for Mixed-Income Apartments in the Bronx

by David Cohen September 12, 2018

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has arranged an $11.7 million construction loan for Bronxview at Serviam. The building will include 114 units with a mix of one-, two- and three-bedroom units. Equity for the approximately $61.3 million project was provided through the purchase of 9 percent low-income housing tax credits awarded by the New York City Department of Housing Preservation and Development (HPD). The property will feature 12 units for residents earning up to 30 percent of the area median income (AMI), 12 units at 50 percent AMI, 33 units at 60 percent AMI, 34 units at 80 percent the AMI and 22 units at 90 percent AMI. Jim Gillespie of Bellwether arranged the Freddie Mac loan for the Fordham Bedford Housing Corp. The financing features a 36-month forward period followed by a 30-year permanent mortgage and a fixed rate locked at the time of the construction loan closing.

September 12, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers $1.8M Sale of Multifamily Property in York, Pennsylvania

by David Cohen September 12, 2018

YORK, PA. — Marcus & Millichap has brokered the sale of the Country View Townhomes in York. The 12-unit property, which is located at 2-14 Tate Way, sold for $1.8 million. Will Riter, Andrew Townsend, Clarke Talone, and Ridge MacLaren of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed. Country View Townhomes was constructed in 2007 and is comprised of 12 three-bedroom units.

September 12, 2018

Acquisitions Development Multifamily New York Northeast Top Stories

Alchemy Properties Acquires Former School on Upper West Side for $158M, Plans to Develop Condos

by David Cohen September 12, 2018

NEW YORK CITY — Alchemy Properties has acquired the former Collegiate School on the Upper West Side of Manhattan for $158 million. The property, which is located at 378 West End Ave. and 260-262 West 78th St., will be redeveloped into two ground-up residential condominium buildings rising 19 and 12 stories, respectively. When completed, the project will bring anywhere from 58 to 62 condominium units to the Upper West Side as well as 20,000 square feet of amenities, including an outdoor pool, squash court and fitness center. Alchemy has partnered with South Korean investment bank Daishin Securities to develop the project. Architectural firm COOKFOX Architects has been commissioned to design both the exterior and interior of 378 West End Ave. Bank OZK provided pre-construction and construction financing for the project. Construction on 378 West End Ave. is scheduled to start in the third quarter of 2018. Alchemy Properties recently completed Two Fifty West 81st St., a 31-unit condominium project on the Upper West Side. The project is currently 85 percent sold, according to Alchemy. — David Cohen

September 12, 2018

Market Reports New York Northeast Northeast Market Reports Retail

New York City Retail Opportunity Never Better, Nor as Challenging

by David Cohen September 12, 2018

2018 is a compelling time to be in retail real estate, especially in New York. Sure, rents are probably still too high, but the vacancy rate keeps pressure on landlords and developers. There is no doubt Amazon will continue to disrupt and dominate, but reports of retail’s demise have been greatly exaggerated. The lower rents and vacancies are creating opportunity for retailers who can adapt to the factors driving consumers’ shopping habits. Perhaps more importantly, many of the city’s most desirable retail corridors such as Fifth Avenue and SoHo were historically difficult to come by, regardless of a tenant’s ability to pay. Now, opportunity beckons. The latest census data indicates New York City is growing and that the trend will continue as people seek urban environments to live, work and play. Futurists predict urban population growth to continue throughout the century. But it isn’t just residents and workers flocking to the Big Apple. More than 60 million tourists visited the city in 2017 and even more are projected to visit in 2018. Recent technological advancements have changed many aspects of human behavior, from the way we interact with one another to how we get around and how we purchase products. …

September 12, 2018

Acquisitions Massachusetts Mixed-Use Northeast

NFK Capital Markets Negotiates $39M Sale of Mixed-Use Property in Boston

by David Cohen September 11, 2018

BOSTON — NKF Capital Markets has negotiated the $39 million sale of a mixed-use property in the Somerville neighborhood of Boston. Located at 240 Elm St., the 46,276-square-foot property is currently fully leased to a tenant roster that includes urban grocery concept bfresh and office sharing concept Spaces. Geoffrey Millerd, Justin Smith, Paul Penman and Christian Brannelly of NKF Capital Markets brokered the transaction. The buyer and seller were undisclosed.

September 11, 2018

Connecticut Loans Northeast Office

Axiom Capital Secures $17M Loan for Office Building in Connecticut

by David Cohen September 11, 2018

MIDDLETOWN, CONN. — Axiom Capital has secured a $17 million permanent loan for an office building in Middletown. The undisclosed borrower plans to completely renovate the 85,000-square-foot building. The lender was a life insurance company. When completed, the property will expand to 90,000 square feet and include 316 parking spaces. Amenities will include classrooms, an auditorium, a café with indoor and outdoor seating and a fitness center.

September 11, 2018

Newer Posts

Older Posts