Northeast

Ivanhoé Cambridge, Callahan Capital Properties Acquire 85 Broad Street in Downtown Manhattan for $650M

by Katie Sloan May 30, 2017

NEW YORK CITY — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired 85 Broad Street, a 1.1 million-square-foot office tower located in Manhattan’s Financial District, for $650 million. The 30-story tower recently underwent a capital improvement program, which included the renovation of existing amenities and the addition of new building services. The property amenities include a 14,000-square-foot wellness center with a yoga room, Le Pain Quotidien restaurant, a 125-seat tenant cafeteria, conference center and bike room. “We are proud to acquire such a high-quality, marquee property,” says Arthur Lloyd, president of Ivanhoé Cambridge. “85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users. This acquisition expands our footprint, and brings our New York office portfolio to more than 6.7 million square feet.” Office tenants at the tower include Oppenheimer & Co., WeWork, PureFunds, MSQ Ventures and Nielsen. Goldman Sachs originally built the tower to serve as its headquarters in the 1980s, according to reports by Bloomberg. The company moved to 200 West St. in 2010. Montreal-based Ivanhoé Cambridge invests in properties and real estate companies in select cities around the world. Through subsidiaries and partnerships, the company holds interests in …

May 30, 2017

Multifamily New York Northeast

IPA Arranges $72.9M Sale of Multifamily Portfolio in Brooklyn

by Haisten Willis May 26, 2017

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $72.9 million sale of a multifamily portfolio in New York City. The portfolio includes 17 buildings containing 194 residential units and five commercial spaces in central and northern Brooklyn. IPA’s Peter Von Der Ahe, Joe Koicim, Shaun Riney, Daniel Greenblatt and Thomas Shihadeh represented the seller, a private investor, and procured the buyer, a real estate fund. Located in Brooklyn’s Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant neighborhoods, the portfolio includes 167,668 square feet. The properties are located at 874 Bergen St., 942 Bergen St., 267 Clifton Place, 1400 Dean St., 135 Devoe St., 147 Grand St., 95 Kingston Ave., 403 Macon St., 244 New York Ave., 585 Park Place, 306 Prospect Place, 299 Putnam Ave., 303 Putnam Ave., 927 Putnam Ave., 931 Putnam Ave., 701 Saint Marks Ave. and 276 Throop Ave.

May 26, 2017

Loans Multifamily New York Northeast

Houlihan-Parnes Secures $29.3M Financing for Multifamily Properties in NYC

by Haisten Willis May 26, 2017

NEW YORK CITY — Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured $29.3 million in financing for two apartment buildings in the Queens borough of New York City. The buildings include a total of 240 units with a unit mix of studios and one- and two-bedroom units. Both loans were placed with a New York-based bank. The five-year, fixed-rate loans provided for a cash-out refinancing of $6 million.

May 26, 2017

New York Northeast Office

CBRE Arranges 101,000 SF Office Lease in White Plains, New York

by Haisten Willis May 26, 2017

WHITE PLAINS, NEW YORK — CBRE has arranged a 101,000-square-foot office lease for Sumitomo Mitsui Banking Corp. at 1 N. Lexington Ave. in White Plains. Sumitomo is a Japanese banking and financial services company headquartered in Tokyo. The company signed a 13-year lease at the office complex. CBRE’s William Cuddy Jr. and Jacqueline Novotny represented the landlord, Gateway One Group, in the transaction. Williams Peters, Derek Trulson, Robert Ageloff and Paul Tortora of Jones Lang LaSalle acted on behalf of Sumitomo.

May 26, 2017

New York Northeast Office

New Office Tenants Sign on at The Summit in Metro NYC

by Haisten Willis May 26, 2017

VALHALLA, N.Y. — Reckson, a division of SL Green Realty Corp., has landed a pair of new offices leases at The Summit in Valhalla, a suburb of New York City. The first is an 11-year, 65,000-square-foot lease with Ascensia Diabetes Care US, a diabetes health management company, and the second is a 16,442-square-foot lease with Exelon Generation Co. an energy company. The Summit is a three-building, 700,000-square-foot office complex, which is now 93 percent occupied. Ascensia will occupy space on the top two floors of 100 Summit when it moves into the building in the fourth quarter of 2017. Exelon is expected to move in this summer and has committed to space on the first floor of 500 Summit. Steve Rotter and Conor Gill of Jones Lang LaSalle acted on behalf of Ascensia. Exelon did not have tenant representation. Reckson was represented in-house on both transactions. CBRE’s Brian Carcaterra and Jacqueline Novotny represented SL Green.

May 26, 2017

Industrial Massachusetts Northeast

Novaya Real Estate Ventures Signs New Tenant at Industrial Property in Greater Boston

by Haisten Willis May 26, 2017

FRANKLIN, MASS. — Novaya Real Estate Ventures has signed a lease with defense contractor Qinetiq North America for 100 percent of the space at 130 Constitution Blvd. in Franklin. Novaya acquired the 59,970-square-foot industrial building in 2013 and launched a capital improvement program. Transwestern’s John Lashar represented Novaya and Bill Bailey of JLL represented Qinetiq North America in the transaction.

May 26, 2017

Northeast Retail Top Stories

Urban Edge Properties Acquires Retail Portfolio in Northeast, Midwest for $325M

by Nellie Day May 26, 2017

NEW YORK CITY — Urban Edge Properties (NYSE: UE) has purchased a seven-property retail portfolio primarily within the New York City metro area and Missouri for $325 million. The portfolio contains a total of 1.5 million square feet. The acquisition includes Yonkers Gateway Center in Yonkers, N.Y.; Manchester Plaza in Manchester, Mo.; and The Plaza at Woodbridge in Woodbridge, The Plaza at Cherry Hill in Cherry Hill and 21 E. Broad Street/One Lincoln Plaza in Westfield, all in New Jersey. The portfolio is currently 83 percent leased. The tenant rosters contain a mix of big-box stores such as Burlington, Best Buy, DSW and Toys “R” Us; grocers like Aldi and Trader Joe’s; furniture outposts like Raymour & Flanigan and Bob’s Furniture; and restaurants like Five Guys, Cake Boss and Alamo Drafthouse Cinema, among others. Occupancy rates range from 74 percent for The Plaza at Cheery Hill to 100 percent for the Westfield asset. New Jersey-based Acklinis Realty Holding LLC owned the portfolio for more than 30 years. The contributors exchanged their property interests for about $122 million of Urban Edge operating partnership units, which were valued at $27.02 per unit. Urban Edge assumed about $33 million of existing mortgage debt, …

May 26, 2017

Healthcare Northeast Pennsylvania

Construction Begins on Center for Healthcare Technology in Philadelphia

by Haisten Willis May 25, 2017

PHILADELPHIA — Penn Medicine and IMC Construction have broken ground on the new Center for Healthcare Technology in Philadelphia. Located on Civic Center Boulevard, the first phase of the project will be a 250,000-square-foot, eight-story office building. The facility will be used for information technology and human resources. A second phase of the project will add an additional 10 stories totaling 290,000 square feet, bringing the tower to a total height of 18 stories and 540,000 square feet.

May 25, 2017

Multifamily New York Northeast

Clipper Realty Agrees to Acquire NYC Multifamily Property for $79M

by Haisten Willis May 25, 2017

NEW YORK CITY — Clipper Realty has entered into an agreement to acquire a multifamily property located at 10 W. 65th St. in New York for $79 million. The 82-unit property spans 82,000 square feet plus 53,000 square feet of air rights located near Lincoln Center and Central Park in the Upper West Side submarket of Manhattan. Clipper plans to invest incremental capital to enhance the property. The company expects to finance the acquisition with property level mortgage debt and cash on hand, with expected closing by fourth quarter 2017.

May 25, 2017

Loans Multifamily New York Northeast

Meridian Capital Group Secures $65M Refinancing of Multifamily Property in NYC

by Haisten Willis May 25, 2017

NEW YORK CITY — Meridian Capital Group has secured $65 million to refinance The Blake, a multifamily property in the Upper East Side of Manhattan, on behalf of BLDG Management. A national life insurance company provided the 10-year loan, which features a fixed rate of 4.2 percent and seven years of interest-only payments. Meridian’s Carol Shelby negotiated the transaction. The Blake, located at 220 E. 63rd St., is a 14-story, 181-unit apartment building including one-, two- and three-bedroom units. Building and neighborhood amenities include a 24-hour doorman, valet services, a lounge, fitness center, on-site parking and a subway station one block away.

May 25, 2017

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