Northeast

Marcus & Millichap Brokers $4.3M Sale of Retail Center in Connecticut

by David Cohen May 21, 2018

SHELTON, CONN. — Marcus & Millichap has brokered the $4.3 million sale of Shelton Town Center, a 19,450-square-foot retail center in Shelton. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The undisclosed buyer purchased the property in all cash. Shelton Town Center is located at 350 Bridgeport Ave. and was originally built by the seller in 2006. Tenants at the retail center include a nail salon, pizza shop, liquor store and car rental company.

May 21, 2018

Development Multifamily Northeast Rhode Island

WinnCos., Omni Development Break Ground on $42M Redevelopment of Rhode Island Public Housing Community

by David Cohen May 18, 2018

PAWTUCKET, R.I. — WinnCos. and Omni Development Corp. have broken ground on a $42 million redevelopment of Prospect Heights Apartments, an affordable housing property in Pawtucket. Built in 1942, Prospect Heights qualified for Federal Historic Tax Credits after being placed on the National Register of Historic Places in December 2016. The project will rehabilitate 292 units spread across 35 buildings and add 20 new units of housing on the 21-acre site. A joint venture between WinnDevelopment and Omni Development acquired the ground lease for the property from the Pawtucket Housing Authority in June 2017. Rhode Island Housing and Mortgage Finance Corp. provided tax-exempt bond financing for the construction and permanent loans, the Low Income Housing Tax Credits and separate bridge financing for the project.

May 18, 2018

Leasing Activity New York Northeast Retail

Google Leases 8,000 SF Pop-Up Retail in Manhattan

by David Cohen May 18, 2018

NEW YORK CITY — Google has leased 8,000 square feet of retail space at 350 Sixth Ave. in Manhattan. The three-week lease will serve as a technology pop-up for the tech giant and will feature mini-golf, games, giveaways and demonstrations of the company’s newest tech products. The site will be located one block from the A, C, E, B, D, F and M subway lines. The asking rent was $225 per square foot. Google’s pop-up will take occupancy in the last week of May 2018 and will run through the first two weeks of June. Lee & Associates represented both Google and the landlord, Nuovo Ciao-Di LLC, in the lease negotiations.

May 18, 2018

Development Loans Mixed-Use New Jersey Northeast

Progress Capital Arranges $26.2M Loan for Construction of Mixed-Use Building in Jersey City

by David Cohen May 18, 2018

JERSEY CITY, N.J. — Progress Capital has arranged a $26.2 million construction-to-perm loan for a new 159,861-square-foot mixed-use building in Jersey City. Sterling National Bank provided the financing to the undisclosed borrower, which acquired the site in 2015. The new nine-story development will include 99 residential units and 2,240 square feet of street-level retail space. Amenities will include 24-hour concierge service, a fitness center and a rooftop terrace. Terms of the loan, which was collateralized by two parcels of land, include a 65 percent loan-to-cost (LTC) ratio, an 18-month interest-only period and two optional 12-month extensions on the construction phase. Upon stabilization, the borrower has the option to convert to a permanent mortgage.

May 18, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates $9.3M Sale of Apartment Building in Upper East Side

by David Cohen May 18, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $9.3 million sale of 309 East 92nd St., a five-story, 8,600-square-foot apartment building locatedon Manhattan’s Upper East Side. Cushman & Wakefield represented the seller, 309 East 92 LLC, in the transaction. The 10-unit, free-market apartment building includes nine four-bedroom units and one two-bedroom unit. The property underwent a renovation project, which included the construction of a roof deck, in 2015.

May 18, 2018

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $2M Sale of Office Building in New Jersey

by David Cohen May 18, 2018

RIDGEWOOD, N.J. — Marcus & Millichap has brokered the $2 million sale of a 6,000-square-foot office building in Ridgewood, about 20 miles outside of Manhattan. The property is located at 166 Franklin Ave. near the downtown area.David Thurston of Marcus & Millichap represented the seller and procured the buyer in the transaction, both of which were limited liability companies. Other terms of sale were not disclosed.

May 18, 2018

Loans New York Northeast Office

Houlihan-Parnes Secures $30M Refinancing for Office Building in Tarrytown

by David Cohen May 17, 2018

TARRYTOWN, N.Y. — Houlihan-Parnes Realtors and GHP Office Realty have secured $30 million in refinancing for a Class A office building located at 660 White Plains Road in Tarrytown. GHP Office Realty, Houlihan-Parnes Realtors and RD Management purchased the building in 2017. The loan was structured into two facilities to preserve an existing below-market rate and provide for additional funds to complete all renovations and tenant build-outs. The loan is for a term of 12 years with the initial rate fixed for seven years. The 296,780-square-foot office building is currently 98 percent occupied with a tenant roster that includes Prestige Brands, ENT and Allergy Associates, and KeyBank National Association.

May 17, 2018

Loans Multifamily New York Northeast

Pembrook Provides $32.7M in Financing for Luxury Condo Redevelopment in Upper East Side

by David Cohen May 17, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $32.7 million first mortgage loan to finance the condominium conversion of a restored mansion in the Upper East Side of Manhattan. The borrower was undisclosed. Located at 320 East 82nd St., Park Mansion will offer six full-floor units with outdoor space. Units range in size from 2,243 to 4,447 square feet with three to four bedrooms. Amenities will include a private gym, bike storage, individually locked storage rooms and a key-locked elevator. The property, which was originally constructed in 1900, is located between Central Park and Carl Shurz Park.

May 17, 2018

Acquisitions Northeast Retail Rhode Island

HFF Negotiates Sale of 60,488 SF Shopping Center in Southern Rhode Island

by David Cohen May 17, 2018

RICHMOND, R.I. — HFF has negotiated the sale of 22 Kingstown Road, a 60,488-square-foot shopping center in Richmond. The property includes a Super Stop & Shop grocery store, Super Stop & Shop Fuel Center and a 5,000-square-foot Anytime Fitness. HFF represented the undisclosed seller in the transaction and procured the institutional buyer. The shopping center serves the surrounding communities of Narragansett, Block Island and Charlestown.

May 17, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $11.5M Sale of Mixed-Use Development Site in Bushwick

by David Cohen May 17, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of 333-335 Irving Ave., a mixed-use conversion opportunity in Brooklyn’s Bushwick neighborhood. The sales price was $11.5 million. DJ Johnson of Cushman & Wakefield represented the seller, Standard Tinsmith Supply, in the transaction. The buyer was Cheskie Weisz. 333-335 Irving Ave. consists of two lots. The first has an existing 12,500-square-foot warehouse and the second is a vacant 75-foot by 100-foot lot offering 31,500 buildable square feet. Nearby retailers include Starbucks, Dollar Tree and CVS, as well as a number of local bars and restaurants.

May 17, 2018

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