Northeast

HFF Arranges $14.5M in Equity for 248-Unit Multifamily Complex in Suburban Philadelphia

by Kristin Harlow March 12, 2018

KING OF PRUSSIA, PA. — HFF has arranged $14.5 million in preferred equity for the development of Skye 750, a 248-unit, midrise apartment community located 20 miles northwest of Philadelphia in King of Prussia. HFF worked on behalf of the developer, LeCesse Development Corp., to arrange the equity from Parse Capital. Slated for completion in 2020, Skye 750 will feature a resort-style clubhouse with fitness center, a cyber café, juice bar, private movie theater, game room, sauna, fire pit and resident lounges throughout, as well as an outdoor courtyard with an infinity swimming pool. The 5.2-acre site is situated just off Route 422 in the center of the King of Prussia Business Park.

March 12, 2018

Multifamily New Jersey Northeast

Goldstein Group Facilitates Sale of Redevelopment Site Near New York City

by Kristin Harlow March 12, 2018

BOGOTA, N.J. — The Goldstein Group has completed the sale of a redevelopment site located at 250 and 300 West Fort Lee Road in Bogota, New Jersey. The site will become a multifamily mixed-use development. Lew Finkelstein and CJ Huter of the Goldstein Group represented both the seller, BR Colony Holdings, and the buyer, River Club Development, in the transaction. The site is slated for 421 residential apartments across five buildings, along with 8,000 square feet of ground-floor retail space. Amenities planned for the site include a pool, clubhouse, dog park and walkway promenade along the Hackensack River. Once completed, the development could increase Bogota’s population of 8,200 people by around 10 percent, according to Goldstein. Bogota is 12 miles northwest of Manhattan and 14 miles north of Jersey City.

March 12, 2018

Industrial New Jersey Northeast

Sitex Group Sells Two-Building Industrial Property in Avenel, New Jersey, for $65M

by Amy Works March 9, 2018

AVENEL, N.J. – Sitex Group has completed the disposition of a two-building industrial asset located at 191 and 215 Blair Road in Avenel. Barings Real Estate, on behalf of an institutional investor, acquired the assets for a combined total of $65 million. Located off Exit 12 of the New Jersey Turnpike/Interstate 95, the properties consist of a fully-renovated 175,182-square-foot building and a newly constructed 198,854-square-foot building. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller and procured the buyer.

March 9, 2018

Loans Mixed-Use Multifamily New York Northeast Office Retail

MRC Provides $37.5M Loan for Mixed-Use Development Site, Commercial Buildings in Queens

by Amy Works March 9, 2018

NEW YORK CITY – Madison Realty Capital (MRC) has provided a $37.5 million first mortgage loan collateralized by a mixed-use development site and two adjacent commercial buildings in the Ridgewood neighborhood of Queens. The borrower, AB Capstone, used the loan proceeds to buy out an existing partner, complete the acquisition of the two commercial properties, pay off previous financing on the development site and fund construction of the new building’s foundation. Located along Myrtle Avenue, St. Nicholas Avenue and Palmetto Street, the proposed development will feature a 17-story, 234,623-square-foot mixed-use building containing 129 residential units, 90,000 square feet of commercial space, 3,300 square feet of community facility space and 352 parking spaces. The two adjacent commercial buildings, totaling 12,170 square feet of space, are currently occupied by retail, office and medical office users.

March 9, 2018

Loans New York Northeast Retail

NorthMarq Capital Secures $18.5M in Refinancing for Retail Property in Haverstraw, New York

by Amy Works March 9, 2018

HAVERSTRAW, N.Y.- NorthMarq Capital has arranged $18.5 million in refinancing for The Rosman Center, a grocery-anchored retail center located in Haverstraw. A 60,453-square-foot ShopRite anchors the 123,073-square-foot property. Gary Cohen of NorthMarq secured the financing through NorthMarq’s correspondent relationship with a life insurance company for the undisclosed borrower.

March 9, 2018

Mixed-Use Multifamily New York Northeast Restaurant Retail

Cushman & Wakefield Arranges $5.1M Sale of Mixed-Use Building in Manhattan

by Amy Works March 9, 2018

NEW YORK CITY – Cushman & Wakefield has arranged the sale of a mixed-use property located at 217 E. Third St. in Manhattan’s East Village neighborhood. An undisclosed buyer acquired the property from the estate of Michael Mendez for $5.1 million. The mixed-use property consists of a vacant turn-key restaurant space on the ground floor and three free-market, floor-through apartments. The property is approximately 4,160 square feet above grade, not including a one-story structure situated at the rear of the site and separated by a small courtyard area. Additionally, the property includes 4,700 square feet of air rights and a useable basement that houses mechanicals and a storage area. Michael DeCheser of Cushman & Wakefield represented the seller in the transaction.

March 9, 2018

Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $3.4M Sale of Multifamily Community in Cranford, New Jersey

by Amy Works March 9, 2018

CRANFORD, N.J. – Gebroe-Hammer has arranged the sale of The Hamlet at Cranford, a multifamily community located at 2-20 McKinley St. in Cranford. An undisclosed buyer purchased the property for $3.4 million. The property features 10 two-bedroom, two-and-a-half bath townhome-style units with hardwood and tile flooring, separate dining rooms, central air conditioning, granite countertops, stainless steel appliances, vaulted ceilings and in-unit washers and dryers. Adam Zweibel and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller and procured the buyer in the deal.

March 9, 2018

Connecticut Multifamily Northeast

Chozick Realty Brokers $46.6M Acquisition of Multifamily Portfolio in Manchester, Connecticut

by Amy Works March 8, 2018

MANCHESTER, CONN. – Chozick Realty has arranged the acquisition of the Damato Enterprises Apartment portfolio, a 13-property multifamily portfolio located in Manchester. New York-based Chester Homes LLC purchased the portfolio for $46.6 million, or $120,000 per unit. Totaling 338 units, the apartment buildings were built by Raymond F. “Sonny” Damato. Steve Pappas of Chozick Realty represented the buyer in the transaction.

March 8, 2018

Industrial Massachusetts Mixed-Use Northeast Office Retail

NKF, Cushman & Wakefield Arrange Sale of 107-Acre Development Site Near Boston

by Amy Works March 8, 2018

WOBURN, MASS. – NKF and Cushman & Wakefield have arranged the sale of Montvale Hill, a development parcel in Woburn, a suburb of Boston. Leggat McCall Properties acquired the development opportunity from Kraft Heinz for an undisclosed price. The development site can accommodate users from 300,000 square feet to 700,000 square feet. Torin Taylor, Justin Smith and Robert Griffin of NKF, along with Christopher Porter of Cushman & Wakefield, represented the seller in the deal.

March 8, 2018

Industrial New York Northeast

Terreno Realty Acquires Industrial Property in Queens for $25.2M

by Amy Works March 8, 2018

NEW YORK CITY — Terreno Realty Corp. has purchased an industrial complex, located at the One Bulova Ave. in the Woodside area of Queens. Bulova sold the three-acre corporate campus for $25.2 million. The property features an industrial distribution building that is currently being renovated. Upon completion of the renovation in 2018, the property will feature 83,000 square feet of industrial space, six dock-high and one grade-level loading positions and parking for 168 cars. The property is 23 percent leased to one tenant on a short-term basis. Brian Ezratty of Eastern Consolidated represented the seller, while Brad Cohen, Jacob Tzfanya, Andrew Sasson and Chad Sinsheimer of Eastern Consolidated procured the buyer in the deal. Additionally, Gary Meese, also of Eastern Consolidated, served as analyst for the transaction.

March 8, 2018

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