Northeast

HFF Secures $16.2M in Financing for Spec Industrial Development in Newark

by Amy Works March 6, 2018

NEWARK, N.J. — HFF has arranged $16.2 million in financing for the development of a speculative industrial project at 256 Vanderpool St. in Newark. The borrower is a joint venture between Penford Group and Penwood Real Estate Investment Management, through its fourth value-added investment vehicle, Penwood Select Industrial Partners IV. Situated on 14.8 acres, the 290,063-square-foot building will feature 40-foot clear heights, 64 loading docks, 79 trailer stalls and 8,702 square feet of office space. Michael Klein and Matthew Pizzolato of HFF worked on behalf of the borrower to place the construction loan with Principal Real Estate Investors.

March 6, 2018

Multifamily New York Northeast

BEB Capital Acquires 29-Unit Multifamily Property in East Harlem for $14.2M

by Amy Works March 6, 2018

NEW YORK CITY — BEB Capital has purchased a multifamily building located at 238 E. 106th St. in Manhattan’s East Harlem section. 106th Street Realty Development Corp. sold the eight-story property for $14.2 million. Constructed in 2016, the 18,860-square-foot building features 29 free-market apartments and nine parking spaces. On-site amenities include a virtual doorman with video intercom, central laundry and terraces on each unit. Abie Kassin and David Benharouch of Meridian Capital Group represented the seller and procured the buyer in the deal. Additionally, Bryan Kallenberg and Brian Flax, also of Meridian, negotiated $8.5 million in acquisition financing for the purchase.

March 6, 2018

Industrial Northeast Pennsylvania

JLL Arranges $14.3M Sale of Industrial Portfolio in Dunmore, Pennsylvania

by Amy Works March 6, 2018

DUNMORE, PA. — JLL has brokered the sale of Key Market Distribution Center, a two-building industrial portfolio located at 1026-28 Reeves St. in Dunmore. An affiliate of Equilibrium Equities sold the portfolio to The Silverman Group for $14.3 million. Situated on 21.1 acres, the 445,751-square-foot portfolio offers units ranging in size from 13,000 square feet to 210,000 square feet. At the time of sale, the property was fully occupied by a variety of tenants. John Plower, James Galbally, Brett Grifo, Chad Orcutt and Jeff Lockard of JLL represented the seller in the transaction.

March 6, 2018

Connecticut Industrial Northeast

NKF Negotiates Sale of 788,000 SF Industrial Portfolio in Connecticut

by Amy Works March 5, 2018

MERIDEN AND CHESHIRE, CONN. — NKF Capital Markets has arranged the sale of a three-asset industrial portfolio in Meriden and Cheshire. A financial institution sold its 100 percent interest in the 788,000-square-foot portfolio to Sky Management Services for an undisclosed price. The portfolio includes a 241,000-square-foot facility located at 160 Corporate Court in Meriden that is fully occupied by Sports Direct; a 338,000-square-foot property located at 550 Research Parkway in Meriden that is leased by Medline Industries; and a four-building, 209,000-square-foot industrial complex located at 611-617 W. Johnson Ave. in Cheshire. Kevin Welsh, Brian Schulz and Jason Emrani of NKF Capital Markets, along with Matt O’Hare of CBRE, represented the seller in the deal. Additionally, Jordy Roeschlaub, Dustin Stolly and Robert Tonnessen of NKF Capital Markets’ Debt & Structured Finance secured acquisition financing for the purchase.

March 5, 2018

Massachusetts Multifamily Northeast

Samuels & Associates Opens Residential Tower in Boston

by Amy Works March 5, 2018

BOSTON — Samuels & Associates, in partnership with Landsea, has announced the grand opening of Pierce Boston, a residential tower located at the intersection of Brookline Avenue and Boylston Street in Boston’s Fenway-Kenmore neighborhood. Designed by Arquitectonica, the 30-story tower features 190 condominium units, 240 apartment units and more than 20,000 square feet of street-level dining and retail space. Amenities at the tower include The Levity Lounge, a top-floor lounge with sky top pool, seating areas, a private dining room and a library; a 24/7 doorman and concierge service; a fitness room with yoga studio; parking and private sky cabanas for purchase.

March 5, 2018

Multifamily New York Northeast

Cushman & Wakefield Arranges $8.2M Sale of Development Site in Queens

by Amy Works March 5, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 11-35 31st Drive in the Astoria neighborhood of Queens. Blue Mountain Capital purchased the site from Kenneth Trading Corp. for $8.2 million, or $241 per buildable square foot. The property allows for a maximum of 33,982 buildable square feet for residential development. A 10,000-square-foot warehouse building, which is net leased through March 2019, is currently on the site. Stephen Preuss and Andreas Efthysmiou of Cushman & Wakefield represented the seller in the deal.

March 5, 2018

Hospitality New York Northeast

Westbridge Realty Brokers Sale of Development Site in Brooklyn, 92-Room Hotel Planned

by Amy Works March 5, 2018

NEW YORK CITY — Westbridge Realty has arranged the sale of a vacant lot located at 187 Cook St. in Brooklyn’s Williamsburg neighborhood. Nehalkumar Gandhi, a New Jersey-based developer, purchased a 99-year ground lease at the site for $1.3 million from Loketch Group and Joyland Group. The developer plans to build a more than 26,000-square-foot, 92-key hotel on the site. The brand of the hotel has not been announced. Hen Vaknin of Westbridge Realty represented the buyer and seller in the off-market transaction.

March 5, 2018

Connecticut Northeast Office

FactSet Leases 173,000 SF of Office Space in Norwalk, Connecticut

by Amy Works March 5, 2018

NORWALK, CONN. — FactSet, a global provider of integrated financial information, analytical applications and services, has signed a lease for office space at 45 Glover Avenue, a 264,500-square-foot Class A office building located in Norwalk. The company will relocate its global headquarters from Merritt 7 Office Complex in Norwalk to 173,000 square feet at the building. Building and Land Technology (BLT) owns the property, which is now fully leased. FactSet is slated to move into the new space in the last quarter of 2019. Tim Rorick and Torey Walsh of Newmark Knight Frank represented BLT, while Joseph Cabrera and Michael Gordon of Colliers International represented the tenant in the deal.

March 5, 2018

New York Northeast Office

JPMorgan Chase to Occupy 436,905 SF in Madison Avenue Office Tower

by Amy Works March 2, 2018

NEW YORK CITY — JPMorgan Chase has signed a 10-year lease to occupy 436,905 square feet of space at 390 Madison Ave., a 32-story office building slated to open this summer. L&L Holding Co. is undertaking the redevelopment of the 850,000-square-foot property in conjunction with New York-based Clarion Partners, acting on behalf of the New York State Common Retirement Fund. The lease includes 16 full office floors and two street-level retail spaces. JP Morgan’s office space will include a conference center, multiple outdoor terraces and several double-height amenity areas. The firm will also open a Chase bank branch on the ground floor. David Levinson, David Berkey, Andrew Wiener and Jim Traynor of L&L Holding represented the landlord and tenant in the deal.

March 2, 2018

Loans New York Northeast Office

Rockwood Capital Receives $260M in Financing for Office Building in Manhattan

by Amy Works March 2, 2018

NEW YORK CITY — Rockwood Capital has received a total of $260 million in financing for 2 Grand Central Tower, the company’s office building located at 140 E. 45th St. in Manhattan’s Midtown East section. Approximately $60 million is new capital and $200 million will be used to refinance existing debt at the property. Built in 1981, the 44-story property features 650,000 square feet of office space. Rockwood Capital, BBR Partners, Cortec Group, Banorte Securities and the General Services Administration are tenants at the building. Diana Brummer and Elizabeth Akerman of Stroock represented Rockwood in the financing.

March 2, 2018

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