Northeast

IPA Negotiates $24.5M Sale of Multifamily Property in Stamford, Connecticut

by Amy Works November 7, 2017

STAMFORD, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of Bedford Hall Apartments, an apartment property located in downtown Stamford. TR Eastview LLC sold the property to Navarino Acquisitions LLC for $24.5 million. Located at 545 Bedford St., the six-story property features 82 apartments in a mix of one-bedroom/one-bath and two-bedroom/two-bath apartments ranging in size from 441 square feet to 1,056 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller and procured the buyer in the deal.

November 7, 2017

Loans New Jersey Northeast Retail

HFF Secures $17.4M in Acquisition Financing for 120,349 SF Shopping Center in Toms River, New Jersey

by Amy Works November 7, 2017

TOMS RIVER, N.J. — HFF has arranged $17.4 million in acquisition financing for Commons at Hooper, a community shopping center located at 1350 Hooper Ave. in Toms River. A partnership between Unison Realty Partners and ALTO Real Estate Fund is the borrower. OceanFirst Bank provided the five-year, fixed-rate loan, as well as a $3.4 million construction line that will be used for capital and tenant improvements as well as leasing commissions. Constructed in 1987, the 120,349-square-foot center is 86 percent leased by 21 tenants, including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial. The borrower plans to lease the remaining available space, extend tenants with pending maturities early and invest in capital improvements. The improvements will include a new roof, resurfaced parking lot, new pylon signage and façade upgrade. Additionally, the partnership may construct a 2,500-square-foot pad site at the center. Michael Klein and Greg Labine of HFF arranged the financing for the borrower.

November 7, 2017

New Jersey Northeast Retail

CBRE Arranges $6.5M Sale of Retail Store in Bellmawr, New Jersey

by Amy Works November 7, 2017

BELLMAWR, N.J. — CBRE has facilitated the sale of a newly constructed retail property located at 12 S. Black Horse Pike in Bellmawr. Hammonton 1 LLC acquired the property from Mark Bellmawr LLC for $6.5 million. Royal Farms occupies the property, which is slated to open this month. The location is the first New Jersey location for the Baltimore-based convenience and gas store company. Matthew Gorman and Michael Shover of CBRE represented the seller, while Stephen Schrenk, also of CBRE, procured the buyer in the 1031 exchange transaction.

November 7, 2017

Connecticut Industrial Northeast

Pearce Real Estate Brokers Sale of Industrial Building in North Haven, Connecticut

by Amy Works November 7, 2017

NORTH HAVEN, CONN. — Pearce Real Estate has arranged the sale of an industrial building located at 395 State St. in North Haven. Trilot 7 Enterprises acquired the 18,000-square-foot property for an undisclosed price from Funaro Realty. The buyer operates Nelson Ambulance, Access Ambulance, Connecticut Handivan, Nelcon Towing and Recovery, and The Limo Group. Trilot 7 Enterprises will renovate the property, which is situated on 2 acres. Phil Barber of Pearce Real Estate represented the seller and buyer in the deal.

November 7, 2017

Loans Multifamily New Jersey Northeast

DMG Investments Receives $71.6M Construction Loan for 204-Unit Condo Project in Cliffside Park, New Jersey

by Amy Works November 6, 2017

CLIFFSIDE PARK, N.J. — DMG Investments has closed a $71.6 million construction loan for One Park, a 204-unit condominium building located in Cliffside. The financing was secured by DMG with the assistance of Cooper-Horowitz Inc. through AIG. Designed by Architectura with interiors by VLDG, One Park will feature 204 one-, two, three- and four-bedroom for-sale residences priced from $495,000. On-site amenities will include a 24-hour attended front desk; an aquatic center with an indoor heated pool with adjoining outdoor sun deck, sauna and steam rooms; and a private furnished roof deck, including dining terrace with grilling stations, fire pits, intimate seating areas and an outdoor movie theater. Additional amenities include a fitness center, a children’s playroom, a pet spa, guest suites and a secure parking garage. The 14-story building topped out in August and is slated for completion in fall 2018.

November 6, 2017

New York Northeast Office Top Stories

Moinian Group Breaks Ground on 2 MSF Office Tower Within Manhattan’s Hudson Yards District

by Taylor Williams November 6, 2017

NEW YORK — The Moinian Group has broken ground on 3 Hudson Boulevard, a planned 53-story, 2 million-square-foot office tower located within the 60-acre Hudson Yards district on Manhattan’s far west side. The New York-based developer, which owns, manages and has in development more than 4 million square feet of commercial and residential real estate holdings throughout Manhattan, expects to deliver the Class A building by 2021. The property will occupy an entire block between 11th Avenue and Hudson Boulevard Park from West 34th to West 35th streets. The building offers convenient access to the No. 7 subway extension. The Metropolitan Transit Authority (MTA) recently completed infrastructural work on that site, opening the door for construction to begin. Designed by Dan Kaplan of architecture firm FXFOWLE, the property will feature a multi-tiered lobby anchored by 50,000-square-foot floorplates, as well as 12,600 square feet of retail space with multiple entrances. Individual floors within the building will average about 40,000 square feet each, and feature 10-foot ceiling heights, 5-foot window modules and column-free corners that allow for more open spaces. Floor-to-ceiling glass arrangements will provide for ample natural light throughout the building. The rooftop will offer an entertainment space, outdoor terrace and …

November 6, 2017

Loans Multifamily New York Northeast

Houlihan-Parnes Secures $50M in Financing for Four Multifamily Properties in New York

by Amy Works November 6, 2017

POUGHKEEPSIE, HOPEWELL JUNCTION AND MIDDLETOWN, N.Y. — Houlihan-Parnes Realtors has secured the placement of $50 million in first mortgages for four garden-style apartment properties located in New York. Totaling 657 residences, the properties are located at 510 Maloney Road in Poughkeepsie, 228 Route 376 in Hopewell Junction and 644 Silverlake-Scotchtown Road and 100-700 Stratford Lane in Middletown. The loans feature a 4.04 percent fixed rate with interest-only payments for a 10-year term. Robert Tiburzi Jr. and James Coleman of Houlihan-Parnes arranged the financing. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower in financing.

November 6, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $30M Sale of Four-Building Multifamily Portfolio in Manhattan

by Amy Works November 6, 2017

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a four-building multifamily portfolio located at 212-218 East 85th St. on Manhattan’s Upper East Side. An investment group led by the Glick Family acquired the portfolio for $30 million. Totaling 37,500 square feet, the four contiguous buildings comprise 70 residential units, four office spaces and two retail units. The apartment units are in a mix of studio, one- and two-bedroom layouts. Paul Smadbeck, Thomas Gammino Jr., Hunter Moss and Bryan Smadbeck of Cushman & Wakefield represented the undisclosed seller in the transaction.

November 6, 2017

New Jersey Northeast Office

NAI Hanson Negotiates Sale of 10,876 SF Office Space in Clifton, New Jersey

by Amy Works November 6, 2017

CLIFTON, N.J. — NAI James E. Hanson has arranged the sale of a 10,876-square-foot office space located at 1030 Clifton Ave. in Clifton. Realty Investment Associates sold the property for an undisclosed price. The space is located within a two-story, 21,734-square-foot office building. The undisclosed buyer acquired the entire second floor on a condominium basis and plans to renovate, upgrade and occupy the space as a medical office. Josh Levering and Nicholas DePaolera of NAI Hanson represented the seller in the transaction.

November 6, 2017

New York Northeast Retail

Rosewood Realty Facilitates $7.5M Sale of Retail Building in Queens

by Amy Works November 6, 2017

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a retail building located at 34-39 31st St. in the South Astoria section of Queens. JAVSE Realty Corp. sold the building to a private investor for $7.5 million. Built in 1956, the property features 16,000 square feet of retail space. Jack Zalta of Rosewood Realty represented the seller, while Jacob Setton, also of Rosewood Realty, represented the buyer in the deal.

November 6, 2017

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