NEW YORK CITY — Anbau, a Manhattan-based full-service real estate development firm, has purchased an as-of-right new construction development located at 620 W. 153rd St. in Manhattan’s Hamilton Heights neighborhood. Verizon sold the site for $22.5 million. The site consists of two two-story parking garages with more than 120,000 sellable square feet. Anbau will develop two luxury residential condominium buildings with a shared common landscaped courtyard and on-site parking on the site. Construction is slated to commence this spring. Goldman Sachs is providing pre-construction financing. Bob Knakal, Josh Kuriloff, Jonathan Hageman and Patrick Yannotta of Cushman & Wakefield represented the seller in the transaction.
EDISON, N.J. — Marcus & Millichap has arranged the sale of a retail property located in Edison. A private investor acquired the property for $1.2 million. Chase Bank occupies the 3,910-square-foot property on a net-leased basis. Alexander Pildes and Michael Lombardi of Marcus & Millichap represent the seller, a private investor, while Pildes, Lombardi and Greg Babaian, also of Marcus & Millichap, represented the buyer in the deal.
BETHLEHEM, PA. — Markward Group has brokered the sale of a retail building located at 1635 Broadway in Bethlehem. Noosh Inc. sold the property and liquor license to Mariam’s Restaurant LLC for an undisclosed price. The 4,051-square-foot property was formerly occupied by 6 Pack Shop. Chip Miers and Ann Kline of Markward Group represented the seller and buyer in the transaction.
From new mixed-use developments popping up in the skyline to the increase of small-format stores, 2017 saw robust growth in downtown Boston’s retail landscape. Specifically, stabilizing rental rates have led to an uptick in retail leasing activity, showing the strength of both traditional retail destinations such as Newbury Street, as well as new mixed-use developments like One Seaport Square. While the downtown retail market is poised to remain stable, 2018 will welcome new trends fueled by e-commerce and omnichannel retailers, new leasing models, shifting consumer shopping behaviors and the ongoing challenge to accommodate millennials’ evolving preferences and expectations. The Seaport’s Emergence as a Retail Destination Historically, Back Bay has served as Boston’s premier neighborhood for retail with Newbury Street as its crown jewel and nearby Prudential Center, Copley Place and Boylston, all within a few minutes’ walking radius from the famous street. While Back Bay will continue to be a hotspot in 2018, Boston’s Seaport neighborhood is breaking out as a retail destination to watch as it transitions into one of Boston’s premier work-live-play destinations. Most recently, retailers Bluemercury, Mr. Sid, TravisMathew, Filson, L.L. Bean, and Lululemon are finding the value in meeting Boston’s young professionals where they work, live and …
NEW YORK CITY — JLL Capital Markets has arranged $41.6 million in financing for the acquisition and renovation of a multifamily portfolio located across five locations in the Bronx. The borrower is Quality Communities, a partnership between Taconic Investment Partners and a client of Clarion Partners. Related Cos. sold the 12-building portfolio, which was 97 percent leased at the time of sale. Jonathan Schwartz, Aaron Appel, Mark Fisher and Brian Buglione of JLL secured the financing, which was provided by Sterling National Bank, for the borrower.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 2197 Ocean Ave. in Brooklyn’s Madison neighborhood. Shirben Ocean 2197 LLC sold the building to 2197 Ocean LLC for $10 million. Built in 1928, the six-story, 30,000-square-foot building features 35 apartment units. Aaron Jungreis of Rosewood represented the seller, while Michael Guttman, also of Rosewood, represented the buyer in the deal.
NEW YORK CITY — Cushman & Wakefield has negotiated the sale of a mixed-used building located at 1618 Benson St. in the Westchester Square neighborhood of the Bronx. SKYC Management acquired the property for $4.5 million. The five-story, 20,930-square-foot building features 23 apartment units and three commercial units. Guthrie Garvin and Karl Brumback of Cushman & Wakefield represented the undisclosed seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 433-439 Miller Ave. in Brooklyn. An undisclosed private investor purchased the 25-unit property for $3.8 million. Shaun Riney, Thomas Shihadeh, Daniel Greenblatt, William Grover and Jonathan Cypers of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
LAWRENCEVILLE, N.J. — Segal LaBate Commercial Real Estate has arranged the sale of an office building located at 133 Franklin Corner Road in Lawrenceville. Atrium at Lawrenceville, an affiliate of Howco Management, purchased the 33,000-square-foot property, known as The Atrium, for an undisclosed price. Constructed in 1984, the property had been family owned and operated until the sale. Anne LaBate of Segal LaBate Commercial brokered the transaction.
NEW YORK CITY — Madison Realty Capital has originated a $91 million first mortgage loan collateralized by The Fitzroy building, a nearly complete condominium project located at 514 W. 24th St. in the West Chelsea neighborhood of Manhattan. The borrower is a joint venture between JDS Development and Largo Investments. The financing will allow for the completion of the development. The 65,346-square-foot building will feature 14 units in a mix of two-bedroom units to four-bedroom units ranging from 2,300 square feet to 4,500 square feet. Completion is slated for this summer. The project team includes Roman and Williams, Severud Associates, BuroHappold and L’Observatoire International. Aaron Appel of JLL represented the borrower in the financing.