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Northeast

70-Schermerhorn-St-NYC
LoansMultifamilyNew YorkNortheast

JLL Arranges $42.1M Construction Financing, JV Equity for Condo Development in Brooklyn

by Amy Works

NEW YORK CITY — JLL has arranged joint venture equity from a fund managed by The Davis Cos. for a mixed-use residential condominium project located at 70 Schermerhorn St. in Brooklyn’s Brooklyn Heights. A partnership between Lonicera Partners and Orange Management is developing the 12-story property. In addition to the equity, JLL secured $42.1 million in construction financing, which was provided by Bank of the Ozarks, for the project. The 85,000-square-foot property will feature 59 for-sale residential units and 3,000 square feet of rentable retail space. Jonathan Schwartz, Keith Kurland and Mark Fisher of JLL arranged the equity placement and financing.

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35-South-St-Hopkinton-MA
IndustrialMassachusettsNortheast

Colliers Negotiates $4.5M Sale of Flex Building in Hopkinton, Massachusetts

by Amy Works

HOPKINTON, MASS. — Colliers International has brokered the sale of a flex building located at 35 South St. in Hopkinton. LakePharma, a U.S.-based biologics company, acquired the property from BCC Property I LLC, a subsidiary of Midway Corp., for $4.5 million. The buyer plans to repurpose much of the building’s existing 69,009 square feet of office, lab and manufacturing infrastructure and develop the space to allow for the performance of GMP biologics manufacturing for Phase 1 clinical trials. John Carroll III, Stephen Woelfel Jr. and Kevin Brawley of Colliers represented the seller, while Phil Desimone of JLL represented the buyer in the transaction.

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IndustrialNew YorkNortheast

Ariel Property Advisors Facilitates $3.7M Sale of Industrial Building in the Bronx

by Amy Works

NEW YORK CITY — Ariel Property Advisors has brokered the sale of an industrial property located at 4510 White Plains Road in the Wakefield neighborhood of the Bronx. An undisclosed buyer acquired the two-story building sold for $3.7 million. The 29,029-square-foot building features four curb cuts and entrances. Additionally, the property is zoned M1-1, which allows for manufacturing use. Marko Agbaba, Jason Gold, Victor Sozio and David Khukhashvilli of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the deal.

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276-Old-New-Brunswick-Rd-Piscataway-NJ
IndustrialNew JerseyNortheast

Global Transport Logistics Leases 253,575 SF of Industrial Space in Piscataway, New Jersey

by Amy Works

PISCATAWAY, N.J. — Global Transport Logistics has leased 253,575 square feet of newly constructed warehouse and distribution space at 276 Old New Brunswick Road in Piscataway. The licensed air, ground and ocean freight forwarding company is relocating from Fair Lawn, New Jersey. The move will nearly double the third-party logistics company’s regional warehouse footprint. Noah Balanoff, Chuck Littell and Gregory Healy of Colliers International represented Global Transport, while JLL represented the landlord, Industrial Property Trust, in the transaction.

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5-Research-Pkwy-Wallingford-CT
ConnecticutNortheastOffice

Calare Properties Acquires 915,000 SF Office Complex in Wallingford, Connecticut

by Amy Works

WALLINGFORD, CONN. — Calare Properties has acquired an office and research-and-development complex located at 5 Research Parkway in Wallingford, for an undisclosed price. The undisclosed corporate seller and user will vacate the 915,000-square-foot property this year. Situated on 180 acres, the campus features an 830,000-square-foot main office and lab complex that is supported by outer buildings, including a materials handling facility, a central utility plant and a child development center. Jim Panczykowski of Binswanger Management Corp. represented the seller in the deal.

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25-11-49th-NYC
IndustrialNew YorkNortheast

Keystone Equities, Normandy Real Estate Buys Industrial Building in Queens for $39.1M

by Amy Works

NEW YORK CITY — A joint venture between Keystone Equities and Normandy Real Estate Partners has acquired an industrial building located at 25-11 49th Ave. in the Long Island City neighborhood of Queens. Howard Weinstein and Scott Weinstein, owners of Candid Litho printing, sold the property for $39.1 million. The 109,200-square-foot property is zoned M1-4, which allows for a range of community facility, commercial and light manufacturing uses. The buyer plans to convert the property and utilize the air rights to expand the building to 11 stories spanning 238,000 square feet of creative office space. Jonathan Eshaghian and Jakub Now of Marcus & Millichap represented the seller and procured the buyer in the deal.

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MultifamilyNew YorkNortheast

Cushman & Wakefield Arranges $12.1M Sale of Apartment Building in Manhattan

by Amy Works

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 210 E. 95th St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the 9,892-square-foot building for $12.1 million. Hall Oster, Tom Gammino, Teddy Galligan, Brett Weisblum and Tim O’Brien of Cushman & Wakefield represented the undisclosed seller in the deal. The property features two two-bedroom units, 12 three-bedroom units and one four-bedroom apartment. The free-market apartments feature in-unit washers and dryers and a gas-fired boiler.

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New YorkNortheastRetail

Eastern Consolidated Negotiates Sales of Two Retail Properties in Manhattan for $10.5M

by Amy Works

NEW YORK CITY — Eastern Consolidated has arranged the sales of two retail properties totaling $10.5 million. In the first transaction, an owner-user purchased a 6,624-square-foot mixed-used building with ground-floor retail space, located at 27 E. 20th St. in Manhattan’s Flatiron District, for $7.2 million. The buyer plans to open a restaurant in the ground-floor retail space. Adelaide Polsinelli and Mitchell Goldstick of Eastern Consolidated represented the buyer, while Jonathan Schwartz, also of Eastern Consolidated, represented the seller, Silvershore Properties, in the transaction. In the second deal, Polsinelli represented the seller, 68 Thomas Street Associates LLC, in the sale of a 3,732-square-foot retail condominium at 68 Thomas St. in Manhattan’s Tribeca. Studio 68 LLC purchased the property for $3.2 million. Prime Manhattan Realty represented the buyer in the transaction.

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CVS-pharmacy-Little-Ferry-NJ
IndustrialNew JerseyNortheastRetail

Liberty Street Realty Sells 41,000 SF Warehouse in Little Ferry, New Jersey

by Amy Works

LITTLE FERRY, N.J. — Liberty Street Realty has completed the disposition of a vacant warehouse, located at 200 Liberty St. in Little Ferry. Stamford, Conn.-based Hartford Realty Corp. acquired the property for an undisclosed price. The buyer plans to redevelop the site and construct a 15,655-square-foot CVS/pharmacy at the location. Gary Sauerborn of NAI James E. Hanson represented the seller in the transaction.

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1450-Broadway-NYC
LoansNew YorkNortheastOffice

Zar Group Receives $210M in Financing for Office Property in Times Square

by Amy Works

NEW YORK CITY — Zar Group has received $210 million in financing to refinance an office property located at 1450 Broadway in Times Square. Tal Bar-Or and Richard Sutton of Meridian Capital Group secured the five-year balance sheet loan, which features full-term interest-only payments. The 42-story property features 415,000 square feet of office and retail space.

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