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330-E-62nd-St-NYC
LoansNew YorkNortheastOffice

Natixis Provides $86.2M Construction Loan for Office Project in Manhattan

by Amy Works

NEW YORK CITY — Natixis has provided an $86.2 million floating-rate construction loan to YYY 62nd Street LLC, a joint venture between Joy Construction and Madd Equities. The borrowers will use the loan to pay off existing debt and provide capital to complete a 110,727-square-foot, Class A office building at 330 E. 62nd St. in Manhattan’s Upper East Side. The seven-story, build-to-suit office property is 100 percent pre-leased to Memorial Sloan Kettering Cancer Center for an initial term of 30 years. Memorial Sloan Kettering plans to use the building for administrative offices. Kathy Anderson and Brad Domenico of Progress Capital arranged the financing.

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400-500-Apgar-Dr-Franklin-Township-NJ
IndustrialNew JerseyNortheast

Cushman & Wakefield Brokers $15M Sale of Two-Building Industrial Asset in New Jersey

by Amy Works

FRANKLIN TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of a two-building industrial asset located at 400 and 500 Apgar Drive in Franklin Township. Greek Development purchased the properties from High Street Realty for $15 million. At the time of sale, the two buildings, which total 170,500 square feet, were 91 percent occupied by 11 tenants. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller and procured the buyer in the deal.

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95-Lofts-Providence-RI
LoansMultifamilyNortheastRhode Island

EagleBridge Capital Arranges $12.6M Loan for Apartment Building in Rhode Island

by Amy Works

PROVIDENCE, R.I. — EagleBridge Capital has arranged $12.6 million in financing for 95 Lofts, a 59-unit apartment building located at 95 Chestnut St. in downtown Providence. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, provided by a Massachusetts financial institution, for the undisclosed borrower. The property is a six-story, 58,500-square-foot residential building featuring 33 one-bedroom units, 17 two-bedroom units and nine studio units, as well as 2,500 square feet of ground-floor commercial space.

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3505-Broadway-NYC
MultifamilyNew YorkNortheast

Stellar Management Acquires 42-Unit Apartment Building in Manhattan

by Amy Works

NEW YORK CITY — Stellar Management has purchased a residential building located at 3505 Broadway in Manhattan’s Hamilton Heights. The estate of Harriet Okun sold the property for an undisclosed price. Built in 1907, the six-story property features 42 apartment units and five occupied retail storefronts. Stellar has a capital improvement program planned for the property, including an extensive lobby and hallway renovation. Peter Vanderpool and Lazer Sternhell of Signature Realty brokered the transaction.

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New YorkNortheastOfficeTop Stories

JPMorgan Chase to Build 2.5 MSF Skyscraper in Midtown Manhattan for New Headquarters

by John Nelson

NEW YORK CITY — JPMorgan Chase (NYSE: JPM) plans to build a new 2.5 million-square-foot skyscraper that will replace its existing 50-story office building at 270 Park Ave. in Midtown Manhattan. The company plans to consolidate its global headquarters from various locations at the new tower, which some media outlets are reporting would rise 70 stories. “We are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century,” says Jaime Dimon, chairman and CEO of JPMorgan Chase. The new headquarters building would house about 15,000 employees, replacing the existing facility that was designed in the late 1950s for about 3,500 employees. JPMorgan Chase plans to pursue LEED certification for the new facility, which would come on line in 2024 at the earliest. Most employees currently located at 270 Park Ave. would be relocated nearby during the development period. Dimon and New York City Mayor Bill de Blasio jointly announced JPMorgan Chase’s new headquarters, which would be the first major project under New York City’s Midtown East Rezoning plan that was passed last year by the New York City Council. “This is our plan for East Midtown in …

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907-Market-St-Philadelphia
NortheastOfficePennsylvania

Thor Equities Acquires 214,000 SF Office Space in Philadelphia for $41.8M

by Amy Works

PHILADELPHIA — Thor Equities has entered the Philadelphia market with the acquisition of a three-story office condominium, located at 907 Market St. in Philadelphia, for $41.8 million. Health Partners Plans, a not-for-profit health maintenance organization, occupies the 214,000-square-foot property. The newly purchased property is located above Fashion District Philadelphia, a retail, residential and office development slated to open in fourth quarter 2018. The name of the seller was not released.

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106-W-56th-St-NYC
New YorkNortheastOffice

Savanna Breaks Ground for 90,000 SF Office Property in Manhattan

by Amy Works

NEW YORK CITY — Savanna, along with joint venture partner Atom Assets, has broken ground on the construction of a 25-story office property located at 106 W. 56th St. in Manhattan. Designed by Perkins Eastman and Gensler, the 90,000-square-foot property will feature a modern design, boutique floor plans and upscale amenities. Construction is slated for completion in fourth quarter 2019, with LEED certification targeted upon completion. United Overseas Bank and Canyon Partners Real Estate provided approximately $100 million to finance the development of the project.

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30-Court-Morristown-NJ
LoansMultifamilyNew JerseyNortheast

HFF Arranges $24.8M in Financing for Condominium Development in Morristown, New Jersey

by Amy Works

MORRISTOWN, N.J. — HFF has secured $24.8 million in financing for the development of 30 Court, a condominium community located in downtown Morristown. The borrower is DRA 30 Court LLC, a joint venture between Diversified Realty Advisors and a private investor. Michael Klein and Jon Mikula of HFF arranged the 30-month construction loan with Investors Bank for the borrower. Slated for completion in 2019, the property will features for-sale two-bedroom homes ranging from 1,276 square feet to 1,939 square feet. Units will feature kitchens with granite countertops, wood cabinetry, central air conditioning, hardwood floors and in-house washers and dryers. Additionally, the property will feature a two-story, 131-space parking garage and a half-acre outdoor recreational space.

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1003-1011-Race-St-Philadelphia
Mixed-UseMultifamilyNortheastPennsylvaniaRetail

Marcus & Millichap Negotiates $16.6M Sale of Apartment Building in Philadelphia

by Amy Works

PHILADELPHIA — Marcus & Millichap has arranged the sale of Dynasty Court Apartments, an apartment building located at 1003-1011 Race St. in the Chinatown neighborhood of Philadelphia. A local partnership sold the property to a local development company for $16.6 million. The property features 56 apartments, five retail storefronts on Race Street and 21 parking spaces. Andrew Townsend, Ridge McLaren and Clarke Talone of Marcus & Millichap represented the seller, while Townsend, McLaren, Talone and Philip Sharrow, also of Marcus & Millichap, represented the buyer in the deal. Additionally, Matthew Rosenberg of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.

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1193-1199-1205-Eastern-Pkwy-NYC
MultifamilyNew YorkNortheast

Alpha Realty Brokers $11.3M Sale of Three Apartment Buildings in Brooklyn

by Amy Works

NEW YORK CITY — Alpha Realty has arranged the sale of three contiguous apartment buildings, located at 1193, 1199 and 1205 Eastern Parkway in the Crown Heights section of Brooklyn. A New York-based multifamily operator acquired the properties from a local private investor for $11.3 million, or $205 per square foot. The properties, all four-story walk-up buildings, total 55,000 square feet and 50 units. Lev Mavashev of Alpha Realty negotiated the off-market deal.

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