Northeast

O,R&L Commercial Brokers Sale of 24,300 SF Industrial Property in West Haven, Connecticut

by Amy Works January 16, 2018

WEST HAVEN, CONN. — O,R&L Commercial has arranged the sale of a light industrial/flex building located at 45 Railroad Ave. in West Haven. Pinpoint Promotions & Printing acquired the asset form L&A Realty. The new owner plans to relocate its full-service marketing and production agency to the property, which was formerly occupied by Manufacturers Associates Inc. Situated on 1.25 acres, the property features 24,300 square feet of space. Richard Guralnick of O,R&L Commercial represented the seller in the transaction.

January 16, 2018

Loans New York Northeast Office

ATCO Properties Receives $72.7M in Refinance Proceeds for Office Building in Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — ATCO Properties & Management has closed a $72.7 million refinancing for an office building located at 240-246 W. 35th St. in Manhattan’s Garment District. MetLife Investment Management provided the five-year, fixed-rate loan. Jordan Roeschlaub and Dustin Stolly of Newmark Knight Frank arranged the financing. ATCO acquired the 165,000-square-foot building in 2016 and has executed new leases and implemented capital improvement projects at the 18-story property. The company executed 47,000 square feet of new leases and renewals during 2017 and completed several improvement projects, including a new lobby renovation, common corridor upgrades and sidewalk improvements. Newsday, Fidelus Technologies, Jason Wu, Carrier Enterprises Northeast, Nexguard Labs and Café Metro are tenants at the building.

January 15, 2018

Hospitality Massachusetts Northeast Pennsylvania

Sunstone Hotel Investors Sells Two Hotels in Metro Philadelphia, Metro Boston for $139M

by Amy Works January 15, 2018

WEST CONSHOHOCKEN, PA., AND QUINCY, MASS. — Sunstone Hotel Investors has completed the sale of Philadelphia Marriott West in West Conshohocken and Boston Marriott Quincy in Quincy for $139 million, or approximately $184,600 per key. Located at 111 Crawford Ave., the Philadelphia Marriott West features 289 rooms, and Boston Marriott Quincy, at 1000 Marriott Drive in Quincy, features 464 units. The name of the buyer was not released. The disposition of the two hotels furthers the company’s strategy of concentrating its portfolio in long-term relevant real estate.

January 15, 2018

Hospitality New York Northeast

Stonehill Taylor Designs 251-Room Hotel in Hudson Yards District of Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — Stonehill Taylor has designed HY36, a hotel in the Hudson Yards district, for owners LLR Holdings LLC and Intercontinental Hotel Group. Open in fall 2017, the hotel features 251 rooms; a business lounge; an outside patio with a full bar and retractable skylight roof; a full gym; two meeting rooms; and The Great American, a destination restaurant. The hotel features an industrial design that emulates the nearby transportation hubs, including Penn Station, Port Authority Bus Terminal, Lincoln Tunnel and Grand Central Station. The façade is composed of corrugated metal and glass panels arranged in a rhythmic vertical configuration. K & Co. designed the interior spaces, with Glen Cohen designing the guestrooms. Intercontinental Hotel Group operates the property.

January 15, 2018

Mixed-Use Multifamily New York Northeast Retail

Rosewood Realty Facilitates $13.2M Sale of Three Mixed-Use Buildings in Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of three contiguous mixed-use buildings on Amsterdam Avenue in Washington Heights. A private investor, 2372-2376 Amsterdam Avenue NYC, acquired the properties from 2372-2376 Amsterdam Avenue LLC for $13.2 million. The buildings, located at 2372, 2374 and 2376 Amsterdam Ave., total 41,353 square feet. The properties consist of two five-story mixed-use walk-up buildings and one six-story mixed-use building with a total of 58 apartments and eight retail stores, including a barbershop and a grocery store. The properties were built between 1906 and 1908.

January 15, 2018

Northeast Office Pennsylvania

HFF Brokers $6.6M Sale of Office Building in Metro Philadelphia

by Amy Works January 15, 2018

PHOENIXVILLE, PA. — HFF has arranged the sale of a single-tenant office building located at 1140 Valley Forge Road in Phoenixville, a suburb of Philadelphia. A Philadelphia-based family office sold the building for $6.6 million. Constructed as a build-to-suit in 1994 for Environmental Standards Inc., the property features 30,588 square feet of office space, including a 10,000-square-foot expansion that was added in 2013. Brett Segal and Doug Rodio of HFF represented the seller in the deal.

January 15, 2018

Mixed-Use Multifamily New York Northeast Retail

AMAC Acquires Mixed-Use Property in Manhattan for $59M

by Amy Works January 12, 2018

NEW YORK CITY — AMAC, a Midtown Manhattan-based real estate investment firm, has purchased 10 Rutgers Street, a mixed-use property located in downtown Manhattan. Hudson Cos. sold the property for $59 million. Located at the intersection of the Lower East Side and Two Bridges neighborhoods, the asset features 83 residential units and seven retail spaces. The eight-story property features a unit mix of studios, one- and two-bedroom units; amenities include a doorman, a gym, a landscaped garden and a bike room. AMAC plans to renovate the units, common areas and amenities.

January 12, 2018

Affordable Housing Connecticut Loans Multifamily Northeast

Greystone Provides $55.2M Loan for Affordable Housing Acquisition in Stamford, Connecticut

by Amy Works January 12, 2018

STAMFORD, CONN. — Greystone has provided $55.2 million in Freddie Mac financing for the acquisition of an affordable housing community in Stamford. Dan Sacks of Greystone originated the loan in conjunction with Greystone’s Affordable Lending team. The seven-year adjustable rate Freddie Mac Targeted Affordable Housing loan was provided to a New Jersey-based investment group for the acquisition of The Wescott Apartments, a 261-unit income-restricted property. Built in 1986, the asset was renovated over the last five years and restricts 20 percent of its units to households earning 80 percent or less of the average median income.

January 12, 2018

Connecticut Multifamily Northeast

Avalon Bay Communities Sells 246-Unit Apartment Community in Milford, Connecticut, for $50.5M

by Amy Works January 12, 2018

MILFORD, CONN. — Avalon Bay Communities has completed the sale of Avalon Milford, an apartment community located in Milford. An affiliate of DSF Group acquired the property for $50.5 million. Jeffrey Dunne, Gene Pride, Simon Butler and Biria St. John of CBRE New England represented the seller in the deal. Built in 2004, the community has 246 apartments with open floorplans, gas heat and cooking, walk-in closets, full-size in-home washer/dryers and 10-foot or more vaulted ceilings on the third floor.

January 12, 2018

Multifamily New Jersey Northeast

Friedkin Realty Group Acquires 170-Unit Apartment Property in Cherry Hill, New Jersey

by Amy Works January 12, 2018

CHERRY HILL, N.J. — Friedkin Realty Group has purchased The Highlands at Cherry Hill Apartments, a multifamily housing property situated on 11.3 acres at 1980 Route 70 in Cherry Hill. Equity Residential sold the 170-unit property for an undisclosed price. Completed in 2002, the property comprises 12 two-story residential buildings housing one-, two- and three-bedroom units. On-site amenities include a clubhouse with lounge, fitness center, business center, grilling area, resort-style swimming pool with Jacuzzi, valet dry cleaning service and parking. At the time of sale, the property was 97 percent leased. Jose Cruz, Mark Thomson, Kevin O’Hearn, Stephen Simonelli, Carl Fiebig and Fran Coyne of HFF represented the seller in the transaction.

January 12, 2018

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