Northeast

Buccini/Pollin Receives $36.5M Loan to Refinance Westin Wilmington

by David Cohen June 1, 2018

WILMINGTON, DEL. — The Buccini/Pollin Group has received a $36.5 million loan to refinance the Westin Wilmington, a 180-room, full-service hotel located at 818 Shipyard Drive in Wilmington. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loan on behalf of Buccini/Pollin through Goldman Sachs and Quadrant Real Estate Advisors. The hotel is connected to the Chase Center, which is the largest special event facility in the Brandywine Valley with more than 87,000 square feet of meeting space. The property was built in 2014 and features 5,780 square feet of meeting space as well as a restaurant, lounge, indoor pool and fitness center.

June 1, 2018

Acquisitions Industrial New York Northeast

Marcus & Millichap Brokers $6.6M Sale of Warehouse in West Side Manhattan

by David Cohen June 1, 2018

NEW YORK CITY — Marcus & Millichap has brokered the $6.6 million sale of 621 West 55th St., a two-story warehouse on the west side of Manhattan. John J. Stewart, James O’Leary and Nicholas Biedron of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor. The 5,966-square-foot property measures 30 feet by 100 feet and is located less than a block from the West Side Highway.

June 1, 2018

Acquisitions New York Northeast

Cushman & Wakefield Negotiates $5M Sale of School Building in Queens

by David Cohen June 1, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $5 million sale of a school building located at 132-10-132-16 Jamaica Ave. in Queens. The 12,360-square-foot property is currently net leased to the City of New York and has been operating as the New York City Public School, District 28 Pre-K Center since 2014. The property features 112 feet of street frontage and approximately 1,000 square feet of exterior land. Stephen R. Preuss of Cushman & Wakefield represented the seller, 132-10 Jamaica Ave Realty Corp., in the transaction. The buyer was Solomon Isakov.

June 1, 2018

Loans Mixed-Use New York Northeast

Meridian Capital Arranges $7.4M Bridge Financing for Mixed-Use Property in Brooklyn

by David Cohen May 31, 2018

NEW YORK CITY — Merdian Capital Group has arranged $7.4 million in bridge financing for a mixed-use property located on Metropolitan Avenue in the Williamsburg neighborhood of Brooklyn. The sponsor’s existing loan was maturing, and the company is waiting on a certificate of occupancy before refinancing with a traditional, long-term, balance sheet lender. Meridian arranged an 18-month bridge loan with a rate of 7.8 percent with interest-only payments. Judah Hammer and Michael Ryback of Meridian arranged the transaction. The four-story property features 17 studio, one- and two-bedroom units as well as three retail tenants on the ground level.

May 31, 2018

Leasing Activity New York Northeast Office

CallisonRTKL Signs 10-Year Lease at Woolworth Building in Manhattan

by David Cohen May 31, 2018

NEW YORK CITY — Global design firm CallisonRTKL has signed a 10-year lease at the Woolworth Building at 233 Broadway in Manhattan. Mitchell Konsker and David Dusek of JLL represented CallisonRTKL in the transaction. The Lawrence Group represented the building’s owner, The Witkoff Group. CallisonRTKL signed a 28,096-square-foot lease for the entire 16th floor of the building. Architect Cass Gilbert designed The Woolworth Building, which opened in 1912. From 1912 until 1930, it was the world’s tallest building. The Witkoff Group acquired the property in 1998 and restored the historic building.

May 31, 2018

Loans New Jersey Northeast

Progress Capital Secures $6.3M Financing for Parking Lot in Newark

by David Cohen May 31, 2018

NEWARK, N.J. — Progress Capital has arranged $6.3 million in permanent mortgage financing for the acquisition of a 2.2-acre paved parking lot located at 296-305|308-320 Mulberry St. and 12-14 Cottage St. in Newark. The property also includes a double-sided billboard currently subject to an annual lease. The undisclosed borrower purchased the property for $9 million and is entering into a lease with L.A. Parking Corp. The borrower’s property management firm will maintain the leasing and management of the billboard. Brad Domenico of Progress Capital arranged the financing. The loan is non-recourse and accompanied by a fixed rate of 4.5 percent and a seven-year term amortized over 25 years.

May 31, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Brokers $1.7M Sale of Mixed-Use Building in New Jersey

by David Cohen May 31, 2018

UNION CITY, N.J. — Marcus & Millichap has brokered the $1.7 million sale of a 7,125-square-foot mixed-use building in Union City. Located at 2000 Bergenline Ave., the building includes a long time Dunkin’ Donuts location as well as eight apartments. The property is one mile from the Lincoln Tunnell and four miles from New York City. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed.

May 31, 2018

Acquisitions Multifamily New York Northeast Student Housing

OC Ventures Acquires 640-Bed Student Housing Community Near Buffalo

by David Cohen May 31, 2018

Amherst, N.Y. — China-based real estate private equity fund OC Ventures has acquired Twenty 91 North, a 640-bed student housing community located near the University at Buffalo in Amherst. TSB Realty brokered the acquisition of the property from University Student Living and Harrison Street Real Estate. The community was built in 2016, and offers shared amenities including a resort-style pool; a game area with a pool table, ping-pong and shuffleboard; a study lounge; computer lab; fitness center; and private shuttle service.

May 31, 2018

Loans New York Northeast Retail

Meridian Capital Arranges $25M Refinancing of Retail Facility in Brooklyn

by David Cohen May 30, 2018

NEW YORK CITY — Meridian Capital Group has arranged the $25 million refinancing of a retail and parking facility in Brooklyn. The 10-year CMBS loan features a rate of 4.86 percent and full-term, interest-only payments. Steven Ribiat, Morris Diamant and Tzvi Krieger of Meridian’s New York office arranged the financing for the transaction with the undisclosed borrower. Located at 236 Atlantic Ave., the 69,000-square-foot property was constructed less than 10 years ago and features 24,000 square feet of ground-floor retail space as well as a parking garage. Current tenants include PetSmart and PM Pediatrics. The building also includes 42 residential condominiums on the upper floors that were not part of the collateral.

May 30, 2018

Acquisitions New Jersey Northeast Office

NAI Hanson Negotiates Sale of 3,112 SF Office Condo in Northern New Jersey

by David Cohen May 30, 2018

RIVER EDGE, N.J. — NAI James E. Hanson has negotiated the sale of a 3,112-square-foot office condo in River Edge. The condo is located at 63 Grand Ave., a three-story, 10,000-square-foot office building. Darren Lizzack, Randy Horning, and Michael Guerra of NAI Hanson represented the buyer, Dr. Dan S. Landmann, in the transaction. Joe Tormen of Lee & Associates represented the seller, 63 Grand Ave LLC. The buyer was searching for an opportunity to purchase space as a long-term home for his surgery practice currently based in Maywood.

May 30, 2018

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