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carson-tower
MassachusettsMultifamilyNortheast

Akelius US Buys 153 Apartments in Boston for $64.2M

by Amy Works

BOSTON — An affiliate of Akelius US has purchased Carson Tower, a multifamily property in south Boston, from a joint venture between Fairfield Residential and an institutional partner for $64.2 million. Built in 1973, the property features 153 apartment units. With this acquisition, Akelius owns 11 properties in Boston and a total of 28 properties in the United States. The name of the seller was not released. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer in the deal.

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IndustrialNew JerseyNortheast

CBRE Facilitates 867,500 SF of Industrial Leases in New Jersey

by Amy Works

WOODBRIDGE AND CARTERET, N.J. — CRBE has facilitated more than 867,500 square feet of industrial leases on behalf of Prologis in two separate transactions in New Jersey. Thomas Monahan, Stephen D’Amato, Anastasia Lazarides and Gerard Monahan of CBRE represented the Prologis, which owns both properties. In Woodbridge, DSV Global Transport and Logistics leased 507,500 square feet of industrial space at 1005 W. Middlesex Ave. The distribution facility features a 36-foot clear height, 120 dock doors, two drive-in doors and parking for 115 trailers. Doug Bansbach of Cushman & Wakefield represented the tenant in the deal. In Carteret, a prominent retailer leased 360,000 square feet of distribution space at 50 Middlesex Ave. The distribution facility features 36-foot clear height, 68 dock doors, four drive-in doors and parking for 137 cars and 138 trailers. Scott Belfer of CBRE represented the tenant in the transaction.

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171-lloyd-st-allentown-pa
IndustrialNortheastPennsylvania

Markward Group Arranges Sale of 4,000 SF Industrial Property in Allentown, Pennsylvania

by Amy Works

ALLENTOWN, PA. — Markward Group has brokered the sale of an industrial building located at 171 Lloyd St. in Allentown. MGC Partners, which currently occupies the building, acquired the 4,000-square-foot property for an undisclosed price. Amy Hawley of Markward Group represented the undisclosed seller and the buyer in the deal.

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MultifamilyNew YorkNortheastTop Stories

Emerald Equity Group Acquires 47-Building Multifamily Portfolio in Manhattan for $357.5M

by Katie Sloan

NEW YORK CITY — Emerald Equity Group has acquired a portfolio of 47 multifamily buildings from Fairstead Capital and E+M Associates for $357.5 million. The properties total 712,571 square feet and are located in Manhattan, predominantly within the neighborhood of East Harlem. Fairstead Capital and E+M Associates acquired the portfolio from a special servicer in 2013 for an undisclosed sum. The portfolio includes 112 E. 103rd St., 411 E. 118th St. and 291 Pleasant Ave. in East Harlem. British investment firm Dawnay Day owned the portfolio until the properties fell into foreclosure in September 2009, according to reports by The New York Times. The now-defunct firm acquired the properties in 2007 for $225 million. Brookfield Property Partners (NYSE: BPY) provided nearly $300 million in financing for the acquisition, according to reports by The Real Deal. A team led by Ariel Property Advisors’ Victor Sozio, Shimon Shkury and Michael Tortorici represented the seller and procured the buyer in the transaction. Mitchell Taras of Sadis & Goldberg provided legal representation to the seller, and Jeffrey Zwick of Jeffrey Zwick & Associates PC provided legal representation to the buyer. Emerald Equity Group is an investment and management firm specializing in rental apartments in …

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100-lefferts-avenue
MultifamilyNew YorkNortheast

Sentinel Real Estate Corp. Sells Five-Building Multifamily Portfolio in Brooklyn for $89M

by Amy Works

NEW YORK CITY — Sentinel Real Estate Corp. has completed the disposition of a five-building multifamily portfolio located in Brooklyn. A&E acquired the portfolio for $89 million. Totaling 243,000 square feet and 265 units, the properties are located at 230 Ocean Parkway, 483 Ocean Parkway, 80 Woodruff Ave., 65 Ocean Ave. and 100 Lefferts Ave. Aaron Jungreis of Rosewood represented the buyer and seller in the transaction.

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3-huntington-quadrangle-melville-ny
New YorkNortheastOffice

Treeline, KABR Group Acquire 408,000 SF Office Building in Metro New York City for $35.8M

by Amy Works

MELVILLE, N.Y. — A joint venture between Treeline and The KABR Group has acquired a four-story office building located at 3 Huntington Quadrangle in Melville, roughly 40 miles outside New York City. Hines REIT sold the 408,000-square-foot property for $35.8 million. William Schroeder designed the building, which was built in 1971. Jose Cruz of HFF represented the seller in the transaction. Chris Peck, Geoff Goldstein, David Giancola, Alex Staikos and Jordan Avanzato of HFF secured financing on behalf of the buyer through Wells Fargo Bank.

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780-route-103-west-warner-nh
IndustrialNew HampshireNortheast

CBRE/NE Brokers Sale of Industrial Facility in Warner, New Hampshire

by Amy Works

WARNER, N.H. — CBRE/New England has brokered the sale of an industrial facility located at 780 Route 103 West in Warner. Milton CAT sold the 49,880-square-foot property to CS Properties for an undisclosed price. Built in 1988, the facility features a 35,500-square-foot service shop with 6,380 square feet of air-conditioned office space and a separate 9,100-square-foot warehouse with eight drive-in doors. Chris Healey of CBRE/NE represented the seller and procured the buyer in the deal.

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New YorkNortheastOfficeRetail

Cushman & Wakefield Arranges $13.2M Sale of Development Site in Queens

by Amy Works

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 159-18 Northern Blvd. in the Flushing area of Queens in New York City. Flushing Bank sold the property to an undisclosed local buyer for $13.2 million. The 28,764-square-foot site has more than 112 square feet of frontage along Northern Boulevard and 55 square feet of frontage along 159th Street. The site includes a two-story, 9,213-square-foot commercial building and 38,831 square feet of air rights. Stephen Palmese and Stephen Preuss of Cushman & Wakefield handled the transaction.

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New YorkNortheastRetail

GFI Realty Facilitates $1.5M Sale of Retail Center in The Bronx

by Amy Works

NEW YORK CITY — GFI Realty Services has arranged the sale of a retail center located at 6661 Broadway in the North Riverdale neighborhood of The Bronx, the northernmost borough of New York City. A local investor acquired the 4,750-square-foot property for $1.5 million. The property consists of six stores and 30,000 square feet of air rights. Shawn Sadaghati of GFI Realty represented the seller, a local investor, while Aron Taub, also of GFI, represented the buyer in the transaction.

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Queens Plaza Park, New York City
MultifamilyNew YorkNortheastTop Stories

The Durst Organization Acquires 77-Story Multifamily Development Site in Queens for $173M

by Jeff Shaw

NEW YORK CITY — The Durst Organization has acquired the development site of Queens Plaza Park in New York City for $173 million. The project is a 77-story residential tower currently under construction in the Long Island City submarket of Queens. The 1 million-square-foot building will feature approximately 1,000 residential units. The project also includes a one-acre public park and renovations to the Queens Plaza subway station entrance. The seller was a joint venture between Property Markets Group and Kamran Hakim, a New York-based real estate investor. The building is expected to open in 2019. Development plans call for assistance under New York’s 421-a tax exemption program, which will require at least 25 percent of the units to be affordable per New York City guidelines. As part of the acquisition, The Durst Organzation also purchased the landmark Queens Clock Tower Building, which is situated adjacent to the new development. Built in 1927, the property was once the tallest building in New York City outside of Manhattan, though it will now be dwarfed by the new project. Rosenberg & Estis served as legal counsel to The Durst Organization on the acquisition, as well as the $90 million first mortgage loan on the …

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