Northeast

CBRE/NE Arranges Sale of 251-Unit Avalon Shrewsbury in Massachusetts

by Jaime Lackey September 27, 2016

SHREWSBURY, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Avalon Shrewsbury, a 251-unit garden-style apartment community located in Shrewsbury. Simon Butler and Biria St. John of CBRE/NE exclusively represented the seller, AvalonBay Communities Inc., and procured the buyer, Audubon Shrewsbury LLC, an affiliate of Boston-based Audubon Capital Partners. The Class A community, which was built in 2006, consists of eight three- and four-story garden-style buildings, one two-story garden-style building, five three-story townhouse buildings, two two-story townhouse buildings and one clubhouse building. The 251 units include one-, two- and three-bedroom homes as well as two-bedroom townhomes with an average apartment home size of 1,261 square feet. Community amenities include a freestanding community center, a business center, fitness center, indoor basketball court, while outdoor amenities include a resort-style heated outdoor swimming pool with sun deck, playground and grilling areas. Additionally, there are 36 attached garages with the townhomes and six detached garages.

September 27, 2016

Multifamily New York Northeast

Cignature Realty Handles $19.7 Million Two-Building Multifamily Sale in Manhattan

by Jaime Lackey September 27, 2016

NEW YORK CITY — Cignature Realty Associates brokered the $19.7 million sale of two adjacent five-story multifamily walk-up rental buildings in the Inwood section of Manhattan to Coney Realty & Management. Hillcrest Acquisitions LLC sold the buildings, which were built in 1926 and renovated in 1988. They are located at 14 and 28 Thayer Street and total 64,255 square feet in 85 apartments: 61 one-bedrooms, 15 two-bedrooms and nine three-bedrooms. They sold for $306 per square foot. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and seller in the transaction.

September 27, 2016

Industrial New York Northeast

Kalmon Dolgin, Premier Broker $3.5M Purchase of Warehouse Space in Old Bethpage, N.Y.

by Jaime Lackey September 27, 2016

OLD BETHPAGE, N.Y. — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of a 42,500-square-foot property at 195 Sweet Hollow Road in Old Bethpage for $3.5 million. Linda Wong of KDA, along with Jason Miller and Jeff Schwartzberg of Premier Commercial Real Estate, represented the buyer Long Guang Lin, while William Becker of Racanelli, Becker and Associates LLC represented the seller, 195 Sweet Hollow Road Corp., in the transaction. The buyer will use the warehouse space for its kitchen cabinet and marble business, New Star Kitchen. The property was formerly used by Advance Relocation Molloy Brothers Moving and Storage, which has relocated its operations to Farmingdale, N.Y. The one-story property has a 5,000-square-foot office.

September 27, 2016

Multifamily New York Northeast

TerraCRG Oversees Sale of Brooklyn Multifamily Building

by Jaime Lackey September 27, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a fully occupied multifamily building located at 40 Starr Street in Brooklyn’s Bushwick neighborhood. Matt Cosentino and Eric Satanovsky of TerraCRG exclusively handled the transaction. The property sold for $1.2 million, or approximately $290 per square foot and a 6 percent cap rate. The seller had owned the three-story, six-unit property for 35 years. It features an additional 1,375 square feet of available air rights. Three of the units are income-restricted.

September 27, 2016

Northeast Retail Rhode Island

KeyPoint Reps Landlord in Aerosports Trampoline Parks Lease in Woonsocket, RI

by Jaime Lackey September 27, 2016

Woonsocket, R.I. — KeyPoint Partners has negotiated a lease with Aerosports Trampoline Parks for nearly 35,000 square feet of space at Walnut Hill Plaza in Woonsocket. Don Mace of KeyPoint negotiated the transaction on behalf of the landlord. Walnut Hill Plaza is a 298,600-square-foot shopping center on Diamond Hill Road (Route 114) in Woonsocket. Tenants at the center include Sears, Ocean State Job Lot, Savers, Olympia Sports, Payless, and the Walnut Hill Bowl.

September 27, 2016

Loans Massachusetts Multifamily Northeast

CBRE/NE Secures $50M in Construction Financing for Massachusetts Apartment Project

by Jaime Lackey September 26, 2016

REVERE, MASS. — CBRE/New England’s Debt & Structured Finance team has arranged $50 million in construction financing for Beach House, a 234-unit luxury apartment development located in Revere, for borrower Baystone Development. The project is located across from Revere Beach and will offer panoramic views of the Atlantic Ocean and Boston’s skyline. Units will feature open layout floor plans; amenities include a resort-style heated outdoor pool, roof deck with views of the Boston skyline, fitness center, resident club area with full kitchen and an entertainment package featuring a theater room. John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE arranged the loan with First Niagara Bank’s David Yesue and Doug MacLean.

September 26, 2016

New York Northeast Office

Eastern Consolidated Arranges $9.38M Sale of Six-Story Office Building at 84 Bowery in NYC

by Jaime Lackey September 26, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a six-story elevator office building with ground-floor retail space at 84 Bowery for $9.38 million. The 14,250-square-foot building is encumbered by a long-term master lease at substantially below-market rent. Peter Carillo and Adelaide Polsinelli represented the seller, Richard Shongut Realty Corp., and Carillo procured the buyer, a private investor. Chris Matousek of Eastern Consolidated served as the analyst for the deal. “The deal was challenging because it required an extremely patient and knowledgeable investor willing to accept a minimal yield for an extended period of time,” Carillo said. “However, the new owner will be able to recognize substantial upside upon the expiration of the lease. Floors two through six consist of offices leased to medical professionals and additional office space is available on the lower level. The ground floor and mezzanine are occupied by a jewelry store. The property also enjoys 25 feet of frontage along the Bowery as well as 2,700 square feet of unused development rights.”

September 26, 2016

Multifamily New York Northeast Retail

Besen Handles $7.4M Sale of Four-Property Portfolio in Brooklyn

by Jaime Lackey September 26, 2016

NEW YORK CITY — Besen & Associates has arranged the $7.4 million sale of a four-building package in central Brooklyn. The price translates to just shy of $400 per square foot. The properties, which feature multifamily and retail space, include 907 Nostrand Avenue, 739 Church Avenue, 1080-1082 Utica Avenue and 196 Utica Avenue. Each was fully renovated in 2015 with all apartments receiving new bathrooms, kitchens, wooden floors, and HVAC units. 907 Nostrand Avenue has approximately 4,547 square feet of retail space, leased to a fitness center; 739 Church Avenue has 3,300 square feet, leased to a bar; 196 Utica has a retail tenant which occupies the storefront and finished basement. The two-story building with 80 feet of frontage at 1080-1082 Utica Avenue was recently gut renovated and repositioned to contain seven retail stores. Greg Corbin, Miguel Jauregui and Saadya Notik of The Corbin Group represented the seller and also procured the purchaser, a local private investor.

September 26, 2016

Industrial Northeast Rhode Island

Sweeney Real Estate Brokers $1.8M Industrial Sale in Rhode Island

by Jaime Lackey September 26, 2016

Middletown, R.I. — Leicester Associates has sold 875 Aquidneck Ave. in Middletown to Middletown Self-Storage LLC for $1.8 million. The property is a 15,000-square-foot office and distribution center that is located along Route 138A on 1.66 acres of land. Thomas Sweeney of Sweeney Real Estate & Appraisal was the exclusive broker on this transaction.

September 26, 2016

Affordable Housing Multifamily Northeast Pennsylvania

WinnDevelopment Opens $14.7M Renovation of Affordable Housing Community in Philadelphia

by Jeff Shaw September 23, 2016

PHILADELPHIA — WinnDevelopment, the development arm of WinnCompanies, has completed a $14.7 million rehabilitation of Breslyn House, a 60-unit affordable housing community in Philadelphia. The renovation effort included energy efficiency and environmental improvements, exterior restoration, and enhancement of community spaces, including a new ADA-compliant community room and expanded laundry facilities. Each apartment underwent kitchen and bathroom renovations, including the installation of new cabinetry, appliances and fixtures. The U.S. Department of Housing and Urban Development (HUD), the Pennsylvania Housing Finance Agency (PHFA), Bank of America and Citi Community Capital financed the project.

September 23, 2016

Newer Posts

Older Posts