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Northeast

141-57-Northern-Blvd-NYC
Mixed-UseNew YorkNortheastRetail

Cushman & Wakefield Arranges $23M Sale of Development Site in Queens

by Amy Works

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a corner development site located at 141-57 Northern Blvd. in the Flushing neighborhood of Queens. NY EZ Property Holdings LLC acquired the site from 141-57 Northern Boulevard Inc. for $23 million. The 22,663-square-foot lot allows up to 67,989 square feet of mixed-use development. The site currently features a 14,200-square-foot building occupied by a commercial tenant and Bank of America. Stephen Preuss and Stephen Palmese of Cushman & Wakefield represented the seller in the deal.

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Wellington-Community-Worcester-MA
Affordable HousingMassachusettsMultifamilyNortheast

WinnCompanies Starts $11.2M Rehabilitation Project for Affordable Housing in Worcester, Massachusetts

by Amy Works

WORCESTER, MASS. — WinnCompanies has started construction on an $11.2 million rehabilitation of the Wellington Community, an 180-unit elderly and low-income housing community in Worcester. The renovation project will upgrade the interior and exterior of the property’s 11 buildings, 10 of which are historic, and will extend its affordability provision for 30 years. Improvements will include restoration of masonry exteriors, replacement of roofs, installation of historically-sensitive doors and windows, updated handicap accessibility accommodations, life-safety improvements and energy-efficiency changes to mechanical, electrical and plumbing systems. Residential apartments will receive mechanical system upgrades and the installation of new cabinetry, appliances and fixtures in the kitchens and bathrooms. Additionally, common amenity space and laundry rooms will be overhauled.

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Atria-Ridgefield-CT
ConnecticutMultifamilyNortheastSeniors Housing

Formation Selects Congress Building to Construct 86-Unit Community in Connecticut

by Amy Works

RIDGEFIELD, CONN. — Formation Development Group has selected Congress Building Corp. as construction manager for Atria Ridgefield, an 86-unit assisted living and memory care community in Ridgefield, located between New York City and Hartford. The 82,000-square-foot community is the sixth partnership between Formation and operator Atria Senior Living. The architect is PRDG of Dallas. Faulkner Design Group, also of Dallas, is the interior designer. The civil engineer is CCA of Brookfield, Conn. Site work commenced in November 2017. A completion timeline was not disclosed. Congress has completed over 8,000 beds and 4.5 million square feet of healthcare and long-term care construction throughout the eastern United States.

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22-Pond-St-Norwell-MA
MassachusettsNortheastRetail

NAI Hunneman Facilitates $5.6M Sale of Retail Property in Norwell, Massachusetts

by Amy Works

NORWELL, MASS. — NAI Hunneman has arranged the sale of a retail property located at 22 Pond St. in Norwell. McLaren Auto, the building’s current tenant, and its owner, BMD LLC, exercised a purchase option in its lease and acquired the property from Herb Chambers for $5.6 million. The 22,084-square-foot property features a showroom, automotive operations space, six drive-in doors, wet and dry sprinkler systems and parking for up to 175 cars. Cathy Minnerly and Over Osvold of NAI Hunneman represented the seller, while Kathy Doyle of Curran Capital represented the buyer in the deal.

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MultifamilyNew YorkNortheast

SG Blocks to Develop 183,000 SF Workforce Housing Project in Sullivan County, New York

by Amy Works

SULLIVAN COUNTY, N.Y. — SG Blocks has been commissioned to design and construct a workforce housing development in Sullivan County. The four-building, 183,000-square-foot property will be designated for low- to middle-income households. The housing development will target employees for a newly built $1.2 billion destination resort that includes an 18-story hotel, casino and entertainment complex with approximately 100,000 square feet of casino floor, an entertainment village, golf course and waterpark.

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LoansMassachusettsNortheastOfficeRetail

Avison Young Arranges $47M in Financing for Two Historic Buildings in Boston

by Amy Works

BOSTON — Avison Young Capital Markets has arranged a $47 million bridge loan for the gut renovation and repositioning of the Custom House Block and John Hancock Counting House located at 62-70 Long Wharf and 58-60 Long Wharf, respectively, in Boston. David Krasnoff and Michael Buckley of Avison Young secured the financing for the borrower, Capital Properties. The borrower plans to fully rehabilitate the properties, including converting the Custom House Block building into a modernized office space. The John Hancock Counting House is occupied by the Chart House restaurant.

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IndustrialNew JerseyNortheast

Marcus & Millichap Facilitates $9M Sale of Industrial Building in Ridgefield, New Jersey

by Amy Works

RIDGEFIELD, N.J. — Marcus & Millichap has brokered the sale of an industrial building located at 730 Grand Ave. in Ridgefield. A private investor acquired the property from a limited liability company for $9 million. Renovated in 2015, the 81,870-square-foot property was 93 percent occupied at the time of sale. Steve Lim of Marcus & Millichap represented the seller and buyer in the deal.

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New YorkNortheastOffice

Middletown Medical Group Leases 8,413 SF of Medical Office Space in Monticello, New York

by Amy Works

MONTICELLO, N.Y. — Middletown Medical Group has signed a lease for 8,413 square feet of medical office space at Thompson Square Shopping Center in Monticello. The combined three-tenant space will be the medical group’s new location. The new location will allow Middletown Medical to consolidate two existing Monticello physician offices. The new facility will offer 20 exam rooms, an X-ray unit, a CAT scan machine and urgent care services. With the addition of Middletown Medical Group, the 242,000-square-foot shopping center will be 95 percent leased. Additional tenants include Catskill Hudson Bank, Brother Bruno’s and GameStop. A joint venture between Heidenberg Properties Group, Strategic Real Estate Partners and Norse Realty Group owns the property.

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LoansNew YorkNortheastOfficeTop Stories

NKF Arranges $81M Loan for Acquisition, Redevelopment of Warehouse in Queens

by Taylor Williams

NEW YORK CITY — NKF Capital Markets has arranged an $81 million loan for the acquisition and redevelopment of 25-11 49th Avenue, a 135,000-square-foot warehouse located in the Long Island City area of Queens. The borrower is a partnership between New Jersey-based development and management firm Normandy Real Estate Partners and two New York-based investment firms, Keystone Equities and Drake Street Partners. Dustin Stolly and Jordan Roeschlaub of NKF Capital Markets secured the loan through Deutsche Bank. The redevelopment calls for a full repositioning of the two-story, loft-style warehouse, which will be converted into an 11-story office building totaling 238,000 square feet. Nine stories will be built atop the existing structure, which is located within the area’s factory district. “This property is ideally located near main transportation hubs, which represent part of the growing appeal of this neighborhood,” says Stolly. “This is an excellent opportunity for tenants that will allow them to recruit and retail quality talent.” The financing will also be used to implement a capital improvement plan, which will target the office entrances, lobby and common areas and outdoor roof deck. New elevators and HVAC systems, as well as new security and electronics system, are also included in …

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