Northeast

HFF Arranges $290M Construction Financing for Mixed-Use Development in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — HFF has arranged $290 million in financing for the development of 151 E. 86th St., a mixed-use residential and retail project in Manhattan’s Upper East Side neighborhood. HFF worked on behalf of the developer, a joint venture between Ceruzzi Holdings and Kuafu Properties, to secure the construction loan with a foreign capital source. HFF previously sourced financing on Ceruzzi’s behalf for its acquisition of the site in 2014. The property is located at the corner of 86th Street and Lexington Avenue and will include 151,500 square feet of residential space and 36,000 square feet of retail. There will be 61 condominium units averaging 2,485 square feet with floor-to-ceiling windows and views of the Manhattan skyline and the East River. Resident amenities will include concierge service and 6,500 square feet of amenity space, including a fitness facility, lounge, rooftop terrace and children’s playroom. HOK Architects designed the 18-story building and Shelton, Mindel & Associates handled the interiors. The property is due for completion in the first quarter 2019. David Nackoul, Christopher Peck and Scott Findlay led HFF’s debt placement team.

April 4, 2017

Multifamily New York Northeast

RXR Begins Construction of Harbor Landing in Glen Cove, N.Y.

by Haisten Willis April 4, 2017

GLEN COVE, N.Y. — RXR Realty has begun construction of Harbor Landing at Garvies Point in Glen Cove. The property is slated for completion in 2019. Harbor Landing, a 385-unit apartment complex, will offer a mix of studios, one- and two-bedroom residences across two buildings. Units will range from 500 to 1,300 square feet. The residences will also feature amenities including a fitness center, club room, private dining room, lobby and on-site parking. The property is being built in conjunction with a condominium development known as The Beacon.

April 4, 2017

Massachusetts Mixed-Use Multifamily Northeast Retail

Construction Nears Completion at Meriel Marina Bay Mixed-Use Development in Metro Boston

by Haisten Willis April 4, 2017

QUINCY, MASS. — Hines is nearing completion of Meriel Marina Bay, a mixed-use development in the Boston suburb of Quincy. Located on a seaside peninsula, the property is situated near I-93 and offers a complimentary shuttle to the Red Line North Quincy MBTA station and a water ferry to downtown Boston. Meriel Marina Bay is a mixed-use development comprising two five-story buildings featuring 352 apartments with garage parking, plus 20,000 square feet of ground-level retail space. Layout options include studios, one-, two- and three-bedroom homes offering views of the Boston skyline, Boston Harbor and the Marina Bay boardwalk. Hines is now leasing the property, with rents ranging from approximately $2,100 to $4,600 per month. The Bozzuto Group will manage Meriel Marina Bay.

April 4, 2017

Multifamily New York Northeast

Rosewood Realty Brokers $31.5M Sale of Apartment Properties in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — Rosewood Realty has brokered the $31.5 million sale of two apartment properties in Queens. A local investor purchased the contiguous properties, which are located at 71-05 and 71-11 37th Ave. in the Jackson Heights neighborhood. Benson Co. was the seller. The six-story buildings, which were built in 1920, include a combined 106 apartments and span 85,856 square feet. The average rent at the properties is $1,477 per month. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.

April 4, 2017

Industrial New York Northeast

ABC Carpet & Home Leases 78,000 SF Industrial Space in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — ABC Carpet & Home has leased 78,000 square feet in Industry City, the 16-building, 6 million-square-foot innovation and manufacturing complex located in the Sunset Park neighborhood in Brooklyn. ABC Carpet & Home, a New York-based seller of home goods, is consolidating its operations — currently located in Hackensack, N.J., and the Bronx — into the space at Industry City’s building 19. Industry City’s director of leasing, Kathe Chase, led the deal alongside Chase Welles of The Shopping Center Group, which was brought onto the project to lease the property’s ground-floor spaces. ABC Carpet was represented internally.

April 4, 2017

Massachusetts Northeast Office

The Davis Companies Acquires Leasehold Interest in 88 Black Falcon Avenue in Boston’s Seaport District

by Jaime Lackey April 3, 2017

BOSTON — Following a long-term ground lease with the Massachusetts Port Authority (Massport), The Davis Companies (TDC) plans to significantly update 88 Black Falcon Avenue in Boston’s Seaport District. The property, which consists of two three-story interconnected buildings totaling 376,000 square feet, is located within the Raymond L. Flynn Marine Park, which is also home to Cruiseport Boston and the 1.4 million-square-foot Innovation and Design Building. The location offers views of the Boston Harbor as well as direct access to Route 93 and the Massachusetts Turnpike, 550 onsite parking spaces, and its own Massachusetts Bay Transportation Authority (MBTA) Silver Line Stop. The buildings at 88 Black Falcon Ave. feature ceiling heights ranging from 14 to 20 feet, as well as efficient office and industrial/R&D infrastructure. Optimus Ride Inc., which develops autonomous vehicle technologies, occupies 19,000 square feet on the building’s first floor. As part of the property’s redevelopment, TDC will improve a portion of the Boston Harborwalk, a public promenade that follows the edge of piers, wharves, beaches, and the shoreline around the Harbor. Completion is scheduled for second quarter 2018. “We are undertaking a thorough re-envisioning of this highly flexible, high-quality historic asset as a premier mixed-use development that …

April 3, 2017

Loans Massachusetts Northeast

Novaya, Hawk Properties Complete $13.25M Recapitalization of Lowell, Mass., Office Properties

by Jaime Lackey April 3, 2017

LOWELL, MASS. — Novaya in a joint venture with Hawk Properties entered into a $13.25 million recapitalization of 10 Technology Drive and 55 Technology Drive located in Lowell. The two assets total 146,696 square of office/R&D space. The portfolio, which was initially acquired in 2012, is 84 percent occupied. Tenants include Evoqua Water Technologies, Borrego Solar and Lowell General Hospital.

April 3, 2017

New Jersey Northeast Office

HFF Arranges Sale of 114,000 SF Office Property in Parsippany, New Jersey

by Jaime Lackey April 3, 2017

Parsippany, N.J. — Holliday Fenoglio Fowler (HFF) arranged the sale of 1 Gatehall Drive, a 114,000-square-foot, four-story, Class A office building in Parsippany, to Lincoln Property Company. HFF represented the seller in the transaction. The property was 63 percent leased at the time of sale; tenants include software, consulting, communications, staffing and foodservice companies. The property is situated along Route 202, in close proximity to Route 10 and Interstates 287 and 80. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver.

April 3, 2017

Connecticut Northeast Retail

Island Associates, EXP Realty Advisors Arrange $4.3M Sale of CVS/Pharmacy in Watertown, Conn.

by Haisten Willis April 3, 2017

WATERTOWN, CONN. — Island Associates and EXP Realty have arranged the $4.3 million sale of a CVS/pharmacy in Watertown. Roger Delisle of Island Associates represented the buyer, while Daniel de Sa’ of EXP Realty Advisors represented the seller. The 13,000-square-foot net-leased property is located on 1.7 acres at 26 Davis St. More than 20 years remain on the lease. The unnamed buyer purchased the property utilizing a 1031 tax-deferred exchange.

April 3, 2017

New York Northeast Office

Cushman & Wakefield Negotiates 25,000 SF Office Lease in NYC

by Haisten Willis April 3, 2017

NEW YORK CITY — Cushman & Wakefield has negotiated a 25,000-square-foot office lease in New York. C&W’s represented Callen-Lorde Community Health Center in securing a 20-year lease at 40 Flatbush Extension in downtown Brooklyn. Callen-Lorde, which is dedicated to meeting the healthcare needs of the LGBTQ community and those living with HIV/AIDS, will open its Brooklyn location in 2019. Carri Lyon and Mitzi Flexer of Cushman & Wakefield represented Callen-Lorde in the lease. Joseph Jemal of ISJ Management represented the landlord, 40 Flatbush Realty Associates.

April 3, 2017

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