NEW YORK CITY — IPsoft Inc. has renewed and expanded its lease at RFR Realty’s 17 State Street, a 42-story office tower located in Manhattan. The artificial intelligence company renewed its 97,955-square-foot lease and expanded to add 41,687 square feet of space on floors 16, 19 and 20. AJ Camhi of RFR Realty, along with Mitch Knosker of JLL, represented the landlord, while Rob Lowe of Cushman & Wakefield represented the tenant in deal.
NEW YORK CITY — RM Capital has arranged $57.5 million in first mortgage and mezzanine construction financing for the redevelopment of the Tammany Hall building at 44 Union Square in New York City. The borrower, Reading International, will use the financing to renovate and repurpose the six-story 73,322-square-foot retail and office building. Upon completion, the building will feature three contiguous lower levels of retail space and three floors of office space. The historic property is the former headquarters for the Tammany Hall political organization and required a variance and Landmarks Commission to move forward with the redevelopment. Tammany Hall was a New York City political organization founded in 1786 and planned a major role in controlling city and state politics and helping immigrants rise up in American politics. Bank of the Ozarks provided the $50 million senior construction loan, and an affiliate of Fisher Brothers provided the $7.5 million mezzanine loan. Marc Sznajderman, Romano Tio and Bo Diamond of RM Capital secured the financing for the borrower.
LYNDHURST, N.J. — Alexander Property Holdings has acquired CityView Corporate Center, an office building located at 160 Chubb Ave. in Lyndhurst. Rugby Realty Co. sold the 135,000-square-foot property for $20 million. Situated on 8 acres, the property was constructed in 1979 and renovated in 2006 and 2012. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Ryan Larkin and Curtis Foster of Cushman & Wakefield brokered the transaction.
STATE COLLEGE, PA. — Colliers International has arranged $12 million in financing for the acquisition and completion of Blue Course Commons, a 276-bed student housing complex in State College. John Banas and Kris Wood of Colliers Philadelphia Capital Markets arranged a three-year, fixed-rate loan with a two-year interest-only payment period for the undisclosed borrower.
NEWARK, N.J. — The Blau & Berg Co. has brokered the sale of a retail property located at 237-249 S. Orange Ave. in Newark. JJ Operating Inc., a family-owned real estate investment and management company, acquired the 54,126-square-foot property for an undisclosed price. The free-standing building is currently occupied by a 2,100-square-foot Dunkin’ Donuts. The buyer plans to redevelop the property. Alex Conte, Jason Crimmins and Peter Murano of The Blau & Berg Co. represented the seller and buyer in the deal.
CROMWELL, CONN. — O,R&L Commercial has arranged the sale of a two-property investment asset totaling 38,800 square feet at 50 Sebethe Drive in Cromwell. O&G Industries acquired the properties for $2.1 million. The sale includes a net-leased 28,800-square-foot warehouse and office building and an on-site 10,000-square-foot self-storage facility. Frank Hird and Luke Massirio of O,R&L Commercial represented the seller, Sebethe Drive Partners LLC, in the deal.
CARLE PLACE, N.Y. — TCJ Realty has acquired One Old Country Road, an office building located in Carle Place, from a private investor for $17.3 million. The five-story, 309,000-square-foot property serves as the headquarters for 1-800-Flowers and is 63 percent occupied by 27 tenants. Jacklene Chesler, Jonathan Schlussel and Darren Leiderman of Colliers International advised the seller and secured the buyer in the deal. Additionally, TCJ Realty appointed Colliers as leasing and managing agent for the property.
AUBURN, N.Y. — Binswanger has arranged the sale of an industrial facility located at 4900 Technology Park Blvd. in Auburn. AAF-McQuay Real Property Inc., a subsidiary of Daikin Applied, sold the property to Tessy Plastics for $8 million. Situated on 30.7 acres, the 435,000-square-foot facility features 50-foot by 50-foot column spacing, 35-foot clear ceiling heights, 11 dock-high loading doors and parking for more than 400 vehicles. Additionally, the facility features a 35,000-square-foot office space. Jim Panczykowski of Binswanger brokered the transaction.
BORDENTOWN, N.J. — Ready Capital Structured Finance has closed an $11 million loan for the acquisition of an industrial warehouse property located at 201 Elizabeth St. in Bordentown. The undisclosed borrower purchased the 275,631-square-foot property, which houses Bai soft drink distribution operations, for an undisclosed price. The property features 24-foot clear ceiling heights, 24-foot column spacing and easy access to the New Jersey Turnpike. The non-recourse, interest-only loan features a 36-month term with two extension options and flexible prepayment.
NEW YORK CITY — Marcus & Millichap has arranged the sale of two adjacent four-story multifamily buildings located at 2819-2821 33rd St. in the Astoria section of Queens. A private 1031 exchange investor acquired the buildings for $11 million, or $510 per square foot. The buildings offer a total of 38 apartment units. Matt Fotis, Lazarus Apostolidis and Zachary Golub of Marcus & Millichap represented the seller, a private investor, and procured the buyer in the deal.
