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.
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.
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 …
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a 10-building multifamily portfolio in Queens. A&E Real Estate Holdings and Benedict Realty Group purchased the portfolio from Ares Management for $133 million, or $322 per square foot. Totaling 403,800 square feet and 531 units, the properties are located at 38-05 Crescent St. in Long Island City; 93-35 Lamont Ave., 32-15 and 32-25 93rd St, 143-45 Sanford Ave., 41-46 50th St., 39-25 65th St., 39-89 50th St. and 41-45 52nd St. in Queens. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.
PITTSBURGH — Ten-X has closed the $14.1 million sale of Comfort Inn & Suites Pittsburgh, located at 180 Gamma Drive in Pittsburgh. Additionally, the company arranged $10.5 million in financing through Deutsche Bank for the buyer, an individual investor. The hotel features 223 guest rooms with complimentary wired and wireless internet access, an indoor pool, fitness center and 24-hour business center. Paramount Lodging Advisors was engaged as the exclusive broker of behalf on the undisclosed seller and partnered with the Ten-X Commercial platform to sell the property.
NASHUA, N.H. — Linear Retail Properties has acquired two retail properties along the Daniel Webster Highway and Spit Brook Road in Nashua for $12.5 million. Old Navy and Burger King occupy the two freestanding buildings, which total 27,673 square feet. Geoffrey MIllerd and Justin Smith of Newmark Grubb Knight Frank represented the undisclosed seller, while Aubrey Cannuscio provided in-house representation for Linear Retail Properties.
NORWOOD, MASS., EAST ISLIP, N.Y., AND GREENSBURG, PA. — Horvath & Tremblay has arranged the sales of three retail assets in Norwood, East Islip and Greensburg. The firm facilitated the $1.9 million sale of a leasehold interest of TD Bank in Norwood and the $1.5 million sale of a leasehold interest of a TD Bank in East Islip. Bob Horvath, Todd Tremblay and Peter Butler of Horvath & Tremblay represented the undisclosed seller and procured the undisclosed buyer. Additionally, Horvath & Tremblay arranged the $2.1 million sale of an Applebee’s restaurant located at the Westmoreland Mall in Greensburg. Mark Brockwell, Bob Horvath and Todd Tremblay represented the undisclosed seller in the deal.
NORTH HAVEN, CONN. — O,R&L Commercial has arranged two leases at Universal Business Center, located at 222 Universal Drive in North Haven. In the first lease, Contract Callers Inc. has leased 10,200 square feet of office space at the business center. Frank Hird of O,R&L represented the landlord, Branco Inc., while Sandy Strickling of Broder Commercial represented the tenant. In the second lease, Z-Medica signed for 8,468 square feet of space at the business center. The medical device company develops hemostasis products. Hird represented the landlord, Branco Inc., while Jillian Moruzzi of CW Landmark represented the tenant.
WHITE PLAINS, N.Y. — HarborView Properties has purchased The Residences at Tarryhill, an apartment community located at 100-600 Tarryhill Way in White Plains. Situated on eight acres, the property features six three-story buildings offering a total of 87 apartments in a mix of one- and two-bedroom units. On-site amenities include a community room, sports courts, playground and parking for 170 cars. Tarryhill Management Co. will manage the property, which was acquired in an off-market transaction for an undisclosed price.
NEW YORK CITY AND WEST DEPTFORD, N.J. — Ready Capital Structured Finance has closed two non-recourse loans totaling $12.3 million in Brooklyn and West Deptford. In the first transaction, Ready Capital closed a $7.9 loan for the acquisition, renovation and conversion of a 12,000-square-foot private residence into a six-unit condominium residence at 277 First St. in Brooklyn’s Park Slope neighborhood. Simultaneous with the closing, the undisclosed sponsor acquired 2,000 square feet of air rights through an adjacent parcel to reclassify the additional square footage. The interest-only loan includes an 18-month term with one extension option and a flexible prepayment feature. In the second transaction, the company closed a $4.4 million loan for the acquisition, renovation and stabilization of a 106,000-square-foot industrial and office building located at 301 Grove Road in West Deptford. The undisclosed borrower is renovating the property to increase the industrial space by demolishing the second story office space and removing drop ceilings. The interest-only loan includes a 24-month term with one extension option and a flexible prepayment feature.