Northeast

817-broadway-nyc

NEW YORK CITY — Taconic Investment Partners, in partnership with TH Real Estate and Squire Investment LLC, has acquired a commercial building located at 817 Broadway in Manhattan’s Greenwich Village. The partnership acquired the 14-story, 140,000-square-foot property in an off-market transaction for $109 million. Built in 1900, the property was designed by George B. Post. Mesa West Capital provided the mortgage financing for the acquisition and redevelopment of the property. The partnership plans to reposition the building into a Class A institutional property.

FacebookTwitterLinkedinEmail

PITTSBURGH — ALTO Fund II, in a joint venture with M&J Wilkow Ltd., has acquired Plaza at the Pointe, a 149,943-square-foot community shopping center located in Pittsburgh’s Parkway West Corridor. The 94-percent occupied center includes tenants Bed Bath & Beyond, Party City and Old Navy. The name of the seller and sales price were not released.

FacebookTwitterLinkedinEmail

ALLENTOWN, HAWLEY, DURYEA AND HAMLIN, PA. — Eastern Union Funding has arranged a $12.2 million loan for America’s Realty LLC’s acquisition of a five-property shopping center portfolio in northeastern Pennsylvania. Totaling approximately 332,000 square feet, the portfolio includes Eastside Plaza and Boulevard Plaza in Allentown, Lords Valley Plaza in Hawley, Duryea Plaza in Duryea and Hamlin Plaza in Hamlin. Marc Tropp and Barry Dollman of Eastern Union arranged the financing through Peapack Gladstone Bank for the Pikesville, Md.-based owner/operator. Paul Rumley of Metro Commercial Real Estate represented the seller, a California-based family trust, in the sales transaction.

FacebookTwitterLinkedinEmail
marriott-towne-suites-nyc

NEW YORK CITY — Meridian Capital Group has arranged $13 million in ground-up construction financing for the development of the Marriott Towne Suites hotel located at 38-42 11th St. in Long Island City. The two-year construction loan, provided by a local savings bank, features full-term interest-only payments and an extension option. Midtown Properties, the borrower, is developing the 10-story extended-stay hotel that will feature 133 guest rooms. Eli Finkel and Michael Ryback of Meridian Capital arranged the financing.

FacebookTwitterLinkedinEmail

Rochester’s story is similar to those of other cities with once prominent downtowns. Starting in the 1970s, businesses and families largely fled to the suburbs as newer and nicer suburban offices were built. Larger companies, including many staple downtown dwellers such as large law and accounting firms, left the downtown in search of free parking, shorter commutes and a suburban lifestyle for their employees. Yet Rochester was a small city with big businesses. Bausch & Lomb was founded in Rochester in 1853. Eastman Kodak started business there in 1888 and beginning in 1906, Xerox Corporation was formed. Kodak is still based in Rochester, though it is a much smaller entity than it was before the digital era, and Xerox moved to Norwalk, Connecticut, years ago. However, the core technology culture never left Rochester. Over the past few years the University of Rochester — the area’s largest employer — received more than $1.9 billion in research money, most of it from the federal government. Organizations like High Tech Rochester, Greater Rochester Enterprise and the Rochester Downtown Innovation Zone have played important roles in the region’s comeback. In 2015, the Rochester region won a nationwide competition and was named the site for …

FacebookTwitterLinkedinEmail
the-vineyards-nyc

NEW YORK CITY — HFF has arranged $29.5 million in construction financing for Phase II of The Vineyards at Blue Point, an active adult condominium community restricted to residents age 55 and older in Long Island’s Blue Point area. Evan Pariser of HFF arranged the construction loan through Bank of the Ozarks for the borrowers, Ornstein Leyton Co. and Latus Partners. Upon completion, the 280-unit property will encompass 44 buildings with townhomes and single-level flats. The units will feature oversized master bedrooms, in-unit washer/dryers and attached garages. Situated on 65 acres, the community features a heated outdoor swimming pool and bocce club, along with the Vineyards Club, which includes a fitness center, social rooms and lounge space.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Cushman & Wakefield has arranged the sale of The Clarke, two contiguous buildings located at 222-224 W. 21st St. in Manhattan’s Chelsea neighborhood. Slate Property Group sold the property to a local investor for $29.4 million. The five-story buildings contain a total of 22,437 square feet and 27 free-market apartment units, including two Section 8 units, in a mix of one-, two-, three-, four- and five-bedroom layouts. Brock Emmetsberger and James Nelson of Cushman & Wakefield, along with David Schechtman, Lipa Lieberman and Abie Kassim of Meridian Capital Group, represented the seller. Jingying Wu of Sagewood Equity represented the buyer in the deal.

FacebookTwitterLinkedinEmail
cronheim-nj

MORRIS, SOMERSET AND MERCER COUNTIES, N.J. — Cronheim Mortgage has arranged a cash-out refinance of $27.8 million for six northern and central New Jersey properties. The assets include office, industrial and retail properties in Morris, Somerset and Mercer counties. The undisclosed borrower will use proceeds to cash out some of the significant equity of the property. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage secured the financing.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Seagis Property Group has acquired two warehouse buildings adjacent to JFK International Airport in Queens. The properties total 60,000 square feet. The name of the seller and acquisition price were not released. The acquisition complements Seagis’ existing JFK holdings, which total 850,000 square feet in 45 buildings.

FacebookTwitterLinkedinEmail

CUMBERLAND, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of a four-acre redevelopment site located at 15 Jones St. in Cumberland. Civic RI Central Falls Charter I LLC acquired the property for $1.3 million. Existing structures on the site include a 13,960-square-foot retail space and a 10,000-square-foot warehouse space. The buyer plans to demolish both buildings for the construction of a new charter school. Thomas Sweeney of Sweeney Real Estate & Appraisal brokered the deal.

FacebookTwitterLinkedinEmail