Northeast

HAP Investments to Develop 21-Story Residential Towers in Chelsea

by Amy Works May 9, 2016

NEW YORK CITY — HAP Investments is developing a residential complex with both for-sale and rental units at 215 W. 28th St. in Chelsea. Designed by DXA Architects, the two-building, 290,000-square-foot apartment complex will feature residences ranging in size from studios to four-bedroom units, outdoor spaces and 15,000 square feet of amenity space, including a 50-foot pool, full-service gym with yoga studio and children’s interactive space. The residential towers are currently in pre-construction phase with condo units slated for completion in summer 2018 and rental units expected for delivery by year-end 2018.

May 9, 2016

Hospitality Loans Northeast Pennsylvania

PCCP Provides $30.8M Loan for Refinance of DoubleTree Suites Philadelphia West

by Amy Works May 9, 2016

PLYMOUTH MEETING, PA. — PCCP LLC has provided a $30.8 million senior loan to Arden Group for the refinancing of DoubleTree Suites Philadelphia, a full-service hotel located at 640 Fountain Road, 15 miles northwest of Philadelphia in Plymouth Meeting. Built in 1987 and situated on 7.9 acres, the 253-key hotel was recently renovated with upgrades to the lobby, restaurant, bar, guest suites and elevators. The property features 195 king suites, 53 double-double suites, two food and beverage locations, 8,100 square feet of meeting space, a fitness center and an indoor swimming pool. John Randall of PCCP arranged the financing for the borrower.

May 9, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges Three Multifamily Sales in New Jersey Totaling $15.1M

by Amy Works May 9, 2016

BRICK, LONG BEACH AND ASBURY PARK, N.J. — Gebroe-Hammer Associates has arranged the sales of three multifamily properties totaling $15.1 million. In the first transaction, Yannon 41 LLC sold Riviera Lakefront Estates, a 104-unit rental property in Brick, to a private investment group for $8.7 million. The townhome community features a mix of one- and two-bedroom rental units with diverse floor plans, as well as two-story townhomes with lake views. In the second and third transactions, an undisclosed buyer acquired 30 units at Elmwood Gardens in Long Beach for $3.7 million and an out-of-state private family trust sold 24 residential units at Minot Gardens in Asbury Park for $2.6 million. Adam Zweibel of Gebroe-Hammer Associates represented the sellers and procured the buyers in the three transactions.

May 9, 2016

New Jersey Northeast Office Retail

Stonegate Realty Acquires 27,000 SF Office, Retail Building in New Jersey

by Amy Works May 9, 2016

TEANECK, N.J. — Stonegate Realty has acquired an office and retail building located at 545 Cedar Lane in Teaneck. 545 Cedar Lane Associates LLC sold the 27,000-square-foot property for an undisclosed price. The property features dedicated loading dock and freight facilities, as well as 8,300 square feet of retail space. James Postell, Rick Rizzuto and Dan Ligoner of Transwestern Realty represented the seller in the transaction.

May 9, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $165M Sale of Mixed-Use Portfolio in Manhattan

by Amy Works May 6, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a portfolio of nine mixed-use, elevator-serviced buildings in Manhattan’s Washington Heights neighborhood. WHP LLC acquired the portfolio, which totals 487,700 square feet, from Intervest Development Corp. for $165 million. Located on major corridors between W. 164th and W. 192nd streets, the portfolio consists of 413 apartments, of which 70 percent contain two or more bedrooms; 48 street-level retail stores; two professional offices; and one rooftop antenna. Marcia Rose Yawitz, Ron Solarz and Wade Hazelton of Eastern Consolidated represented the seller and procured the buyer in the deal.

May 6, 2016

Massachusetts Northeast Office

Deka Immobilien Acquires 220,000 SF Office Building in Boston for $139M

by Amy Works May 6, 2016

BOSTON — Deka Immobilien GmbH has acquired an office building located at 175 Federal St. in Boston from Blackstone for $139 million. Built in 1979, the 220,000-square-foot building is leased to 34 tenants, with the major tenant being Fiduciary Trust Co., an independent asset manager. Additionally, the Class A property features 25 parking spaces. The buyer plans to place the property in the Deka-ImmobilienGlobal portfolio, an open-ended real estate mutual fund.

May 6, 2016

Multifamily New Jersey Northeast Seniors Housing

IPA Negotiates Sale of Assisted Living, Memory Care Facility in New Jersey

by Amy Works May 6, 2016

TINTON FALLS, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Kensington Court, an assisted living and memory care facility located at 864 Shrewsbury Ave. in Tinton Falls. An affiliate of the Carlyle Group acquired the 118-unit, 121-bed facility from Clark, N.J.-based TAK Group for an undisclosed price. Built in 2001, the 91,000-square-foot facility features 42 studio units and 49 one-bedroom apartments in the assisted living portion, and 26 studio apartments and two one-bedroom units in the memory care portion. Mark Myers, Joshua Jandris and Charles Loccisano of IPA and J.D. Parker of Marcus & Millichap represented the seller in the deal.

May 6, 2016

New Jersey Northeast Office

Bergman Real Estate Group Sells 90,339 SF Office Building in New Jersey

by Amy Works May 6, 2016

EAST HANOVER, N.J. — Bergman Real Estate Group has completed the disposition of an office building located at 100 Eagle Rock Ave. in East Hanover. Zeinvest Real Estate Group acquired the 90,339-square-foot property for an undisclosed sum. Situated on 8.6 acres, the three-story building was 79 percent occupied at the time of sale and features a two-story atrium lobby, on-site café service with Wi-Fi and an outdoor seating area. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew Schwartz of Cushman & Wakefield brokered the transaction.

May 6, 2016

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Arranges $1M in Refinancing for New Hampshire Apartment Portfolio

by Amy Works May 6, 2016

MANCHESTER, N.H. — NorthMarq Capital has arranged $1 million in refinancing for an apartment portfolio located in Manchester. Michael Chase and Ed Riekstins of NorthMarq’s Boston office secured the commercial mortgage financing for the undisclosed borrower through its relationship with a regional bank. Totaling 28 units, the three multifamily properties are located on Chestnut, Orange and Brook streets.

May 6, 2016

New York Northeast Office Top Stories

Construction Begins on $380M Tech and Innovation Building in Brooklyn’s Navy Yard

by Christina Cannon May 6, 2016

NEW YORK CITY — Construction is underway on Dock 72, a $380 million project that will bring 675,000 square feet of tech and innovation space to the Brooklyn Navy Yard. The 16-story building is currently slated for delivery in late 2017. Dock 72 is part of Mayor Bill de Blasio’s commitment to spur job growth around Navy Yard, a 300-acre modern industrial and office park. With this project, Navy Yard has over $700 million of construction activity underway or in the planning stages. The new projects at the Brooklyn Navy Yard are expected to increase the number of permanent jobs at the Navy Yard from 7,000 to 16,000 by 2020. Boston Properties Inc. and an affiliate of Rudin Management Company Inc. (Rudin Development) are developing the building in conjunction with Brooklyn Navy Yard Development Corp. (BNYDC). S9 Architecture designed the building, which is centrally located within the Yard on a 60,000-square-foot strip of land that juts out into the East River between two active dry-docks. WeWork, a provider of collaborative co-working office spaces, is also involved in the development process and will anchor Dock 72. WeWork will occupy 222,000 square feet, and the remaining floor plates will range from 40,000 …

May 6, 2016

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