Northeast

Certes Partners Buys Retail Condo in Manhattan for $2.8M

by Amy Works March 25, 2016

NEW YORK CITY — Certes Partners has acquired a retail condominium, located at 127 Madison Ave. in Manhattan’s NoMad district. The 1,272-square-foot condominium, which features a 500-square-foot basement, sold for $2.8 million. Situated between 30th and 31st streets, the retail condo is on the ground floor of M127, a 13-story luxury condominium. The building was designed by Shop Architects and originally built in 1920. Anand Melwani of ARM Real Estate Group represented the buyer and the seller, Huang Long LLC, in the transaction.

March 25, 2016

New York Northeast Office

New York City REIT to Acquire 250,000 SF Office Property in Midtown Manhattan for $180M

by Amy Works March 24, 2016

NEW YORK CITY — American Realty Capital New York City REIT Inc. has entered into an agreement to acquire an office building located at 1140 Avenue of the Americas in Midtown Manhattan. An affiliate of Blackstone Real Estate Partners VI is selling the property for $180 million, exclusive of closing costs. The transaction is expected to close in the second quarter, subject to customary closing conditions. The 22-story, 250,000-square-foot property is currently 91 percent leased, with City National Bank being the largest tenant.

March 24, 2016

Multifamily New Jersey Northeast

Castle Lanterra Properties Buys 224-Unit Multifamily Property in New Jersey for $56M

by Amy Works March 24, 2016

RARITAN, N.J. — Castle Lanterra Properties has acquired River Park, a multifamily property located at 100 River Park Drive in Raritan, for $56 million. Constructed in 2007, the property features 224 multifamily units. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a global insurance group, and procured the buyer in the transaction. This transaction is Castle Lanterra’s second New Jersey acquisition in the past five months, following the purchase of Harbor Pointe, a 544-unit property acquired for $147.5 million in October 2015.

March 24, 2016

Industrial Massachusetts Northeast

Calare Properties Sells 588,000 SF Industrial Property in Massachusetts for $31.5M

by Amy Works March 24, 2016

LEOMINSTER, MASS. — Calare Properties has completed the disposition of an industrial property located at 25 Tucker Drive in Leominster. An undisclosed buyer acquired the 588,000-square-foot building for $31.5 million. Situated on 24 acres, the manufacturing, distribution and office property is fully occupied by Affordable Interior Systems. Calare Properties, in partnership with Fir Tree Partners, originally acquired the property in 2012.

March 24, 2016

Massachusetts Northeast Office

ClearRock, Juster Properties Acquires 73,689 SF Office Building in Boston for $27.5M

by Amy Works March 24, 2016

BOSTON — ClearRock Properties and Juster Properties have partnered to acquire an office building located at 201-207 South St. in downtown Boston’s Leather District. Meritage Properties sold the six-story property for $27.5 million. Built in 1909, the 73,689-square-foot property was recently revitalized with a full façade restoration; renovation of the entry, lobby, elevator cabs and common areas; and the conversion of a 4,000-square-foot storage area into quality office space. Current tenants include Credo Mobile, Publishers Clearing House, BlueConic and Evidox. Under the new ownership, JLL will continue as leasing agent and Lincoln Property Co. will continue as property manager. Jessica Hughes of JLL represented the seller in the transaction.

March 24, 2016

Multifamily New York Northeast

Cushman & Wakefield Brokers $7.3M Sale of Multifamily Building in Manhattan

by Amy Works March 24, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a multifamily property located at 331 E. 89th St. in Manhattan’s Upper East Side. ACNY Developers Inc. acquired the property from E-Wei Tao for $7.3 million, or $862 per square foot. The five-story, 8,500-square-foot building features 11 residential units divided into eight free-market and two rent-stabilized units and one rent-controlled unit. The property also features approximately 1,567 square feet of remaining development rights. Thomas Gammino and Brett Weisblum of Cushman & Wakefield brokered the transaction.

March 24, 2016

Multifamily New York Northeast

Rosewood Realty Group Negotiates $70M Sale of Apartment Building in Long Island City

by Amy Works March 23, 2016

NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 42-15 Crescent St. in Queens’ Long Island City. World Wide Group acquired the 124-unit property from Meadow Partners for $70 million. Built in 1955, the 102,000-square-foot property recently underwent a conversion from an office and retail building to an 11-story apartment building with 124 market-rate rental apartments and two ground-floor retail spaces. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the off-market transaction.

March 23, 2016

Connecticut Northeast Retail

Marcus & Millichap Arranges $19M Sale of Self-Storage Facility in Connecticut

by Amy Works March 23, 2016

NORWALK, CONN. — Marcus & Millichap has brokered the sale of Affordable Self Storage, a self-storage facility located at 162 Bouton St. in Norwalk. The 77,760 net-rentable-square-foot facility sold for $19 million, or $242 per square foot. Situated on 3.9 acres and built in 1989, the property features 879 units, 477 of which are climate controlled. The units range in size from 25 square feet to 500 square feet, and on-site amenities include drive-up access to ground-level units, individual door alarms, complete fire protection and easy-to-use lifts. Brett Hatcher, Joseph Holloway and J.D. Parker of Marcus & Millichap represented the seller, Paul Hertz and John Hertz, and procured the undisclosed buyer in the transaction.

March 23, 2016

Multifamily New York Northeast

Castellan Real Estate Partners Sells Multifamily Building in Manhattan for $8.5M

by Amy Works March 23, 2016

NEW YORK CITY — Castellan Real Estate Partners has completed the disposition of a multifamily building located at 511 W. 151st St. in Manhattan’s Hamilton Heights neighborhood. The five-story asset sold for $8.5 million, or $320 per square foot. The 26,630-square-foot building features 31 apartment units with an average size of 730 square feet. Robert Shapiro, Clint Olsen and Josh Lipton of Cushman & Wakefield represented the seller in the transaction. The name of the buyer was not disclosed.

March 23, 2016

Industrial New Jersey Northeast

The Stro Companies Acquires 35,000 SF Industrial Property in New Jersey for $3M

by Amy Works March 23, 2016

FAIRFIELD, N.J. — The Stro Companies has acquired an industrial property, located at 161 Dwight Place in Fairfield, from an international owner/user for $3 million. The 35,000-square-foot facility features a 13,000-square-foot unit, a 22,000-square-foot unit, cross loading, abundant parking and 23-foot ceiling heights. The facility was vacant at the time of acquisition.

March 23, 2016

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