Northeast

SJP Properties, Matrix Development Sell 337,500 SF Office Building in Newark, New Jersey

by Amy Works December 8, 2016

NEWARK, N.J. — SJP Properties and Matrix Development have completed the sale of Two Riverfront Plaza, a 12-story office building located in Newark. An international entity advised by Arch Street Capital Advisors acquired the property for an undisclosed price. The 337,500-square-foot property is fully leased to Panasonic Corp. of North America on a long-term lease. The building was developed in 2013 as Panasonic’s U.S. headquarters. Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE’s East Brunswick, N.J., office, represented the sellers in the deal.

December 8, 2016

Connecticut Northeast Office

RHYS Negotiates $18.5M Sale of Office Building in Greenwich, Connecticut

by Amy Works December 8, 2016

GREENWICH, CONN. — RHYS has arranged the sale of an office building located at 115 E. Putnam Ave. in downtown Greenwich. The Helen M. deKay Trust sold the property to 115 East Putnam Avenue LLC for $18.5 million. The 1.3-acre property, which is subject to a long-term ground lease, traded for more than $14 million per acre. The three-story building features 37,678 square feet of office space and 115 parking spaces. Cory Gubner and Christian Bangert of RHYS represented the seller, while Stephen Westerberg of Newmark Grubb Knight Frank represented the buyer in the transaction.

December 8, 2016

Hospitality New York Northeast

Four Seasons Hotel New York Unveils $120M Transformation

by Amy Works December 7, 2016

NEW YORK CITY — Four Seasons Hotel New York has unveiled its $120 million transformation. Designed by hotelier and design innovator Ty Warner, the renovation includes king-sized, lighted pedestal beds with custom linens, handcrafted furnishings, English Sycamore wood paneling, 100 percent wool carpets and hand-knotted rugs. Additionally, each of the newly designed 368 studio and suite rooms feature oversized windows, panoramic views of Manhattan, oversized deep-soaking bathtubs, remote-controlled mirrored televisions and state-of-the-art entertainment components, including curved televisions.

December 7, 2016

Connecticut Northeast Office

RHYS Closes $11M Sale of Office Building in New Canaan, Connecticut

by Amy Works December 7, 2016

NEW CANAAN, CONN. — RHYS has facilitated the sale of an office building located at 65 Locust Ave. in New Canaan. Morina Associates LLC acquired the property from 65 Locust Avenue LLC for $11 million, or $395 per square foot. At the time of sale, the 27,843-square-foot property was fully leased. Cory Gubner and Christian Bangert of RHYS represented the seller, while Bashkim Osmani of B&A Brokers Corp. represented the buyer in the deal.

December 7, 2016

temple-court-medical-building-stratford-ct

Connecticut Northeast Office

Avison Young Arranges Sale of 16,000 SF Office Building in Stratford, Connecticut

by Amy Works December 7, 2016

STRATFORD, CONN. — Avison Young has brokered the sale of Temple Court Medical Building, an office building located at 2590 Main St. in Stratford. Catherine J. Gong sold the three-story, 16,000-square-foot property to TimberRidge Associates for an undisclosed price. Neurological Specialists occupies the entire second floor of the property on a long-term lease. Eva Kornreich of Avison Young represented the seller, while the buyer had in-house representation.

December 7, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Brokers $9M Sale of Commercial Building in Manhattan

by Amy Works December 7, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 92-94 Ludlow St. in Manhattan’s Lower East Side. The property sold in an all-cash transaction for $9 million, or $442 per buildable square foot. The site offers up to 20,342 buildable square feet and currently includes a 3,390-square-foot single-story commercial building. Zoned C6-1, the site allows for the development of commercial, residential or community facility spaces. The existing building is currently leased to Hotel Chantelle, a restaurant and club. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.

December 7, 2016

Loans Multifamily New York Northeast

National Cooperative Bank Originates $34.3M for New York-Area Cooperatives

by Amy Works December 7, 2016

NEW YORK — National Cooperative Bank has originated $34.3 million in new loans during November for 10 properties in New York City, Belle Harbour and Riverdale, N.Y. Edward Howe III of National Cooperative Bank originated $15.6 million in loans, including: – A $9.3 million first mortgage and a $700,000 line of credit for Gentry Apartments Inc., a 247-unit co-op located at 310 Lenox Road and 330 Lenox Road in Brooklyn – A $2.9 million first mortgage and $250,000 line of credit for Beach 124 Apt. Inc., a 67-unit co-op located at 125 Beach 124th St. in Belle Harbour. – A $2.2 million first mortgage and $300,000 line of credit for a 33-unit co-op at One Clark Street in Brooklyn. Harley Seligman of National Cooperative reported $14.7 million in loans, including: – A $10.5 million first mortgage and $1 million line of credit for Arlington Owners, Inc., a 281-unit co-op at 139-15 83rd Ave. in Briarwood. – A $1.4 million term loan for Strivers Gardens Condominium, a 169-unit condominium association at 300 W. 135th St. in Manhattan. – A $1 million third mortgage and $750,000 line of credit for The Knolls Cooperative Section No. 1 Inc., a 238-unit co-op at 60 …

December 7, 2016

Multifamily New York Northeast Top Stories

RXR Realty Breaks Ground on $1B Waterfront Redevelopment on Long Island

by Nellie Day December 7, 2016

GLEN COVE, N.Y. — RXR Realty has broken ground on Garvies Point, a $1 billion waterfront redevelopment in the Long Island city of Glen Cove. The project will restore 56 acres of Glen Cove’s waterfront, creating more than 1,100 LEED-certified residences and 75,000 square feet of shops and restaurants. The project will also feature approximately 28 acres of public open spaces with parks, playgrounds, esplanades, marinas, an amphitheater and dog park. The residential units will include 569 condominiums and 541 apartments for lease. Garvies Point will also feature thee separate marinas with a total of 120 boat slips. Garvies Point is a partnership between RXR Realty and the City of Glen Cove. The project represents the culmination of a 20-year, $120 million effort to transform Glen Cove into a sustainable community. The first phase of Garvies Point, which includes 28 acres of public open space and amenities, is scheduled for completion in 2018. The entire project will take between five and seven years to build, according to RXR. RXR Realty is a private real estate company that specializes in investment management, property management, development, design, construction, leasing and financing. RXR’s growth strategy is focused on New York City and the …

December 7, 2016

Multifamily New York Northeast

Joint Venture Acquires 95-Unit Apartment Building in Brooklyn for $68.9M

by Amy Works December 6, 2016

NEW YORK CITY — A joint venture between Trinity Place Holdings and Pacolet Millliken Enterprises has acquired The Berkley, a newly built apartment building located at 223 N. Eighth St. in Brooklyn’s Williamsburg neighborhood, for $68.9 million. The purchase was capitalized by a $42.5 million interest-only senior loan from Freddie Mac at a spread of 216 basis points above LIBOR. The property features 95 units with in-unit washers/dryers, individual HVAC controls and walk-in closets. On-site amenities include a rooftop sun deck, two-story fitness center, outdoor yoga lawn, outdoor central courtyard, tenant storage, parking and views of the Manhattan skyline. The name of the seller was not released.

December 6, 2016

Healthcare New Jersey Northeast

Carter Validus Mission Critical REIT II Acquires 89,000 SF Medical Building in New Jersey for $63.6M

by Amy Works December 6, 2016

MARLTON, N.J. — Carter Validus Mission Critical REIT II Inc. has acquired Select Medical Rehabilitation Facility in Marlton for $63.6 million. Built in 1995, the three-story rehabilitation building offers 89,000 rental square feet and is net leased to Kessler Institute for Rehabilitation Inc., a subsidiary of Select Medical Holdings Corp. The tenant offers a variety of services including inpatient physical, occupational, speech and recreational therapy and outpatient aquatic therapy, prosthetic training, lymphedema management, balance rehabilitation and vestibular therapy. The name of the seller was not released.

December 6, 2016

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