Northeast

JV Tops Out 30-Unit Luxury Condominium Project in Brooklyn

by Amy Works January 25, 2016

NEW YORK CITY — Avery Hall Investments, in partnership with Aria Development Group, has topped out 465 Pacific Street, its 30-unit luxury condominium project in Brooklyn’s Boerum Hill neighborhood. Designed by Morris Adjmi, the property will feature residential units ranging from one to five bedrooms, a 3,000-square-foot terraced penthouse, a 1,300-square-foot communal rooftop terrace, indoor parking, a fitness center, children’s playroom and doorman service. The property is managed by Stribling Marketing Associates and is already more than 90 percent sold.

January 25, 2016

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $2.6M Sale of Development Site in Brooklyn

by Amy Works January 25, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use development site located at 622 Myrtle Ave. in Brooklyn. The asset sold for $2.6 million, or $277 per buildable square foot, in an all-cash transaction. The site offers approximately 9,384 buildable square feet. The site is currently improved by a 5,188-square-foot mixed-use building consisting of two residential units and one retail unit. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.

January 25, 2016

Industrial Massachusetts Northeast

The Stubblebine Company Arranges $2M Sale of Industrial Property in Massachusetts

by Amy Works January 25, 2016

LOWELL, MASS. — The Stubblebine Company/CORFAC International has brokered the sale of an industrial property located at 170 Lincoln St. in Lowell. The principals of RKKC LLC aka Patriot Care LLC acquired the property for $2 million. Formerly occupied by Prelco, the 39,000-square-foot property features 13-foot clear heights. David Stubblebine, James Stubblebine and Micah Stubblebine of The Stubblebine Company represented the undisclosed seller, while Fran Sagandorf of Taupier represented the buyer in the transaction.

January 25, 2016

Northeast Pennsylvania Retail

Cost Plus World Market Opens First Store in Suburban Philadelphia

by Amy Works January 25, 2016

MONTGOMERYVILLE, PA. — Cost Plus World Market has opened its first store in Montgomeryville, a suburb of Philadelphia. Located at 751 Horsham Road within the Water Tower Square Shopping Center, the store will feature an eclectic assortment of unique and authentic home furniture, décor, tabletop items, jewelry and accessories, and gourmet food. The store’s grand opening celebration will be held on Thursday, Jan. 28. Cost Plus World Market operates 279 stores in 35 states under the World Market and Cost Plus World Market trademarks.

January 25, 2016

New York Northeast Office

Cushman & Wakefield Negotiates $90M Sale of Office Building in Downtown Brooklyn

by Amy Works January 22, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of an office building located at 9 DeKalb Ave. in downtown Brooklyn. JDS Development and The Chetrit Group acquired the 70,000-square-foot landmark property, which was delivered vacant, for $90 million in an all-cash transaction. The five-story property, which previously operated as a bank with offices on the upper floors, features 315,000 square feet of transferrable development rights. The air rights can be put to use at a neighboring development site or used to build out the maximum envelope of the property to 450,000 square feet. Bob Knakal, James Nelson and Stephen Palmese of Cushman & Wakefield handled the transaction. The name of the seller was not released.

January 22, 2016

Industrial Massachusetts Northeast Office

R.W. Holmes Realty Co. Brokers $2.3M Sale of 44,950 SF Office/Warehouse Facility in Massachusetts

by Amy Works January 22, 2016

NATICK, MASS. — R.W. Holmes Realty Co. has arranged the sale of a 44,950-square-foot office/warehouse property located at 245 W. Central St. in Natick. Snap-One Corp. sold the property to South Natick Partners LLC for $2.3 million. Situated on 2.5 acres, the property features four tailboard doors, one drive-in loading dock and 100 parking spaces. Craig Johnston of R.W. Holmes Realty represented the seller, while Eric Brosler of MetroWest Commercial Real Estate represented the buyer in the transaction.

January 22, 2016

Massachusetts Northeast Retail

Linear Retail Acquires 7,335 SF Retail Property in Massachusetts for $2.1M

by Amy Works January 22, 2016

WEST ROXBURY, MASS. — Linear Retail Properties has acquired a retail property located at 1869-1881 Centre St. in West Roxbury for $2.1 million. Built in 1920, the 7,335-square-foot property is occupied by Atlas True Value Hardware, Rox Diner, Iron Body Studios and Saigon Nails. The name of the seller was not disclosed.

January 22, 2016

New York Northeast Office

Kalmon Dolgin Affiliates Arranges $1.8M Sale of Commercial Property in Brooklyn

by Amy Works January 22, 2016

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the sale of a commercial property located at 384 Hendrix St. in Brooklyn’s Brownsville/East New York neighborhood. HRS NY Realty acquired the 13,200-square-foot property from NY PCC for $1.8 million. The buyer plans to renovated the building, which was most recently used as healthcare offices, for commercial office use. The building features 12-foot ceilings, gas heat and a full sprinkler system. Allison Chambers of KDA represented the seller, while Joel Kohn and Avrum Lieber of KDA represented the buyer in the transaction.

January 22, 2016

Northeast Pennsylvania Retail

J.G. Petrucci Co. Acquires 1.7-Acre Land Parcel in Pennsylvania

by Amy Works January 22, 2016

BUCKS COUNTY, PA. — J.G. Petrucci Co. has acquired a 1.7-acre land parcel located at 10 Old York Road in Bucks County for an undisclosed price. Situated on the property is a 13,900-square-foot Walgreens, which is on a long-term lease with multiple extension options. Donald MacLaren Jr. of Marcus & Millichap represented the buyer, while Mark Taylor, also of Marcus & Millichap represented the undisclosed seller in the transaction.

January 22, 2016

Multifamily New York Northeast

GFI Realty Arranges $27M Sale of 67-Unit Apartment Building in Manhattan

by Amy Works January 21, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of a five-story, walkup building located at 322-326 E. 82nd St. in Manhattan’s Upper East Side. A French investor acquired the 40,320-square-foot property from The Maidman Family for $27 million as part of a 1031 exchange. The property features 67 apartment units. Yisroel Pershin and Barak Jacobov of GFI Realty represented the seller, while Erik Yankelovich, also of GFI, represented the buyer in the transaction. Additionally, Roni Abudi of GFI Realty arranged $15.2 million in acquisition financing from Investor’s Bank for the deal.

January 21, 2016

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