Northeast

NorthStar, Colony to Merge Creating $17B REIT

by Christina Cannon June 3, 2016

NEW YORK AND LOS ANGELES — NorthStar Asset Management Group Inc. (NYSE: NSAM), Colony Capital Inc. (NYSE: CLNY) and NorthStar Realty Finance Corp. (NYSE: NRF) have entered into a definitive merger agreement under which the companies will combine in an all-stock merger to create a diversified global equity REIT with a total capitalization of $17 billion. NorthStar Asset Management Group (NSAM), which is currently publicly traded but not a REIT, will elect to be treated as a REIT beginning in 2017. Additionally, NRF and Colony, through a series of transactions, will merge with and into NSAM. The company, to be named Colony NorthStar Inc., will have $58 billion of assets under management, placing it in the top quartile of the REIT sector overall. Upon completion of the transaction NSAM shareholders will own approximately 32.85 percent, Colony shareholders will own approximately 33.25 percent and NRF shareholders will own approximately 33.90 percent of the combined company. “We are incredibly excited to merge with Colony to create a global real estate leader well positioned for long-term growth,” says David Hamamoto, executive chairman of NSAM and chairman of NRF. “This strategic combination is the next logical step for NSAM and NRF, creating substantial value for shareholders and …

June 3, 2016

New York Northeast Office

Thor Equities to Develop 7.7-Acre Waterfront Office Property in Brooklyn

by Amy Works June 2, 2016

NEW YORK CITY — Thor Equities is developing a waterfront office project located in Brooklyn’s Red Hook district. Designed by Foster + Partners, the 7.7-acre property will include two heavy timber frame buildings totaling more than 600,000 square feet of creative office space and 23,000 square feet of retail and restaurant space. Additionally, the design will feature 100,000-square-foot open floor plates. Surrounded by water on three sides, the campus will feature a public waterfront esplanade designed by SCAPE/Landscape Architecture and a central open courtyard and rooftop space for future tenants. The project is being built to fit the needs of a TAMI (technology, advertising, media and information) tenant or other appropriate user of the space.

June 2, 2016

Multifamily New Jersey Northeast

Manhattan Building Co. Opens 232-Unit Cast Iron Lofts II in Jersey City

by Amy Works June 2, 2016

JERSEY CITY, N.J. — Manhattan Building Co. has opened Cast Iron Lofts II, a 27-story luxury residential building in Jersey City. Located at 300 Coles St., the industrial-inspired building features 232 apartments in a mix of one-, two- and three-bedroom layouts, indoor and outdoor amenities and 20,000 square feet of street-level retail space. The building is the second property to open within the Cast Iron Lofts collection, which is spearheading the creation of SoHo West (South of Hoboken, N.J., West of New York City), a new neighborhood of oversized residences in highly-amenitized buildings on the border of Jersey City and Hoboken. Construction is well underway on the next two-tower building, which will include 337 residences. When complete, the SoHo West development will comprise 1,360 residences in multiple buildings and street-level retail space.

June 2, 2016

Loans Massachusetts New Hampshire Northeast Retail

Fantini & Gorga Arranges $5.3M in Financing for Two Single-Tenant Properties

by Amy Works June 2, 2016

AMESBURY, MASS., AND LEBANON, N.H. — Fantini & Gorga has arranged $5.3 million in separate first mortgage financings for a freestanding Family Dollar in Amesbury and a newly constructed Tractor Supply Co. in Lebanon. Originally constructed in 1994 as a CVS/pharmacy, the Family Dollar location contains 8,536 square feet of gross leasable area. The property was renovated in 2014 and is now fully occupied by Family Dollar. Constructed in 2015, the build-to-suit Tractor Supply Co. store features 19,097 square feet of gross leasable area. John Gorga and Chris Miller of Fantini & Gorga represented the borrower, a long-term client, and arranged both financings with a regional financial institution.

June 2, 2016

Connecticut Healthcare Northeast Office Retail

Fischer Real Estate Negotiates $1.4M Sale of 4,440 SF Commercial Building in Connecticut

by Amy Works June 2, 2016

FAIRFIELD, CONN. — Fischer Real Estate Inc. has negotiated the sale of a commercial building located at 2060 Black Rock Turnpike in Fairfield. An undisclosed investor purchased the property from TPSJ LLC for $1.4 million. The 4,440-square-foot property is fully occupied by retail and medical office tenants. Alan Fischer of Fischer Real Estate represented both parties in the off-market transaction.

June 2, 2016

Northeast Pennsylvania Retail

Bennett Williams Commercial Brokers $1M Sale of Land Parcel in Pennsylvania

by Amy Works June 2, 2016

MANCHESTER TOWNSHIP, PA. — Bennett Williams Commercial has arranged the sale of a 2.64-acre land parcel located at 1400 Toronita St. in Manchester Township. Clearview Associates purchased the property from Round the Clock Diner & Coffee Shop Inc. for $1 million. Keith Kahlbaugh of Bennett Williams represented the buyer in the deal.

June 2, 2016

550 Madison Avenue Manhattan New York Sony Building

New York Northeast Office Top Stories

ING Capital Provides $570M Acquisition Loan for Sony Building in Manhattan

by John Nelson June 2, 2016

NEW YORK CITY — ING Capital LLC, part of Dutch global financial institution ING Group (NYSE: ING), has originated a $570 million bridge loan for the acquisition a 37-story skyscraper located at 550 Madison Ave. in Manhattan. ING Capital provided the financing to Olayan America, the U.S. investment arm of The Olayan Group, an international real estate investor based in Saudi Arabia. Olayan America will purchase the office tower, also known as the Sony Building, from The Chetrit Group for $1.3 billion, according to The Real Deal. Ron Cohen of JLL represented Olayan America in the transaction, and Doug Harmon of Eastdil Secured represented The Chetrit Group. Located within the Plaza District of Manhattan, the tower features 852,830 square feet of rentable mixed-use space, including approximately 776,000 square feet of office space, retail frontage on Madison Avenue, and exhibition and museum space. One restaurant tenant currently occupies 5,000 square feet at the tower, which is nearly 100 percent vacant, according to ING Capital. “The property has been maintained to a high standard and has never previously been available to the open market for office leasing,” says Tony Fusco, head of real estate at Olayan America. According to The Real Deal, …

June 2, 2016

Hawthorne-at-Gillette-Ridge-Bloomfield-CT

Connecticut Multifamily Northeast

White Eagle Property Group Acquires 246-Unit Multifamily Property in Connecticut for $52M

by Amy Works June 1, 2016

BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Hawthorne at Gillette Ridge, a multifamily property located at 2 Francis Way in Bloomfield. White Eagle Property Group acquired the 246-unit asset from Bouwfonds Hawthorne LP for $52 million, or $211,000 per unit. The property was constructed on a 612-acre mixed-use campus in 2004 by a partnership between Cigna and The Bozutto Group. Victor Nolletti and Steve Witten of IPA represented the seller and procured the buyer.

June 1, 2016

Multifamily New York Northeast

Cushman & Wakefield Arranges $10.5M Sale of Residential Building in Manhattan

by Amy Works June 1, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a five-story residential building located at 240 E. 52nd St. in Manhattan. Coutinho Properties sold the asset for $10.5 million, or $1,122 per square foot. The 9,361-square-foot building features 15 one-bedroom units and a fully furnished basement. Hall Oster and Clint Olsen of Cushman & Wakefield represented the seller, while Stacy Gim of PD Properties represented the undisclosed buyer.

June 1, 2016

Loans Multifamily New York Northeast

Tremont Realty Capital Secures $6.6M in Refinancing for Housing Community in New York

by Amy Works June 1, 2016

RIVERHEAD, N.Y. — Tremont Realty Capital has arranged a $6.6 million loan for the refinance of Oakland Ridge MHC, a 100-space manufactured housing community located on the north side of Long Island in Riverhead. The non-recourse loan was structured with a 10-year term and a 30-year amortization schedule with two years of interest-only payments. John Chase of Tremont Realty Capital arranged the loan for the undisclosed borrower.

June 1, 2016

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