Northeast

TerraCRG Arranges Sales of Two Multifamily Buildings in Brooklyn Totaling $8.9M

by Amy Works March 3, 2016

NEW YORK CITY — TerraCRG has brokered the sales of two multifamily buildings in Brooklyn totaling $8.9 million. In the first transaction, a 16-unit multifamily property located at 851 Franklin Ave. in Crown Heights sold for $5.5 million, or $652 per square foot. The fully renovated 8,440-square-foot property features six two-bedroom units, six studio units and four one-bedroom apartments. Additionally, the property features bike storage, laundry facilities and storage lockers for tenants. In the second deal, a 16-unit multifamily building located at 4109 Seventh Ave. in Sunset sold for $3.4 million, or $257 per square foot. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in both transactions.

March 3, 2016

Northeast Pennsylvania Retail

Marcus & Millichap Arranges $1M Ground Lease Sale in Pennsylvania

by Amy Works March 3, 2016

CANONSBURG, PA. — Marcus & Millichap has arranged the sale of a Dunkin’ Donuts ground lease at 105 Casavina Drive in Canonsburg. A private investor acquired the 2,653-square-foot net-leased property for $1 million. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a partnership, and secured and represented the buyer in the transaction.

March 3, 2016

Mixed-Use Northeast Pennsylvania Top Stories

Drexel, Brandywine Realty Trust Partner on Philadelphia’s $3.5B Schuylkill Yards Development

by John Nelson March 3, 2016

PHILADELPHIA — Drexel University and Brandywine Realty Trust (NYSE: BDN) will co-develop the Schuylkill Yards mixed-use community on a 14-acre site in Philadelphia. The development costs weren’t disclosed, but the Philadelphia Business Journal estimates total costs will reach $3.5 billion. Initial phases of the projected 20-year innovation development plan will consist of 5 million square feet of mixed-use real estate on a 10-acre site next to Drexel’s main campus and adjacent to Amtrak’s 30th Street Station. The master-planned neighborhood within Philadelphia’s University City submarket will feature entrepreneurial spaces, educational facilities and research laboratories, corporate offices, residential and retail spaces, hospitality, cultural venues and public open spaces. “Drexel University and Brandywine’s shared vision for the continued renaissance of University City provides a strong foundation for a long-term partnership. Together, we will create a dynamic and world-class innovation hub to attract the brightest minds to our region,” says Gerard Sweeney, president and CEO of Brandywine Realty Trust. “Schuylkill Yards will transform Philadelphia’s skyline as new towers rise on the west side of the Schuylkill River,” he continues. “Brandywine’s existing Cira Centre, EVO and FMC Tower at Cira Centre South projects in University City will provide a synergistic connection to Schuylkill Yards, creating …

March 3, 2016

Delaware Market Reports Northeast Northeast Market Reports Retail

Retail Gains Steam throughout Delaware

by Jaime Lackey March 3, 2016

Recovery is continuing to occur in the Delaware retail market and forecasts show it will continue in the year to come. The retail sector has been strong in Class A locations, while secondary centers have experienced less demand. Land values on major corridors remain high and the limited supply is expected to further this trend. The area around Christiana Mall continues to be a strong draw for national retailers. Recent new retail activity includes the Christiana Fashion Center, which has been approved for buildings totaling in excess of 500,000 square feet. Current tenants include The Container Store, REI, Nordstrom Rack, DSW, Saks OFF Fifth, Ulta Cosmetics and Jared Jewelers. Allied Properties is developing the center. Also in the Christiana area, Kimco is planning to develop the Christiana Promenade which will encompass more than 400,000 square feet. Demolition of an existing structure is underway. The city of Wilmington will see a new $40 million redevelopment of a popular retail and office location on the 2000 block of Pennsylvania Avenue. Mayor Dennis Williams recently announced the project, which will redevelop the existing property into an attractive, high-quality mixed-use and pedestrian-oriented space that incorporates luxury residences above a first floor of quality retail …

March 3, 2016

Mixed-Use Multifamily New York Northeast Office

Cushman & Wakefield Brokers $18.5M Sale of Development Site in Brooklyn

by Amy Works March 2, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 123 Linden Blvd. in Brooklyn. New York Congregational Center for Community Life sold the property for $18.5 million, or $558 per square foot. The site currently consists of a four-story, 33,145-square-foot institutional building, which most recently served as office space for several community-based organizations. The site allows for approximately 248,949 residential buildable square feet or about 316,159 buildable square feet of community facility space, along with additional development rights that were transferred from 135 Linden Boulevard. James Nelson and Matt Nickerson of Cushman & Wakefield handled the transaction.

March 2, 2016

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $12M for Affordable Housing Development in Niagara Falls

by Amy Works March 2, 2016

NIAGARA FALLS, N.Y. — KeyBank has provided $12 million in capital to help develop Niagara City Lofts in Niagara Falls. The adaptive reuse project will convert an existing vacant public high school building, which was built in 1923, into 61 units of workforce housing, affordable housing, market-rate apartments and commercial community space. The project is being funded in partnership with the NYS Housing and Community Renewal Division, NYS Empire State Development Corp. and RBC Tax Credit Equity. Rob Likes and Joe Eicheldinger of KeyBank secured the financing for the borrower.

March 2, 2016

Industrial New York Northeast Office

Colliers Brokers $4.7M Sale of Flex Office Building in New York

by Amy Works March 2, 2016

ARDSLEY, N.Y. — Colliers International has arranged the sale of a flex office building located at 466 Saw Mill River Road in Ardsley. G&G Instrument Corp. sold the 59,000-square-foot building to Avon Development Enterprises Corp. for $4.7 million. Developed in 1968, the three-story building was built slab-on-grade into the side of a hill and features dock access for all three levels. Ian Ceppos, Alex Jinishian, Al Gutierrez and Cameron Paktinat of Colliers represented the seller, while Alan Weisman of Lee & Associates represented the buyer in the transaction.

March 2, 2016

Mixed-Use Multifamily New Jersey Northeast Office Retail

Redwood Realty Negotiates $2.3M Sale of New Jersey Mixed-Use Property

by Amy Works March 2, 2016

PASSAIC, N.J. — Redwood Realty Advisors has arranged the sale of a mixed-use property located at 102 Main St. in Passaic. The asset sold for $2.3 million. The building features 25 apartments and five commercial spaces. Thomas McConnell, Kevin McCrann, Jeremy Wernick and Marco Capozzoli of Redwood Realty brokered the transaction. The names of the seller and buyer were not released.

March 2, 2016

Mixed-Use New York Northeast Office Retail

Northeast Private Client Group Brokers $1.8M Sale of Mixed-Use Property in New York

by Amy Works March 2, 2016

MAHOPAC, N.Y. — Northeast Private Client Group has arranged the sale of a mixed-use property located at 890-908 S. Lake Blvd. in Mahopac. A Westchester, N.Y.-based investor acquired the asset from a Manhattan-based private investor for $1.8 million, or $109 per square foot and a capitalization rate of 9 percent. Comprised of two adjacent buildings, the 16,400-square-foot property features street-level retail space and second-floor office and residential space with off-street parking. Anthony Watkins of Northeast Private Client Group represented the seller and procured the buyer in the transaction, which closed in February.

March 2, 2016

Loans Massachusetts Multifamily Northeast

CBRE/NE Secures $28.1M Loan for Condo Development in South Boston

by Amy Works March 1, 2016

BOSTON — CBRE/New England has secured a $28.1 million loan for the the construction of a luxury condominium development in South Boston. The borrower, CPC Cornerstone Development, is developing the 49-unit property that will feature a 6,000-square-foot restaurant space. Located at 14 W. Broadway, the building will feature large floor plans, garage parking for all units, top-of-the-line finishes, a roof deck, 24-hour concierge, valet garage parking and a fitness center. The property will also feature six affordable units per Boston Redevelopment Authority Inclusionary Development Policy. John Kelly and Sam Dylag of CBRE/NE arranged financing for the borrower. Additionally, CBRE arranged $8 million in equity on behalf of the sponsor.

March 1, 2016

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