WILLOW GROVE, PA. — Montgomery County Housing Authority (MCHA) has partnered with Pennrose Properties to redevelop Crest Manor, a public housing community in Willow Grove that was originally built in 1963. The $17.7 million revitalization includes rehabilitation of 15 of the existing two-story twin buildings, demolition of a two-story twin building with construction of a two-story building in its place, demolition of the existing maintenance facility and the construction of a two-story building in its place. Upon completion the community will feature 15 renovated twin buildings, three newly constructed multi-unit buildings and one newly constructed community and maintenance building, all totaling more than 49,492 square feet. The redeveloped community will provide 46 affordable housing units, ranging in size from one- to five-bedroom floor plans. Wallace Roberts & Todd LLC are serving as architect for the project, and Harkins Builders is the general contractor. The project was funded by Alden Torch Finance/JPMorgan Chase, low income housing tax credits allocated by Pennsylvania Housing Finance Agency (PHFA), PHFA PennHOMES, Montgomery County Housing Authority, Montgomery County Affordable Housing trust funds, Community Development Block Grant funds allocated by Abington Township, and Fulton Bank.
PORT CHESTER, N.Y., AND NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of a two-property, 2,000-unit self-storage portfolio for $16 million, or $139 per square foot. The properties are the 937-unit Byram Self Storage in Port Chester and the 1,063-unit New Haven Self Storage in New Haven. Kevin Menendez, Michael Mele and J.D. Parker of Marcus & Millichap represented the seller, a Delaware-based limited liability company, and procured the buyer, a Santa Monica, Calif.-based company, in the transaction.
GREENLAWN, N.Y. — Winick Realty Group has arranged the sale of an under-construction TD Bank location in Greenlawn. A 1031 exchange buyer acquired the property from CLC Greenlawn LLC for $4.6 million. Situated on 1.8 acres at the corner of Pulaski and Cuba Hill roads, the 2,500-square-foot bank, which is under a 20-year lease, is adjacent to the BAE Systems office complex. Michael Cleeman of Winick Realty Group represented the buyer, while Stan Johnson Co. and GFI Realty Services represented the seller in the transaction.
EAST RUTHERFORD, N.J. — NAI James E. Hanson has arranged the sale of The Landmark, a two-building property located at 33 Route 17 South in East Rutherford. The Hampshire Companies, through one of its funds, acquired the asset for an undisclosed price. Situated on 3.2 acres, the mostly vacant site consists of a 25,000-square-foot catering facility and a 53,000-square-foot industrial building. The property is zoned regional commercial and offers 225 feet of frontage along Route 17 South. The buyer plans to redevelop the site with a 100,000-square-foot self-storage facility and a convenience store with a gas station. Andrew Somple and Greg James of NAI Hanson represented the undisclosed seller in the transaction.
JERSEY CITY, N.J. — Ironstate Development has received $170 million in permanent mortgage financing for the newly completed 70 Columbus, a 545-unit, Class A apartment tower in downtown Jersey City, located just across the Hudson River from downtown Manhattan. Holliday Fenoglio Fowler (HFF) arranged the financing on behalf of Ironstate and Panepinto Properties. Northwestern Mutual Real Estate provided the 10-year, fixed-rate loan, which replaced the existing construction financing. Designed by Gwathmey, Siegel, Kaufman and Associates Architects (GSKA) and HLW International, 70 Columbus includes studio, one- and two-bedroom rental residences featuring views of the New York skyline, wood floors, stainless steel appliances and quartz countertops. Common-area amenities include a lobby with fireplace lounge and social spaces designed by Noé Duchaufour Lawrance, bike room, business center, 60,000-square-foot roof deck with swimming pool, sport court, table tennis, grilling stations, dog run, and a 30,000-square-foot fitness center. The 50-story tower is located at 70 Christopher Columbus Drive at the road’s intersection with Warren Street, and within walking distance of the Hudson River. Ground-floor retail space at 70 Columbus includes a Sunac Natural Market and a Base Fitness Gym. The apartment tower is part of a series of Ironstate developments on the street. The company also built 50 …
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-building multifamily portfolio located in the West Bronx’s Fordham Heights neighborhood. John LaRocca of Arena Real Estate acquired the portfolio from Bernard Miller for $45.7 million. The portfolio contains 305 apartments across 271,000 square feet, including three six-story elevator-serviced buildings and three five-story walk-ups. The properties are located at 2063-2065, 2075, 2084 and 2095 Creston Ave., 108 Field Place and 2324 Morris Ave. David Berger of Rosewood Realty Group represented the seller and buyer in the transaction.
NEW YORK CITY — Hubb NYC has purchased a mixed-use property located at 99 Suffolk St. in Manhattan’s Lower East Side. The 40-unit asset sold for $24.5 million, or $830 per square foot. Built in 2004, the 29,600-square-foot building features 35 residential units and five commercial units, currently occupied by Elements Preschool. The residential portion includes three studios, 30 one-bedroom and two two-bedroom units. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
ELIZABETH, N.J. — Prologis has entered into a build-to-suit lease agreement with Fedway Associates, a wine and spirits distributor. The company will occupy a 539,000-square-foot stand-alone building at Prologis Ports Elizabeth-Seaport at 10 North Ave. East in Elizabeth. Located off Exit 13A on the New Jersey Turnpike, the distribution center will feature a 539,308-square-foot building and a planned 204,253-square-foot facility.
NEW YORK CITY — Gabrielli Truck Sales Ltd. has acquired a 5.1-acre land tract adjacent to John F. Kennedy International Airport in Queens. Philips International sold the site for $7.8 million. The buyer plans to construct a facility for its own use on the site. Michael Nachamkin and Evan Pariser of HFF represented the seller in the transaction.
RED HOOK, N.Y. — Sperry Van Ness | Realty Three Advisors has arranged the sale of a retail property located along North Broadway in Red Hook. Allef Main St Partners LLC purchased the building from MC Red Hook NY Landlord LLC for $6.7 million. The free-standing property is net leased to CVS/pharmacy. Patricia Posillico, Lorriane O’Hara and Aric Schachner of Sperry Van Ness | Realty Three Advisors represented the buyer, while Marcus & Millichap represented the seller in the transaction.