Northeast

Slate Property, GreenOak Real Estate Acquire RiverTower at Sutton Place for $390M

by Amy Works February 5, 2016

NEW YORK CITY — A joint venture between Slate Property Group and GreenOak Real Estate has acquired RiverTower at Sutton Place, located at 420 E. 54th St. in New York City’s Sutton Place neighborhood. Equity Residential sold the property for $390 million. The 38-story residential building features 311 rental units in one-, two- or three-plus bedroom layouts, a bicycle room, 28,000-square-foot landscaped plaza, an on-site 182-car parking garage and a fitness center. The joint venture plans to reposition RiverTower at Sutton as the premier, full service rental property in Sutton Place through a comprehensive building renovation and unit upgrades. Darcy Stacom and William Shanahan of CBRE represented the seller in the transaction.

February 5, 2016

Connecticut Healthcare Northeast Office

Newmark Holdings Sells 286,713 SF Medical Office Building in Connecticut for $73M

by Amy Works February 5, 2016

NEW HAVEN, CONN. — Newmark Holdings has completed the disposition of a medical office building located at One Long Wharf Drive. Healthcare Trust of America purchased the seven-story property for $73 million. As part of the acquisition, the buyer will also take ownership of a three-acre ground leased lot, located under an adjacent hotel, located at Three Long Wharf Drive. The 286,713-square-foot property was 99 percent occupied at the time of sale. Current tenants include Yale-New Haven Hospital and APT Foundation. David Noonan of Newmark Grubb Knight Frank Capital Markets and Richard Lee of OR&L Commercial represented the seller in the transaction.

February 5, 2016

Industrial Loans New Jersey Northeast Office

Madison Realty Capital Provides Two Loans for New Jersey Properties Totaling $71.1M

by Amy Works February 5, 2016

PARSIPPANY AND GARFIELD, N.J. — Madison Realty Capital (MRC) has provided two first mortgage loans totaling $71.1 million for commercial properties in Northern New Jersey. In the first transaction, Madison Realty provided $45 million in acquisition financing for a 404,515-square-foot office property located at 2 Gateway Drive in Parsippany. The undisclosed borrower plans to re-tenant a portion of the property, modernize the property’s common areas and enhance the building’s amenity package. MRC funded $33 million at closing to facilitate the borrower’s acquisition and reserved a future funding component of $12 million for good-news leasing. In the second transaction, MRC provided a $26.1 million loan for the recapitalization of a 1.1 million-square-foot industrial property located at 141 Lanza Ave. in Garfield. Situated on 33 acres, the industrial property includes a warehouse and self-storage space. The undisclosed borrower plans to continue leasing and asset management efforts to fully stabilize the property.

February 5, 2016

Hospitality Massachusetts Mixed-Use Multifamily Northeast

Related Beal Breaks Ground on Mixed-Use Development in Boston

by Amy Works February 5, 2016

BOSTON — Related Beal has broken ground for Parcel 1B, a mixed-use, transit-oriented development across the street from Lovejoy Wharf in Boston. Designed by CBT Architects, the project will include a 14-story residential building totaling 484,000 square feet with street-level retail and on-site parking, and a 220-room Courtyard Marriott hotel with 2,500 square feet of meeting space, which will be operated by Turnberry Associates. The residential building will feature 239 affordable units that will be restricted to individuals, couples and families with qualified incomes ranging from 30 percent area median income (AMI) to up to 165 percent AMI. The project is slated for delivery in 2018.

February 5, 2016

Multifamily New York Northeast

Cushman & Wakefield Negotiates $23.5M Apartment Building in Manhattan

by Amy Works February 5, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 440 W. 47th St. in Manhattan’s Midtown West neighborhood. The asset sold for $23.5 million, or $760 per square foot. The five-story building consists of one commercial unit and 46 residential units. The unit mix includes two studios, four one-bedroom units, 39 two-bedroom units and one three-bedroom unit. Sixteen of the units are rent stabilized and 30 are free-market units. Bob Knakal, Jonathan Hageman and Chris Brodhead of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not released.

February 5, 2016

Multifamily New Jersey Northeast Top Stories

AIG Global Real Estate Sells Multifamily Property in Flanders, N.J. for $183.3M

by Christina Cannon February 5, 2016

FLANDERS, N.J. — AIG Global Real Estate Corp. (AIG) has sold a 1,224-unit multifamily property in Flanders, approximately 45 miles west of Jersey City, for $183.3 million. The undisclosed buyer acquired the asset, Oakwood Village, clear of existing debt. Oakwood Village, located at 77 Oakwood Village along Route 206, is situated on 167 acres. The property is comprised of 107 two- and three-story buildings. The buildings feature one- and two-bedroom units that average 823 square feet. Amenities at Oakwood Village include a swimming pool, tennis court, multiple playgrounds, two dog parks and garage parking. The property is 95 percent leased. “There is significant upside in Oakwood, and the buyer will be capitalizing on that,” says Jose Cruz, senior managing director for HFF. “The proximity to the highway and easy access to retail shops and restaurants make this asset very valuable.” Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Mark Thomson make up the investment sales team for HFF that represented the seller in the transaction. This transaction follows the sale of a 12-property multifamily portfolio that HFF brokered on behalf of AIG in December. The disposition of the 13 properties totals $348.8 million.

February 5, 2016

Multifamily New York Northeast

TerraCRG Brokers $20.7M Sale of 58-Unit Multifamily Building in Brooklyn

by Amy Works February 4, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a 58-unit multifamily building located at 15-25 Crown St. in Brooklyn’s Crown Heights neighborhood. Sterling Equities acquired the 51,000-square-foot multifamily building from BCB Property Management for $20.7 million, or $357,000 per unit. The six-story building features one four-bedroom unit, nine three-bedroom units, 19 two-bedroom units, 27 one-bedroom units and two studio apartments. Adam Hess, San Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction.

February 4, 2016

Delaware Northeast Office

Patterson-Woods Completes $20.4M Lease with U.S. Bankruptcy Court in Delaware

by Amy Works February 4, 2016

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has completed a 65,941-square-foot office lease at 824 N. Market St. in Wilmington for the U.S. Bankruptcy Court for the district of Delaware. The new 10-year lease has a gross value of $20.4 million. The U.S. Bankruptcy Court premises comprise the third, fifth, sixth floors, as well as a portion of the second floor of the 196,969-square-foot office building. Bart Mackey of Patterson-Woods represented the landlord, NNN 824 North Market Street LLC, while the General Services Administration represented the tenant in the transaction.

February 4, 2016

Multifamily New York Northeast

GFI Realty Negotiates $3.8M Sale of Two Apartment Buildings in Brooklyn

by Amy Works February 4, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of two apartment buildings located at 684A and 684B Myrtle Ave. in Brooklyn’s Clinton Hill neighborhood. Local investors acquired the properties from Joseph Rizzuto for $3.8 million. The two four-story apartment buildings feature 12 residential units and a ground-floor retail unit. Isaac Moskowitz of GFI Realty Services represented the seller, while Yosef Katz, also of GFI, represented the buyers in the transaction.

February 4, 2016

New York Northeast Retail

QIC Acquires Majority Stake in 1.3 Million SF Shopping Center in New York

by Amy Works February 4, 2016

YONKERS, N.Y. — QIC has extended its existing joint venture relationship with Forest City Realty Trust through the acquisition of a 51 percent stake in Westchester’s Ridge Hill shopping center in Yonkers. The 1.3 million-square-foot open-air shopping center is anchored by Lord & Taylor, Whole Foods Market, Legoland Discovery Center, The Cheesecake Factory, Dick’s Sporting Goods, REI, Showcase Cinema and approximately 70 specialty stores. This agreement with Forest City brings the total number of assets acquired by QIC on behalf of clients to 11.

February 4, 2016

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