MOHEGAN LAKE, N.Y. — New York Life Real Estate Investors, on behalf of institutional investors, has acquired a majority interest in Cortlandt Town Center in Mohegan Lake from an entity controlled by Acadia Realty Trust. Located on Route 6, the 641,000-square-foot power center is 97 percent leased to a variety of national tenants, including Walmart, Acme, Bed Bath & Beyond, Marshalls, Michaels, DSW, PetSmart, Barnes & Noble, United Artists Theatre and Best Buy. The acquisition price was not released.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a loft-style apartment building located at 305 McGuinness Blvd. in Brooklyn’s Greenpoint neighborhood. An undisclosed buyer acquired the five-story property from Ronny Ben-Dov for $31 million. The 53,124-square-foot property features 38 residential units, 19 parking spaces, a fitness center and common courtyard, as well as an unfinished rooftop with panoramic views of the Manhattan skyline, Queens and Brooklyn. Brendan Maddigan and Clint Olsen of Cushman & Wakefield exclusively handled the transaction.
GLASGOW, DEL. — 2600 Glasgow LLC, an affiliate of NAI Emory Hill Real Estate Services, has acquired Glasgow Medical Center, located at 2600 Glasgow Ave. in Glasgow. GMC LLC sold the property for $13.8 million. The 109,000-square-foot building offers medical office suites ranging from 1,475 to 6,800 square feet. Current tenants include Ambulatory Surgery Center and Medical Aid Unit, laboratory facilities and various specialty medical practices and administrative support functions. Emory Hill provided in-house representation for the buyer, while the seller was represented by Tactix. David Morrison of NAI Emory Hill is handling leasing activities for the property.
NEW YORK CITY — Taconic Investment Partners and Cogswell-Lee Development Group have acquired the ground lease on an 80,000-square-foot site at 410 W. 207th St. in Manhattan’s Inwood section. The site features an existing 34,000-square-foot building, which was a former Pathmark store, and nearly 200 parking spaces. The existing building is suitable for a big-box user or subdivision into smaller units for multiple tenants. The buyer plans to develop a 14,000-square-foot outparcel on the eastern portion of the site. The name of the seller and the acquisition price were not released.
HOBOKEN, N.J. — AvalonBay Communities Inc. has acquired Halstead 800 Madison, a 217-unit, transit-oriented, Class A apartment community located in Hoboken, for $129.7 million. The property is located at the intersection of Madison and 8th streets. The location is one block from the 9th Street Light Rail Station, which provides access to the Hoboken PATH Station, as well as Jersey City, Bayonne and Weehawken. The PATH station, accessible by way of the property’s complimentary shuttle service, provides access to the World Trade Center and Lower Manhattan. Completed in 2008, the five-story property offers one-, two- and three-bedroom units averaging 998 square feet. The community features an expansive courtyard with a resort-style swimming pool and hot tub, sundeck, barbecue dining area, bocce court and fire pit. Other amenities include a fitness center, yoga studio, children’s playroom, pet spa, bike repair shop, 24/7 concierge service, two rooftop decks and a media room with a full kitchen and lounge seating. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF brokered the transaction on behalf of the seller, The DSF Group. HFF previously assisted The DSF Group in the acquisition of the property in late 2013. As of September 2015, …
NEW YORK CITY — Lustig Capital has arranged a $66.6 million construction loan for the condominium conversion of 360 Central Park West in New York City. To be known as 360 CPW, the property is a 145-unit apartment building located at the south corner of Central Park West and 96th Street. Built in 1928, the Rosario Candela building is one of the famous church apartment buildings, which incorporated the Second Presbyterian Church of New York within the building’s structure. The property also hosts the Alexander Robertson School. Contiguous apartments at 360 CPW will be combined into luxury homes, designed by Cetra Ruddy and marketed by Stribling. The new residences will feature dedicated HVAC units, high-end finishes and Miele and Bertazzoni appliances. The building’s fully renovated lobby and common spaces will feature a children’s playroom, gym, bike room, private storage room and pet washing station. Bill Lustig of Lustig Capital arranged the financing for the undisclosed borrower.
ST. LAWRENCE COUNTY, N.Y. — KeyBank has provided $28.6 million in financing for Cambray Court Apartments, an affordable seniors housing redevelopment in St. Lawrence County. The redevelopment is in partnership with Omni Housing Development LLC and managed by United Helpers. The project will replace 72 flood-threatened, garden-style apartments with one accessible four-story energy-efficient building featuring 71 apartment units. Designated as affordable housing, the community will feature 52 units for residents earning 30 to 50 percent or less of the area median income (AMI); 13 units for residents earning at or below 60 percent of AMI; five units for residents earning 80 percent of AMI; and one unit for residents earning 90 percent of the AMI. On-site amenities include well-lit parking spaces, elevator access to each floor, laundry facilities, walking trails, a patio, a garden and a community room with a kitchen. The redevelopment project team includes Beardsley Architects and Engineers and Bette & Cring Construction Group.
NEW YORK CITY — Meridian Capital Group has arranged $10 million in acquisition financing for the purchase of the fee position in a multifamily property in Manhattan’s Morningside Heights neighborhood. The borrower, Fine Times Inc., has purchased the fee position beneath a 20-story, 96-unit multifamily property located at 1080 Amsterdam Ave. The 10-year loan, provided by a local balance sheet lender, features a 3.7 percent fixed rate and interest-only payments for the full term. Shamir Seidman of Meridian’s New York City office negotiated the financing on behalf of the borrower.
DEVON, PA. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a commercial property located at 91 Lancaster Ave. in Devon. Devon Land Holdings LLC sold the 25,000-square-foot building to Provco Devon II LLC for $4.1 million. Situated on 1.4 acres, the property was 62 percent occupied at the time of sale by Raymond James & Associates and Long & Foster Real Estate, whose leases were negotiated as part of the sale/leaseback. The building is zoned commercial, which allows for retail, office or medical uses. Neil Shupak, Justin Bell and Mike Maloney of NGKF represented the seller, while Rob Shirley of Della Porta Real Estate represented the buyer in the transaction.
PRINCETON, LINDEN AND HAZLET, N.J. — Sitar Realty Co. has arranged three sales in New Jersey. In the first transaction, Princeton McKinley LLC acquired a 60-story apartment complex located at 200 McKinley Court in Princeton from M&G McKinley Investments for an undisclosed price. Giorgio Vasilis, Joseph Allegro, Doug Sitar and William Sitar Jr. of Sitar Realty Co. negotiated the transaction. In the second deal, RTM Realty sold a 5,500-square-foot industrial building, located at 1818 E. Elizabeth Ave., in Linden to M. Lazurus for an undisclosed sum. Brian Murphy of Sitar Realty Co. handled the transaction. In the final transaction, Gold Group LLC acquired a 4,000-square-foot retail building, located at 3201 State Route 25 in Hazlet, from 35 Hazlet LLC for an undisclosed price. Vasilis of Sitar Realty Co. brokered the deal.