Northeast

Stellar Management Sells Office Building in New York City for $33.5M

by Amy Works January 15, 2016

NEW YORK CITY — Stellar Management has completed the disposition of a loft office building located at 123 Lafayette St. in New York City. An undisclosed buyer purchased the 21,916-square-foot property for $33.5 million, or $1,525 per rentable square foot. The newly renovated property is a 100 percent occupied turn-key office building with ground-floor retail space. The retail space is occupied by Dunkin’ Donuts and Love Hate Social Club. Bob Knakal, Robert Burton and Jonathan Hageman of Cushman & Wakefield handled the transaction.

January 15, 2016

Industrial Mixed-Use Multifamily New Jersey Northeast Office Retail

NAI Mertz Negotiates Sale of 65-Acre Industrial Site in New Jersey

by Amy Works January 15, 2016

HAMILTON TOWNSHIP, N.J. — NAI Mertz has arranged the sale of the multi-building, 1 million-square-foot former Congoleum Corp. complex, located at 861 Sloan Ave. in Hamilton Township. Commercial Development Corp. (CDC) acquired the property from Congoleum Corp. for an undisclosed price. CDC plans to develop a mixed-use development on the 65-acre site. The developer plans to raze the majority of the buildings on site with the exception of Building 55, an existing 150,000-square-foot warehouse building. Jeffrey Licht and Fred Meyer of NAI Mertz represented the seller in the transaction.

January 15, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $27M Acquisition Loan for 105,000 SF Development Site in Manhattan

by Amy Works January 15, 2016

NEW YORK CITY — Eastern Consolidated has arranged a $27 million bridge loan on behalf of XIN Development International for the acquisition of a development site in Manhattan’s Midtown West. XIN Development plans to build a mixed-use project on the 105,000-square-foot development site, which is located at 615 Tenth Ave. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the financing, which was provided by Bank of the Ozarks, for the borrower.

January 15, 2016

Mixed-Use Multifamily New York Northeast Office

Alpha Realty Brokers $6.6M Sale of Mixed-Use Property in Manhattan

by Amy Works January 15, 2016

NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 148 E. 98th St. in Manhattan’s Upper East Side. The asset sold for $6.6 million. The six-story, elevator-serviced property features 11 apartment units and a first-floor office space. Glenn Raff of Alpha Realty represented the seller and buyer in the transaction. The names of the buyer and seller were not released.

January 15, 2016

Industrial New Jersey Northeast

Colliers Arranges 182,000 SF Sublease in New Jersey for Achim Importing Co.

by Amy Works January 15, 2016

CRANBURY, N.J. — Colliers International has arranged the lease of 182,000 square feet of warehouse space at 1240 Cranbury South River Road in Cranbury. Achim Importing Co., a global home goods trading company, is relocating to the space after its previous facility at 1600 Livingston Ave. in North Brunswick, N.J., was destroyed by fire last year. Michael Markey and Jonathan Tesser of Colliers arranged the lease on behalf of Achim Importing Co. The landlord is Cosmetic Essence Innovations.

January 15, 2016

Industrial New Jersey Northeast Retail

HFF Negotiates Sale of 350,000 SF Retail/Warehouse Center in New Jersey

by Amy Works January 14, 2016

NORTH BERGEN, N.J. — HFF has arranged the sale of Tonnelle Plaza, a retail center with a warehouse component in North Bergen. 8101 Tonnelle Avenue LLC sold the 350,000-square-foot property to an affiliate of Northeast Capital Group and BHN Associates for an undisclosed price. Developed in 1990 and renovated in 2008, the property is situated on 12.6 acres at 8101 Tonnelle Ave. The center is occupied by ALDI, Burlington Coat Factory, Planet Fitness, Chuck E. Cheese, JP Morgan Chase Bank, Sally Beauty Supply, Subway, McDonald’s, All Pet Distribution and Good Chinese Kitchen. In addition to the 155,000-square-foot retail space, the two-level center has 196,000 square feet of warehouse space fully leased to three tenants. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Andrew Scandalios of HFF represented the seller in the transaction.

January 14, 2016

Delaware Loans Northeast Office

FM Capital Acquires $26.9M Loan Secured by Office Building in Delaware

by Amy Works January 14, 2016

WILMINGTON, DEL. — FM Capital has acquired a non-performing loan secured by the North Market Office Building in downtown Wilmington. The property has a current unpaid principal balance of approximately $26.9 million. Built in 1982, the 203,000-square-foot property features 10 floors of office space and a 42-car underground parking garage for tenant use. The debt was originated in 2007.

January 14, 2016

New York Northeast Retail

GFI Realty Services Negotiates $20.5M Sale of Retail Property in Manhattan

by Amy Works January 14, 2016

NEW YORK CITY — GFI Realty Services has negotiated the sale of a retail property located at 259 W. 34th St. in Midtown Manhattan. Cornell Realty acquired the property from the Moran family for $20.5 million. Currently occupied by a Wendy’s restaurant, the property is a strategic acquisition for Cornell, which plans to develop a combined 160,000 square feet of hospitality and retail space at 259 W. 34th St. and several neighboring properties. Aron Taub of GFI represented the buyer and seller in the transaction.

January 14, 2016

Multifamily Northeast Pennsylvania Student Housing

Landmark Commercial Realty Brokers $15.2M Acquisition of Student Housing Property in Pennsylvania

by Amy Works January 14, 2016

SHIPPENSBURG TOWNSHIP, PA. — Landmark Commercial Realty/TCN Worldwide Real Estate Services has arranged the acquisition of Bard Townhouses, a student housing complex near Shippensburg University in Shippensburg Township. A group of limited partnerships connected to developer Dan Deitchman purchased the asset for $15.2 million in an all-cash transaction. Located at 100 Bard Drive, the 173-unit property features 458 beds. Built in 1988, the property was 99 percent occupied at the time of sale. Drew Bobincheck and Chuck Heller of Landmark Commercial Realty/TCN Worldwide represented the buyer in the 1031 exchange transaction.

January 14, 2016

Mixed-Use Multifamily New York Northeast Retail

Besen & Associates Arranges $2M Sale of Mixed-Use Building in Manhattan

by Amy Works January 14, 2016

NEW YORK CITY — Besen & Associates has brokered the sale of an elevator-served mixed-use building located at 2195 Adam Clayton Powell Blvd. in Manhattan’s Central Harlem neighborhood. The asset sold for $2 million, or $347 per square foot. Built in 1910, the vacant five-story, 5,758-square-foot property features six apartments and one retail unit. Hilly Soleiman of Besen & Associates represented the buyer and seller in the transaction. The names of the buyer and seller were not released.

January 14, 2016

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