Northeast

Bridge-Point-South-Brunswick-Manor-South-Brunswick-NJ

Bridge Development Partners to Develop 488,800 SF Industrial Facility in New Jersey

by Amy Works March 17, 2016

SOUTH BRUNSWICK, N.J. — Bridge Development Partners is developing Bridge Point South Brunswick Manor, a speculative industrial distribution facility in South Brunswick. Situated on 35 acres, the 488,800-square-foot facility will feature 36-foot clear ceiling heights; 98 truck dock positions; two drive-in doors; an ESFR fire protection sprinkler system; and 800-amp, 277/480-volt electrical service. Additionally, the property will feature a parking lot with 100 spaces for cars and 85 spaces for trailers. Premier Design + Build is serving as general contractor for the building, which is slated for delivery in third quarter 2016.

March 17, 2016

New York Northeast Office

Eastern Consolidated Negotiates $13M Sale of Vacant Building in Manhattan

by Amy Works March 17, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a vacant building located at 216 Bowery in Manhattan. The 25-foot wide, 4,900-square-foot property sold for $13 million, or $2,653 per square foot. The property is located within the Little Italy Special District and is a short walk to multiple subway lines, including the J and Z at Bowery and Delancey Street, the 6 at Spring and Lafayette streets, the F at Second Avenue and East Houston, and the N and R at Broadway and Prince Street. Adelaide Polsinelli of Eastern Consolidated represented the buyer, an owner-user, and the seller, an out-of-state owner-user, in the transaction.

March 17, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Brokers $11M Sale of Two Buildings in Brooklyn

by Amy Works March 17, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two buildings, located at 706-764 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Agmine Corp. acquired the assets, which are located on the same tax lot, for $11 million, or $709 per square foot. 764 Manhattan Avenue is a mixed-use building offering four retail units and nine residential units, and 760 Manhattan Avenue features two stories of commercial space, with RadioShack occupying the ground-floor unit. Combined, the properties offer 15,500 square feet of commercial and residential space. Brendan Maddigan of Cushman & Wakefield represented the seller, the Hazelwood family, in the transaction.

March 17, 2016

New York Northeast Office

GFI Realty Arranges $3.4M Sale of Office Building in Brooklyn

by Amy Works March 17, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an office building located at 2571 E. 17th St. in Brooklyn’s Sheepshead Bay section. Vasco Ventures acquired the asset from a local investor for $3.4 million. The three-story 13,014-square-foot building was vacant at the time of sale. Erik Yankelovich of GFI Realty Services represented the seller and buyer in the transaction.

March 17, 2016

New Jersey Northeast Office

Tabula Rasa HealthCare Leases 74,565 SF at Moorestown Corporate Center in New Jersey

by Amy Works March 17, 2016

MOORESTOWN, N.J. — Tabula Rasa HealthCare has signed a lease for 74,565 square feet of office space at Moorestown Corporate Center on Route 38 in Moorestown. The healthcare technology company provides specific, data-driven technology and solutions for healthcare organizations. The three-building, 223,000-square-foot office park is owned by Keystone Property Group. Brian Saggiomo of CBRE represented the tenant, while Scott Paymer provided in-house representation for the landlord in the transaction.

March 17, 2016

Loans New York Northeast Office

Westbrook Partners, RXR Realty Receives $162M in Financing for Conversion of Hall Street Complex in Brooklyn

by Amy Works March 16, 2016

NEW YORK CITY — A partnership between Westbrook Partners and RXR Realty has received $162 million in first mortgage financing for the conversion of Hall Street Complex, a 10-building, 665,000-square-foot mixed-use complex in Brooklyn. Michael Tepedino, Steven Klein and Christopher Peck of HFF arranged the floating-rate loan through Starwood Property Trust Inc. for the borrower. The loan proceeds were used to acquire the property and will fund the repositioning of the asset into a creative loft office property. Located across the street from Brooklyn Navy Yard, Hall Street Complex features an exposed brick-and-mortar industrial design, 14-foot ceilings, expansive window lines, large and flexible 4,500-square-foot to 28,000-square-foot floor plates and Manhattan skyline views.

March 16, 2016

Connecticut Multifamily Northeast

Paredim Partners Acquires 340-Unit Apartment Community for $70.2M in Connecticut

by Amy Works March 16, 2016

TRUMBULL, CONN. — Paredim Partners, in partnership with LEM Capital, has acquired Eaves Trumbull Apartments, an apartment community located in Trumbull, for $70.2 million. Situated on 38 acres, the multifamily community features 340 apartment units in a mix of one-, two- and three-bedroom layouts, and an 11,000-square-foot clubhouse with a pool, indoor basketball and racquet courts. The seller was Avalon Bay Communities. Paredim Partners is an owner-operator of multifamily residential properties in the Northeast, specializing in the Connecticut marketplace.

March 16, 2016

Multifamily New Jersey Northeast

JV Partnership Breaks Ground for AVE Florham Park in New Jersey

by Amy Works March 16, 2016

FLORHAM PARK, N.J. — A joint venture partnership between The Rockefeller Group and Korman Communities has started construction on AVE Florham Park, a flexible-stay community located within The Green at Florham Park in Florham Park. Slated to open in 2017, the 450,000-square-foot property will feature 256 corporate suites for corporate housing and relocations and 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, a community courtyard with lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbeque area, a movie screen, fire pits and cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including an indoor media center, café with weekday club breakfast, conference suites, a fitness center, a yoga studio, a spa and a 24-hour concierge. The Green at Florham Park is The Rockefeller Group’s 268-acre master-planned development. Additional plans for The Green at Florham Park include a 425-unit active adult residential community, to be developed by Pulte Homes on 100 acres, and an Archer Hotel.

March 16, 2016

Loans New Jersey Northeast Retail

NorthMarq Capital Secures $11.3M Acquisition Financing for Retail Property in New Jersey

by Amy Works March 16, 2016

PARAMUS, N.J. — NorthMarq Capital has negotiated $11.3 million in refinancing for the acquisition of a retail property at 501 Route 17 in Paramus. The 10-year loan features a 25-year amortization schedule. The 38,729-square-foot property is anchored by Staples. Ed Riekstins of NorthMarq secured the financing for the undisclosed borrower through its correspondent relationship with a life insurance company.

March 16, 2016

Industrial New York Northeast Office

Cushman & Wakefield Brokers $4.2M Sale of Industrial/Office Building in Queens

by Amy Works March 16, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of an industrial/office building located at 14-29 112th St. in the College Point neighborhood of Queens. Excavators Union Local 731 acquired the asset from RJB Realty LLC for $4.2 million, or $200 per square foot. The two-level building features 21,058 square feet of industrial and office space. Located within a M1-2 zone, the property also features up to 14,002 square feet in air rights. Stephen Preuss of Cushman & Wakefield represented the seller in the transaction.

March 16, 2016

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