Northeast

Brooklyn Navy Yard Development Corp. Unveils Plans for Building 77

by Amy Works November 13, 2015

NEW YORK CITY — Brooklyn Navy Yard Development Corp. has unveiled its plans for Building 77, a $140 million renovation of a 1 million-square-foot industrial building at the Brooklyn Navy Yard. The repositioned property will feature a ground-floor public food hall, space for food manufacturing and a collaboration hub for the growing base of businesses in the area. Upon completion, the renovated building will increase overall employment at the Yard by more than 40 percent, creating 3,000 manufacturing and innovation jobs. Completion is slated for early 2017.

November 13, 2015

Loans Multifamily New York Northeast

First Niagara Provides $6.4M Construction Loan for Multifamily Development in Rochester

by Amy Works November 13, 2015

ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided a $6.4 million construction loan to Conifer Realty LLC for the development of Market Apartments at Corpus Christi. Located on East Main Street in Rochester’s Market neighborhood, the affordable housing development, which is tailored for local artists, will feature 42 energy-efficient apartments, including one- and two-bedroom units; art studio and work space; and plans to add a rehearsal space for musicians in a neighboring building. Additionally, the property is located within walking distance to public transportation and retailers. Conifer-LeChase Construction, a partnership between Conifer and LeChase Construction Services, is serving as general contractor for the project.

November 13, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $7.3M Sale of Upper East Side Mixed-Use Building

by Amy Works November 13, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1481 York Ave. on Manhattan’s Upper East Side. The five-story building sold for $7.3 million, or $980 per square foot, in an all-cash transaction. The 7,500-square-foot property features one commercial unit and eight apartments, of which five are free market and three are rent stabilized. The five free-market units were delivered vacant. The property also offers 11,250 square feet of unused air rights. Thomas Gammino Jr. and Brett Weisblum of Cushman & Wakefield negotiated the transaction. The names of the buyer and seller were not released.

November 13, 2015

New Jersey Northeast Office

CBRE Group Negotiates Sale of Vacant Data Center in Teaneck

by Amy Works November 13, 2015

TEANECK, N.J. — CBRE Group Inc. has brokered the sale of a former data center, located at 1500 Queen Anne Road in Teaneck. The fully fenced, 55,000-square-foot center features three buildings and electric gates on more than three well-landscaped acres sold for an undisclosed sum. After being vacant for approximately eight years, the property will be repositioned as He’atid Yeshivat Day School, which is slated to open in January 2016. The repositioning will include rehabilitation of the existing buildings, construction of an additional floor to one building and the creation of 20 classrooms at the site. Elli Klapper, Charles Berger and Bill Hassan of CBRE represented both parties in the transaction. The names of the seller and buyer were not released.

November 13, 2015

Loans Multifamily New Jersey Northeast Seniors Housing