VINELAND, N.J. — NAI Mertz has arranged the sale of an industrial building located at 301 N. Fourth St. in Vineland. Plastic Express Inc. acquired the 43,750-square-foot property from The Welfront Group for an undisclosed sum. The property features both industrial and office space, a 29,000-square-foot fenced-in and paved yard area, 18-foot clear ceiling heights, six tailgate doors and one drive-in door. Roy Kardon and John Brown of NAI Mertz represented the seller and the buyer in the deal.
NORWALK, CONN. — The Silverman Group has acquired Riverview, an apartment community located on Richards Avenue in Norwalk, for $19.5 million as part of a 1031 exchange. Built in 1991, the 92-unit community features underground garage parking and value-add opportunities to renovate units. Jeffrey Dunne, Gene Pride and Travis Langer of CBRE represented the seller, an institutional owner, in the transaction.
NEW YORK CITY AND WESTCHESTER COUNTY, N.Y. — Paradigm Commercial Real Estate has closed five loans totaling $30 million secured by 20 retail centers in the Bronx and Westchester County. A Connecticut-based private family owns the properties, many of which are occupied by small single-tenant users, including an on-site dry cleaner facility. The loans, which were provided by a regional bank, are fully non-recourse and feature a 30-year amortization schedule.
SYRACUSE, N.Y. — Second City Real Estate has completed the sale of Salina Meadows, a four-building office property located at 200, 220 and 231 Salina Meadows Parkway and 301 Plainfield Road in Syracuse. A local investor acquired the 239,320-square-foot Class A office park for $15.8 million. At the time of sale, the office park was 85.2 percent leased to a variety of tenants, including Traveler’s Indemnity Co., Mutual of Omaha Insurance Co., Walgreen Co. and Acadia Insurance Co. Rob Rizzi, Jose Cruz, Kevin O’Hearn, David Fowler and Michael Oliver of HFF represented the seller in the transaction.
DEVENS, MASS. — CBRE/New England has arranged the sale of an industrial facility located at 36 Saratoga Blvd. in Devens. Cabot Properties acquired the 162,000-square-foot facility from J.G. Petrucci Co. for $10.35 million. Developed in 1999, the property was fully occupied at the time of acquisition. Bob Gibson, Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer.
FAIRFIELD, CONN. — Angel Commercial has arranged the sale of a commercial office building located at 418 Meadow St. in Fairfield. Milford, Conn.-based Julian Enterprises acquired the 24,866-square-foot building from BAO Partners for $2.9 million. Situated on 1.05 acres, the building features 24,866 square feet of office space. Brett Sherman of Angel Commercial represented the seller, while Lester Fradkoff of Angel Commercial represented the buyer.
Although it would appear that retail landlords in New York City are reaping the benefit of high rents — and many are, if they bought at the right time — demand has declined and leasing velocity has slowed, mostly due to inflated landlord expectations, tenant hesitancy and increased supply from tenant defaults. Yes, the Manhattan retail leasing market has softened, but not enough to significantly reduce historically high asking rents. For example, the fourth quarter of 2015 saw ground-floor average asking rent decreasing in the majority of the major corridors over the second quarter 2015. Fifth Avenue, from 49th to 59th, saw an 8 percent decrease; Madison, from 57th to 72nd, saw a 5 percent decrease; West 34th Street, from Fifth to Seventh avenues, saw a 16 percent decrease; and Broadway, from Houston to Broome, saw a 15 percent decrease. The corridors which saw rent increases were modest compared to the rises we saw in early 2015 and 2014. While this is in part due to increasing supply, an adjustment in landlord expectations is having the greatest impact. High rates of default and eviction have plagued New York City for years, mostly due to inexperienced tenants relying on unrealistic revenue …
NEW YORK CITY — Five Mile Capital and Centurion Group have completed the development of River & Warren, a condominium project located at 212 Warren St. in Lower Manhattan. The project included the renovation and conversion of a 27-story, 324-unit apartment building into a 162-unit condominium building feature two- to five-bedroom layouts. Condos include white oak flooring, kitchens with custom oak and marbled islands, custom floor-to-ceiling millwork cabinetry with white Italian marble countertops, and high-end appliances. On-site amenities include a fitness center, playroom and rooftop park. CetraRuddy Architecture designed the property, while Mc Gowan served as construction manager.
NEW YORK CITY — World Wide Group has secured $247 million in financing for three properties in New York City. The Singer & Bassuk Organization arranged the financing for the borrower. World Wide Group received $50 million in permanent financing for a six-story, 185,000-square-foot property located at 110 Green St. in Brooklyn’s Greenpoint neighborhood. The company acquired the 130-unit apartment building from Meadow Partners for $103 million. World Wide Group also received a $32 million acquisition loan for the $73 million purchase of Luna, a 124-unit residential building located at 42-15 Crescent St. in Long Island City, Queens. Additionally, World Wide secured $165 million in permanent financing for QLIC, a 421-unit apartment building that the company developed in Long Island City.
NEW YORK CITY — Gotham Organization is converting a schoolhouse into a condominium property called Inkwell in the Hell’s Kitchen neighborhood of Manhattan. Located at 520 W. 45th St., the five-story building will feature 18 residences and is the first New York City condominium project designed by AvroKO. The design incorporates features of the former elementary school with blackboards in the kitchens and powder rooms. Additionally, the property features AvroKO-designed custom lighting and furniture throughout, a custom cage light fixture in the gym, entry closets in each unit, and bespoke light fixtures in the kitchens and bathrooms. Slated for completion this fall, the building will feature 16 two-bedroom residences ranging in size from 1,200 square feet to 1,400 square feet and starting at $1.78 million, and two three-bedroom, 1,900-square-foot residences with private gardens starting at $2.75 million. On-site amenities will include a gym with an outdoor lounge, and bike and tenant storage.
