Northeast

Cronheim Mortgage Secures $19M Loan for 215,000 SF Shopping Mall

by Amy Works November 30, 2015

TRUMBULL, CONN. — Cronheim Mortgage has secured a $19 million loan for Hawley Lane Mall, a 215,000-square-foot shopping mall in Trumbull. The 15-year loan, which features a 30-year amortization schedule, was funded by the United States Life Insurance Co. and National Union Fire Insurance Co. In 2005, Purchase, N.Y.-based National Realty and Development Corp. redeveloped the property, which was built in 1971, into a two-level community shopping center. The center is anchored by Kohl’s, HomeGoods and Best Buy. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the financing for the borrower.

November 30, 2015

Civic New York Northeast Office

Ensign Engineering, John Ciardullo Associates Complete $2.6M Library, Learning Center in NYC

by Amy Works November 30, 2015

NEW YORK CITY — Construction manager Ensign Engineering and architect John Ciardullo Associates have completed the Aeronautical and Academic Library and Teaching and Learning Center at Vaughn College of Aeronautics and Technology, located at 86-01 23rd Ave. in Flushing. The $2.6 million library and learning center was the final phase of the $40 million expansion, renovation and sound mitigation construction program at the college’s main campus. The 11,000-square-foot library is designed to hold a collection of 26,300 items and features four enclosed classrooms with 70 computer stations, reading and studying rooms, and a flexible seating area with seven large tables that seat up to 42 patrons. The renovations were financed through grants, totaling $32 million, from the Federal Aviation Administration and The Port Authority of New York and New Jersey. Additionally, Vaughn invested $7 million from its own funds. The design and construction team included Ensign Engineering, John Ciardullo Associates, Library Interiors Inc., Langan Engineering and Environmental Services, DVL Consulting Engineers and Peter George Associates.

November 30, 2015

New Jersey Northeast Retail

Marcus & Millichap Arranges $1.9M Sale of 8,250 SF Retail Property in New Jersey

by Amy Works November 30, 2015

BRANCHBURG, N.J. — Marcus & Millichap has brokered the sale of Branchburg Plaza, a retail property located at 1010 U.S. Route 202 in Branchburg. A 1031 exchange buyer acquired the 8,250-square-foot strip center for $1.9 million. Robert Angus and Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction.

November 30, 2015

Connecticut Northeast Retail

Angel Commercial Negotiates $1M Sale of Retail Property in Connecticut

by Amy Works November 30, 2015

MILFORD, CONN. — Angel Commercial LLC has arranged the sale of a retail investment property located at 773 Bridgeport Ave. in Milford. Private investors acquired the 4,800-square-foot building from H&S Olson LLC for $1 million. The current tenant, PPG Paints, will remain in the property. Jon Angel of Angel Commercial represented the seller in the transaction.

November 30, 2015

Hospitality New York Northeast

Cambria Hotel & Suites Times Square Opens in Manhattan

by Amy Works November 25, 2015

NEW YORK CITY — Concord Hospitality and Choice Hotels has developed the 78,000-square-foot Cambria Hotel & Suites Times Square at 30 W. 46th St. in Manhattan. Designed by Gene Kaufman Architect, the 21-story, 196-room LEED-certified hotel is the largest Cambria hotel in the country. The guestrooms include private terraces for the second-floor rooms, and a refrigerator and flat-screen television. On-site amenities include a rear outdoor garden with lounge seating, a front outdoor area with tables and chairs, a 700-square-foot fitness center, a 24-hour business center, event facilities, dry cleaning and laundry services, and free WiFi. Additionally, the hotel features a 1,000-square-foot restaurant and a 500-square-foot bar/lounge designed by McGinley Design.

November 25, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers Three Multifamily Sales in Brooklyn Totaling $7M

by Amy Works November 25, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sales of three multifamily properties in Brooklyn totaling $7 million. In the first transaction, a limited liability company purchased an eight-unit apartment building, located at 371 Irving Ave. in Brooklyn, for $2.2 million. Shaun Riney, Thomas Shihadeh and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer in the transaction. In the second deal, a limited liability company purchased a six-unit apartment building, located at 235 Wyckoff Ave. in Brooklyn, for $2 million. Riney, Shihadeh and Greenblatt represented the buyer and the seller, a limited liability company, in the deal. In the final transaction, a private investor acquired a three-unit apartment property, located at 701-703 Grand St. in Brooklyn, for $2.8 million. Riney, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the buyer and the seller, a private investor, in the transaction.

November 25, 2015

Hospitality New York Northeast

Quadrum Global to Build 26-Story Hotel in Manhattan

by Amy Works November 25, 2015

NEW YORK CITY — Quadrum Global is planning to construct a hotel at at 351 W. 38th St. in Manhattan, a property the firm acquired last year. Marvel Architects will design the 26-story, 500-room hotel, which is situated within the boundaries of the Hudson Yards district. In addition to the site, Quadrum has the opportunity to acquire addition air rights at the site, which would allow for increased density. The firm has hired JLL’s Hotels & Hospitality Group to advise on the selection of hotel brand and operator to align with the hotel’s lifestyle amenities and services.

November 25, 2015

Connecticut Industrial Northeast

Fischer Real Estate Arranges $2.6M Sale of 14.4-Acre Land Parcel in Milford, Conn.

by Amy Works November 25, 2015

MILFORD, CONN. — A New York-based manufacturing company has acquired a 14.4-acre land parcel at 539 Oronoque Road in Milford. Arrow Realty LLC sold the property for $2.6 million. The buyer plans to renovate and add on to an existing 23,250-square-foot building and construct at least two industrial buildings to accommodate its growing business. Alan Fischer of Fischer Real Estate Inc. represented the seller and buyer in the transaction.

November 25, 2015

Loans Mixed-Use Multifamily New York Northeast Office Retail

Related Cos., Oxford Properties Close on $1.3B in Financing for 15 Hudson Yards

by Amy Works November 24, 2015

NEW YORK CITY — Related Companies and Oxford Properties Group have closed on $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre Hudson Yards mixed-use development on Manhattan’s West Side. Already under construction, the building contains both rental and condominium apartments. The 960,000-square-foot building will be completed in 2018, and sales are expected to begin in mid-2016. Designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification, 15 Hudson Yards will be 910 feet tall and will include 285 for-sale residences throughout its 70 stories, as well as 106 rental units. The property will offer unobstructed views of the city and Hudson River. Hudson Yards is being developed by Related Cos. and Oxford Properties Group and will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including the first Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel. 15 Hudson Yards will have frontage on the newly created plaza at the center of Hudson Yards and is also adjacent to the …

November 24, 2015

Industrial Mixed-Use New York Northeast Office Retail

Heritage Equity Partners, Lichtenstein Group to Redevelop Five Warehouses in Brooklyn

by Amy Works November 24, 2015

NEW YORK CITY — Heritage Equity Partners and Lichtenstein Group have partnered to redevelop five vacant warehouses into Bushwick Generator. The interconnected buildings at 215 Moore St. in Brooklyn will be transformed into a 75,000-square-foot light industrial, office and retail property, offering space office or workspaces ranging from 1,500 square feet to 20,000 square feet. Brooklyn-based ABS Partners has been retained as the office leasing agent for the property, which is geared toward new economy industries, including tech, creative arts and food production.

November 24, 2015

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