Northeast

JV Breaks Ground for 55 Hudson Yards Office Tower

by Amy Works January 23, 2015

NEW YORK CITY — Mitsui Fudosan American Inc., Related Cos. and Oxford Properties Group have partnered for the full capitalization of 55 Hudson Yards. The joint venture has broken ground for construction of the office tower, which will be located at 33rd Street and 11th Avenue on Hudson Park and Boulevard. Situated within the 28-acre Hudson Yards development, the 51-story, 1.3 million-square-foot building is slated for tenant fit-out in 2017. Designed by A. Eugene Kohn and Kohn Pederson Fox Associates, the property is anticipated to achieve LEED Gold certification upon completion. Upon build out, Hudson Yards will include more than 17 million square feet of commercial and residential space, more than 100 shops and restaurants, approximately 5,000 residences, a cultural space, 14 acres of public open space, a 750-seat public school and a 175-room luxury hotel.

January 23, 2015

Hospitality Loans New York Northeast

HFF Closes $22.4M Ground Sale/Leaseback, Secures $21M Loan for Holiday Inn Manhattan View

by Amy Works January 23, 2015

NEW YORK CITY — HFF has brokered the $22.4 million sale/leaseback and arranged $21 million in financing for Holiday Inn Manhattan View, a full-service hotel located in Long Island City in Queens. A New York-based private investor purchased the land under the hotel and then leased it back to the seller, Queens Plaza North LLC, for 99 years. HFF secured the fixed-rate loan through Cantor Commercial Real Estate (CCRE for Queens Plaza North LLC. Located at 39-05 29th St., the 16-story, 136-key hotel features a full-service restaurant, lounge with patio space, state-of-the-art fitness center, business center, 800 square feet of meeting space, concierge services, on-site parking and views of Manhattan. Robert Delitsky, KC Patel, Jackie Ferrer and Cindy True of HFF represented the seller in the transaction.

January 23, 2015

Multifamily Northeast Pennsylvania

UMH Properties Buys Multifamily Community for $3.8M in Pennsylvania

by Amy Works January 23, 2015

ERIE, PA. — UMH Properties has acquired Holly Acres, a manufactured home community in Erie, for $3.8 million. Situated on 40 acres, the community consists of 141 developed home sites. The average occupancy for the community is 96 percent. With this acquisition, UMH own 89 communities totaling approximately 15,200 developed home sites. Additional terms of the deal were not released.

January 23, 2015

Mixed-Use Northeast Pennsylvania

Paramount Realty Services Acquires 30 Assets in Central Pennsylvania

by Amy Works January 23, 2015

LANCASTER, PA. — Lancaster-based LMS Commercial Real Estate has arranged the sale of more than 30 assets, totaling two million square feet, to affiliates of Lakewood, N.J.-based Paramount Realty. With this transaction, Paramount Realty will have assets in excess of $1 billion, ownership of approximately 7.5 million square feet and leasing assignments in excess of 13 million square feet throughout Connecticut, Maryland, Massachusetts, New Jersey and Pennsylvania. Brandon Famous of CBRE|Fameco provided consulting services for the deal.

January 23, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $2.6M Apartment Building Sale in Brooklyn

by Amy Works January 23, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 68 Maujer St. in Brooklyn. The eight-unit building sold for $2.6 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the 1031 exchange transaction.

January 23, 2015

Loans New Jersey Northeast Office

HFF Secures $65.5M Loan for 351,684 SF Office Park in New Jersey

by Amy Works January 22, 2015

FLORHAM PARK, N.J. — HFF has secured $65.5 million in financing for Park Place, an office park located in Florham Park. The firm worked on behalf of the borrower, Normandy Real Estate Partners, to secure the loan with First Niagara Bank and Principal Real Estate Investors. The borrower plans to use loan proceeds to retire existing debt, upgrade amenities and fund leasing costs for new tenants. Situated on 30 acres at 200-230 Park Ave., the four-building park offers 351,684 square feet of Class A office space. On-site amenities include a cafeteria, fitness center, 70-seat conference center and parking for 1,045 vehicles. The park is occupied by a variety of tenants, including Fairleigh Dickinson University, M&T Bank, Sun Bank and several law firms. Jon Mikula and Mike Lachs of HFF represented the borrower in the transaction.

January 22, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $11.4M Multifamily Sale in New Jersey

by Amy Works January 22, 2015

SOMERS POINT, N.J. — Marcus & Millichap has brokered the sale of The Gates at Somers Point, a multifamily complex in Somers Point. The 202-unit, garden-style property sold for $11.4 million, or $56,436 per unit. Situated on five acres at 555 Shore Road, the five-building property features a mix apartment floorplans. Nat Gambuzza and John Veniero of Marcus & Millichap’s New Jersey office represented the seller, WWW Associates, and the undisclosed buyer in the deal.

January 22, 2015

Connecticut Northeast Retail

GHP Office Realty Buys 19,000 SF Vacant Retail Center in Connecticut

by Amy Works January 22, 2015

WESTPORT, CONN. — GHP Office Realty LLC has acquired a retail shopping center located at 20 Saugatuck Ave. in Westport for an undisclosed price. The 19,000-square-foot center was vacant at the time of sale. The buyer has a $2 million capital improvement program slated for the property to redevelop it into a Class A multi-tenant shopping center. Upgrades will include installation of a new modern glass façade, awning and signage; installation of new mechanicals and gas service; new landscaping; resurfacing and re-striping of the parking lot; and resurfacing the roof. Additional terms of the transaction were not released. GHP Office Realty is a division of Houlihan-Parnes Realtors LLC.

January 22, 2015

Loans Mixed-Use New York Northeast

Arbor Funds $4M Loan for Mixed-Use Property in Syracuse

by Amy Works January 22, 2015

SYRACUSE, N.Y. — Arbor Commercial Mortgage has funded its first loan under the newly launched Freddie Mac Small Balance Loan initiative for Nettleton Commons, a mixed-use property located in Syracuse. Originally built in 1899 as a shoe factory, the property was converted into a multifamily building in 1988. The five-story property features 61 apartment units, nine commercial office spaces and one retail space. Stephen York originated the five-year $4 million loan, which carries one year of interest-only payments along with a 30-year amortization schedule. Eastern Union was the mortgage brokerage firm involved in the deal. The property is owned and managed by Steven and Silvia West, who purchased the property in 2007.

January 22, 2015

Multifamily New York Northeast

Ariel Property Advisors Arranges Sale of 20-Unit Multifamily Building

by Amy Works January 22, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a 15,000-square-foot multifamily property located at 2475 Hughes Ave. in the Belmont section of the Bronx. A private investor acquired the property for $2.56 million. The 20-unit walk-up features six three-bedroom units, seven two-bedroom units and seven one-bedroom units. Victor Sozio, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a real estate investment firm, and procured the buyer in the transaction.

January 22, 2015

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