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Northeast

TerraCRG-Brooklyn
MultifamilyNew YorkNortheast

TerraCRG Brokers $1.75M Sale of Brooklyn Multifamily Building

by Amy Works

NEW YORK CITY — TerraCRG has arranged the sale a multifamily building, located at 43 Lexington Ave. in Brooklyn’s Clinton Hill neighborhood. The 3,200-square-foot building, which features four apartments and a full basement, sold for $1.75 million. The building offers two one-bedroom units and two two-bedroom units. Additionally, the basement is currently occupied by an art studio. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented both the seller and buyer in the transaction.

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600-Community-Long-Island
New YorkNortheastOffice

North Shore-LIJ Buys 252,000 SF Office Building for $65M in Long Island

by Amy Works

NEW YORK CITY — North Shore-LIJ has acquired 600 Community Drive in Long Island’s Manhasset for $65 million, or $260 per square foot. A partnership led by The Carlton Group’s Chairman Howard Michaels sold the property. Prior to the sale, the building’s ownership group made significant renovations to the property: achieved zoning approval to lease 80,000 square feet of the building for medical office use; approved and implemented a new renovation plans, including interior and improvements and a new façade entrance; and developed a solid pipeline of tenant activity, which allowed the property to become a multi-tenanted building. North Shore-LIJ has been a sub-tenant at the office building for the past eight years.

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30-Montgomery-Jersey-City
New JerseyNortheastOffice

JV Begin $20M Redevelopment of 30 Montgomery St. in Jersey City

by Amy Works

JERSEY CITY, N.J. — Onyx Equities and Rubenstein Properties has begun the redevelopment project at 30 Montgomery St., a 15-story, 320,000-square-foot office building in Jersey City. The $20 million redevelopment will bring the building, which was built in the early 1970s, up to modern standards and position it has a premiere office and retail property in Jersey City. The project includes a $5 million exterior window replacement program, enhanced streetscape, ground-floor retail expansion, refurbishment of the façade, modernization of the HVAC system, a new conference center, elevator landing and restroom renovations, and a new, expanded two-story entry lobby. Onyx and Rubenstein purchased the building earlier this year. Completion of the renovation is slated for mid-2015.

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615-625-Main-Passaic-CBRE
New JerseyNortheastOfficeRetail

CBRE Group Arranges $8.4M Sale of New Jersey Office/Retail Property

by Amy Works

PASSAIC, N.J. — CBRE Group Inc. has arranged the sale of an office and retail property located at 615-625 Main Ave. in Passaic. The 65,000-square-foot building sold for $8.4 million. The building, which includes a two-story parking garage, underwent a $5 million capital improvements program in 2007. Current tenants include Valley National Bank, which has been in the location for more than 40 years. Charles Berger and Elli Klapper of CBRE Tri-State Investments Properties represented the seller and procured the buyer, a long-time CBRE client, in the deal.

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414-416-Tompkins-Avenue-Brooklyn
Mixed-UseNew YorkNortheast

TerraCRG Brokers Sale of Brooklyn Development Site for $2M

by Amy Works

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 414-416 Tompkins Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Located between Hancock and Halsey streets, the two-lot property sold for $2 million. The site was delivered with a vacant 6,400-square-foot mixed-use building and full basement. The site has a considerable number of air rights and is located outside of the Geographic Exclusion area, which means it is eligible for the 412-a tax exemption. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller in the transaction.

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LoansNew YorkNortheastRetail

Houlihan-Parnes Realtors Arranges $1.6 M in Refinancing for Retail Building

by Amy Works

MAMARONECK, N.Y. — Houlihan-Parnes Realtors LLC has arranged $1.6 million in refinancing for a retail property located at 426-438 Mamaroneck Ave. in Mamaroneck. The one-story building offers 10,250 square feet of retail space. The five-year, non-recourse loan features a 3.75 percent fixed rate with a 30-year amortization schedule. Additionally, the loan, which was closed with a local bank, features a five-year extension option. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower.

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New YorkNortheastRetail

DLC Management Corp. Acquires 2.58M SF Retail Portfolio

by Amy Works

TARRYTOWN, N.Y. — DLC Management Corp. has acquired an 11-asset retail portfolio totaling 2.58 million square feet. The properties are located in New York, North Carolina, Arkansas and Tennessee. The acquisition is the largest in DLC’s history and the properties match well with the company’s operations and represent large, high-quality assets with strong anchor tenants. Additionally, the portfolio offers value-add opportunities through property stabilization. The portfolio includes: 2015 Walden Ave. (26,500 square feet), Union Consumer Square (386,320 square feet), Walden Consumer Square (253,225 square feet) and Walden Place (68,002 square feet) in Cheektowaga, N.Y.; Batavia Commons (49,431 square feet) and BJ’s Plaza (95,846 square feet) in Batavia, N.Y.; Premiere Place (414,639 square feet) in Williamsville, N.Y.; River Hills (315,234 square feet) in Asheville, N.C.; Spring Creek (588,606 square feet) and Steele Crossing (261,665 square feet) in Fayetteville, Ark.; Towne Center (390,607 square feet) in Murfreesboro, Tenn. Additional terms of the transaction were not released.

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1745-Broadway-NYC
New YorkNortheastOffice

SL Green Increases Stake in 1745 Broadway Office Condo

by Amy Works

NEW YORK CITY — SL Green Realty Corp. has acquired additional ownership interest in the 674,000-square-foot office condominium at 1745 Broadway in New York City. The condominium is leased entirely to Random House. SL Green originally acquired a 32.26 percent stake in the property in 2007 and is now increasing its ownership to 56.88 percent as a result of recent transactions. The majority of the interests, consisting of general partnership and limited partnership interests, where purchased from The Witkoff Group in exchange for SL Green Operating Partnership units. By acquiring these interest, the company has consolidated management of the property. Designed by Skidmore, Owings & Merrill, the 50-story office building was completed in 2003.

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The-Residences-at-Riverbend-Ipswich
MassachusettsMultifamilyNortheastSeniors Housing

LCB Senior Living Opens The Residence at Riverbend in Massachusetts

by Amy Works

IPSWICH, MASS. — LCB Senior Living has opened The Residence at Riverbend, located at 149 Country Road in Ipswich. The seniors housing property features 53 studio, one-bedroom and two-bedroom units for traditional independent and assisted living, and 22 studio and shared memory-care living apartments. Situated on the former Riverbend Estate along the Ipswich River, the community offers 24-hour security, on-site laundry and cleaning services, a restaurant, an activities program, and building and grounds maintenance. Peabody, Mass.-based Congress Building Corp. provided construction management services for the 75-unit, 73,674-square-foot facility. The developers have conveyed approximately 3 acres of the original 15.5-acre site to the town and the Ipswich River Watershed Association (IRWA) as conservation land along the riverfront. Additionally, IRWA has been granted access to a wetland area of the site for public educational purposes. Norwood, Mass.-based LCB Senior Living was founded in 2010 by the management team of the former Newton Senior Living LLC.

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2500-2504-7th-Avenue
MultifamilyNew YorkNortheast

Acuity Capital Partners Buys Six-Building Manhattan Portfolio for $30M

by Amy Works

NEW YORK CITY — Chicago-based Acuity Capital Partners has purchased a six-building portfolio in Upper Manhattan for $30 million. The portfolio consists of 102 apartment units and 21 retail spaces. The buildings include 1697-1701 Amsterdam Ave. in Hamilton Heights, 2500-2504 Adam Clayton Powell Blvd. in Harlem and 2090-2093 Amsterdam Ave. in Washington Heights. The portfolio sold for 12.88 times its current rent roll. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the buyer and seller, a local real estate investor, in the deal.

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