Northeast

ClearRock Properties, Contrarian Capital Management Sell 247,310 SF Office Complex in Connecticut

by Amy Works October 14, 2015

STAMFORD, CONN. — ClearRock Properties, in partnership with Contrarian Capital Management, has completed the disposition of a three-building, 247,310-square-foot waterfront office complex in the South End of Stamford. ClearRock formed a partnership with Mountain Development Corp. and Gottesman Real Estate Partners to reacquire the assets for an undisclosed price. The complex includes the 89,637-square-foot former industrial property at 700 Canal St.; the 67,673-square-foot office building at 850 Canal St.; and the 90,000-square-foot office building, which includes 1,000 linear feet of dock space, at 860 Canal St. Andrew Merin, David Bernhart, Gary Gabriel and Thomas O’Leary of Cushman & Wakefield represented the seller in the transaction.

October 14, 2015

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $2.2M Sale of Mixed-Use Building in Brooklyn

by Amy Works October 14, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 1208 Nostrand Ave. in Brooklyn. The 7,128-square-foot asset sold for $2.2 million. Derek Bestreich, Erik Rodriguez and Seth Schiffman of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.

October 14, 2015

Massachusetts Northeast

Lyman Real Estate Brokers Sale of 21-Acre Land Parcel in Connecticut

by Amy Works October 14, 2015

BLOOMFIELD, CONN. — Westbrook, Conn.-based Lyman Real Estate has brokered the sale of 21 acres of land at 2 Mucko Road, located at the corner of Woodland Avenue in Bloomfield. Vernon Hills, Ill.-based Deringer-Ney Inc. acquired the property for $850,000. The buyer develops precious metal alloys and precision components for the medical device, automotive, semiconductor, aerospace and appliance industries. Ron Lyman of Lyman Real Estate represented the sellers, Elizabeth Fernandez and Marie Mercaldi, in the transaction.

October 14, 2015

New Jersey Northeast Office

SunGard Financial Systems Leases 41,061 SF at Harborside Plaza 3

by Amy Works October 14, 2015

JERSEY CITY, N.J. — SunGard Financial Systems LLC has signed a long-term lease for 41,061 square feet of space at Harborside Plaza 3 in Jersey City. The leading global financial software company will occupy the office space through 2023. Harborside offers 3.1 million square feet of Class A office space and first-class amenities, including retail, restaurants, a waterfront walkway and a Hyatt Regency hotel. Aaron Ellison and Tyler Vandergrift of Jones Lang LaSalle represented SunGard Financial, while Tom Savoca of Mack-Cali and Mark Ravesloot, Peter Turchin, David Opper, Gerry Miovski, Arkady Smolyansky and Suzanne Macnow of CBRE represented the landlord, Mack-Cali Realty Corp., in the transaction.

October 14, 2015

Market Reports New York Northeast Northeast Market Reports Retail

New York City: Retail Riding High Again

by Jaime Lackey October 14, 2015

Seven years after the worst recession this country has seen since the Great Depression, New York City is riding high again. Manhattan has emerged as a vital center for global retail activity where we continue to see dynamic growth — driven by its economic fundamentals, urban migration, and its cultural and lifestyle attractions. Gone are the days when suburban expansion sounded the death knell for high street retail. Since 2010, in the near-aftermath of the economic collapse and for the first time in decades, urban cores are growing at a faster rate than their suburban counterparts. Eighty percent of Americans now live in urban areas, and retailers and property owners in New York City and around the world are scrambling to adapt. Millennials represent 24 percent of the overall U.S. population and are leading this urban charge. They want to live close to work. They’re driven by technology — and they demand an omni-channel retail experience that integrates smartphone and tablet use with a personalized, service-oriented, in-store approach. And importantly, it’s estimated they will represent nearly 30 percent of U.S. retail spending — the total of which was $4.6 trillion this year — by 2020. Manhattan also continues to benefit …

October 14, 2015

Multifamily New York Northeast

World Wide Group, Rose Associates Tops Out 252 East 57th Street in NYC

by Amy Works October 13, 2015

NEW YORK CITY — Construction has topped out for 252 East 57th Street, a 65-story condominium tower in New York City. Developed by World Wide Group and Rose Associates, the tower has reached its highest point of more than 700 feet. Designed and constructed by SOM, DeSimon, Flack + Kurtz, SLCE Architects and Lend Lease LMB Inc., the tower features a curved glass façade that amplifies the residential surface areas and offers views of Manhattan, Central Park and the East River. Upon completion the tower will feature 93 condominiums in two-, three-, four- and five-bedroom configurations. On-site amenities include a gated porte-cochere and a residents’ club with a terrace, pool and spa. Occupancy is slated for late 2016, with residences starting at $4.5 million.

October 13, 2015

Industrial New Jersey Northeast

HFF Arranges $23.8M Financing for Development of Cold Storage Facility in New Jersey

by Amy Works October 13, 2015

ELIZABETH, N.J. — HFF has arranged $23.8 million in construction financing for the development of a freezer warehouse at 900 Fairmont Ave. in Elizabeth. The financing was provided by The Provident Bank for the developer, a partnership between Elberon Development Group and The Avidan Group LLC. The 138,642-square-foot build-to-suit facility will feature 60-foot ceiling clear heights, 18 temperature-controlled loading doors and 4,800 square feet of office space. Slated for completion in June 2016, the property will be 100 percent occupied by Seafrigo NA Cold Storage Inc. Michael Klein and Jon Mikula of HFF represented the borrower in the financing transaction.

October 13, 2015

New York Northeast

Anbau Breaks Ground for 34-Story Condo Building in Manhattan’s Upper East Side

by Amy Works October 13, 2015

NEW YORK CITY — Anbau, a developer of luxury residential properties, has broken ground for Citizen360, a condominium property located at 360 E. 89th St. in Manhattan’s historic Yorkville neighborhood. Designed by The SHoP Architects, the 34-story building will feature 84 residences in a mix of one, two-, three- and four-bedroom layouts ranging from 900 to 4,500 square feet. On-site amenities include a lobby with green space, a fitness center with yoga and training studios, an entertainment suite with adjoining screening room, private resident lounges, multi-media studio, art studio and children’s playroom. Additional building services include a 24-hour doorman and indoor, on-site parking services for purchase. Sales for the residences are slated to start this fall.

October 13, 2015

Multifamily New York Northeast

Besen & Associates Brokers $4.5M Bronx Multifamily Portfolio Sale

by Amy Works October 13, 2015

NEW YORK CITY — Besen & Associates has brokered the sale of a four-building multifamily portfolio located in the Bronx for $4.5 million, or $121 per square foot. The 36,918-square-foot portfolio consists of four walk-up apartment buildings located at 723 Oakland Place, 2078 Vyse Ave., 2408 Webster Ave. and 2420 Webster Ave. The portfolio contains 34 apartments and 177 rooms. Amit Doshi and Richard Torres of Besen & Associates represented the seller, Prana Investments, and procured the undisclosed buyer in the transaction.

October 13, 2015

Connecticut Industrial Northeast

Sentry Commercial Arranges 33,000 SF Industrial Lease in Connecticut

by Amy Works October 13, 2015

BRISTOL, CONN. — Sentry Commercial has arranged the lease of 33,000 square feet of industrial space at 360 Minor St. in Bristol. Benjamin International, a wholesale import, manufacturing and design company, is relocating from its 16,000-square-foot facility at 125 N. Benson Road in Middlebury, Conn. The relocation and expansion of the tenant to the 208,000-square-foot industrial complex is expected to bring more than 30 new jobs to the area.

October 13, 2015

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