HAMILTON, HAMPTON, PARAMUS AND LODI, N.J. — The Goldstein Group has closed four separate retail leases, totaling 43,724 square feet, in New Jersey. In the first transaction, Matthew Flath and Lew Finkelstein of The Goldstein Group represented the landlord and tenant, Kiddie Academy, in an 8,500-square-foot lease at Buckley Plaza on Route 130 in Hamilton. In the second deal, Neil Goldstein of The Goldstein Group represented the landlord in the lease of 20,000 square feet at Ames Shopping Center on Route 206 in Hampton to Staples. In Paramus, Goldstein also represented the landlord in the lease of 12,700 square feet at 45 Eisenhower Drive to Lightbridge Academy. In the final transaction, CJ Hunter and Finkelstein represented the landlord in the lease of 2,524 square feet at 150 Main St. in Lodi to Pet Valu. The names of the landlords were not released.
ALLENTOWN, PA. — The Waterfront Development Co. has broken ground for a $400 million mixed-use development along the western banks of the Lehigh River in Allentown. Spanning 26 acres, the project will include six office buildings, including the 157,498-square-foot 615 Waterfront Drive and the 131,457-square-foot 645 Waterfront Drive; three residential complexes, totaling 425 market-rate apartments; three parking structures; a main street and half-mile River Walk. Additionally, each of the 12 new buildings will offer retail and restaurant space. The development company comprises Jaindl Properties LLC, Dunn Twiggar Company LLC and Michael Dunn Co. LTD. Site-wide infrastructure is slated to take approximately 18 months, though building construction will be phased in and begin at any time during that timeframe. The project is expected to take approximately eight years for full build-out.
NEW YORK CITY — Brooklyn Navy Yard Development Corp. has unveiled its plans for Building 77, a $140 million renovation of a 1 million-square-foot industrial building at the Brooklyn Navy Yard. The repositioned property will feature a ground-floor public food hall, space for food manufacturing and a collaboration hub for the growing base of businesses in the area. Upon completion, the renovated building will increase overall employment at the Yard by more than 40 percent, creating 3,000 manufacturing and innovation jobs. Completion is slated for early 2017.
ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided a $6.4 million construction loan to Conifer Realty LLC for the development of Market Apartments at Corpus Christi. Located on East Main Street in Rochester’s Market neighborhood, the affordable housing development, which is tailored for local artists, will feature 42 energy-efficient apartments, including one- and two-bedroom units; art studio and work space; and plans to add a rehearsal space for musicians in a neighboring building. Additionally, the property is located within walking distance to public transportation and retailers. Conifer-LeChase Construction, a partnership between Conifer and LeChase Construction Services, is serving as general contractor for the project.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1481 York Ave. on Manhattan’s Upper East Side. The five-story building sold for $7.3 million, or $980 per square foot, in an all-cash transaction. The 7,500-square-foot property features one commercial unit and eight apartments, of which five are free market and three are rent stabilized. The five free-market units were delivered vacant. The property also offers 11,250 square feet of unused air rights. Thomas Gammino Jr. and Brett Weisblum of Cushman & Wakefield negotiated the transaction. The names of the buyer and seller were not released.
TEANECK, N.J. — CBRE Group Inc. has brokered the sale of a former data center, located at 1500 Queen Anne Road in Teaneck. The fully fenced, 55,000-square-foot center features three buildings and electric gates on more than three well-landscaped acres sold for an undisclosed sum. After being vacant for approximately eight years, the property will be repositioned as He’atid Yeshivat Day School, which is slated to open in January 2016. The repositioning will include rehabilitation of the existing buildings, construction of an additional floor to one building and the creation of 20 classrooms at the site. Elli Klapper, Charles Berger and Bill Hassan of CBRE represented both parties in the transaction. The names of the seller and buyer were not released.
HAMILTON, N.J. — RED Capital Partners has arranged a $36.4 million first mortgage construction loan for the development of Homestead of Hamilton, seniors housing community in Hamilton. The borrower was to Homestead Senior Living LLC. The balance of the capital stack was provided by an institutional private equity group and Regional Capital group, which will provide EB-5 Financing, along with the sponsor’s equity. Pike Senior Housing Partners LLC has partnered with Solvere Senior Living, an affiliated company of Solutions Advisors LLC, to develop the community. Homestead at Hamilton will feature 96 independent living units, 75 assisted living units and 24 memory care units.
TREVOSE, PA. — HREC has arranged the sale of Radisson Philadelphia Northeast located at 2400 Old Lincoln Highway in Trevose. Haverford Hotel Partners LP sold the 274-guestroom hotel to TJM Properties for an undisclosed sum. The property is in close proximity to the Sesame Place Theme Park, Parx Casino & Racetrack, Philadelphia Mills Shopping Mall, and The Sportsplex. Ketan Patel and Geoff Davis of HREC’s New York City office represented the seller in the transaction.
CENTRAL ISLIP, N.Y. — Foxgate has opened sales for the second phase of luxury condominiums at Foxgate at Islip, a 184-unit condo community located in Central Islip. The second phase adds 46 two-bedroom residences, which are currently under construction, to the community. Each unit features full-size appliances, including a natural gas range, refrigerator, microwave and washer/dryer, as well as high-efficiency central air conditioning and clean-burning natural-gas, forced-air heating. On-site amenities include a fully equipped gym, multi-purpose lounge, heated outdoor in-ground pool, spacious patios and scenic walking paths. Prices for the two-bedroom condos range from $270,000 to $290,000. The 40-unit first phase sold out in October.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of two contiguous multifamily properties, located at 2070 and 2074 Arthur Ave. in the Tremont section of the Bronx. The five-story properties sold for $7.3 million, or $163 per square foot or $136,389 per unit. The properties feature a total of 53 residential units across 42,256 square feet. Victor Sozio, Scot Hirschfield, Jason M. Gold and Marko Agbaba of Ariel Property Advisors represented the seller, King Penguin Opportunity Fund, and procured the buyer, a private investor, in the transaction.