Northeast

CBRE/NE Multifamily Group Brokers $25.8M Sale of Windsor at Brentwood

by Amy Works November 13, 2014

NORTH PROVIDENCE, R.I. — CBRE/New England’s Capital Markets team has brokered the sale of Windsor at Brentwood, a 240-unit garden-style apartment community located in North Providence. Bower Hill Associates, an affiliate of GID Investment Advisors LLC, sold the property to Brentwood Apartments Limited Partnership, an affiliate of SMC Management LLC, for $25.8 million. Built in 1988, Windsor at Brentwood consists of 12 two- and three-story buildings with a mix of 178 one-bedroom apartments and 72 two-bedroom apartments. The apartments range in size from 541 to 965 square feet. At the time of the sale, 166 units had received kitchen and bathroom renovations along with community amenity upgrades. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.

November 13, 2014

Multifamily New Jersey Northeast

Woodmont Properties, Metrovation Open West Side Lofts in New Jersey

by Amy Works November 13, 2014

RED BANK, N.J. — Woodmont Properties and Metrovation have opened West Side Lofts, a luxury apartment community in Red Bank. The 92-unit property offers a mix of one-bedroom and two-bedroom units finished lofts, two-story townhomes and three-story live/work maisonettes with private roof decks. Community amenities include a rooftop lounge and outdoor deck with hot tub, fire pit and barbecue grill; a strength and cardio center; a clubroom with resident lounge; game room; business center; four sky lounges; private courtyard with seating area; electric vehicle charging station; and package concierge service. Additionally, West Side Lofts will feature 25,000 square feet of restaurant and retail shops, featuring Triumph Brewing Co.

November 13, 2014

New Jersey Northeast Office

Rubenstein Partners, Onyx Equities Complete 61,676 SF Lease at 211 Mount Airy Road

by Amy Works November 13, 2014

BASKING RIDGE, N.J. — Rubenstein Properties and partner Onyx Equities have executed a 61,676-square-foot lease with Avaya Inc. at 211 Mount Airy Road in Basking Ridge. Affiliates of Rubenstein and Onyx acquired the 305,000-square-foot property from Avaya in 2013 as a sale-leaseback deal. The property features a full cafeteria, state-of-the-art fitness facilities, 127-unit auditorium and an on-site conference center. Newmark Grubb Knight Frank represented both Avaya and Rubenstein/Onyx.

November 13, 2014

New York Northeast Office

Colliers, Lee & Associates Broker 51,223 SF Office Lease at 1251 Avenue of the Americas

by Amy Works November 13, 2014

NEW YORK CITY — Colliers International and Lee & Associates have brokered a 51,223-square-foot lease at 1251 Avenue of the Americas in New York City. Bernstein Litowitz Berger & Grossman LLP inked a long-term relocation for the space in the 54-story, 2.4 million-square-foot office tower. The law firm plans to occupy the space by year-end 2015 and will occupy the entire 44th floor with additional space on the 41st floor and concourse level. Robert Koslow of Colliers International and Howard Rosen of Lee & Associates co-brokered the lease on behalf of the tenant. Peter Shimkin and David Falk of Newmark Grubb Knight Frank represented the landlord in the transaction.

November 13, 2014

New York Northeast Office

Compass Group Renews Lease at 135 East 57th Street

by Amy Works November 13, 2014

NEW YORK CITY — Compass Group has renewed its lease for the entire 30th floor at 135 East 57th Street in New York City’s Plaza District. Owned by Cohen Brothers Realty Corp., the 32-story Class A office tower features eight high-speed passenger elevators, indoor garden space, building management and security personnel with 24/7 lobby attendance. Marc Horowitz of Cohen Brothers provided in-house representation for the landlord. David Kaplansky of Colliers International arranged the deal on behalf of the tenant.

November 13, 2014

Multifamily New Jersey Northeast

Clarion Partners Acquires Parkway Lofts in Bloomfield for More Than $100M

by Amy Works November 12, 2014

BLOOMFIELD, N.J. — Clarion Partners has acquired Parkway Lofts, a multifamily property in Bloomfield, for more than $100 million. The seller was a joint venture comprised of Prism Capital Partners and an institutional investor. Originally built in 1897, the property is an eight-story industrial building that was redeveloped into 136 loft-style apartment units. Units feature gourmet kitchens with stainless steel appliances and quartz countertops, walk-in closets, oversized windows and in-unit washer/dryers. Onsite amenities include a two-story fitness center, rooftop deck with fire pit and ample garage parking. Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE Group’s Institutional Properties team represented the seller in the transaction.

November 12, 2014

Industrial Loans Northeast Pennsylvania

CIT Provides $32.9M in Financing to AEW, Woodmont Industrial Partners

by Amy Works November 12, 2014

MIDDLETOWN, PA. — CIT Real Estate Finance has provided a $32.9 million senior-secured loan to a joint venture between AEW Capital Management and Woodmont Industrial Partners. The financing will be used to redevelop Capital Logistics Center into a Class A, six-building, 1.5 million-square-foot industrial park in Middleton. AEW owns the property on behalf of AEW Partners VI. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not released.

November 12, 2014

Multifamily New York Northeast

Eastern Consolidated Arranges $8.5M Sale of Washington Heights Multifamily Building

by Amy Works November 12, 2014

NEW YORK CITY — Eastern Consolidated has arranged the sale of 720 West 172nd St., known as 121-123 Haven Avenue, in Washington Heights. Barberry Rose Management purchased the asset from David Tseng for $8.5 million. The six-story, 36,125-square-foot multifamily building features 32 apartments. The property is in close proximity to Columbia Presbyterian Hospital, Public School 173, J. Hood Wright Park and Henry Hudson Highway. Matthew Sparks and Abram Bernstein of Eastern Consolidated represented the seller; Sparks also procured the buyer in the transaction. Ari Goodman was the attorney for the seller, while Marc Landis, Brian Beller and Karen Schwimmer of Phillips Nizer LLP served as attorneys for the buyer.

November 12, 2014

New York Northeast Office

Swig Equities Completes $1.5M in Capital Improvements at 825 East Gate Boulevard

by Amy Works November 12, 2014

NEW YORK CITY — Swig Equities has completed more than $1.5 million in capital improvements at 825 East Gate Boulevard in Garden City, Long Island. Updates to the 80,000-square-foot office building included renovated lobby and entrance canopy, renovated elevators and mechanicals; upgraded electrical service; backup dual fuel generator; upgraded HVAC systems; new roof; new security and fire/life safety systems; upgraded emergency generator; new outdoor lighting; new signage; new tenant corridors; upgraded bathrooms; and a resurfaced parking area. Property amenities include a café and an on-site building manager. The property is within walking distance of retail and hospitality venues. Current tenants include a variety of law firms, a security consulting company and an insurance brokerage firm, among others. Swig Equities took over management of the property earlier this year.

November 12, 2014

New York Northeast Office

JEMB Leases Nearly 75,000 SF at 75 Broad Street

by Amy Works November 12, 2014

NEW YORK CITY — JEMB Realty has completed 75,000 square feet in new leasing activity at its office property located at 75 Broad St. in Lower Manhattan. The property is now more than 90 percent occupied. Built in 1927 as the headquarters for ITT Corp., the 33-story building offers flexible floor plates, top-tier amenities, 24-hour security and an in-house management team. JEMB acquired the property in 2000. New tenants include Human Rights First (18,000 square feet), represented by Carri Lyon, Robert Lower and Kevin Daly of Cushman & Wakefield; StellaService (10,000-square-foot expansion), represented by Patrice Meagher of CBRE; Toll Brothers; Sun & Moon Marketing (7,000 square feet), represented by Robert Constable and Willard Overlock of Cushman & Wakefied; Design Quadrant (7,500 square feet), represented by Kenneth Beilin of Beilin Commercial Real Estate; Blue Engine, represented by Jordan Rosenlicht and Lindsay Ornstein of Transwestern; Health Corps, represented by Robert Taylor of SRS Real Estate Partners; Cooper Carry, represented by Carri Lyon of Cushman & Wakefield; and Johnson Gallagher Magliery represented by George Keller and Peter Cento of Cushman & Wakefield. Approximately 60,000 square feet of office space remains available at 75 Broad Street.

November 12, 2014

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