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99-Wood-Ave-CW
New JerseyNortheastOffice

Cushman & Wakefield Brokers Trade of 99 Wood Avenue South in New Jersey

by Amy Works

ISELIN, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group has arranged the sale of 99 Wood Avenue South in Iselin. TA Associates Realty purchased the 10-story, 272,000-square-foot office building for an undisclosed price. The building recently underwent $3 million in building renovations and system upgrades. At the time of sale, the property was 91 percent leased to a variety of tenants, including Ernst & Young, Citibank, M&T Bank, and Greenbaum, Rowe, Smith & Davis. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Ed Duenas of Cushman & Wakefield brokered the transaction.

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Highland-Plaza-Oak-Grove-Capital
LoansMultifamilyNew JerseyNortheastSeniors Housing

Oak Grove Capital Arranges $8.2M FHA Financing for Senior Apartment Community

by Amy Works

TOMS RIVER, N.J. — Oak Grove Capital has originated an $8.2 million FHA loan to refinance Highland Plaza, an affordable seniors housing community in Toms River. Located a few miles from the Jersey Shore, the community offers 111 apartment units. Oak Grove Capital worked with the New York and New Jersey HUD offices to secure the fixed-rate loan, which features a 30-year amortization schedule and prepayment flexibility.

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377-Manhattan-Ave-Brooklyn-MM
MultifamilyNew YorkNortheast

Marcus & Millichap Brokers $1.65M Apartment Building Sale in Brooklyn

by Amy Works

NEW YORK CITY — Marcus & Millichap has brokered the sale of 377 Manhattan Avenue in Brooklyn. The six-unit apartment building sold for $1.65 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office listed the property on behalf of the seller, a private investor, and represented the buyer, a private investor, in the transaction.

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139-N-10th-Street-HFF
MultifamilyNew YorkNortheast

Clarion Partners Takes 36-Unit Printhouse Lofts in Williamsburg

by Amy Works

NEW YORK CITY — Clarion Partners has acquired Printhouse Lofts, an apartment building located in Williamsburg, from New York City-based Greystone for an undisclosed price. Located at 139 North 10th St., the 1900s industrial-style warehouse was converted into a luxury rental apartment building by Greystone. The pet-friendly property offers 28 one-bedroom units, six two-bedroom units and two three-bedroom units. Community amenities include laundry machines on all floors, bike storage and 2,500 square feet of shared roof deck space. The property was 100 percent leased at the time of sale. Jeff Julien, Rob Hinckley and Andrew Scandalios of HFF arranged the sale.

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Parkway-Lofts-Prism
MultifamilyNew JerseyNortheast

Parkway Lofts Surpasses 50 Percent Leased in Bloomfield

by Amy Works

BLOOMFIELD, N.J. — Prism Capital Partners’ Parkway Lofts is now more than 50 percent leased. Located in Bloomfield, the adaptive reuse multifamily project features 361 loft-style apartments, which were converted from the original six-story warehouse building. The first two phases of the property have been leased and now phase three is available. Units features 17- and 12-foot ceilings, exposed columns and beams, 13-foot insulated windows, concrete floors, custom lighting fixtures, and designer kitchens and bathrooms. Onsite amenities include a rooftop deck with fire pit, a 5,000-square-foot fitness center, a 20-seat theater room, a private party and billiards room, a 24-hour resident-only convenience store, and a dog run.

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312-314-East-91st-St-MM
MultifamilyNew YorkNortheast

Marcus & Millichap Arranges Two Apartment Building Sales Totaling $13.3M

by Amy Works

NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment buildings, located on Manhattan’s Upper East Side, for $13.3 million, or $443,333 per unit. Located at 312-314 East 91st St., the two five-story walkup apartment buildings feature a total of 30 residential units. The buildings offer a unit mix of 19 two-bedroom apartments and 11 one-bedroom units. Additionally, the properties, which are zoned R8B, include 2,214 square feet of unused air rights. Joseph Koicim, Peter Von Der Ahe, David Lloyd and Daniel Hanweiler of Marcus & Millichap’s Manhattan office represented both the buyer and seller in the transaction.

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ConnecticutNortheastRetail

Avison Young Brokers 10,000 SF Retail Lease in Connecticut

by Amy Works

SHELTON, CONN. — Avison Young has brokered a 10,000-square-foot lease at 100 Trap Falls Road in Shelton. Option Care Enterprises Inc., a subsidiary of Walgreens, inked a long-term deal for the space. Cambridge Hanover owns the 81,526-square-foot property, which recently underwent capital improvements to convert the building from a single-tenant industrial property to a multi-tenant flex building. Sean Cahill of Avison Young’s Fairfield/Westchester office represented the landlord, while Christina Blair of CBRE represented the tenant in the transaction.

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New JerseyNortheastRetail

Nordstrom Rack to Open at The Crossroads at Eatontown

by Amy Works

EATONTOWN, N.J. — Nordstrom Rack will open a new location at The Crossroads at Eatontown, located at 231 Highway 35 in Eatontown. The new 35,500-square-foot retail store is slated to open fall 2015. Construction for the new store is scheduled to commence this fall. Wall, N.J.-based Gerard Construction Corp. is building the new space. The Crossroads at Eatontown offers 105,735 square feet of retail space. Current tenants at the center include Macy’s Furniture and Fortunoff Backyard. Helena Loelius and Trista Ricciardelli of Sitar Realty Company-TCN Worldwide represented landlord LGR Associates in the transaction. Jeffery Howard of Ripco Real Estate Corp. represented Nordstrom Rack.

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Pickwick-Plaza-Lobby-Greenwich-CT
ConnecticutNortheastOffice

280,000 SF Office Complex to Undergo Major Renovations in Greenwich, Conn.

by Amy Works

GREENWICH, CONN. — Kensico Properties is planning a major renovation for Pickwick Plaza, a three-building office complex located in Greenwich. The multi-million dollar capital improvement program will bring the 280,000-square-foot complex back to its Class A status. The main lobbies, elevators, common corridors and bathrooms in all three buildings will be renovated and upgraded; a new façade and store fronts along Greenwich Avenue will be constructed; a new entry from Greenwich Avenue with a water feature will be created; landscaping across the property will be revamped; and the entrance to the four-story, underground garage with be replaced with a new “easy pass” style security gate and high-speed door. Jay Hruska, Tara Stacom, Torey Walsh, Connor Daugstrup and Scott Silverstein of Cushman & Wakefield have been tapped as exclusive leasing agents for the property, which is managed by Hines.

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731-Meeker-Brooklyn
Mixed-UseNew YorkNortheast

Marcus & Millichap Arranges Sale of 8,800 SF Mixed-Use Building in Brooklyn

by Amy Works

NEW YORK CITY — Marcus & Millichap has arranged the sale of 731 Meeker Avenue in Brooklyn. The 8,800-square-foot mixed-use property sold for $1.8 million. Shaun Riley, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and the buyer, a private investor, in the transaction.

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