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.
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 …
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.
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.
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.
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.
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.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use loft building located at 9 E. 16th St. in the Ladies’ Mile Historic District of Manhattan. The seven-story, elevator-serviced building sold for $30 million, or $978 per square foot. The 30,680-square-foot property features 15 large loft units, of which 12 are fair market and three are rent stabilized, and one ground-floor commercial unit, which is currently occupied by a restaurant. Paul Smadbeck, John Ciraulo, Rob Stufano and Craig Waggner of Cushman & Wakefield brokered the all-cash transaction. The names of the seller and buyer were not released.
NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily property located at 477 Third St. in Brooklyn’s Park Slope neighborhood. The 20-unit apartment building sold for $12 million, or $818 per square foot. The five-story walk-up features a mix of one- and two-bedroom units, as well as on-site laundry facilities. The buyer, a multi-generational local investor, plans to implement improvements to the property and maintain it as a long-term rental building. Erik Yankelovich of GFI Realty represented the undisclosed seller, while Moshe Gelbstein, also of GFI Realty, represented the buyer in the transaction.
BRIDGEWATER, N.J. — Nestlé Health Science has signed a long-term lease to occupy 180,000 square feet of space at the New Jersey Center of Excellence in Bridgewater. Nestlé Health Science, a health-science company engaged in the development of innovative nutritional therapies, will occupy a building that previously served as a research center within the former Sanofi U.S Research and Development Campus. Since acquiring the campus, the joint partnership of Advance Realty and CrossHarbor Capital Partners has fully repositioned the site and turned it into a premier research and development campus. The interior fit-out for the new space will begin before the end of this year, with the move-in slated for July 2016.