Northeast

Cushman & Wakefield Arranges $15M Sale of Four Multifamily Buildings in Manhattan

by Amy Works June 22, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of four multifamily properties located in Manhattan’s Washington Heights neighborhood for $15 million. The properties include 508-512 West 158th St., 516 West 159th St. and 522 West 161st St. The properties total 62,680 square feet and offer a total of 78 residential units and one commercial space. The residential mix includes one one-bedroom unit, 38 two-bedroom units, 38 three-bedroom units and one four-bedroom unit. The sale represents the final tranche of the New Manhattan Portfolio to close. The portfolio was divided into four portions, which were sold with an aggregate value of $55.1 million. Robert Shapiro and Bob Knakal of Cushman & Wakefield handled the transaction.

June 22, 2015

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Brokers $14.7M Sale of Mixed-Use Property in the Bronx

by Amy Works June 22, 2015

NEW YORK CITY — Eastern Consolidated has brokered the sale of a 67,000-square-foot mixed-use property at 135-145 W. Kingsbridge Road in the Bronx’s Kingsbridge Heights section. The asset sold for $14.7 million, or $220 per square foot. The six-story walk-up building features 10 fully occupied retail stores and 57 apartments. Adelaide Polsinelli of Eastern Consolidated represented the seller, and Ronda Rogovin of Eastern Consolidated represented the buyer in the transaction. The names of the buyer and seller were not released.

June 22, 2015

Multifamily New Hampshire Northeast

Eckman Construction Breaks Ground for River’s Edge Apartments in New Hampshire

by Amy Works June 22, 2015

LACONIA, N.H. — Eckman Construction has broken ground for River’s Edge Apartments in Laconia. Situated on Union Avenue, the 41,000-square-foot multifamily complex will feature 32 apartment units. Demolition is complete and site work is underway for the project.

June 22, 2015

New York Northeast Retail

10,000 SF Dollar Tree Opens at Medford Plaza in New York

by Amy Works June 22, 2015

MEDFORD, N.Y. — A 10,000-square-foot Dollar Tree location has opened at Medford Plaza in Medford. Additional tenants at the retail center include Island Recreation, Edible Arrangements, Brick House Cardio, Medford Pastaria and Dunkin’ Donuts. Vintage Vapors is also slated to join the roster. Robert Delavale of Garden City, N.Y.-based Breslin Realty represented the undisclosed landlord in the transaction.

June 22, 2015

Healthcare New Jersey Northeast Office

AHS Buys Two Office Buildings in New Jersey for $22.5M

by Jaime Lackey June 19, 2015

MORRISTOWN, N.J. — Atlantic Health System (AHS) has purchased a two-property, 128,000-square-foot medical office and office building portfolio in Morristown from Ivy Realty and CenterSquare Investment Management for $22.5 million. The acquisition includes properties at 55 Madison Avenue and 101 Madison Avenue, both of which are located directly across from the Morristown Medical Center, which AHS also owns. 55 Madison Avenue is an 89,000-square-foot office building; 101 Madison Avenue is a 39,000-square-foot medical office building, which was renovated in 2008. Major tenants include Regus, Keller Williams, Fresenius Medical Care and BioReference Laboratories. The Colliers International team of Jacklene Chesler, Bryn Cinque, and James Bailey represented AHS in the transaction. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Robert Borny.

June 19, 2015

Multifamily New York Northeast

CPEX Completes $6M Sale in South Slope Area of Brooklyn for Condo Development

by Jaime Lackey June 19, 2015

NEW YORK CITY — CPEX Real Estate has arranged the $6 million sale of 186-190 21st Street in Brooklyn. The CPEX Development & Conversion Sales Team sold the two adjacent lots to Sterling Town Equities for $300 per buildable square foot — a record price for the Greenwood Heights/South Slope neighborhood. The buyer plans to develop a condominium project on this site. The combined footprint at the sites is approximately 10,017 square feet. The property is zoned R6B with a maximum floor area ratio of 2.0, allowing for a total of 20,034 buildable square feet. The site currently consists of one small office building, delivered vacant, which will be demolished.

June 19, 2015

New Jersey Northeast Office

JLL Brokers 144,000 SF Lease for GSK Consumer Healthcare in Warren, N.J.

by Jaime Lackey June 19, 2015

WARREN, N.J. — GSK Consumer Healthcare has signed a 10-year lease for 144,000 square feet of space at 184 Liberty Corner Road, also known as Center 78, in Warren. The Class A, 372,000-square-foot commercial office building is owned by Normandy Real Estate Partners. The four-story Center 78 was constructed in 1982. Normandy Real Estate Partners completed a multi-million capital improvement project at the building in 2012. The property features a 3,200-square-foot, full-service café; a 1,500-square-foot conference center and a 2,200-square-foot fitness center. The tenant was represented by Daniel Loughlin, Scott Lesh, and J.C. Giordano III with JLL. William O’Keefe of DTZ represented Normandy Real Estate Partners.

June 19, 2015

Connecticut Healthcare Northeast Office

Goodfellow Represents Landlord in 15,200 SF Medical Office Lease in Newtown, Conn.

by Jaime Lackey June 19, 2015

NEWTOWN, CONN. — Western CT Medical Group (WCMG) has leased 15,200 square feet of medical office space in a building to be constructed at 170 Mt. Pleasant Rd. in Newtown, from Maplewood Healthcare. The two-story, 30,000-square-foot medical office building is expected to be delivered in early summer 2016 and will be the second of two medical office buildings located at 164 and 170 Mt Pleasant Rd. Maplewood Healthcare is a partnership of Maplewood Senior Living and Allegiance Realty Corp. Todd Payne and Bob Cascella of Goodfellow represented the landlord, while Cushman and Wakefield represented the tenant.

June 19, 2015

BCDA-Aerial-Image-credit-Dattner-Architects-Bernheimer-Architecture

Multifamily New York Northeast

Jonathan Rose Cos. to Develop BCD:A, a $51M Mixed-Use Project in Brooklyn

by Jaime Lackey June 18, 2015

NEW YORK CITY — Jonathan Rose Cos. has begun construction of BCD:A (Brooklyn Cultural District Apartments), a 121,551-square-foot mixed-use, mixed-income property located at the corner of Lafayette Avenue and Ashland Place in the Downtown Brooklyn Cultural District. The $51.1 million, 11-story development includes 123 apartments of which 40 percent will be affordable to families earning between 80 percent and 130 percent of Area Median Income; 2,800 square feet of retail space for a flagship ’wichcraft restaurant; and 21,400 square feet for cultural use. The Center for Fiction will occupy 17,696 square feet and the Mark Morris Dance Group will occupy 3,757 square feet. Construction financing for the project has been provided by a $28 million construction loan from Citizens Bank. The development team for the project includes Dattner Architects, Bernheimer Architecture, and SCAPE Landscape Architects. The project is expected to meet or exceed LEED Silver standards. Residential building amenities include a resident lounge, a fitness center and a double-height conservatory. The property will also include a “Product Lending Library” (or “virtual closet”) that will include a collection of items that residents may need once in a while, but not every day. Examples of such items include a video projector, large …

June 18, 2015

Multifamily New York Northeast

Forest City JV Begins Construction on 38 Sixth Avenue at Pacific Park Brooklyn

by Jaime Lackey June 18, 2015

NEW YORK CITY — Forest City Enterprises, a member of Greenland Forest City Partners (the joint venture developing the Pacific Park Brooklyn project), has closed on financing for the construction of 38 Sixth Avenue, a 303-unit, 100 percent affordable apartment building at Pacific Park Brooklyn, and work has begun on the building. For construction financing of 38 Sixth Avenue, the New York City Housing Development Corp. is providing an $83 million first mortgage loan for the building through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Greenland Forest City Partners is also receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank. Designed by SHoP Architects, 38 Sixth Avenue (formerly known as B3) is the third Pacific Park Brooklyn building on which Greenland Forest City Partners has broken ground since December 2014. The other buildings include 535 Carlton, a 100 percent affordable apartment building, and 550 Vanderbilt, a market-rate condominium building. The first building at Pacific Park, 461 Dean Street (formerly known as B2 BKLYN), broke ground at the end of 2012 and will include 50 percent market-rate apartments, 30 percent middle-income and 20 percent low-income units. 461 Dean Street …

June 18, 2015

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