FORT LEE, N.J. — Marcus & Millichap has brokered the sale of an absolute triple-net ground lease at 2035 Lemoine Ave. in Fort Lee. The asset, which features a 6,000-square-foot net-leased property, sold for $990,000. Michael Lombardi and Marco Capozzoli of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a private investor. Greg Babaian of Marcus & Millichap’s New Jersey office represented the buyer, a private investor, in the transaction.
NEW YORK CITY — Emerald Creek Capital has provided a $23 million acquisition loan for the purchase of a development site in Manhattan’s Lower East Side. Located at 50 Clinton St., the development site is zoned R7A and has approved plans for a seven-story condominium building offering 37 residential units and grade-level retail. The borrower is DHA Capital, a New York City-based development firm.
NEW YORK CITY — The CPEX Industrial sales team has brokered the sale of a warehouse building located at 74 Kent Street in Brooklyn. Leeds United Construction Group LLC purchased the building for $7.5 million or $420 per square foot in an all-cash transaction. Leeds plans to convert the building into a combination of office and retail space. The three-story, 17,845-square-foot property was delivered vacant. Jacob Tzfanya and Christopher Burti of CPEX represented the undisclosed seller in the transaction.
JERSEY CITY, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 14-20 Park St. in Jersey City’s Bergen-Lafayette section. The asset sold for $3.6 million or $189,000 per unit. The four-story, 19-unit apartment building underwent an extensive renovation in 2009. Steven Matovski and Umar Sheikh of Marcus & Millichap brokered the transaction. The names of the seller and buyer were not disclosed.
NEW YORK CITY — Eastern Consolidated and Cresa New York have arranged the $52.9 million sale of a residential and retail property located at 110-112 Greenwich St. in Lower Manhattan. Built in 1929 and last altered in 1998, the 66,530-square-foot property features 60 free-market apartments, corner retail space and 30,000 square feet of additional development rights. Peter Hauspurg, David Schechtman, Lipa Lieberman, Abie Kassin of Eastern Consolidated, along with Mark Jaccom and Elyse Schindler-Candella of Cresa New York, represented the buyer, Hersel Torkian of the BHT Corp., and the seller, 110 Greenwich Street Associates, in the transaction.
MEDFORD, MASS. — Criterion Development Partners has selected WinnResidential, the property management arm of WinnCompanies, to manage its newest apartment community in Medford. Located on Mystic Valley Parkway, Lumiere consists of 164 residential units with a mix of studio, one- and two-bedroom units. Each apartment features hardwood floors, stone counter tops, expansive tall windows and private patios or balconies. On-site amenities include a swimming pool with sun deck, green deck with community garden, a game area, fitness center and a WiFi lounge with seating for private parties and individual use. The first phase, which is currently open for occupancy, features 48 apartments and the sun deck. The second phase will open in January and the final phase will open in February. WinnResidential manages nearly 500 communities across 23 states nationwide with more than 200 located in Massachusetts.
HACKENSACK, N.J. — Marcus & Millichap has arranged the sale of a net-leased retail property located on Polifly Road in Hackensack. The 10,000-square-foot asset, which is net-leased by CVS, sold for $3.7 million. Michael Lombardi and Greg Babaian of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a private investor. Giovanni LaGalia and Scott Plasky of Marcus & Millichap’s Manhattan office secured and represented the buyer in the transaction.
NEW YORK CITY — Winick Realty Group has brokered the leases of two retail storefronts at 22 Spring St., which is located between Mott and Elizabeth streets in the Nolita neighborhood of New York City. The two 700-square-foot spaces were previously ground-floor apartments and recently underwent renovations to become retail space. Paint Box, an art gallery and custom framing store, and The Clay Pot, a boutique jewelry store, have leased the storefronts. Matthew Ball of Winick Realty Group represented Paint Box, which is opening in October. Andrew Mendel and Lindsay Charles of Ripco represented The Clay Pot, which plans to open in time for the holiday season. Darrell Rubens, Lee Block and Matthew Ball of Winick Realty Group represented the landlord, Samy Manhar, in the transactions.
WHITE PLAINS, N.Y. — GHP Office Realty has leased the entire 15,000-square-foot, street-level of 7-11 South Broadway in White Plains. Located in the central business district, the four-story, 70,000-square-foot building has been repositioned to medical use and is now 100 percent leased to medical tenants. Formé Rehabilitation Inc. has signed a long-term lease for 11,500 square feet of space at the building. Gina Cappelli and Bruce Berg of Cappelli Enterprises represented Formé Rehabilitation Inc. Additionally, Broadway Dental Associates inked a long-term lease for the remainder of the floor, approximately 3,500 square feet, for a state-of-the-art dental infrastructure facility. Jamie Schwartz provided in-house representation for the owner, GHP Office Realty, in the deals.
MONTCLAIR, N.J. — LCOR, along with co-developer The Pinnacle Cos., has topped out Phase I of Valley & Bloom, a mixed-use project in Montclair’s central business district. Located at 638 Bloomfield Ave., Valley & Bloom will be comprised of two buildings that will include a total of 258 residential apartments, ranging from studio to two-bedroom units; 20,000 square feet of office space; 22,000 square feet of retail space; and 571 parking spaces. Phase I is on track to be completed by the end of May 2015, with the second building following shortly after. Valley & Bloom is the first phase of the Montclair Center Gateway Redevelopment Plan. The Pinnacle Cos. recently received approval for Phase II, which will include The MC Hotel, part of Marriott International’s Autograph Collection. The MC Hotel is slated to begin construction in 2015.
