NEW YORK CITY — Taconic Investment Partners and Ares Management have completed the disposition of 318 residential units at MeadowWood at Gateway, a multifamily property located at 12205 Flatlands Ave. in Brooklyn. The Pinnacle Group purchased the units for $53 million. MeadowWood at Gateway features 19 high-rise and garden-home buildings offers studio, one-, two-, three- and four-bedroom in a mix of for-sale and rental units. Taconic and funds managed by Ares originally purchased the 983 unsold condominiums units out of the 1,152 units at MeadowWood in 2006 and completed a $40 million renovation program at the property. Aaron Jungreis of Rosewood Realty Group represented the seller in the transaction.
DERBY, CONN. — Fischer Real Estate has arranged the sale of an industrial property located at 150 Roosevelt Drive in Derby. An Ohio-based investment group purchased the two-story, 150,000-square-foot property for an undisclosed price. The buyer plans to demolish a portion of the building, renovate the remaining asset and re-introduce the property on a for-lease or for-sale basis. Alan Fischer of Fischer Real Estate represented the buyer and the seller, Derby Cellular Products LLC, in the transaction.
NEW YORK CITY — Centum Real Estate Group has arranged the sale of a retail/restaurant property located at 137 Ludlow St. in New York City. Joe Tabak/Princeton Holdings LLC acquired the three-story 9,777-square-foot property for $8.3 million. Libations, the current tenant, will stay at the property for the next two years until the new owner repositions the asset. Otis Duffy of Centum Real Estate Group represented the buyer and the undisclosed seller in the transaction.
PENNSYLVANIA — UMH Properties Inc. has acquired a manufactured home community in northeastern Pennsylvania for $3.5 million. Situated on 43 acres, the property features 158 developed home sites, with an average occupancy of 64 percent. With this acquisition, UMH owns 92 communities and 15,700 developed home sites. The name of the seller was not released.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an industrial property located at 35 Division Place in Brooklyn. The 10,000-square-foot asset sold for $3.5 million. The undisclosed buyer plans to renovate the property for its food distribution business. Jakub Nowak and Jim McGuckin of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both limited liability companies, in the deal.
NEW YORK CITY — Prodigy Network has signed option agreements to acquire two buildings in the NOMAD section of Manhattan for a total of $95.4 million. The company will acquire a 12-story, 45,000-square-foot loft building located at 114-116 East 25th St. for $48 million, and a 12-story loft building located at 331 Park Ave. S. for $47.4 million. These acquisitions mark the fourth and fifth Manhattan project for Prodigy, a real estate crowdfunding company.
NEW YORK CITY — Marcus & Millichap has brokered the sale of the Newel Building, a property located at 425-429 East 53rd St. in Midtown Manhattan. Rakema Holdings LLC, an affiliate of Ruder Finn, acquired the property for $30.7 million, or $900 per square foot. Built in 1926, the five-story building features 34,125 square feet of commercial space, including a car-sized freight elevator, passenger elevators, sub-basement storage space, a loading dock and a ground-floor retail showroom. Anthony Finno of Marcus & Millichap represented the seller, Newel LLC, in the transaction.
BOSTON — NorthMarq Capital has finalized $54.3 million in refinancing for a five-property portfolio of apartments in the Fenway neighborhood of Boston. Michael Chase of NorthMarq arranged the $29.3 million refinance of Symphony & Hemenway Apartments, three multifamily properties totaling 116 units in the Fenway neighborhood of Boston. This latest loan complements the $25 million loan that NorthMarq secured for the refinancing of Westland Avenue Apartments in Boston’s Fenway neighborhood. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
ROSELLE PARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Grande Apartments, a multifamily property located at 240 W. Sumner Ave. in Roselle Park. Sumner Rose LLC sold the property for $12.1 million to Landmark Cos. The 119-unit property features a mix of studio, one- and two-bedroom layouts with stainless steel appliances and wood cabinetry in the kitchens, new bath and individually controlled air conditioning units. At the time of sale, the property was 98 percent occupied. Joseph Brecher and Stephen Tragash represented the seller and procured the buyer in the transaction.
BOSTON AND NORWOOD, MASS. — EagleBridge Capital has arranged $8.9 million in permanent mortgage financing for two properties in Massachusetts. The first property, located at 33 Broad St. in Boston, features 40,500 square feet of office space and is 100 percent leased to a variety of tenants, including State Street Eye Health, Expresso Love, law firms, accountants and consultants, among others. The second property, located at 340-346 Vanderbilt Ave. in Norwood, offers 65,240 square feet of multi-tenant industrial space and is fully leased to eight tenants. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing, which was provided by a financial institution.