The New York Capital Region’s industrial market has experienced strong growth over the past 24 months, and promises a continued pattern of growth for the next 12 to 24 months. As the office market in the central business district struggles to right itself fueled by the State’s tenuous occupancy of numerous privately held properties, the industrial marketplace has flourished with extended commitments from existing users and the entrance of new users. Upstate New York is making a name for itself in the nanotech industry, and a great deal of national and international attention has been drawn to the region. In addition to activity driven by high-tech companies, national distribution and manufacturing groups have committed to the region or have focused their site searches in the Capital District. The most significant job creation mechanism in the region has been the nanotech industry. Billions of private and public sector money has been invested since 2010 into Luther Forest Technology Campus in Malta, N.Y., as well as SUNY Polytechnic Institute (also known as the Colleges of Nanoscale Science and Engineering). These facilities have placed our region firmly on the international map and have transformed the appearance of New York’s Capital Region. The strongest …
NEW YORK CITY — New York-based ABS Partners Real Estate has invested $10 million for a capital improvement campaign at 915 Broadway, a 20-story office/retail property located at the southwest corner of 21st Street and Broadway in New York City. The firm tapped GKV and Javier Delagarza Architecture to design new corridors, high-end restrooms, high-grade lighting, elliptical ductwork, and well-appointed pantries. Additionally, the upgrades include full-glass office fronts, wood floors and open ceilings. Renovations took place on the fifth floor, after which the entire floor was leased to tenants, including Path Interactive and Gradian. Now work has commenced on the tenth floor.
YORKTOWN HEIGHTS, N.Y. — Houlihan-Parnes Realtors has placed an acquisition loan and credit facility totaling $13.2 million on two properties in Yorktown Heights. Located at 2649-2651 Strang Blvd., the corporate park contains a total of 209,078 square feet of rentable office space, which will be managed and leased by GHP Office Realty. The interest-only loan, which was placed with a local bank, features a 3.875 percent interest rate for three years, a renewal option and a flexible pre-pay schedule. Kelly Houlihan-Buckley and James Houlihan of Houlihan-Parnes secured the financing. John Hughes and James Maloney of Great American Title arranged the title. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel to the undisclosed borrower. GHP Office Realty is the office building division of Houlihan-Parnes Realtors LLC.
NEW YORK CITY — TerraCRG has brokered the sale of a three-building mixed-use portfolio in Brooklyn’s Prospect Lefferts Gardens neighborhood. The buildings sold for $4.75 million or $284 per square foot. Located at 608-612 Flatbush Ave., the 16,749-square-foot portfolio offers 21 residential units and three commercial spaces. Adam Hess, Sam Shalumov, Chris Pechlivanides and Edward Setton of TerraCRG handled the transaction.
UNION CITY, N.J. — Marcus & Millichap has brokered the sale of Civic Towers, an apartment building located in Union City. The apartment building sold for $1.8 million or $136,538 per unit. Located at 1306 New York Ave., the building features 13 residential units and 10 on-site parking spaces. Steven Matovski of Marcus & Millichap represented the seller, a local developer, while Maz Radwan and Jonathan Zamora, also of Marcus & Millichap, secured the buyer for the transaction.
NEW YORK CITY — Alpha Realty has brokered the sale of Nameoke Street, a four-story apartment building located in the Far Rockaway section of Queens. The asset sold for $1.75 million or $102,941 per unit. The 13,912-square-foot asset features 17 apartment units. The seller was a private long-term owner and the buyer was a private investor from Brooklyn. Lev Mavashev and Jacob Aronov of Alpha Realty arranged the off-market transaction.
NEWINGTON, CONN. — NorthMarq Capital has secured $24 million to refinance Newington Commons Shopping Center located at 196 Kitts Lane in Newington. The 189,864-square-foot shopping center is tenanted by Stop & Shop, Bob’s Stores, Party City, Petco, Planet Fitness and Michaels. The 10-year loan features two years of interest-only payment and a 30-year amortization schedule. Keith Braddish of NorthMarq Capital’s New York office arranged the financing for the borrower through NorthMarq’s relationship with a CMBS lender.
YONKERS, N.Y. — A wholly owned subsidiary of Urstadt Biddle Properties Inc. has acquired a 51 percent equity interest in a joint venture that owns McLean Plaza Shopping Center in Yonkers for $7.8 million. Built in 1982, the 57,000-square-foot center is occupied by a 35,000-square-foot A&P Supermarket, other tenants includes Duane Reade pharmacy, an E-Z Pass Service Center, Dunkin’ Donuts and Ridgewood Savings Bank. The purchase price is subject to the company assuming its share of a $2.78 million first mortgage payable that encumbers the shopping center. The company purchased its interest from an affiliate of The Great Atlantic & Pacific Tea Company (A&P), which is a tenant at the shopping center. In conjunction with the purchase, A&P modified its lease and extended the initial term until 2034. The remaining 49 percent of the joint venture is owned by entities owned by the two real estate families that originally developed the shopping center with A&P.
NEWARK, DEL. — Ingerman has broken ground for the development of Alder Creek, Delaware’s newest affordable housing community. Located in Newark, the community will feature 13 two-story buildings offering a total of 56 one-, two-, three- and four-bedroom apartment units. Each residence will have a private entrance, front porch, rear balcony or patio, and ample parking. On-site amenities include a community building with a meeting room, laundry facilities, fitness center and maintenance space, as well as an after-school program. The project is slated for completion in summer/fall 2015.
EAST MEADOW, N.Y. — Stalco Construction and Ehasz Giacalone Architects have completed the $700,000 renovation and upgrade of The Peter W. Addiego Health Sciences Library at the Nassau University Medical Center in East Meadow. Renovations and upgrades to the two-story 12,000-square-foot building includes an improved layout design, energy-efficient building systems and new interior finishes. The project team included Stalco as the general contractor, Ehasz Giacalone Architects as interior designer, SCC Construction Management Group as construction manager and KP Professional Engineering as mechanical engineer.