Northeast

HFF Secures $63.5M in Financing for Development of Multifamily Community in New Jersey

by Amy Works January 20, 2016

JERSEY CITY, N.J. — HFF has secured $63.5 million in financing for the development of the first phase of 207 Van Vorst, a proposed two-phase, 408-unit luxury multifamily community in Jersey City. HFF worked on behalf of 207 Van Vorst Street Realty Company, a joint venture between institutional investors advised by J.P Morgan Asset Management – Global Real Assets and Fields Development Group, to place the loan with Wells Fargo Bank. Slated for completion in 2017, the 255-unit first phase will feature a mix of studio, one-, two- and three-bedroom residential apartment units and two ground-floor retail spaces totaling 7,237 square feet. Community amenities will include a rooftop swimming pool, fitness center, 24-hour concierge, landscaped courtyard, club room, children’s playroom and a 254-space AutoMotion parking system. Thomas Didio of HFF represented the borrower in the financing.

January 20, 2016

Multifamily New York Northeast Retail

GFI Realty Brokers $15.8M Sale of Multifamily/Retail Property in Brooklyn

by Amy Works January 20, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily and retail property located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. A group led by Cheskie Weisz of CW Realty and Joel Wertzberger of Joyland Group acquired the asset from Anthony Fernicola for $15.8 million. The property consists of 18 residential units, one retail shop and 5,700 square feet of air space. At the time of sale, 16 residential units and the retail unit were vacant. The new ownership plans to complete interior and exterior renovations at the property and will use the additional air rights to expand the size of the retail facility. Joseph Landau and Max Koshkerman of GFI Realty represented the buyer, while Koshkerman and James Tenaglia of M & J Realty Group represented the seller in the transaction.

January 20, 2016

Healthcare Northeast Office Pennsylvania

Sands Investment Group Negotiates Sales of Two Medical Office Properties in Pennsylvania

by Amy Works January 20, 2016

BETHLEHEM AND WHITEHALL, PA. — Sands Investment Group has brokered the sales of two medical office buildings in Pennsylvania. An East Coast institutional investment firm has acquired a 22,742-square-foot medical office building located at 2014 County Line Road in Bethlehem for $4.4 million and a 10,170-square-foot medical office building at 1320 Mickley Road in Whitehall for $3.1 million. The Bethlehem property is occupied by Fresenius, RMS, a DaVita subsidiary, and Valley Kidney Specialists; and the Whitehall property is occupied by Fresenius Medical Care. Bryant Hoover of Sands Investment Group’s Santa Monica, Calif., office represented the seller, a doctor/owner, in both transactions.

January 20, 2016

Multifamily New York Northeast

Cignature Realty Associates Arranges $4.5M Sale of Manhattan Apartment Building

by Amy Works January 20, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of an apartment building located at 541 W. 144th St. in Manhattan’s Hamilton Heights neighborhood. A local real estate investor acquired the five-story walk-up for $4.5 million, or 18.5 times the rent roll. The 14,190-square-foot property features 20 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the seller, 144 Street Properties LLC, and the buyer in the transaction.

January 20, 2016

Multifamily New York Northeast Seniors Housing

IPA Negotiates $48M Sale of Two-Property Seniors Housing Portfolio in Upstate New York

by Amy Works January 19, 2016

BROCKPORT AND QUEENSBURY, N.Y. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a two-property seniors housing portfolio in Upstate New York. Brookdale Senior Living acquired the two assets for $48 million. Totaling 183 units, the properties are Emeritus at Landing of Brockport and Emeritus at Landing of Queensbury. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller, a private family office, in the transaction.

January 19, 2016

Industrial New Jersey Northeast

NAI Mertz Brokers Sale of 76-Acre Land Parcel in New Jersey

by Amy Works January 19, 2016

LOGAN TOWNSHIP, N.J. — NAI Mertz has arranged the sale of a 76-acre land parcel adjacent to the Pureland Industrial Complex in Logan Township. Corporate Enterprises Inc. sold the property to J.G. Petrucci for an undisclosed price. The buyer plans to construct a state-of-the-art industrial facility on the site, which offers access to Interstate 295 and Commodore Barry Bridge. Scott Mertz represented the seller in the transaction.

January 19, 2016

Connecticut Multifamily Northeast

Equus Sells 650-Unit Apartment Portfolio in Connecticut to Hampshire Properties

by Amy Works January 19, 2016

MIDDLETOWN, CONN. — Equus Capital Partners has completed the disposition of two apartment communities in Middletown. Hampshire Properties acquired the properties for an undisclosed price. The 650-unit portfolio consists of Madison Chestnut Hill and Madison Northwoods and features a mix of one-, two- and three-bedroom apartments. Community amenities include outdoor swimming pools, tennis and indoor racquetball courts, fitness centers, a playground and a nature trail. At the time of acquisition, the communities were 95 percent occupied. Victor Nolletti and Steve Witten of Institutional Property Advisors represented the seller in the transaction.

January 19, 2016

Mixed-Use Multifamily New York Northeast Retail

Besen & Associates Arranges $3.2M Sale of Mixed-Use Property in Manhattan

by Amy Works January 19, 2016

NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 1792 Amsterdam Ave. in the Hamilton Heights neighborhood of Manhattan. The asset sold for $3.2 million, or $350 per square foot. Built in 1980, the 9,315-square-foot property features 13 apartments and 1,050 square feet of retail space. Greg Corbin, Miguel Jauregui and Saadya Notik of Besen & Associates represented the seller and procured the buyer in the transaction.

January 19, 2016

Loans New Jersey Northeast Retail

Weiss Realty Secures $3.2M in Financing for Retail Property in New Jersey

by Amy Works January 19, 2016

FORT LEE, N.J. — Weiss Realty has arranged $3.2 million in financing for an affiliated entity on a retail property in Fort Lee. Located at 2215 Route 4 East, the 1,800-square-foot property features a Starbucks Coffee drive-thru and a Bank of America drive-up kiosk. Jaime Weiss of Weiss Realty secured the financing. William Boylan of Malvern Federal Savings Bank represented the bank, William Fiore of Meyner and Landis represented the borrower, and Joseph Jankowsk of Wiletz, Goldman & Spitzer provided legal counsel to the lender.

January 19, 2016

Multifamily New York Northeast

Forest City Realty Trust Sells Development Site in Brooklyn for $158M

by Amy Works January 18, 2016

NEW YORK CITY — Forest City Realty Trust has completed the disposition of a development site located at 625 Fulton St. in Brooklyn. Brooklyn-based Rabsky Group acquired the unencumbered site for $158 million, or approximately $255 per square foot. Forest City originally purchased the property in 1989, and the company demolished the existing 359,000-square-foot office building on the site, with plans to develop a residential tower. Rabsky Group has approximately 1,850 units in the pipeline in Brooklyn and 400 more planned in Queens. The company’s two largest current projects are a 398-unit rental building at 10 Montieth St. and a 777-unit rental property at 249 and 334 Wallabout St. in Brooklyn.

January 18, 2016

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