NEW YORK CITY — HFF has arranged $25 million in refinancing for an office building located at 99 Madison Ave. in Manhattan. HFF placed the 15-year, fixed-rate loan with Voya Investment Management for the borrower, Windsor Management. Built in 1915, the 124,382-square-foot building features ground-floor retail space with offices on the upper floors. The property is fully leased to 12 tenants, including HAB Bank. Steven Klein and Jonathan Rosner of HFF arranged the financing for the borrower.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 36-01 Vernon Blvd. in the Long Island City neighborhood of Queens. The asset sold for $2.5 million, or $278 per square foot. The four-story, 9,000-square-foot building features one commercial unit and seven three-bedroom apartments. David Chkheidze of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.
NEW YORK CITY — Silverstein Properties Inc. and Bjarke Ingels Group (BIG) have unveiled 2 World Trade Center, located at 200 Greenwich St. in New York City. The 80-story, 2.8 million-square-foot office building will feature a 38,000-square-foot lobby and access to the World Trade Center Transit Hub. Designed by BIG, the tower will feature a stacked design, which allows for 38,000 square feet of outdoor terraces within the property. Upon completion, the property will be 50 percent occupied by 21st Century Fox and News Corp.
SALEM, N.H. — LCB Senior Living has broken ground for The Residence at Salem Woods, a seniors housing community in Salem. Located at 6 Sally Sweets Way, the 77,000-square-foot community will feature 84 units, including a mix of studio, one-bedroom and two-bedroom units, a memory care wing, a library, computer room, walking paths, a salon and recreation areas. Eckman Construction is serving as general contractor and Chelsea, Mass.-based The Architectural Team is architect of record. Completion is slated for early 2016.
NEEDHAM, MASS. — Ultima Hospitality has acquired the Sheraton Needham Hotel, located at 100 Cabot St. in Needham, for an undisclosed price. The 247-room hotel recently underwent an extensive renovation. The new guest rooms feature Sheraton Sweet Sleeper beds, complimentary WiFi, individual climate control and 37-inch LCD televisions. Additionally, the hotel features a fitness center, heated indoor pool, Link Café and Bar, and 15,000 square feet of flexible meeting and event space. The name of the seller was not released.
BALDWINSVILLE, N.Y. — CBRE/New England, along with CBRE Syracuse, has brokered the sale of River Mall Shopping Center in Baldwinsville. Phillips Edison & Co. sold the 165,000-square-foot property for an undisclosed price to RMSC Holdings. The property is anchored by Tops Market and fully leased to a roster of national and regional credit tenants. Nat Heald, Bill Moylan, Chris Angelone and Michael Finn of CBRE represented the seller and procured the buyer in the deal.
EAST FISHKILL, N.Y. — Marcus & Millichap has arranged the sale of Heritage Square, a mixed-use property located in East Fishkill. The 72,423-square-foot property sold for $6.5 million. Nathan Pealer of Marcus & Millichap represented the seller, a subsidiary of a financial institution, in the transaction. The name of the buyer was not released.
Momentum in Northern New Jersey’s multifamily market continues unabated, with investors aggressively pursuing opportunities, and developers actively launching projects along the Hudson River Gold Coast and west along transit lines. Heading into the heart of 2015, we are seeing demand drive up sales volume and values, and push cap rates down to historically low levels. Current investment velocity follows a strong 2014 capital markets performance. Last year, $1.3 billion in multifamily sales (including transactions of $10 million or more) marked the highest volume since 2007, and compares to approximately $900 million annually in both 2012 and 2013. For context, the market saw only $169 million in annual trades during the depth of the recession in 2009. The “buy” side today is dominated by institutional advisors, particularly for Class A apartment communities. Additionally, we are seeing privately held firms and raised funds making big splashes with value-add and Class B product. Northern New Jersey’s active sellers include developers and private owners looking to take advantage of valuations that have appreciated to historically high levels, as well as institutions that are cycling assets at the end of their traditionally long-term investment horizons. Additionally, multifamily cap rates have dropped consistently in Northern New …
NEW YORK CITY — Sugar Hill Capital Partners has completed the sale of a 60,078-square-foot multifamily property, located at 580 St. Nicholas Ave. in New York City’s Hamilton Heights, for $25.5 million. Built in 1914, the six-story elevator apartment building features 93 apartments and one commercial unit. Michael Guttman of Rosewood Realty Group represented the seller, while Roni Abudi of GFI represented the buyer, a private investor, in the transaction.
BURLINGTON, MASS. — A joint venture between National Development, AEW Capital Management and Charles Rivers Realty Investors is rebranding New England Executive Park in Burlington, which the partnership acquired in June 2013, as The District Burlington. The rebranding is part of a multi-phase redevelopment to revamp the 13-builting complex into a walkable, urban-style destination. The planned redevelopment will include a 170-room hotel, restaurant and retail space and a 350-car parking garage, as well as upgrades and renovations for select buildings to create state-of-the-art workspace. Scheduled to begin this summer, the upgrades include the construction of a new parking structure, renovation of Building 7, which will consist of a 54,000-square-foot addition to create 80,000 square feet of modern workspace, a green roof deck and glass exterior that will form the new terminus to the main street. Additional enhancements will include walking trails and utility, paving, lighting, signage and landscape improvements throughout the buildings and along the frontage. The complex features a build-to-suit opportunity of up to 180,000 square feet. AEW owns the property on behalf of the AEW Core Property Trust (U.S.), an open-end core real estate fund. Jones Lang LaSalle is the leasing agent for the property. The project team …
