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Broadway-NYC
LoansNew YorkNortheastOffice

Meridian Capital Arranges $95M Refinance Loan for Office Property in NYC

by Amy Works

NEW YORK CITY — Meridian Capital Group has arranged a $95 million mortgage for the refinancing of an office property located on lower Broadway in Manhattan’s Financial District. The 12-year loan, provided by a life insurance company, features a 3.78 percent fixed rate and six years of interest-only payments followed by a 30-year amortization schedule. Constructed in 1983, the 32-story property offers 403,800 square feet of Class A office space. Abe Hirsch and Daniel Jacob Meridian negotiated the financing for the undisclosed borrower.

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FloridaHospitalityMassachusettsNortheast

Chatham Lodging Trust Acquires Two Hotels for $55.5M

by Amy Works

DEDHAM, MASS., AND FT. LAUDERDALE, FLA. — Chatham Lodging Trust has acquired two hotels from Claremont Cos. for $55 million, or approximately $298,000 per room. The company purchased the 81-room Residence Inn Boston in Dedham, which recently underwent a $2 million renovation program, and is under contract to acquire the 105-room Residence Inn Fort Lauderdale Intracoastal/Il Lugano in Fort Lauderdale. The 14-story property was converted from a Il Lugano Hotel and Residences to a Residence Inn in 2014. Both properties will be managed by Island Hospitality Management.

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LoansNew YorkNortheastRetail

Cushman & Wakefield Closes $8.1M Loan for Retail Property in Brooklyn

by Amy Works

NEW YORK CITY — Cushman & Wakefield has arranged an $8.1 million construction/rehab loan for a corner retail property located in Brooklyn’s Prospect Park South. The loan features a three-year term, with extensions, at an interest rate of LIBOR (London Interbank Offered Rate) plus 4.25 basis points. The loan will cover 100 percent of the project costs, which include significant renovations to the existing building. Preston Flammang of Cushman & Wakefield handled the transaction. The name of the borrower was not released.

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Nathan-Hale-Inn-CT
ConnecticutHospitalityNortheast

HREC Arranges Sale of 98-Room Nathan Hale Inn in Connecticut

by Amy Works

STORRS, CONN. — HREC Investment Advisors has arranged the sale of the Nathan Hale Inn & Conference Center in Storrs. The University of Connecticut (UCONN) purchased the property for an undisclosed sum. Situated on the campus of UCONN, the property features 98 guestrooms. Ketan Patel and Geoff Davis of HREC represented the undisclosed seller in the transaction.

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137-Frost-St-NYC
MultifamilyNew YorkNortheastRetail

Marcus & Millichap Brokers $5.3M Land Parcel Sale in Brooklyn

by Amy Works

NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 137 Frost St. in Brooklyn. The 7,500-square-foot parcel sold for $5.3 million. Shaun Riney, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.

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111-Murray-Street-NYC
MultifamilyNew YorkNortheast

Joint Venture Breaks Ground on 157-Unit Residential Tower in Tribeca

by Amy Works

NEW YORK CITY — A joint venture between Fisher Brothers, Witkoff and New Valley has broken ground on 111 Murray Street, an 800-foot residential tower in Tribeca. Designed by Kohn, Pederson Fox, the property will feature more than 300,000 square feet of condominiums, ranging from one-bedroom to five-bedroom units priced between $2 million and more than $17.5 million. The 157-residence tower will feature a 24/7 doorman and concierge, lobby, private dining room with fully equipped demonstration kitchen, landscaped private garden, 75-foot lap pool, children’s splash pool, fitness center, hair salon, teen arcade, children’s playroom and media room. Completion is slated for early 2018.

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23-E-17th-St-NYC
Mixed-UseMultifamilyNew YorkNortheastOfficeRetail

Cushman & Wakefield Arranges $13.2M Sale of Mixed-Use Property in Manhattan

by Amy Works

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 23 E. 17th St. in Manhattan’s Ladies’ Mile Historic District. The 10,998-square-foot property sold for $13.2 million, or $1,205 per square foot. Built in 1902, the six-story property consists of two ground-floor retail spaces, one second-floor commercial space and apartment units on the upper floors. Thomas Gammino Jr., John Ciraulo and Craig Waggner of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.

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MultifamilyNortheastPennsylvania

Landmark Commercial Brokers $12.1M Sale of Multifamily Property in Pennsylvania

by Amy Works

WILKES-BARRE, PA. — Landmark Commercial Realty/TCN Worldwide has arranged the sale of a multifamily property located in Wilkes-Barre. The 200-unit rental townhouse community, known as Marion Terrace, sold for $12.1 million. Chuck Heller and Drew Bobincheck of Landmark Commercial Realty negotiated the deal on behalf of the seller, Hanover Associates. Kingston, Pa.-based Mark Development Co. represented the undisclosed buyer in the transaction.

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252-Union-Ave-NYC
MultifamilyNew YorkNortheast

Marcus & Millichap Arranges $1.4M Apartment Building Sale in Brooklyn

by Amy Works

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 252 Union Ave. in Brooklyn. The four-unit property sold for $1.4 million. Shaun Riney, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a developer, in the transaction.

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495-Barell-Carlstadt-NJ
IndustrialNew JerseyNortheast

NAI Hanson Arranges 23,062 SF Industrial Lease in New Jersey

by Amy Works

CARLSTADT, N.J. — NAI James E. Hanson has arranged a 23,062-square-foot industrial lease at a newly renovated building located at 495 Barell Ave. in Carlstadt. The newly signed tenant is KS Trading Corp., a manufacturer and marketer of casual clothing for boys. KS Trading Corp. will utilize the building to house and distribute its golf apparel line of clothing as it grows its distribution capabilities and services. The property features three loading docks, ample column spacing and 16-foot ceiling heights. Thomas Vetter and Jeffrey DeMagistris of NAI Hanson represented the landlord, Barell 495 LLC, while William Lee of Eastern International Realty represented the tenant in the long-term lease transaction.

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