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.
DOBBS FERRY, N.Y. — Saber Real Estate Advisors has completed demolition and begun construction for Rivertowns Square, a $150 million mixed-use development in Dobbs Ferry. Slated to open next year, the project will feature a hotel, restaurants, and boutique retail and entertainment space. Rivertowns Square is currently 80 percent pre-leased to a variety of tenants, including Mrs. Green’s Natural Market, ULTA Beauty, Chipotle, Buddha Asian Bistro, My Gym, The Learning Experience, New York Sports Club, Starbucks Coffee, GNC and a luxury movie theater. Leasing for the project is being handled by Greenstone Realty of Manhattan.
PITTSTON, PA. — Woodmont Industrial Partners has acquired a 437,000-square-foot warehouse building, located at One Commerce Road in Pittston, for an undisclosed sum. The property features 48- to 54-foot clear height with racking in place, a 269-car parking lot and rail service. Woodmont plans to implement a capital improvement program to the property, including new trailer parking and the addition of up to 20 loading docks. The property, which served as a book distribution center for Penguin Random House LLC, is currently available for lease. Andrew Houston and Adam Ardise of DTZ represented the undisclosed seller in the transaction.