Northeast

Savanna Sells 72,000 SF Manhattan Office Building to Real Estate Equities Corp.

by Amy Works March 3, 2015

NEW YORK CITY — Savanna has completed the disposition of 576 Fifth Avenue, a boutique office and retail building in Manhattan. Real Estate Equities Corp. acquired the 72,000-square-foot asset for an undisclosed price. Situated on the corner of Fifth Avenue and 47th Street, the property features a jewelry exchange on the ground floor and offices on the upper floors. Yoron Cohen, Richard Baxter, John Caplan, Scott Latham and Jason Gold of Jones Lang LaSallle represented Savanna in the transaction.

March 3, 2015

Northeast Pennsylvania Retail

CBRE Brokers Sale of Shoppes at Montage Retail Center in Pennsylvania

by Amy Works March 3, 2015

MOOSIC, PA. — CBRE Group has brokered the sale of Shoppes at Montage, a 281,193-square-foot retail center located in Moosic. USPG Holdings Inc. purchased the property for an undisclosed price from Duke Realty. Situated on 52 acres, the center is occupied by more than 50 retail stores. Kevin McClernon, Bob Mahoney and Rich Frolick of CBRE represented the seller in the transaction.

March 3, 2015

Healthcare New York Northeast Office

GFI Realty Arranges Sale of Sheepshead Bay Office Building

by Amy Works March 3, 2015

NEW YORK CITY — GFI Realty Services has arranged the sale of an office building located at 2118 Coney Island Ave. in the Sheepshead Bay area of Brooklyn. Constructed in the 1990s, the three-story, 4,800-square-foot medical office building sold for $2.2 million. Erik Yankelovich of GFI Realty Services represented the seller and buyer, both of which are local investors, in the transaction.

March 3, 2015

Multifamily New York Northeast

Alpha Realty Brokers $7.6M Apartment Building Sale in the Bronx

by Amy Works March 2, 2015

NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1314 Seneca Ave. in the Hunts Point section of the Bronx. The 60-unit apartment building sold for $7.6 million, or $126,000 per unit. Constructed in 1928, the 64,000-square-foot elevator building features residential units and two retail stores. Lev Mavashev and Jacob Aronov of Alpha Realty represented the seller. Both the seller and buyer were local private investors.

March 2, 2015

Industrial Northeast Pennsylvania

R.R. Donnelley Sells 370,000 SF Industrial Building in Pennsylvania

by Amy Works March 2, 2015

BLOOMSBURG, PA. — R.R. Donnelley has completed the disposition of its 370,000-square-foot industrial building located in Bloomsburg. Sekisui Polymer Innovations LLC purchased the facility for an undisclosed price. Situated on 56.63 acres at 4411 Old Berwick Road, the property features 26-foot ceiling heights, T-8 fluorescent lighting, a wet sprinkler system, 10,500 square feet of office space, 16 dock doors with levelers and seals, two drive-in doors and parking for 480 vehicles. Michael Treacy of Binswanger and Berwick Industrial Development Association brokered the transaction on behalf of R.R. Donnelley.

March 2, 2015

Loans New York Northeast Retail

NorthMarq Capital Arranges $3M in Refinancing for Brooklyn Retail Property

by Amy Works March 2, 2015

NEW YORK CITY — NorthMarq Capital has arranged $3 million in refinancing for Mangreen Properties, an 18,523-square-foot retail property located at 910 Manhattan Ave. in Brooklyn. The 10-year loan features a 25-year amortization schedule. Charles Cotsalas of NorthMarq’s New York metro office secured the financing through NorthMarq’s relationship with a national bank. New York Sports Clubs is the property’s major tenant.

March 2, 2015

Multifamily New Jersey Northeast

CBRE Group Inc. Arranges Sale of Two-Building Apartment Complex in New Jersey

by Amy Works March 2, 2015

NEWARK, N.J. — CBRE Group Inc. has brokered the sale of 1 and 2 Noll Place in Newark. The two-building apartment complex, which features 36 units, sold for $1.9 million. Charles Berger and Elli Klapper of CBRE represented the undisclosed seller in the transaction. The undisclosed out-of-state buyer plans to hold the property for investment purposes.

March 2, 2015

Industrial New York Northeast

Marcus & Millichap Brokers $1.6M Sale of Brooklyn Industrial Property

by Amy Works March 2, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an industrial property located at 489 Baltic St. in Brooklyn. The 6,242-square-foot property sold for $1.6 million. Jakub Nowak and Hemal Patel of Marcus & Millichap represented the seller, an individual/personal trust, and the buyer, a private investor, in the transaction.

March 2, 2015

Mixed-Use New York Northeast

Dalan Management, RWN Real Estate Partners Buy NYC Midtown Ground Lease for $47M

by Amy Works February 27, 2015

NEW YORK CITY — Dalan Management has partnered with RWN Real Estate Partners to purchase the long-term leasehold of The Indigo in Midtown East for $47 million. Located at 230 East 44th St., the 14-story, 135,315-square-foot building features 164 residential units, the Piccolo Fiore restaurant, Pink Blossom Nail Salon and a 25,000-square-foot parking garage. The buyers acquired the leasehold interest in the property and restructured the ground lease to include a 99-year term with contractual rent and no fair market rent resets. The seller is a partnership of Atlantic Realty Group, Moezinia Bros. Capital and 230 MD Member. M&T Bank provided financing for the acquisition. Venture Capital Properties represented the seller in the transaction.

February 27, 2015

Industrial New Jersey Northeast

Park Avenue Motor Corp. Buys 112,270 SF Industrial Building in New Jersey

by Amy Works February 27, 2015

SOUTH HACKENSACK, N.J. — Park Avenue Motor Corp. has acquired an industrial warehouse building located at 490 Huyler St. in South Hackensack. The Hampshire Companies sold the 112,270-square-foot property for an undisclosed price. Situated near major highways in Bergen County’s industrial corridor, the property features 16- to 18-foot ceiling heights and multiple loading docks. The buyer has leased the building since 2012 and exercised its purchase option to complete the transaction.

February 27, 2015

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