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1260-Broadway-NYC
Mixed-UseMultifamilyNew YorkNortheastRetail

Cushman & Wakefield Arranges Sale of Mixed-use Building in Brooklyn

by Amy Works

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 1260 Broadway in Brooklyn’s Bedford-Stuyvesant neighborhood. Situated between Green and Lexington avenues, the 7,000-square-foot property sold for $2.2 million, or $314 per square foot, in an all-cash transaction. The four-story walk-up building consists of three two-bedroom apartments, three one-bedroom apartments and one retail unit. Renovated in 2000, the property is fully free market with preferential rents. A preferential rent is a rent that an owner agrees to charge that is lower than the legal regulated rent that the owner could lawfully collect. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.

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33-Williams-St-Mt-Vernon-NY
LoansMultifamilyNew YorkNortheast

Houlihan-Parnes Realtors Arranges $2M Loan for Multifamily Property in New York

by Amy Works

MOUNT VERNON, N.Y. — Houlihan-Parnes Realtors has arranged a $2 million first mortgage loan for a multifamily property located at 33 Williams St. in Mount Vernon’s Fleetwood section. Built in 1932, the seven-story property, which is situated on 1.1 acres, features 116 apartments, 26 on-site outdoor parking spots, 60 garage spots, gardens and a courtyard. The self-liquidating loan was placed with a savings bank at a 15-year fixed interest rate of 3.6 percent. Jeremiah Houlihan of Houlihan-Parnes arranged the financing for the undisclosed borrower.

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IndustrialNew JerseyNortheast

Binswanger Negotiates Long-Term Lease for Iberia Foods in New Jersey

by Amy Works

SOMERSET, N.J. — Binswanger has arranged the long-term lease of 82,181 square feet of distribution space in Somerset for Iberia Foods of New York. The company plans to use the facility at 95 Clyde Road to support the more than 10,000 supermarkets, club stores, wholesalers and distributors on the East Coast that the company serves. Constructed in 1980, the property features 24-foot clear ceiling heights, a wet sprinkler system, T-8 lighting, eight dock-high doors, one drive-in door and parking for 100 vehicles. Andy Grabis and Jim Panczykowski of Binswanger represented the tenant in the transaction. The landlord is Cabot II-NJ M01 LLC.

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New JerseyNortheastOffice

Colliers Arranges Relocation, Expansion for Babe Ruth League Headquarters

by Amy Works

HAMILTON, N.J. — Colliers International has arranged the sale of a property located at 1670 White Horse-Mercerville Road in Hamilton to Babe Ruth League Inc., a non-profit educational, baseball organization. The stand-alone property features 8,500 square feet of office space, including a showroom of Babe Ruth memorabilia, and a 1,500-square-foot warehouse. The national organization plans to relocate its headquarters to the property from its former location at 1770 Brunswick Pike in Lawrence, N.J. Vinny Di Meglio and Thomas Romano of Colliers represented Babe Ruth League in the $712,000 transaction. The seller was Hamilton Park Associates LP.

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LogistiCenter-33-Forks-PA
IndustrialNortheastPennsylvania

Dermody, PCCP to Develop 475,800 SF Industrial Facility in Eastern Pennsylvania

by Amy Works

FORKS TOWNSHIP, PA. — Dermody Properties and PCCP have partnered to develop a 475,800-square-foot industrial facility at 4200 E. Braden Blvd. in Forks Township in Lehigh Valley.Construction is slated to begin in fourth quarter, with completion scheduled for mid-2016. LogistiCenter at 33 will feature 36-foot clear heights, 226 car parking spaces and 85 trailer parking spaces. The facility is ideally suited for warehouse, distribution and manufacturing operations. Dermody Properties is the industrial developer and operating partner, and PCCP is the financial partner for the project.

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C&W-newlogo
New YorkNortheast

Cushman & Wakefield, DTZ Complete Merger

by Amy Works

NEW YORK CITY — Cushman & Wakefield and DTZ have completed their merger to form one of the largest commercial real estate services firms in the world. The new company will have a combined total of $5 billion in revenue, 43,000 employees, more than 4.3 billion square feet under management and $191 billion in transaction value. The firm will be led by Chairman and CEO Brett White and Global President Tod Lickerman. “This is a game-changing event in commercial real estate,” says White. “Both legacy firms has been aggressively growing their respective platforms and deepening their reach into the market with new acquisitions and talent. Now we have the opportunity to see these ambitions come together — capturing the momentum in the market and clearly claiming our position at the top of the industry.” Cushman & Wakefield now operates in more than 60 countries around the world, providing global commercial real estate service in every service line and every major geographical area in the world. Cushman & Wakefield is majority owned by an investor group led by TPG, PAG and OTTP.

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LoansNew YorkNortheastRetail

Paradigm Commercial Real Estate Secures $47M Refinancing for 25-Building Retail Portfolio

by Amy Works

CEDARHURST, N.Y. — Cedarhurst-based Paradigm Commercial Real Estate LLC has secured $47 million in refinancing for a package of 25 retail buildings located throughout the Bronx and Westchester counties. The properties are occupied by mom-and-pop shops, most of which have short-term leases. Michael Edery of Paradigm Commercial arranged the fully non-recourse loan, which features a 70 percent loan-to-value, for the borrower, a private family office. Proceeds of the loan will be used to expand the borrower’s portfolio, which currently includes 100 properties.

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Centennial-Inn-Apts-CT
ConnecticutMultifamilyNortheast

Chozick Realty Brokers $7.5M Sale of Connecticut Apartment Complex

by Amy Works

FARMINGTON, CONN. — Chozick Realty Inc. has arranged the sale of Centennial Inn Apartments, located on Spring Lane in Farmington. Mystic Properties Management acquired the property for $7.5 million from Centennial Inns Inc. Originally built in 1987 as a 112-suite extended-stay hotel, 56 of the units were converted to full-time apartment use in 2010, while the remaining suites operate as extended-stay use. The buyer plans to convert the remaining hotel portion into full-time apartment occupancy. At the time of sale the apartment portion was fully occupied, with a waiting list. Rick Chozick of Chozick Realty’s Hartford, Conn., office represented the seller and procured the buyer in the transaction.

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307-Grafton-St-Shrewsbury-MA
MassachusettsNortheastOfficeRetail

CS Holdings Purchases 10,304 SF Office/Retail Building in Massachusetts

by Amy Works

SHREWSBURY, MASS. — CS Holdings LLC has acquired an office/retail building located at 307 Grafton St. in Shrewsbury. Kalamat LLC sold the property for $2.4 million. Constructed in 2005, the two-story property is fully occupied by Café Noir, Salon Sogno, Piel Skin Boutique and Modern Dentistry of Shrewsbury. David Cohen and William Kelleher IV of Kelleher & Sadowsky Associates represented the seller in the transaction.

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2030-Creston-Ave-NYC
Mixed-UseMultifamilyNew YorkNortheastRetail

Schur Management Cos. Breaks Ground on $42M Mixed-Use Project in the Bronx

by Amy Works

NEW YORK CITY — Schur Management Cos. has broken ground on a $42 million mixed-use development located at 2030 Creston Ave. in the Mount Hope neighborhood of the Bronx. Creston Apartments will feature 110,761 square feet of above-grade buildable square footage, including 114 apartments, 11,234 square feet of ground-floor retail space, 908 square feet of community facility space and 10,657 square feet of underground parking for 40 cars. The residential mix will include seven studio apartments, 49 one-bedroom apartments, 46 two-bedroom apartments and 12 three-bedroom apartments. On-site amenities will include a study center with desks and computers, a fully equipped laundry room and an outdoor landscaped recreation area. Funding for the project is coming from the NYC Housing Development Corp., NYC Department of Housing Preservation and Development, Bronx Borough President’s Office, Capital One bank and the Hudson Housing Corp. The project team includes MacQuesten Cos. as general contractor, Aufgang Architects as architect, and Best Development Group as consultant to the developer. The target date for completion is September 2017.

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