Northeast

ARK Development Signs 30-Year Lease to Develop, Oversee The ARK at JFK

by Amy Works January 20, 2015

NEW YORK CITY — ARK Development, an affiliate of Racebrook Capital, has signed a 30-year lease with the Port Authority of New York and New Jersey to develop, finance, construct, operate and manage The ARK at JFK, an animal handling and intelligent air cargo facility. The $48 million, 178,000-square-foot facility will be a USDA-approved, full-service, 24-hour airport quarantine facility for the import and export of horses, pets, birds and livestock. The facility will be constructed at the current site of Cargo Building 78 at JFK with 14.4 acres of surrounding ground area, which includes direct airside access to the taxiway and large aircraft ramp parking. The ARK at JKF will be divided into three complementary sections: the air cargo wing, a central administrative and business center with 24-hour veterinary hospital, and the main handling facility with pet boarding, animal import and export center, and livestock export handling system. The project will create more than 180 jobs and generate revenues for the Port Authority of New York and New Jersey estimated at $108 million over the project’s 30-year lease. Financing for the project will be facilitated by Build NYC, the city’s conduit bond issuer, which will issue bonds underwritten by Goldman …

January 20, 2015

Bridge Development Acquires 18.03 Acres for Industrial Development in New Jersey

by Amy Works January 20, 2015

UNION, N.J. — Bridge Development has acquired 18.03 acres of land in Union for the development of a Class A institutional-quality industrial building. Industrial Realty Group sold the property for an undisclosed price. The site was originally developed in the 1920s as a milk processing plant operated by Tuscan and Lehigh dairies, but operations at the property ceased in 2006. Bridge Development plans to demolish the existing buildings and develop a speculative 263,415-square-foot industrial building with 36-foot clear ceiling heights. The facility, which will accommodate two tenants, will feature precast concrete construction, ESFR sprinkler systems, T-5 lighting, 50 docks, 55-foot column spacing, 66-foot staging bay at the loading dock and 111 trailer positions. The facility is slated for completion by November.

January 20, 2015

Industrial New York Northeast Retail

2.3-Acre Development Site Sells for $28.3M in Brooklyn’s East Williamsburg

by Amy Works January 20, 2015

NEW YORK CITY — Massey Knakal, now Cushman & Wakefield, has arranged the sale of a development site located at 191-231 Moore St. in Brooklyn’s East Williamsburg neighborhood. The 2.3-acre site sold for $28.3 million, or $167 per buildable square foot, in an all-cash transaction. The site is located in a dual M1-1/M1-2 zone, which permits a total of approximately 169,496 buildable square feet for retail or commercial development. Additionally, the site features more than 1,100 feet of frontage on Moore, Seigel and White streets. The site current consists of five industrial buildings, totaling nearly 47,000 square feet. Brendan Maddigan and Stephen Palmese of Cushman & Wakefield handled the transaction. The buyer and seller were not disclosed.

January 20, 2015

Massachusetts Northeast Office

Columbia Property Trust Buys 274,218 SF Boston Office Building for $152M

by Amy Works January 19, 2015

BOSTON — Columbia Property Trust has purchased an office building located at 116 Huntington Ave. in Boston’s Back Bay submarket. Broadway Partners, advised by Soundport Capital LLC, sold the 274,218-square-foot property for $152 million. Constructed in 1991, the 15-story building offers views of the Back Bay, Seaport and South End submarkets, as well as the Charles River. Coleman Benedict, Ben Sayles and Patrick McAneny of HFF marketed the property for the seller and procured the buyer in the transaction.

January 19, 2015

Industrial New Jersey Northeast Office

Sitex Group Acquires New Jersey Sharp Plaza for $40M

by Amy Works January 19, 2015

MAHWAH, N.J. — Sitex Group has acquired Sharp Plaza, a mixed-use campus located in Mahwah, for $40 million. Situated on the New York state border at the intersection of Routes 17 and 287, the campus includes a three-story, 147,000-square-foot Class A office building, a 350,000-square-foot warehouse building and 23 acres of undeveloped land. The office building is currently leased to Sharp as its North American headquarters on a long-term basis. The warehouse, which is expandable by 200,000 square feet, currently has an 80,000-square-foot vacancy. The remainder of the warehouse is long-term leased to Sharp and Amazing Savings. Sitex Group plans to reposition the warehouse vacancy and market the vacant land for office or warehouse build-to-suit opportunities. McBride Real Estate represented Sitex Group in the acquisition.

January 19, 2015

New York Northeast Retail

Savanna Purchases 24,682 SF Retail Property in NYC’s Meatpacking District

by Amy Works January 19, 2015

NEW YORK CITY — Savanna has acquired a newly built retail property located at 461 West 14th St. in New York City’s Meatpacking District. Brandon Miller and Michael Miller of Real Estate Equities Corp. and Alfieri Development sold the 24,682-square-foot property, which is located under the High Line, for an undisclosed price. The property features 15-foot ceilings, all-glass storefronts and LED paneling atop the glass. Additionally, the floor plates can be configured into one or two large retail spaces or several smaller spaces, with 10,000 square feet on the corner of Tenth Avenue and 14th Street, and 6,000 square feet on the corner of Tenth Avenue and 15th Street. Savanna has engaged JLL to market the property. Neil Helman, Vincent Carrega, Jon Epstein and Charles Kingsley of Avison Young represented the seller, a single-purpose entity controlled by investor/developer Real Estate Equities Corp.

January 19, 2015

Hospitality New York Northeast

YOTEL, Synapse Development Group Bring First YOTEL-Branded Hotel to Brooklyn

by Amy Works January 19, 2015

NEW YORK CITY — Synapse Development Group and YOTEL are developing the first YOTEL-branded project in Brooklyn. Situated near the Brooklyn-Queens Expressway, the 100,000-square-foot mixed-use project will feature street-level retail space, a 110-key YOTEL Williamsburg hotel, residential condominiums and a rooftop garden. Designed by HWKN, the hotel is scheduled to open in 2017.

January 19, 2015

Multifamily New York Northeast

Alpha Realty Brokers Three Multifamily Sales Totaling $3.24M

by Amy Works January 19, 2015

NEW YORK CITY — Alpha Realty has brokered the sales of three multifamily properties located in Brooklyn and East New York totaling $3.24 million. In the first transaction, a multifamily investor purchased a three-story, nine-unit apartment building located at 200 28th St. in Brooklyn’s Greenwood Heights section. The 6,000-square-foot building sold for $1.4 million. In the second deal, an investor acquired a 642 Vermont St. in Brooklyn’s East New York area for $995,000. The three-story property features six apartments and one commercial unit. Additionally, 2162 Fulton St., located in Brooklyn, sold for $850,000. The property consists of four apartment units and one store. Lev Mavashev, Jacob Aronov and Adam Traub of Alpha Realty represented all parties in the off-market transactions.

January 19, 2015

Massachusetts Northeast Office

The Davis Companies Sells Six-Story Office Building in Boston’s Seaport District

by Amy Works January 16, 2015

BOSTON — The Davis Companies has completed the disposition of an office building located at 24 Farnsworth St. in Boston’s Seaport District. Unitarian Universalist Association (UUA), the lead tenant, acquired the property through a previously negotiated lease-to-purchase agreement for an undisclosed price. UUA will relocate its headquarters from Boston’s Beacon Hill neighborhood to the six-story, 74,554-square-foot property. The building offers open floor plans and abundant natural lighting. An investment fund of The Davis Companies originally purchased the mortgage note on the property in May 2012, when the building was only 14.5 percent leased. Within 10 months of the mortgage note acquisition, The Davis Companies brought the property to full occupancy when UUA agreed to move its headquarters to the building. UUA is now exercising its option to purchase, which was part of its new 10-year lease for the remainder of the building.

January 16, 2015

Hospitality New York Northeast

Urgo Hotels & Resorts Buys Whiteface Lodge Resort in Lake Placid

by Amy Works January 16, 2015

LAKE PLACID, N.Y. — Bethesda, Md.-based Urgo Hotels & Resorts has acquired Whiteface Lodge Resort in Lake Placid for an undisclosed price. Located at Seven Whiteface Inn Lane in the Adirondacks, the resort offers 94 one- to four-bedroom suites, a private residence club, a 5,800-square-foot spa with six treatment rooms and a fully equipped fitness center. Additionally, the four-season resort features an indoor/outdoor swimming pool, ice skating rink, 54-seat movie theater, two bowling lanes, tennis courts, snowshoe/cross country trails and a private beach on Lake Placid with a canoe club providing boat rentals. The property also features a fine dining restaurant and 14 undeveloped acres, including lakefront property.

January 16, 2015

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