Northeast

Meridian Capital Arranges $18.4M Loan for Residential Cooperative

by Amy Works October 2, 2014

NEW YORK CITY — Meridian Capital Group has negotiated $18.4 million in refinancing for the residential cooperative portion of Lincoln Towers on West End Avenue in New York City. The 29-story property, which is part of the Lincoln Towers condo, totals 444 units and 32 parking spots. Meridian has arranged financing for six of the eight buildings that are part of the Lincoln Towers complex. The 30-year self-liquidating loan, which was provided by a life insurance company, features a 4.44 percent fixed rate. Steve Geller and Nicoletta Pagnotta of Meridian Capital Group’s New York City’s headquarters brokered the transaction.

October 2, 2014

Industrial Loans Massachusetts Northeast

NorthMarq Capital Arranges $9.9M Loan for Industrial Building

by Amy Works October 2, 2014

PEABODY, MASS. — NorthMarq Capital’s Boston office has secured $9.9 million in refinancing for an industrial property located at 3 Technology Way in Peabody. The property offers 160,000 square feet of Class A industrial space. The commercial mortgage was structured with a 10-year term and a 30-year amortization schedule. Michael Chase of NorthMarq arranged the financing for the borrower through its correspondent relationship with a Guardian Life Insurance Company.

October 2, 2014

New York Northeast Retail

Microsoft Inks Deal for Flagship Store in Manhattan

by Amy Works October 2, 2014

NEW YORK CITY — Microsoft Corp. has signed a lease for its first Manhattan flagship store at 677 Fifth Ave. in New York City. Microsoft will occupy the entire ground through fourth floors, as well as a portion of the lower level of the building. Andrew Kahn, Jonathan Scibilia and Jesse Hutcher of Cushman & Wakefield represented the landlord, 677 Fifth Avenue Corp., in the deal. Richard Hodos of CBRE represented Microsoft.

October 2, 2014

Multifamily New York Northeast

Rosewood Realty Brokers $5.1M Sale of Crown Heights Apartment Building

by Amy Works October 2, 2014

NEW YORK CITY — Rosewood Realty Group has brokered the sale of 1539 Park Place in Brooklyn’s Crown Heights neighborhood. 1539 Park Place LLC purchased the property, which was built in 1910, for $5.1 million. Located between Buffalo and Rochester avenues, the four-story, 34,975-square-foot building features 34 residential units. Aaron Jungreis of Rosewood Realty Group represented the buyer, while David Berger, also of Rosewood Realty, represented the seller, Park 1539 Realty LLC, in the transaction.

October 2, 2014

New York Northeast Office

Wendel to Expand, Relocate Offices to Centerpointe Corporate Park

by Amy Works October 2, 2014

WILLIAMSVILLE, N.Y. — Wendel, a design and construction firm, has signed a lease to expand and relocate its Amherst, N.Y., corporate headquarters to Centerpointe Corporate Park in Williamsville. The design firm will occupy approximately 37,000 square feet at 375 Essjay Road in Centerpointe Corporate Park, Ciminelli’s flagship corporate park. Wendel expects to take occupancy in April 2015. This relocation will expand the firm’s office space by 10,000 square feet. Timothy Malchow of Ciminelli Real Estate Corp. represented the owner, Centerpointe Corporate Holdings LLC, in the transaction.

October 2, 2014

Loans Multifamily New York Northeast Office

Meridian Capital Arranges $228.5M Construction Loan for Flatotel Conversion

by Amy Works October 1, 2014

NEW YORK CITY — Meridian Capital Group has arranged $228.5 million in construction financing for the condominium conversion of the former Flatotel hospitality property in New York City. A partnership between Chetrit Group and Clipper Equity plan to convert the asset, which is located at 135West 52th St., into a five-story boutique office condominium and a 37-floorluxury residential condominium property. The 55,000-square-foot office component will be located on floors two through seven and approximately 109residential units will span floors eight through 47. The total project is estimated to cost $300 million. Aaron Birnbaum and Emanuel Westfried of Meridian’s New York City headquarters negotiated the two-year, non-recourse, interest-only loan, which features a floating LIBOR-based interest rate and a one-year extension option.

October 1, 2014

Connecticut Multifamily Northeast

IPA Arranges $75.1M Apartment Community Sale in Stamford

by Amy Works October 1, 2014

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cornerstone at Bedford in Stamford. Delaware-based Cornerstone Apartments Property Owner LLC purchased the 368-unit apartment community for $75.1 million or $204,000 per unit. Located at 1425-1435 Bedford St., the 13-story property features a swimming pool with sundeck, a fitness center, a clubroom, a business center, a play area and a picnic area with gas grills. Steve Witten and Victor Nolleti of IPA, along with Eric Pentore of Marcus & Millichap, represented the seller, Fairfield Bedford LLC, in the transaction.

October 1, 2014

Multifamily New York Northeast

JV Acquires Brooklyn Multifamily Property for $17.5M

by Amy Works October 1, 2014

NEW YORK CITY — A joint venture partnership between The Kalikow Group and MKRO I LLC, an equity venture fund between Massey Knakal and RiverOak Investment Corp., has acquired a six-story multifamily building located at 68 Richardson St. in Brooklyn’s Williamsburg neighborhood. The partnership purchased the asset for $17.5 million from Dabby Investments. Located near McCarren Park, the 32,500-square-foot property features 24 residential units and one ground-floor commercial space. The new owner plans to renovate the building’s façade and common areas, as well as the individual apartment units.

October 1, 2014

Northeast Pennsylvania Retail

CBRE Arranges Sale of 115,359 SF Shopping Center

by Amy Works October 1, 2014

KUTZTOWN, PA. — CBRE has arranged the sale of Weis Plaza, which is located at 15260 Kutztown Road in Kutztown. New York City-based Nassimi Realty LLC purchased the property from Cincinnati-based Phillips Edison Fund III for an undisclosed price. Constructed in 1972, the 115,359-square-foot shopping center is anchored by a 56,614-square-foot Weis Markets and was 77 percent leased at the time of sale. Additional tenants include Dollar General, Once Again Thrift Store, National Auto Stores and RadioShack. Brad Nathanson of CBRE’s Conshohocken, Pa., office represented the seller in the transaction.

October 1, 2014

Mixed-Use New Jersey Northeast

NAI Hanson Brokers Sale of 2,000 SF Mixed-Used Building

by Amy Works October 1, 2014

RIDGEFIELD PARK, N.J. — New Jersey-based NAI Hanson has brokered the sale of a mixed-use building located in Ridgefield Park. Korean District of the Christian and Missionary Alliance purchased the 2,000-square-foot property, which is located at 169 Main St., for an undisclosed price. The buyer plans to use the property to expand its ministry. The property features 1,000 square feet of ground-floor retail space and two second-floor residential apartments. Anthony Cassano of NAI Hanson represented the seller, Carol Avlon, in the transaction.

October 1, 2014

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