Northeast

GFI Realty Arranges $10.3M Sale of Two Brooklyn Multifamily Properties

by Amy Works May 12, 2015

NEW YORK CITY — GFI Realty Services has arranged the sale of two contiguous multifamily buildings located at 241-245 Ocean Parkway in Brooklyn’s Kensington section. The assets sold for $10.3 million, or $323,000 per residential unit. The properties consist of a combined 32 two- and three-bedroom apartment units and 24,000 square feet of air rights. The buyer plans to renovate the properties. Neither the buyer nor the seller were disclosed; Erik Yankelovich of GRI Realty represented the both parties in the transaction

May 12, 2015

Healthcare Industrial New York Northeast

Norvin Healthcare Properties Acquires 45,000 SF Property in Long Island City for $66M

by Amy Works May 11, 2015

NEW YORK CITY — An affiliate of New York City-based Norvin Healthcare Properties has acquired a two-story, 45,000-square-foot property, located at 21-21 44th Dr. in Long Island City, for $66 million. Simultaneously with the acquisition, Norvin entered into a 31-year triple-net lease with NYU Langone Medical Center. NYU Langone Medical Center plans to redevelop the industrial property into a multi-specialty ambulatory care facility. The name of the seller was not disclosed.

May 11, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers $38M Sale of Four Multifamily Buildings in Brooklyn

by Amy Works May 11, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Washington Flats portfolio, a grouping of four contiguous apartment buildings in Brooklyn’s Clinton Hill neighborhood. The portfolio sold for $38 million, or $364 per square foot. Located at 425 and 435 Grand Ave., 29 Putnam Ave. and 90 Downing St., the 104,365-square-foot portfolio features 128 residential apartments, with 121 rent-stabilized, three rent-controlled and four free-market units. At the time of sale, the properties participated in the HPD Home Program, which provides housing for low-income tenants and 52 of the rent-stabilized units operate under the Home Program. Stephen Palmese of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

May 11, 2015

New Hampshire Northeast Retail

Curatolo Seabrook Buys Mini Storage Facility in New Hampshire

by Amy Works May 11, 2015

SEABROOK, N.H. — Curatolo Seabrook LLC has acquired Seacoast Mini Storage in Seabrook, a suburb of Portsmouth. The Marilyn T. Imke Revocable Trust sold the property for $5.8 million. Located at 233 Route 107, the 63,754-square-foot property has 55,270 square feet of rental storage space with 583 units, 152 of which are climate-controlled units. Situated on 6.1 acres, the property also includes two apartment units on site. Joseph Mendola of NAI Norwood Group represented the seller and assisted the buyer in the transaction.

May 11, 2015

Multifamily New York Northeast Student Housing

Colliers Arranges Sale of Development Site for Student Housing Facility in Buffalo

by Amy Works May 11, 2015

BUFFALO, N.Y. — Colliers International Student Housing Group has arranged the sale of a 28-acre development site near the State University of New York at Buffalo. A joint venture between Harrison Street Real Estate and University Student Living, a company of The Michaels Organization, acquired the property from Menorah Campus for an undisclosed price. The buyer is planning to build a Class A student housing property on the site with approximately 600 beds. The project is slated for delivery in 2016.

May 11, 2015

Multifamily New York Northeast

Alpha Realty Brokers $2.5M Sale of Multifamily Building in Brooklyn

by Amy Works May 11, 2015

NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily building located at 194 Utica Ave. in Brooklyn’s Crown Heights neighborhood. A local private investor acquired the property for $2.5 million, or $260 per square foot. Constructed in 1906, the 9,100-square-foot property features 14 apartments and two retail spaces. Jacob Aronov of Alpha Realty represented the buyer and the seller, a local private investor, in the transaction.

May 11, 2015

Massachusetts Northeast Office Retail

226 Causeway Holdings LLC Sells Six-Story Office/Retail Property for $92M

by Amy Works May 8, 2015

BOSTON — 226 Causeway Holdings LLC has completed the disposition of an office and retail property located at 226 Causeway in downtown Boston. The six-story Class A property sold for $92 million. The 192,890-square-foot property is 92 percent leased to a variety of tenants and anchored by two divisions of TripAdvisor, Oxfam America’s headquarters, the headquarters of the NBA’s Boston Celtics and Stantec. The property recently underwent a $1.7 million capital improvements program, including a complete lobby renovation, updated common areas and new building signage. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller in the transaction. The name of the buyer was not released.

May 8, 2015

Industrial Loans Northeast Pennsylvania

NorthMarq Capital Arranges $20.7M Acquisition Loan for Harrisburg Industrial Portfolio

by Amy Works May 8, 2015

HARRISBURG, PA. — NorthMarq Capital has arranged $20.7 million in acquisition financing for an industrial portfolio located in Harrisburg. The three-building portfolio features 563,688 square feet of space. James Murphy of NorthMarq’s Boston office secured the interest-only loan for the undisclosed borrower through NorthMarq’s relationship with a correspondent life insurance company.

May 8, 2015

Connecticut Northeast Office

Cushman & Wakefield Brokers Sale of 300,000 SF Office Campus in Connecticut

by Amy Works May 8, 2015

STAMFORD, CONN. — Cushman & Wakefield has brokered the sale of Airport Campus, a two-building office campus located at 113 King Street in Stamford. MBIA sold the property for an undisclosed price to a joint venture between affiliates of Steven Wise Associates LLC and the Manocherian family. Situated on 38 acres, the campus comprises a 110,000-square-foot building and a 190,000-square-foot property, as well as approvals to expand the facility by more than 240,000 square feet. The campus features a 250-person cafeteria; fitness center; auditorium and video conference center; 17 conference rooms; three meeting rooms; walking trails; tennis, basketball and volleyball courts; and facilities for a sundry shop, ATM, dry cleaner and professional mailroom. Thomas O’Leary, Maureen O’Boyle and Gerry Lees of Cushman & Wakefield represented the seller in the transaction. The buyer has retained Trip Hoffman, Matthew Lisk and Mike McCarthy of Cushman & Wakefield as leasing agents for the property.

May 8, 2015

New York Northeast Retail

Kalmon Dolgin Brokers $7.5M Sale of Three Properties in Brooklyn

by Amy Works May 8, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of three properties, totaling 51,000 square feet, in the Williamsburg area of Brooklyn. ITF Corp + 735 Bedford Ave LLC sold the properties for $7.5 million to Moses Wertheimer. The properties are located at 11/13/15 Spencer St., 466 Flushing Ave. and 23/25/27 Spencer St. Aqua Best Inc., a seafood distributor, currently occupies 5,000 square feet of the space. Neil Dolgin of Kalmon Dolgin represented the seller in the transaction; the buyer was self-represented.

May 8, 2015

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