NEW YORK CITY — GFI Realty Services has brokered the sale of 1 East 124th Street, a five-story walk-up apartment building located in the East Harlem section of Manhattan. Built in 1910, the 10-unit property sold for $2.15 million or $215,000 per unit. Roni Abudi of GFI represented the seller, while Ohad Bado, also GFI, represented the buyer, Kassin Sabbagh Realty, in the transaction.
WHITESTONE, N.Y. — NorthMarq Capital’s Long Island-based office has arranged $5 million in refinancing for Allied Shopping Center, a retail property located in Whitestone. Located at Francis and Willis Point boulevards, the property offers 42,458 square feet of retail space. The financing was structured with a 10-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 307 East 85th Street, a mixed-use building located in New York City. The 9,625-square-foot property sold for $6.4 million. Peter Von Der Ahe, Joseph Koicim, David Lloyd and Daniel Handweiler of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction. The five-story building offers 15 residential units and one commercial unit. The apartment mix includes four studio units, six one-bedroom units and five two-bedroom units.
NEW BEDFORD, MASS. — RED Mortgage Capital, the mortgage lending entity of comprehensive capital provider RED Capital Group, with assistance from Jeffrey Rome of Capital Access US, has completed a Fannie Mae DUS loan in the amount of $10.3 million. The borrower, Victoria Riverside LLC, will use the loan to refinance Victoria Riverside Townhouse Lofts in New Bedford. The non-recourse, fixed-rate loan features payments based on a 30-year amortization schedule. Victoria Riverside LLC utilized a combination of federal and state historic tax credits to fund a portion of the redevelopment of the former Whitman Mill into 101 townhome lofts. Formerly a cotton mill built in the 1896 by William Whitman, the building is listed in the National Register of Historic Places.
COVENTRY, R.I. — Marcus & Millichap has arranged the sale of two retail centers, located at 670-678 and 710-720 Centre of New England Blvd. in Coventry. MTM-CNE LLC sold the assets, which total 16,895 square feet, for $4.4 million to 1465 Third Avenue LLC. Current tenants include 863 Sushi, Cilantro Grille, Royal Nails, UPS, Spring, We-R-Wireless, GameStop, Starkey Hearing, Supercuts and T-Mobile. Bob Horvath and Todd Tremblay of Marcus & Millichap represented both the seller and buyer in the transaction.
HAVERHILL, MASS. — NorthMarq Capital’s Boston regional office has secured $2.5 million in acquisition financing for an office building in Haverhill. Located at 26 Parkridge Road, the property offers 42,000 square feet of office space. Ed Riekstins of NorthMarq Capital arranged financing, which has a 20-year term and a 25-year amortization schedule, through its correspondent relationship with a life insurance company.
LEVITTOWN, PA. — New Jersey-based Bussel Realty Corp. (BRC) has arranged the lease of 100,000 square feet of industrial space at 30 Runway Dr. in Levittown. Poly Cube Company will lease the space for its plastic manufacturing business operations. Built in 1991, the 201,600-square-foot, Class A industrial facility features 28-foot ceiling heights, 40-foot by 42-foot column spacing, wet sprinklers, six tailboard and four rail doors for loading, as well as ample parking. Steve Bussel of BRC was responsible for the transaction and represented the tenant. Frank Green Development is the owner of the property.
CAMBRIDGE, MASS. — JLL Capital Markets team has brokered the sale of Blackstone Science Square, a Class A office/lab building in Cambridge. Centremark Properties sold the four-story, 78,672-square-foot property to Brickman Associates for $31.5 million. Located at 237 Putnam Ave. and 19-23 Blackstone St., the property has undergone $8.1 million of capital improvements over the past five years. The improvements include significant infrastructure upgrades to accommodate life science lab tenants and new lobby and common area finishes. Additionally, there is a 94-space parking lot adjacent to the building. Current tenants include Good Start Genetics Inc., Ambri, Genewiz and Cireca Thernostics. Frank Petz and Jessica Hughes of JLL led the JLL Investments Sales team on the transaction.
SELDEN, N.Y. — Suffolk County Community College (SCCC) has opened a $29.8 million William J. Lindsay Life Sciences Building in Selden. Patchogue, N.Y.-based BBS Architects served as architect, interior designer, and civil, mechanical and electrical engineer for the building, which is aiming to achieve LEED Gold certification. Approximately 5,000 students will attend classes in the new building in the spring semester beginning in January 2015. Additionally, the building will also allow for the expansion of science classes to include an additional 100 students in the spring and 300 students next fall. The project team included J. Petrocelli Contracting, Tsoi/Kobus & Associates, Greenman-Pedersen, Ysrael A. Seinuk and Bladykas Engineering. New York State and Suffolk County financed the project in equal parts.
DARIEN, CONN. — NorthMarq Capital’s New York office has finalized the $20.8 million refinancing of a Whole Foods in Darien. The 50,000-square-foot specialty grocery store is located at 150-152 Ledge Road. Ernest DesRochers of NorthMarq Capital arranged the financing for the borrower through its correspondent relationship with a credit tenant lease (CTL) lender. The transaction was structured as a 24-year fully amortizing loan with a low debt service coverage ratio requirement.
