Northeast

DoubleTree by Hilton Debuts New Philadelphia Airport Hotel

by Amy Works October 28, 2014

PHILADELPHIA — DoubleTree by Hilton and Hilton Worldwide have opened DoubleTree by Hilton Philadelphia Airport, located adjacent to the Philadelphia International Airport. Formerly a Hilton Hotel, the nine-story, 331-room hotel joins the DoubleTree by Hilton brand following a $3 million property-wide renovation that includes modern updates throughout the hotel’s lobby, guest rooms, restaurant and bar areas, banquet and meeting areas. The hotel features 12,000 square feet of meeting space, Players Sports Bar, Café Express and the Landing Restaurant. The hotel is owned by Sotherly Hotels and managed by Chesapeake Hospitality.

October 28, 2014

Loans Multifamily Northeast Pennsylvania Student Housing

Grandbridge Facilitates $8.99M Seniors Housing Refinancing

by Amy Works October 28, 2014

ALLENTOWN, PA. — The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital has closed an $8.99 million permanent fixed-rate loan secured by Woodland Terrace at the Oaks. Located in Allentown, the 84-bed seniors housing community provides a mix of assisted living and memory care units. BB&T Real Estate Funding provided the funding, which features a 10-year term and 30-year amortization with a three-year interest-only component. Richard Thomas of Grandbridge originated the transaction.

October 28, 2014

Hospitality New York Northeast

NYC’s First Cambria Suites Slated to Open in November

by Amy Works October 27, 2014

NEW YORK CITY — The 18-story, 56,500-square-foot Cambria Suites is slated to open in November. Located at 125 West 28th St., the property is the first Cambria Suites hotel in New York City. Designed by Gene Kaufman Architect (GKA), the property will feature 135 suites and a rooftop terrace. As this is the first Cambria Suites in the city, GKA was tasked with not only designing the outer shell of the building, but also designing and programming the hotel’s interior configuration, including the suites, lobby reception, concierge, lounge and dining areas, a ground-floor meeting room and a fitness facility. The design and solution created by GKA will serve as the model for all subsequent New York City Cambria Suites, including the 196-room property at 30 West 46th St. that is slated to top out later this year.

October 27, 2014

Multifamily New York Northeast

The Daten Group to Build 38-Unit Residential Building in Brooklyn

by Amy Works October 27, 2014

NEW YORK CITY — The Daten Group has purchased a vacant former gas station site located at 840 Fulton St. in Brooklyn’s Clinton Hill neighborhood. The New York City-based development firm bought the asset, which includes air rights of the neighboring property, for $7.4 million from Fulvan Realty LLC. The Daten Group plans to develop a seven-story, 40,000-square-foot building on the property. Designed by KBA Architects, the property will features 38 residential units, 20 of which will be affordable, and 5,000 square feet of retail space. Construction for the $20 million development is slated to start in early 2015, with completion set for March 2017. Vibe Living, The Daten Group’s rental management company, will manage and market the property. David Behin of MNS Real Estate’s Investment Sales and Capital Advisory Division represented the Daten Group in the acquisition.

October 27, 2014

Multifamily New York Northeast

Ariel Property Arranges Sale of Park Slope Development Site

by Amy Works October 27, 2014

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development site in Brooklyn’s Park Slope section. Located at 359 Seventh St., the site sold for $1.86 million or more than $450 per buildable square foot. The buyer plans to construct a condominium on the 20.5-foot wide vacant lot, which offers approximately 4,100 buildable square feet. Mark Spinelli, Michael Tortorici, Daniel Tropp and Jonathan Berman of Ariel Properties represented the seller, a private investor, and procured the buyer in the transaction.

October 27, 2014

New Jersey Northeast Retail

Marcus & Millichap Brokers $7.44M Retail Property Sale in New Jersey

by Amy Works October 27, 2014

CARLSTADT, N.J. — Marcus & Millichap has brokered the sale of a 14,490-square-foot Walgreens drugstore location in Carlstadt. Located at 637 Hoboken Road, the freestanding property sold for $7.44 million. The property is at the signalized intersection of Hoboken Road and Garden Street and is surrounded by national retailers, including Stop & Shop, Bank of America, Burger King, Verizon Wireless, CVS, AutoZone and Dunkin’ Donuts. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a fund manager, and represented the buyer, an out-of-state fund, in the deal.

October 27, 2014

Multifamily New Jersey Northeast

BNE Real Estate Group Opens 141-Unit Water’s Edge at Harrison

by Amy Works October 24, 2014

HARRISON, N.J. — BNE Real Estate Group has opened its Water’s Edge at Harrison, a luxury rental building in Harrison. Located at 301 Dey St., the 141-unit building features a mix of studio, one- and two-bedroom apartments ranging in size from 545 to 1,232 square feet. Unit amenities include hardwood floors, plush carpeting, nine-foot ceilings, high-efficiency washer/dryers, oversized windows, stainless steel appliances and chef-inspired kitchens. Community amenities include 24-hour concierge services, on-site management and maintenance; a fitness center; WiFi business center; residents’ lounge; game room and landscaped terrace with heated outdoor pool. The property is being managed by BNE Management Group.

October 24, 2014

Connecticut Industrial Northeast

GTJ REIT Acquires 125,000 SF Industrial Building in Connecticut

by Amy Works October 24, 2014

SHELTON, CONN. — GTJ REIT has acquired an industrial building located in Shelton for an undisclosed price. Situated on 22 acres, the 125,000-square-foot building features an industrial portion with 24-foot clear heights and a central lobby on the second floor with office space. The facility is currently leased and occupied by Sikorsky Aircraft Corp. and guaranteed by United Technologies Corp. pursuant to a lease that expires April 2018. Sikorsky has a five-year extension option on its lease.

October 24, 2014

Massachusetts Northeast Retail

KeyPoint Arranges $7M Sale of 127,847 SF Shopping Center

by Amy Works October 24, 2014

PLYMOUTH, MASS. — KeyPoint Partners has brokered the sale of West Plymouth Square, a shopping center located at the intersection of Route 44 and Route 80 in Plymouth. The asset sold for $7 million. Ocean State Job Lot, Planet Fitness, Dollar Tree, Papa Gino’s, Eastern Bank and Plymouth Liquors occupy the 127,847-square-foot shopping center. Jonathan Aron of KeyPoint Partners represented the seller, while Michael Scanio of Cambridge Capital Advisors procured the buyer.

October 24, 2014

Multifamily New York Northeast

CPEX Brokers $11M Sale of Development Site in Brooklyn Heights

by Amy Works October 24, 2014

NEW YORK CITY — CPEX Real Estate has brokered the sale of a development site at 88 Schermerhorn St. in the Brooklyn Heights neighborhood of Brooklyn. Rockwood Capital and Heights Realty Advisors purchased the site for $11 million or $330 per buildable square foot. The 3,333-square-foot includes vacant 10,570-square-foot building. Zoned for C5-4 with a special downtown Brooklyn overlay, the site has a maximum floor area ratio of 10, permitting up to approximately 33,330 buildable square feet as of right for residential use. Sean Kelly of CPEX’s Development & Conversion Investment Sales team represented the seller, 88 Schermerhorn LLC, which originally purchased the property in 2013 for $3.75 million. CPEX also procured the buyers in the deal.

October 24, 2014

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