NEW YORK CITY — Madison Realty Capital (MRC) in partnership with RWN Real Estate Partners has acquired 2053 Frederick Douglass Boulevard and 300 West 112th Street in Harlem for $30 million. The two five-story mixed-use buildings offer of total of 55,000 square feet, including 50 residential units and two retail units totaling 3,750 square feet. Additionally, the properties offer 30,000 square feet of additional residential development rights. The buyers plan to renovate both properties to maximize rents, lease vacant units and explore the potential of future development. Steven Schultz and Josh Malka of NGKF Capital Markets represented both parties in the off-market transaction.
Northeast
NORWALK, CONN. — Matrix Investment Group has acquired 535 Connecticut Avenue, a 179,000-square-foot office building in Norwalk. 535 Connecticut Avenue LLC, a joint venture between KABR Real Estate Investment Partners and Blackpoint Partners, sold the property for $13.5 million. The office building, which is 45 percent leased, features a fitness center, cafeteria and 95 percent covered parking. Jeffrey Dunne and Steven Bardsley of CBRE Group’s Institutional Properties represented the buyer and the seller in the transaction.
NEW ROCHELLE AND NORTH SALEM, N.Y. — NorthMarq Capital’s Greater Westchester NY/CT regional office has secured financing for two properties in New York totaling $6.8 million. In the first transaction, NorthMarq arranged $6 million in refinancing for 20 Cedar Street, a 63,591-square-foot office building in New Rochelle. Sidney Frank Importing Co. is the major tenant at the property. The 10-year loan, which features a 25-year amortization schedule, was arranged through a regional bank for the borrower, Cedar Plaza Associates LLC. In the second transaction, NorthMarq secured $875,000 for the refinancing of 56-62 June Road, a 23,300-square-foot mixed-use property in North Salem. The U.S. Postal Service and M&T Bank occupy the property. The seven-year loan features a 30-year amortization schedule and was arranged for the borrower, North Salem Brothers Realty LLC, through a regional bank. Robert Ranieri of NorthMarq Capital secured the financing for both transactions.
NEW YORK CITY — A joint venture between Siras Development and Kuafu Properties has completed the acquisition of a development site in Midtown Manhattan’s Hudson Yards for approximately $62 million. The site comprises five adjacent parcels located at the southeast corner of 38th Street and 11th Avenue. The joint venture plans to develop a 380,000-square-foot mixed-use project on the site, which is directly across from the Jacob Javits Center. The property will include 50 condominium units in the top 15 floors of the tower; a 400-room high-end hotel on 20 floors; and the Shanghai Club, a members-only club, on three floors, as well as office, ground-floor retail and lifestyle space. Archilier Architecture designed the 47-story tower, which will have a sleek, modern appeal with a distinctive Asian influence.
MORRIS TOWNSHIP, N.J. — HFF has arranged $47.5 million in financing for a three-building office complex located at 412 Mt. Kemble Ave. in Morris Township. Built in 1985, the complex offers 477,848 square feet of office space in three interconnected buildings. HFF placed the three-year, floating-rate loan with Colony Mortgage Capital and CorAmerica for the borrower, Keystone Property Group. The borrower plans to use the loan to make capital improvements to the office complex. Jon Mikula, Jim Cadranell and Andrew Roland of HFF led the debt placement team that arranged the financing.
NEW YORK CITY — Madison Realty Capital (MRC) has sold an uptown Manhattan real estate portfolio to an undisclosed foreign investor for $23.4 million. The portfolio consists of 125 apartment units and two retail stores located at 528-538 West 59th Street, 220 West 149th Street and 2546-2548 Seventh Ave. MRC initially purchased the properties from a regional savings bank for $10.5 million in December 2012. The company implemented a renovation and upgrade program after acquisition to enhance rent roll and lease the retail portion. Yosef Katz and Roni Abudi of GFI Realty Services and Peter Von Der Ahe from Marcus & Millichap brokered the transaction.
SOUTH BRUNSWICK, N.J. — Primal Glass has leased 209,000 square feet of industrial space at 393-333 Herrod Blvd. in South Brunswick from Liberty Property Trust. This lease brings the warehouse to 100 percent occupancy. The asset was part of an acquisition that added six warehousing buildings totaling 1.4 million square feet of space to Liberty Property’s portfolio. The company’s New Jersey portfolio now totals nearly five million square feet of industrial space. Colliers International represented Primal Glass, while Cushman & Wakefield represented Liberty Property Trust in the transaction.
NEW YORK CITY — MediaMath, a global technology company, has signed a 15-year lease for 106,000 square feet of office space at Four World Trade Center. The company plans to consolidate its more than 300 New York-based employees from three Midtown locations into the 44th, 45th and 46th floors of the 72-story tower. MediaMath plans to take occupancy in early 2015. With this lease, 70 percent of the 7.4 million square feet of newly built space at One, Four and Seven World Trade Center is now leased. Harly Stevens and Mike Rizzo of CBRE represented the tenant, while Mary Ann Tighe, Steven Siegel, Ken Meyerson and Even Haskell, also of CBRE, represented the landlord, Silverstein Properties, in the transaction.
PHILADELPHIA — Federal Capital Partners has provided a $20 million mezzanine loan to finance the development of The Dalian on Fairmont, a 293-unit multifamily building in Philadelphia’s Museum District. Slated to break ground this fall, the nine-story property will be situated above the future Whole Foods in Rodin Square. The property will feature a second-level, 12,000-square-foot glass lobby, a 35,000-square-foot Sky Park outdoor amenity space, garage parking and views of downtown Philadelphia. Dalian Development is leading development and construction of the property. Property Capital LLC arranged the financing.
NEW YORK CITY AND NEWARK, DEL. — PM Hospitality Strategies has closed the second quarter with two hotel additions to its third-party management portfolio. The company entered the Manhattan market with the addition of Homewood Suites New York Midtown Manhattan Times Square South, which is located at 312 West 37th St. The 22-story property is the brand’s largest hotel featuring 293 over-sized suites, a two-story lobby waterfall and a seasonal rootftop deck and garden terrace. West 37th Street Operator LLC, a joint venture between The Buccini/Pollin Group, Albanese Development Corp. and Rockwood Capital, owns the property. Additionally, PM Hospitality added the 136-room Hampton Inn & Suites Wilmington Christiana to its portfolio. Located at 1008 Old Churchmans Road in Newark, the hotel is the company’s second new build to open in Delaware in the second quarter of 2014 and its first Hampton Inn & Suites property in the market. Both hotels are owned by The Buccini/Pollin Group.