NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of 16-18 Decatur Street in the Ridgewood neighborhood of Queens. JHS Acquisitions purchased the 17,000-square-foot property for $2.8 million. The industrial property offers 40-foot ceilings, double interior loading docks and one drive-in door; however, the owner plans to use the space as an art studio. Neil Dolgin and Grant Dolgin of Kalmon Dolgin represented the seller, Midland Realty LLC, in the transaction. Sholom & Zuckerbrot Realty represented the buyer.
Northeast
NEW YORK CITY — Amsterdam-based citizenM has partnered with Brack Capital Real Estate to open citizenM New York, the first citizenM hotel in the United States. Located off the corner of Broadway and 50th Street near Times Square, the 80,000-square-foot, 21-story hotel offers 230 rooms. Amsterdam-based Concrete and New York-based Montroy Andersen DeMarco designed the hotel, which offers a 2,300-square-foot first floor, public outdoor spaces, and a 1,500-square-foot mezzanine that includes a lounge and work area. Construction began on the hotel in summer 2012 and the structure topped out in 2013. In addition to the design team, the project team included Flintlock Construction Services, DeSimone Consulting Engineers and Gilsanz Murray Steficek.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a multifamily building located at 2835-2875 Ocean Ave. in Brooklyn’s Sheepshead Bay neighborhood. The property sold for $31.5 million or approximately $197 per square foot. The six-story, 159,996-square-foot building offers 200 rent-stabilized units. Additionally, the elevator-serviced building features a laundry room and 38 indoor parking spaces. Alex Svetlakou and Bob Knakal of Massey Knakal represented the seller, while Rosewood Real Estate represented the buyer in the transaction.
BROCKPORT, N.Y. — Philadelphia-based Binswanger, on behalf of Silagi Development & Management, has brokered the lease of a high-bay, distribution facility in Brockport. Situated on 32 acres at 1989 Transit Way, the 265,600-square-foot property will be occupied by Medline Industries. The warehouse and office facility was built in 1989 and expanded in 1999. Jim Panczykowski of Binswanger’s New Haven, Conn., office handled the transaction.
PITTSBURGH, PA. — HFF has secured $165 million in financing for a four-property retail portfolio totaling more than 1.9 million square feet in Pennsylvania and Ohio. The borrower is Pittsburgh-based J.J. Gumberg Co. HFF arranged a fixed-rate loan for three of the properties through CorAmerica Capital LLC and JP Morgan Chase Bank, National Association, and a floating-rate loan for the fourth property through CorAmerica Capital. The portfolio includes the 760,000-square-foot Clearview Mall in Butler, Pa.; the 640,000-square-foot The Waterworks in Pittsburgh; the 130,000-square-foot North Huntingdon Square in North Huntingdon, Pa.; and the 385,000-square-foot Norththowne Hall in Defiance, Ohio. The HFF team was led by Gerard Sansosti and Brandi Wyskocil.
SPRING LAKE HEIGHTS, N.J. — Marcus & Millichap has completed the disposition of Warren Plaza in Spring Lake Heights. The 12,000-square-foot retail property sold for $3.1 million. Located off of Route 35, the property is 100 percent leased. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller. The names of the buyer and seller were not disclosed.
NEW YORK CITY — White & Case LLP, a global law firm with operations in 26 countries, plans to relocate but will remain on Sixth Avenue. The firm has signed a 440,000-square-foot long-term lease at 1221 Avenue of the Americas, which is owned by The Rockefeller Group. The leased space includes the top floors in the building, as well as below-grade space. The firm will move to the 2.5 million-square-foot property in 2017. The tenant was represented by Ken Siegel, Tom Doughty and Lisa Kiell of Jones Lang LaSalle. The Rockefeller Group was represented by an in-house team led by Ed Guiltinan, along with a Cushman & Wakefield brokerage team led by John Cefaly. The lease brings total new leasing activity at 1221 Avenue of the Americas to more than 700,000 square feet over the past 18 months.
NEW YORK CITY — Stephen Palmese of Massey Knakal has arranged the sale of the Brooklyn Law School Portfolio, which consists of six multifamily properties located in the historic Brooklyn Heights neighborhood of New York City. The all-cash transaction was valued at $36.46 million. The six properties — located at 89 Hicks Street, 18 Sidney Place, 144 Willow Street, 100 Pierrepont Street, 27 Monroe Place, and 38 Monroe Place — feature a combined 110 residential apartments and approximately 56,342 gross square feet. The sale price equates to approximately $647 per square foot. The properties have been owner/occupied by Brooklyn Law School, and they were 90 percent vacant at the time of sale.
NEW YORK CITY — Jim Coleman of Houlihan-Parnes Realtors LLC recently arranged acquisition financing of $1.5 million for the purchase of 2075 Haviland Avenue in the Tremont section of the Bronx. The property is a five-story walk-up apartment building containing 27 apartments and 4 stores. The property was purchased to reposition the asset based on existing vacancy. The loan has a flexible nine-year term. The loan was made by a local New York commercial bank. Anthony Simari of Smith, Buss & Jacobs represented the borrower.
PARSIPPANY, N.J. — JLL has recently completed managing the construction of the Lexus Eastern Area Office and Training Facility at 300 Webro Road in Parsippany for Toyota Motor Sales U.S.A. Inc. The team obtained LEED for Commercial Interiors Platinum certification for the 32,000-square-foot office and warehouse facility, which will serve as a training center for Lexus dealerships throughout the Northeast and Mid-Atlantic regions. This is the first LEED Platinum project for the Lexus area training center program. JLL was retained by Toyota Motor Sales U.S.A. Inc. in September 2012 to provide project management services for the construction of the facility. The company broke ground on the facility in early April 2013. The JLL team overseeing the project management assignment was led by Jerry Sullivan and Eric Brown. LEED certification coordination was led by Dana Schneider and Jasmine Davis.