Northeast

KALMON DOLGIN ARRANGES 67,362 SF LEASE IN BROOKLYN

by admin February 4, 2014

NEW YORK CITY — Cadogan Tate New York, a London-based fine arts storage company, has leased a 67,362-square-foot property at 301 Norman Ave. in the Greenpoint area of Brooklyn. The one-story property features one interior loading dock, six drive-in doors, gas heat, heavy power, 26-foot ceilings and a full sprinkler system. Additionally the property features 25,000 square feet of property that can be used for parking. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin Affiliates represented the tenant in the transaction, while Jeffrey Unger, also of KDA, represented the owner, 301 Norman Avenue LLC. Terms of the lease were not disclosed.

February 4, 2014

MADISON HOUSE SELLS FOR $16.05 MILLION IN NEW JERSEY

by admin February 4, 2014

PALISADES PARK, N.J. — A Manhattan-based privately held real estate firm has acquired Madison House, a 48-unit luxury apartment building at 411 E. Brinkerhoff Ave. in Palisades Park. Madison House Holdings sold the property for $16.05 million or nearly $334,375 per unit. Built in 2011, the multifamily property features granite countertops, stainless steel appliances, hardwood floors and in-unit washers and dryers. The property, which was 96 percent occupied at the time of closing, offers a mix of one-, two- and three-bedroom units averaging 1,049 square feet, a two-level parking deck and 2,400 square feet of street-level retail. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Dowd of Cushman & Wakefield represented the seller and identified the buyer in the transaction.

February 4, 2014

Hospitality Northeast

IHG OPENS JFK AIRPORT CROWNE PLAZA

by admin February 3, 2014

NEW YORK CITY — IHG has opened Crowne Plaza JFK Airport New York City hotel in Jamaica. Located at 138-10 135th Ave., the 330-room hotel features Internet access, free parking, extended dining and bar service hours, a fitness center, a zen room for yoga and meditation, and the brand’s Sleep Advantage program. Additionally the hotel offers 5,000 square feet of meeting space, including 10 meeting rooms and a ballroom.

February 3, 2014

Mixed-Use Northeast

BROOKLYN MIXED-USE PROPERTY SELLS FOR $3.4M

by admin February 3, 2014

NEW YORK CITY — A private investor has acquired 115 Atlantic Avenue, a 5,370-square-foot mixed-use property in Brooklyn, from an undisclosed seller. The property sold for $3.4 million, or approximately $843 per square foot. Shaun Riney, Joe Koicim and Peter Von Der Ahe of Marcus & Millichap’s Brookyln and Manhattan offices represented the seller. Shaun Riney and Patxi Colbern, also of Marcus & Millichap, represented the buyer in the transaction.

February 3, 2014

Northeast Office

JLL TO MANAGE, LEASE 177,820 SF OFFICE BUILDING

by admin February 3, 2014

EAST HANOVER, N.J. — Griffin Capital Corp. has selected Jones Lang LaSalle to provide leasing and property management for Eagle Rock Executive Office IV, located 120 Eagle Rock Avenue in East Hanover. The firm will provide a full range of property management and transaction services for the Class A, 177,820-square-foot commercial office building. Dennis McConnell and Dan Spero make up the leasing team, and Beth Pereira and Mary Oppel comprise the property management team. Griffin Capital acquired the property from Columbia Property Trust in late 2013 as part of an 18-building nationwide portfolio acquisition.

February 3, 2014

Mixed-Use Northeast

6,866 SF MIXED-USE BUILDING SELLS FOR $6.5 MILLION

by admin February 3, 2014

NEW YORK CITY — Massey Knakal has brokered the sale of 158 Rivington Street located in Manhattan’s Lower East Side. The six-story, 6,866-square-foot mixed-use building sold for $6.48 million or approximately $944 per square foot. The property consists of two ground-floor retail units and nine residential units. Built in the 1990s, the property holds approximately 2,151 square feet of additional air rights. Michael DeCheser of Massey Knakal exclusively handled the transaction. The seller was 158 Rivington Property Inc.

February 3, 2014

Northeast Office

MICROMOLD PRODUCTS RELOCATES TO YONKERS, N.Y.

by admin February 3, 2014

YONKERS, N.Y. — Micromold Products has expanded and relocated to 7 Odell Plaza in Yonkers. The new 12,991-square-foot space is located within South Westchester Executive Park, which is owned by Mack-Cali Realty Corp. Howard Greenberg of White Plains, N.Y.-based Howard Properties represented the tenant in the transaction, while Mack-Cali was represented in-house by Ivan Abry. Terms and conditions of the lease were not disclosed.

February 3, 2014

Market Reports New Jersey Northeast Market Reports

A Look At Exit 8A Industrial, Northern New Jersey's Largest Market

by admin February 3, 2014

Located along the New Jersey Turnpike (I-95) in the geographic center of the Boston-Washington, D.C., corridor, the Exit 8A industrial market is situated 45 miles southwest of Manhattan and 60 miles northeast of Philadelphia. This location enables distributors to reach more than 130 million consumers, one-third of the northern American population, within a one-day drive. With currently 67.48 million square feet, it is the largest submarket in Northern New Jersey. The vacancy is currently dramatically down from the double digits of the recession to 8.4 percent. Asking rents are inching up to the mid-$4 range, NNN, due to the tightening of the market and a shortage of attractive development sites at 8A. National and international tenants are drawn to the submarket’s superior highway access and proximity to the New York/New Jersey ports and Newark Liberty International Airport. The Exit 8A submarket is home to national and international distributors, manufacturers, and logistics firms. Companies with a major presence at Exit 8A include The Home Depot, Pearson Education, ConAgra, Crate & Barrel, FedEx, Costco, William Sonoma, Staples, Iron Mountain, Kellogg’s, Petco, Volkswagen, Ford, LG Electronics, Wakefern, L’Oreal, and Raymour & Flanigan among many others. The 8A industrial market’s desirability is best illustrated …

February 3, 2014

Hospitality Northeast

189-ROOM EMBASSY SUITES OPENS IN NEW JERSEY

by admin January 31, 2014

ELIZABETH, N.J. — Embassy Suites Hotels has opened the 189 two-room Embassy Suites Elizabeth-Newark, which is located at 95 Glimcher Realty Way in Elizabeth. Owned and operated by Sun Development and Management Corp., the property features three all-purpose meeting spaces, an open lobby, complimentary breakfast, a fitness center, an indoor pool, a whirlpool and the Liberty Grille Restaurant.

January 31, 2014

Northeast Retail

WALGREENS STORE IN NEW YORK SELLS FOR $12.4M

by admin January 31, 2014

UNIONDALE, N.Y. — The Boulder Group has brokered the sale of a triple-net leased Walgreens property in Uniondale. Located at 603 Uniondale Ave., the 12,827-square-foot retail building sold for $12.4 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a New York-based development firm, in the transaction. The buyer was an undisclosed New York-based private partnership.

January 31, 2014

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