Northeast

NORTHMARQ ARRANGES $3M LOAN FOR SINGLE-TENANT PROPERTY

by admin October 2, 2013

NEW YORK CITY — NorthMarq Capital has arranged $3 million in refinancing for 802 Manhattan Ave., a 10,000-square-foot retail building in the Greenpoint neighborhood of Brooklyn. Associated Foods fully leases the property. Financing was based on a five-year term with one seven-year renewal option and a 12-year amortization schedule. A life insurance company provided the loan. Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged the financing.

October 2, 2013

MERIDIAN ARRANGES $45M CONSTRUCTION LOAN FOR NYC PROPERTY

by admin October 1, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged $45 million in construction financing for the development of a 133,000-square-foot retail property in Brooklyn. The three-year construction loan features interest-only payments and a LIBOR-based floating rate. Located at 240-242 Bedford Ave. in the Williamsburg neighborhood, the property spans the entire block of North 4th Street from Bedford Avenue to Berry Street and will be home to a Whole Foods Market. Aaron Birnbaum, executive vice president, and Tal Savariego, vice president at Meridian Capital Group’s New York City headquarters, arranged the financing. Construction of the retail property is slated for a mid-2014 completion.

October 1, 2013

Mixed-Use Northeast

LEASEHOLD SALE ON UPPER WEST SIDE GOES FOR MORE THAN $17M

by admin October 1, 2013

NEW YORK CITY — A local investor has sold a partial interest in a 72-year leasehold interest in the retail and medical suites at 2012-2018 Broadway on Manhattan’s Upper West Side in a transaction valued at more than $17 million. Long-time investor Isaac Shalom of Madison Realty purchased the interest. The lessee is under a 72-year leasehold rent with the co-op, which owns the building and the land. Three restaurants — Dan Japanese Restaurant, Luce Restaurant and Nanoosh Mediterranean — as well as a nail salon, occupy the four retail spaces along Broadway, while the space on the 69th Street side of the building is occupied by medical suites. Adelaide Polsinelli, senior director at Eastern Consolidated, represented the seller and procured the buyer in the sale of the corporation’s shares.

October 1, 2013

Mixed-Use Northeast

22,500 SF MIXED-USE BUILDING SELLS FOR $2M IN NORWALK

by admin October 1, 2013

NORWALK, CONN. — Capital Construction has purchased a 22,500-square-foot mixed-use retail and office building in Norwalk for $2 million. Q SONO IV LLC sold the property. The two-story building is located in downtown Norwalk at 38-48 and 50 N. Main St. Several professional office tenants occupy the second floor of this building, and Bank of America anchors the street-level spaces, which also includes a convenience market, restaurants and a beauty store. Ralph Calabrese and Tony Valenti of the R. Calabrese Agency LLC were the sole brokers in the transaction.

October 1, 2013

Multifamily Northeast

PEARL PLACE II HOUSING IN MAINE ACHIEVES LEED-PLATINUM

by admin October 1, 2013

PORTLAND, MAINE — Pearl Place II, a 55,978-square-foot, 54-unit apartment complex at 184 Pearl St. in Portland, has achieved LEED-Platinum certification from the U.S. Green Building Council. Pearl II is the second of two phases of an affordable housing development in the Bayside neighborhood of Portland. Construction was completed earlier this year. Avesta Housing hired Thornton Tomasetti, an international engineering firm, as the LEED for Homes provider and sustainability consultant on the project. Wright-Ryan Construction was the contractor on the project; PDT Architects served as the architect; and Horizon Residential Energy Services provided EnergyStar services. Avesta Housing is a 501(c)(3) nonprofit organization that promotes and provides housing opportunities in southern Maine for residents in need.

October 1, 2013

Multifamily Northeast

33-BUILDING MULTIFAMILY PORTFOLIO IN NYC SELLS FOR $246M

by admin September 30, 2013

NEW YORK CITY — Rosewood Realty Group has arranged the $246 million sale of a 33-building multifamily portfolio in New York City’s Upper West Side. New Jersey-based real estate investment company, The Orbach Group, was the buyer. A joint venture between Heritage Real Estate Partners and Dune Real Estate Partners sold the properties. The portfolio includes 1,031 apartments and two retail spaces. Aaron Jungreis of Rosewood Realty Group represented The Orbach Group in the off-market transaction.

September 30, 2013

Multifamily Northeast

48-UNIT APARTMENT BUILDING IN MANHATTAN SELLS FOR $6.3M

by admin September 30, 2013

NEW YORK CITY — Cignature Realty Associates has arranged the $6.3 million sale of 547 W. 157th St., a six-story, 48-unit apartment building in Manhattan. The building sold for approximately 10.7 times the current rent roll. Built in 1912, the 52,896-square-foot building is located between Broadway and Amsterdam Avenue in the Hamilton Heights neighborhood. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the buyer, 547 West 157th Street Holdings LLC, a private investor from Florida, and the seller, 547 Associates Inc., a local real estate owner.

September 30, 2013

Northeast Office

NORTHWESTERN MUTUAL SIGNS 20,000 SF LEASE IN STAMFORD

by admin September 30, 2013

STAMFORD, CONN. — Northwestern Mutual-Stamford has signed a long-term lease for 20,000 square feet at 400 Atlantic St. in Stamford. The life insurance company is relocating from Westport to the 15-story, 500,000-square-foot Class A office tower. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Co. and its subsidiaries, which manages $1.4 trillion in life insurance policies. In August, 400 Atlantic St. achieved LEED-Silver certification from the U.S. Green Building Council for Existing Buildings.

September 30, 2013

Northeast Office

ECLC SIGNS 19,500 SF LEASE EXPANSION IN FLORHAM PARK, N.J.

by admin September 30, 2013

FLORHAM PARK, N.J. — Cushman & Wakefield has arranged a 19,500-square-foot, six-year lease extension and expansion for ECLC of New Jersey at 100 Passaic Ave. in Florham Park. ECLC of New Jersey, which provides lifelong services for persons with special needs, will use the location for its executive offices and its P.R.I.D.E. clients. ECLC had previously occupied 12,000 square feet at the location. Situated on 7.8 acres, 100 Passaic Ave. spans 59,000 square feet. Robert Donnelly and Jason Tenenbaum of Cushman & Wakefield’s Morristown office represented ECLC New Jersey. Geoff Schubert of CBRE, who is currently marketing the property for sale, represented the owner, Jefferson-Pilot Investments Inc., in the transaction. Chatham, N.J.-based ECLC operates two schools for young people with special needs. P.R.I.D.E., which stands for promoting responsibility, independence, decision-making and employability, provides day and evening programs for adult graduates of the two schools, with the goal of teaching life and employment skills.

September 30, 2013

Market Reports Massachusetts Northeast Market Reports

Boston Multifamily Market Benefits from Waterfront Redevelopment

by admin September 30, 2013

Boston's waterfront redevelopment is generating thousands of jobs and facilitating growth across several employment sectors. The construction industry, in particular, has benefited as workers build thousands of residential units along the waterfront. Pier 4, a mixed-use project located in the Seaport District, is underway and will consist of three buildings to contain apartments, ground-level retail, condos, and a hotel or office space. Additionally, developers are moving forward with plans to build two 22-story towers in the Seaport Square mixed-use development, adding 800 apartments and 300,000 square feet of retail and entertainment space. This would be the first major project at the 23-acre site, considered the key to connecting the surrounding Fort Point, Fan Pier, Pier 4 and Waterside Place developments into a 24/7 urban environment. The developments are successfully transforming the area from sizable parking lots to a center that will draw employers and young professionals seeking a live-work-play lifestyle. In addition, many builders are acquiring older assets in prime areas of Boston and deploying capital in order to increase rents or convert to condos as empty-nesters and young adults seek more affordable ownership opportunities in affluent neighborhoods. Developers in search of conversion opportunities are targeting larger units with nice …

September 30, 2013

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