Northeast

M&M ARRANGES $1M SALE OF SIX-UNIT APARTMENT BUILDING

by admin September 4, 2013

BERNARDSVILLE, N.J. — Marcus & Millichap has arranged the $1 million sale of Westover Apartments, a six-unit apartment property in Bernardsville, located 30 miles west of Newark. Steven Rutman, Zachary Pierce and Mark Thomson, investment specialists at Marcus & Millichap, marketed the property on behalf of the seller, a private investor. Rutman, Thomson and Pierce also procured the buyer. The property, which is located at 30 W. St., includes six two-bedroom units with detached garages and private entrances.

September 4, 2013

GERSON LEHRMAN TO MOVE HQ TO ONE GRAND CENTRAL PLACE

by admin September 4, 2013

NEW YORK CITY — Gerson Lehrman Group (GLG), a membership-based network for professional learning and expertise, has leased 64,361 square feet at One Grand Central Place in New York City. GLG is moving its global headquarters to the entire third floor and part of the fourth floor of the office building located at 60 E. 42nd St.With this move, slated for the third quarter of 2014, GLG will join staff from two locations — 850 Third Ave. and 845 Third Ave. Clive Wilkinson Architects will design the new space. Gary Kamenetsky and Robert Meyers of CBRE represented GLG in the lease negotiations. William Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the landlord, W&H Properties.

September 4, 2013

Multifamily Northeast

90 CONDOMINIUMS IN YONKERS, N.Y., SELL FOR $26.5M

by admin September 3, 2013

YONKERS, N.Y. — UOB Eagle Rock Multifamily Property Fund has purchased 90 condominiums in Yonkers for $26.5 million, or $294,712 per unit. The condominium units are located in the 163-unit Tower I at Monarch at Ridge Hill. Victor Nolletti, senior vice president of investments at Institutional Property Advisors, along with Steve Witten and Jacob Levy of Marcus & Millichap, represented the seller, Horizon at Ridge Hill LLC. Nolletti, Witten and Levy also represented the buyer in the transaction. Built in 2007, Monarch at Ridge Hill is located 11 miles from the George Washington Bridge and 16 miles from Manhattan’s Upper West Side. The mid-rise steel, concrete and glass building features luxury interior finishes and open residences with private balconies.

September 3, 2013

Multifamily Northeast

MASSEY KNAKAL SELLS 20-UNIT APARTMENT BUILDING IN NYC

by admin September 3, 2013

NEW YORK CITY — An apartment building located at 237 Henry St. in Manhattan’s Chinatown neighborhood has sold in an all-cash transaction valued at $3.3 million. The five-story walkup building spans 8,200 square feet and includes 20 rent-stabilized, one-bedroom apartments. Massey Knakal brokered the transaction.

September 3, 2013

Northeast Retail

KZA REALTY BROKERS THREE COMMERCIAL DEALS IN THE BRONX

by admin September 3, 2013

NEW YORK CITY — KZA Realty Group Inc. (KZA) has brokered three commercial real estate deals in the Bronx for a combined total of $3.7 million. KZA represented both seller and buyer in each of the transactions. Uzi Shvut of 699 MP Realty LLC purchased a 21,850-square-foot retail strip center at 699-723 Morris Park Ave. from 699 Morris Park Avenue Corp. for $2 million. At 33 West Tremont Ave., Brightside Academy leased 7,272 square feet of daycare space and 1,500 square feet of outside play area from landlord Atlantic Development. Rent for the initial 10-year term will total $1.6 million. At 1468 Williamsbridge Road, Yonkers Contracting leased 2,500 square feet of second floor office space from landlord Bronx Home.

September 3, 2013

Northeast Office

PILKINGTON SIGNS 11,000 SF LEASE IN CLIFTON, N.J.

by admin September 3, 2013

CLIFTON, N.J. — Glass manufacturer Pilkington North America Inc. has leased 11,000 square feet at 125 Kingsland Ave. in Clifton. The new location is one of nearly 100 Pilkington automotive glass replacement facilities in the United States. Pilkington North America manufactures and markets glass and glazing products for both the automotive and architectural markets. The new Clifton facility will serve customers in a radius of approximately 50 miles, according to Bill Waldron of Pilkington. 1913 Realty Associates owns the building at 125 Kingsland Ave. Andrew Somple of NAI James E. Hanson represented the landlord. Cushman & Wakefield represented Pilkington in the transaction.

September 3, 2013

Multifamily Northeast

CRONHEIM ARRANGES $9.3M LOAN FOR MULTIFAMILY PROPERTY

by admin August 30, 2013

LATHAM, N.Y. — Cronheim Mortgage has arranged $9.3 million in financing for Mountainview Terrace, a 128-unit apartment community in Latham, a northern suburb of Albany. The 10-year loan includes a 30-year amortization schedule and a fixed interest rate. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing for Mountainview Terrace Apartments LLC. The property includes nine three-story buildings and units ranging in size from 685 square feet to 1,300 square feet.

August 30, 2013

Northeast Seniors Housing

WASHINGTON TRUST FINANCES $5M FOR ASSISTED LIVING FACILITY

by admin August 30, 2013

CRANSTON, R.I. — Washington Trust has provided $5 million in construction financing to Scandinavian Home Inc. for an assisted living facility in Cranston. Proceeds from the loan will be used for a 2,000-square-foot addition the Scandinavian Home community, as well as renovations to existing facilities. The assisted living and skilled nursing facility is located in the Edgewood section of Cranston, about five miles south of Providence. Built in 1930, Scandinavian Home is a nonprofit community.

August 30, 2013

Multifamily Northeast

M&M ARRANGES $1.2M SALE OF EIGHT-UNIT APARTMENT BUILDING

by admin August 30, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $1.2 million sale of 328 Madison St., an eight-unit apartment property in Brooklyn. The sales price represents approximately $141 per-square-foot. Derek Bestreich, Lucien Sproviero and Shaun Riney, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor.

August 30, 2013

Industrial Northeast

NAI HANSON ARRANGES 26,112 SF LEASE IN NEW JERSEY

by admin August 30, 2013

CARLSTADT, N.J. — NAI James E. Hanson has arranged a 26,112-square-foot lease at 455 Barell Ave. in Carlstadt. S.N.S. Oriental Rugs LLC signed a three-year lease for the entire building, which it plans to use for the warehousing and distribution of oriental rugs. The property features a 3,000-square-foot office portion, a 16-foot clear ceiling height, three loading docks and 19 parking spaces. Jeffrey DeMagistris and Thomas Vetter of NAI James E. Hanson represented the landlord, R. J. Purcell Associates, in the transaction.

August 30, 2013

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