NEW YORK CITY — Marcus & Millichap has arranged the sale of 215 Sterling St., a 32,120-square-foot mixed-use property located in Brooklyn. The sales price equates to approximately $155 per square foot. Lucien Sproviero and Derek Bestreich, investment specialists in Marcus & Millichap’s Brooklyn office, represented the buyer and the seller, both private investors. The property features 38 apartments and 100 feet of vacant retail space on Rogers Avenue.
NEW YORK CITY — The Carlton Group has arranged $815 million in construction and mezzanine refinancing for the development of Marriott International Inc.’s new luxury Edition brand hotel at 701 Seventh Ave. in Times Square. The financing includes a new $237.5 million mortgage and $315 million mezzanine loan. Marriott will operate the 452-room boutique hotel, which is owned by a partnership. Marriott agreed to purchase the hotel portion of the property for $314.6 million during the first two years after opening. The new Edition hotel will feature 30,000 square feet of food, beverage and entertainment space. Construction is slated for completion in 2017.
BARNEGAT, N.J. — Walters Group has completed construction on Laurel Oaks, an affordable apartment community in Barnegat, a city in southern New Jersey. Comprised of four buildings, the mid-rise apartments include 94 units and features a selection of energy-efficient one-, two- and three-bedroom layouts with rents ranging from $267 to $1,201 a month. Each unit is equipped with Energy Star appliances, including a washing machine, dryer and dishwasher. The project is located on Route 9 between Barnegat Boulevard and Rose Hill Road. Amenities at the community include a playground, basketball court, fully furnished clubhouse with fitness center, computer workstations, bike racks, on-site parking and a 24-hour, on-site management and maintenance. The residential project was recently awarded LEED Platinum certification.
NEW YORK CITY — Savanna, a New York-based private equity and asset management firm, has acquired 141 Willoughby Street, a development site in Brooklyn. The lot is approximately 18,000 square feet and is zoned for retail, residential and commercial use. The purchase price was undisclosed. Savanna purchased the asset in an off-market transaction from the Institute of Design and Construction (IDC). The school currently operates its not-for-profit college at the building on site. Woody Heller, executive managing director and group head of the capital transactions group at Studley, represented IDC in the transaction.
The best word to describe the current retail real estate market in Connecticut is “stabilized.” The majority of the big box and junior anchor vacancies resulting from downsizing and bankruptcies have been absorbed. Although rental rates are still not at pre-recession levels, new construction — which has been absent over the last few years — is now being seen with multiple projects throughout the state. In Brookfield, Samuels & Associates recently completed a redevelopment of an existing 40-year-old shopping center on Federal Road by demolishing the majority of the existing shopping center adjacent to a freestanding Kohl’s and constructing a BJ’s Wholesale Club along with several restaurant pads. The project will also debut the first Chick-fil-A in Connecticut. Walmart Neighborhood Market has opened its first two Connecticut locations. The first opened at Edens redevelopment of the Bishops Corner West shopping center in West Hartford followed by the opening of a freestanding store in a former Shaw’s Supermarket on Route 6 in Bristol. Walmart has also opened a new Walmart Supercenter on Route 5 in East Windsor that is a relocation of an older Walmart on the opposite side of Route 5. Also, Walmart will soon open a new freestanding supercenter …
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the sale of a three-property, 186-unit multifamily portfolio in Manhattan’s Inwood neighborhood. The properties are located at 623 and 631 W. 207th St., 222-228 Seaman Ave. and 29-45 Sickles St. The sales price equates to $166,667 per unit. Peter Von Der Ahe, Scott Edelstein, Seth Glasser of Marcus & Millichap represented the seller, The Dermot Co. Inc. The buyer is A&E Real Estate Management LLC.
NEW YORK CITY — A mixed-use building at 5008 Broadway, located on the corner of Broadway and West 213th Street in Manhattan’s Inwood neighborhood, was sold in an all-cash transaction for $9.8 million. The sales price equates to $201 per square foot. The six-story, 52-unit building spans approximately 48,576 square feet and consists of five commercial and 47 residential units. Robert Shapiro of Massey Knakal arranged the transaction. The buyer was a private investor.
FARMINGTON, CONN. — Raymour & Flanigan Properties LLC has acquired a freestanding 21,600-square-foot Barnes & Noble store in the West Farms Mall section of Farmington. The purchase price was undisclosed. Barnes & Noble has occupied the property for the past 20 years. Matt Halprin, principal at New England Retail Properties Inc., represented the buyer in the transaction. LA Drinkwater and Seth Richards of Marcus & Millichap represented the seller, BN (CT) QRS-1157 LLC, in transaction.
EDISON, N.J. — Mack-Cali Realty Corp. and its joint venture partner, Ironstate Development Co., have broken ground on a new residential tower, URL Harborside, in Jersey City. Phase I, URL Harborside 1, is a 69-story, $291 million multifamily residential tower that will feature 763 residences. The phase is slated for completion in mid-2016. Ultimately, URL Harborside, will feature three towers comprising 2,358 residences overlooking the Manhattan skyline.
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the $47.3 million sale of the Exo Astoria, a 14-story, 117-unit multifamily building in the Astoria neighborhood of Queens in New York City. The sales price equates to approximately $404,000 per unit. Peter Von Der Ahe, Joe Koicim and David Lloyd of IPA represented the seller, the financial services firm TIAA-CREF, in the transaction. The buyer is a partnership between Forest Properties, a Massachusetts-based property management firm, and real estate entrepreneur Jeff Greene. Constructed in 2008 and recently upgraded, units at the property feature oak-plank flooring, recessed lighting and Bosch washers and dryers. Amenities at the property include an around-the-clock concierge, on-site covered parking, a residents’ lounge with gourmet kitchen, billiards, flat-screen TV and Wi-Fi access.
