As a global player, New York City enjoys top-shelf retail advantages that continue to support the market as they always have — by keeping one foot on the gas pedal and one eye on the rearview mirror, as the recessionary cycle fades further out of view. From an economic perspective, New York City is recovering by leaps and bounds, posting 1.5 percent year-over-year growth between February 2012 and February 2013, and a liberal 4.3 percent rise in the professional and businesses services sector that includes 35,000 new jobs. Add to that the overall uptick in the global economy (read: consumer confidence) and the market’s inherent strength as an international tourist destination, and all bets are on New York to remain one of the tightest retail markets in the country for the next few years. New York City boasted an enviable 2.2 percent vacancy rate for all types of retail at the end of first quarter 2013 — an impressive figure when compared to the average U.S. first quarter vacancy rate of 6.8 percent. Quoted rents in New York’s five boroughs also rebounded 12.7 percent year-over-year to $50.90 per square foot on average. This is about three times higher than the …
SOMERVILLE, MASS. — New England Construction (NEC) has completed construction on Brooklyn Boulders Somerville, a 38,000-square-foot rock-climbing, bouldering and fitness facility in northwest Boston near Union Square. NEC began construction on the facility, which includes a 40-foot long, 22-foot tall bouldering wall, earlier this year. The tenant, Brooklyn Boulders, worked with climbing wall designer Vertical Solutions and architecture firm Arrowstreet, to design the facility. Additionally, some of the amenities of the new facility include meeting space atop the 22-foot tall bouldering wall, a glass-enclosed lounge with fireplace, 40-indoor bike parking spaces, cardio and fitness areas and locker rooms.
NEW YORK CITY — Massey Knakal has arranged the sale of a 21,678-square-foot mixed-use building in Manhattan’s Harlem neighborhood, for $5 million in an all-cash transaction. The six-story, walk-up building is located at 203 W. 144th St. and includes 28 residential and two commercial units. Of the residential units, 18 are two-bedroom units and 10 are three-bedroom units. A church and a retail tenant occupy the two ground-floor units. Josh Lipton and Michael Amirkhanian of Massey Knakal represented the seller and buyer, private investors, in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $1.7 million sale of 693 Madison Street, a 9,036-square-foot apartment property in Brooklyn. The sales price of the eight-unit multifamily property represents approximately $215,000 per unit and $190 per square foot. Dan Greenblatt, Shaun Riney and Derek Bestreich, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor. Bestreich, Greenblatt and Riney also represented the buyer, a fund manager.
CHAZY, N.Y. — Northstar 41 LLC has hired Binswanger to sale and/or lease a 386,060-square-foot medical research facility in Chazy, located in northern New York near the Canadian border. Among the research and lab space, the facility also includes 17,000 square feet of warehouse space and 39,074 square feet of office space. The property is located one-half mile from I-87, approximately 14 miles from Plattsburgh and 50 miles from Montreal, Canada.
PHILADELPHIA — UC Funding has provided $10.4 million for a project involving the acquisition and renovation of two older apartment buildings in northwest Philadelphia totaling 110 units. The borrower was identified as a life-long Philadelphia resident with more than 30 years of experience in commercial real estate and currently owns 14 apartment buildings and four office/retail properties in the Philadelphia area.
HERKIMER, N.Y. — Marcus & Millichap has arranged the $2.1 million sale of a 2,132-square-foot, net-leased property in Herkimer, located 16 miles southeast of Utica. A Kentucky Fried Chicken and Taco Bell occupy the property, which signed a new 20-year lease at the closing of the deal. Glen Kunofsky and Judson Kauffman of Marcus & Millichap’s Manhattan office represented the seller and the buyer, private investors, in the transaction. KFC / Taco Bell is located at 200 South Caroline St.
ALBANY, N.Y. — The Hampshire Cos. has acquired a 66,000-square-foot retail property and an adjacent 1,000-square-foot gas station in Albany from Columbia Development Co. ShopRite, a subsidiary of Wakefern Food Corp., fully occupies the 66,000-square-foot building. The new grocery store is the third of four new locations for ShopRite in the Albany market this year. The property is located at 711 Central Ave.
NEW YORK CITY — Colliers International has arranged a 12,200-square-foot lease at 2 Penn Plaza in New York City on behalf of Marks Paneth & Shron LLP (MP&S), which sublet its space on the fourth floor to Jacobs Engineering Group Inc. MP&S provides auditing, accounting, tax, consulting, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to public and private businesses. Jacobs Engineering Group provides technical support to industrial, commercial and government clients across multiple markets. Owned by Vornado Realty Trust, 2 Penn Plaza is a 32-story, 1.5 million-square-foot office tower in Manhattan on Seventh Avenue between 31st and 33rd streets. Michael Burlant of Cushman & Wakefield represented Jacobs Engineering Group in the transaction.
STAMFORD, CONN. — Clarion Partners has acquired Infinity Harbor Point, a 242-unit, Class A multifamily property in Stamford for $98.8 million. The newly-constructed 22-story property is located in Harbor Point, a mixed-use development with more than 1,350 new apartments, 400,000 square feet of Class A office space and 130,000 square feet of retail and dining. The property was 96 percent leased at the time of sale.