Northeast

NAI NORWOOD GROUP ARRANGES SALE OF 10.5 ACRES IN NEW HAMPTON

by admin December 11, 2013

NEW HAMPTON, N.H. — NAI Norwood Group has arranged the sale of 10.5 acres on Packard Drive in New Hampton, a city in central New Hampshire. John Hoben, Chris Norwood and Karl Norwood of NAI Norwood Group represented the seller, LW Packard & Co., in the transaction. The land sale closed at $142,000. According to plans presented by the buyer to the city of New Hampton officials, the property will be used for storage of fuel. The transaction represents the last sale of more than 75 acres in New Hampton by NAI Norwood Group on behalf of a single seller. The land features direct access to Interstate 93.

December 11, 2013

METRO-NORTH COMMUTER RAILROAD SIGNS 265,903 SF LEASE IN NYC

by admin December 10, 2013

NEW YORK CITY — Metro-North Commuter Railroad Co. has signed a 20-year lease covering 265,903 square feet at 420 Lexington Ave. in New York City. Metro-North, a subsidiary of New York’s Metropolitan Transportation Authority, currently occupies 133,503 square feet on the 11th, 12th and 22nd floors of the 30-story, 1.2 million-square-foot property located adjacent to Grand Central Terminal. The 132,400-square-foot expansion will cover the entire 10th floor and portions of the second, third and fifth floors. Josh Kuriloff, Jodi Roberts and David Heller of Cushman & Wakefield Inc. represented Metro-North in the transaction. SL Green was represented in-house.

December 10, 2013

Northeast

155-ACRE FORMER PSYCHIATRIC CENTER SITE SELLS FOR $4M

by admin December 10, 2013

POUGHKEEPSIE, N.Y. — Houlihan Lawrence Commercial Real Estate Group has arranged the $4 million sale of the former 155-acre Hudson River Psychiatric Center site on Route 9 in Poughkeepsie, a city located between New York City and Albany. Tom LaPerch and Steve Salomone of Houlihan Lawrence represented the sellers, Hudson Heritage LLC, in the transaction. The buyer, Diversified Real Estate Advisors, has plans to use the site as a mixed-use property combining commercial, hospitality and residential. Kevin McGrath of McGrath Realty represented Diversified Real Estate Advisors in the deal. Built in the 1800s, the site served as several New York hospitals before it closed in 2001.

December 10, 2013

Mixed-Use Northeast

MERIDIAN ARRANGES $3.3M FOR MIXED-USE PROPERTY IN NYC

by admin December 10, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged a $3.3 million loan on behalf of Phido Co. for the refinancing of a mixed-use property located on York Avenue in New York City. The 10-year loan features a fixed interest rate of 3.95 percent and was provided by a local savings bank. Judah Hammer, vice president in Meridian Capital’s New York City headquarters, negotiated the transaction. The four-story, mixed-use property is located at 1634 York Ave. and includes 14 residential units and two retail spaces totaling 3,600 square feet, one of which houses the Mansion Restaurant.

December 10, 2013

Multifamily Northeast

MMCC ARRANGES $2.6M FOR PHILADELPHIA APARTMENT BUILDING

by admin December 10, 2013

PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.6 million loan for the refinancing of 1311 Lofts, a 16-unit apartment building in Philadelphia. The loan includes a 3.75 percent interest rate and a 75 percent loan-to-value ratio. The multifamily property is located at 1311 Spruce St.

December 10, 2013

Northeast Office

COLLIERS ARRANGES 218,000 SF LEASE FOR UNITED CEREBRAL PALSY

by admin December 9, 2013

NEW YORK CITY — Colliers International has arranged a 30-year, 218,000-square-foot lease on behalf of United Cerebral Palsy (UCP) for the entire building at 80 W. End Ave. in New York City. The nonprofit, which provides services, technology, and advocacy to children and adults with cerebral palsy and other disabilities, recently sold its existing building at 122 E. 23rd St. in Gramercy Park. The organization is scheduled to move into its new facility at the corner of West 63rd Street in the fourth quarter of 2014. UCP will occupy the first, fourth, sixth and seventh floors at the property, which will include a rooftop playground. The organization plans to sublease the additional space in the building to other nonprofits. Jointly owned by the Kushner Cos. and Extell Corp., the 1920s-era building will be renovated to include wide corridors for the large number of people in wheelchairs. UCP has retained HOK as project architect. Michael Berger and Robert Getreu of Colliers International arranged the lease on behalf of UCP. Jared Kushner and Ira Bloom of Kushner Cos. represented the building’s owners, Kushner Cos. and Extell Corp., in the transaction.

December 9, 2013

Mixed-Use Northeast

ARIEL PROPERTY ADVISORS BROKERS SALE OF MIXED-USE PORTFOLIO

by admin December 9, 2013

NEW YORK CITY — Ariel Property Advisors has arranged the $4.2 million sale of a three-building, mixed-use portfolio at 2245, 2259 and 2285 Adam Clayton Powell Jr. Blvd. in the Central Harlem community of Manhattan. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller and procured the buyer, both real estate investment groups. The five-story buildings total 32,025 square feet and include 25 residential units and four retail units. The unit mix includes five one-bedroom, 12 two-bedroom and eight three-bedroom units.

December 9, 2013

Northeast Retail

CMI SECURES 79,000 SF IN LEASES AT NORWOOD RETAIL CENTER

by admin December 9, 2013

NORWOOD, MASS. — CMI Property Inc. has leased 79,000 square feet of space to three retail tenants at its newly acquired shopping plaza at 560-570 Boston Providence Highway in Norwood, a southwest suburb of Boston. Bellevue, Wash.-based thrift retailer Savers Inc. leased 43,000 square feet of space. Peter Considine of the Dartmouth Co. represented Savers in the transaction. William Zoppo of Elliot & Co. represented the landlord. Launch Trampoline Park, a recreation center where children and adults can jump on trampolines, leased 23,000 square feet of retail space. Elliot Ravech of Elliot & Co. represented CMI Property in the transaction. The park is scheduled to open later this month. Big Bob’s Flooring, a flooring outlet franchise, leased 13,000 square feet. Ravech represented the landlord in the transaction. The former Syms Plaza is now fully leased. The two retail buildings at the property span 80,208 square feet and are located on an 8.5-acre site.

December 9, 2013

Multifamily Northeast

M&M ARRANGES $2.9M SALE OF NAVY YARDS APARTMENT BUILDING

by admin December 9, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 54 Cumberland Street, an eight-unit apartment property located in Brooklyn. Matthew Fotis and Shaun Riney of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Fotis and Adam Abuaf, also of Marcus & Millichap, represented the buyer, a private investor. The building sold for $500 per square foot in an all-cash transaction. Built in 1905 and renovated in 2006, the apartment building is located between Park and Flushing avenues in the Navy Yards section of Brooklyn. The property offers amenities such as on-site laundry, storage units and close access to public transportation.

December 9, 2013

Market Reports New Jersey Northeast Market Reports

New Jersey Retail: What's Hot and What's Not

by admin December 9, 2013

South Jersey has room to grow, with several proposed ground-up centers taking center stage in the seven-county region as developers capitalize on residential growth tied to the market’s relative affordability. Meanwhile, “redevelopment” is the operative word for the 14 counties in the state’s more densely populated north and central regions, where industrial sites are being converted into mixed-use centers. Fueled by big-box absorption, the vacancy rate for open-air and freestanding retail in the northern counties inched down to 8.1 percent in mid-2013 from 8.2 percent a year ago. Central Jersey’s vacancies rose to 9.8 percent from 9.1 percent a year earlier, driven by small-shop closures. In the south, the average is 9 percent. Rents in the north crept up 0.1 percent in the first three quarters of 2013, with a median of $20 to $26 per square foot in top markets; central counties crept up 0.3 percent to a median of $15.50 to $16. South Jersey rents increased just 0.1 percent in the first two quarters of 2013, with a median of $13. For regional malls, one continuing trend is the move by owners to take interior spaces and turn them outward for more of a lifestyle feel. This began …

December 9, 2013

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