NEW YORK CITY — Castellan Real Estate Partners has acquired a four-story, 62-unit multifamily building in the Flatbush section of Brooklyn for $6 million, or $98,000 per unit. The walk-up apartment building was built in 1926 and includes one 47,680-square-foot store. Yosef Katz of GFI Realty Services Inc. represented the seller, a local investor. Josh Orlander, also of GFI Realty Services, represented the buyer in the transaction. The building is located at 1084 New York Ave.
EDISON, N.J. — Gebroe-Hammer Associates has arranged the $2.2 million sale of the 21-unit Winding Woods apartment community in Edison. Joseph Brecher of Gebro-Hammer Associates represented the seller, Winding Woods 1880 LLC, and identified the buyer in the transaction. Located at 1880 Woodbridge Ave., Winding Woods includes one- and two-bedroom units with amenities such as on-site parking and laundry facilities. Rents at the property range from about $725 to $1,375.
PRINCETON, N.J. — Chambers Street Properties has been authorized to list its common shares of beneficial interest on the New York Stock Exchange (NYSE) under the ticker symbol “CSG.” Trading began Tuesday and closed at $10 per share. “We believe this listing on the NYSE and becoming a publicly traded company enables us to continue to execute our asset management, portfolio growth and capital strategies designed to maximize shareholder value,” says Jack Cuneo, president and CEO of Chambers Street.
NEW YORK CITY — Silverstein Properties has secured construction financing for a $950 million, 82-story Financial District tower in downtown Manhattan that will house a Four Seasons hotel and condominium. The Children’s Investment Fund Management LLP provided financing for the project with a loan up to $660 million to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. At 926 feet, the building, which will be located at 30 Park Place, will be one of the tallest residential buildings in lower Manhattan. The hotel will include a 185-room Four Seasons-operated luxury hotel, as well as 157 Four Seasons branded luxury private residences. Construction will begin on the tower this fall, with the grand opening set for 2016. Robert A.M. Stern Architects is the architect for the building. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is serving as construction manager on the project.
WEST BRIDGEWATER, MASS. — Boston-based EagleBridge Capital has arranged $10 million in permanent mortgage financing for One United Drive, located in West Bridgewater, about 30 miles south of Boston. One United Drive is a 315,000-square-foot industrial building, which includes 30,000 square feet of office space and 285,000 square feet of manufacturing and distribution space on a 29.8-acre site. Campanelli Cos. originally developed the building in 1987 for United Liquors. Major tenants include Cheer Pack North America, which occupies 187,500 square feet, and Federal Express, which occupies 88,500 square feet. A Massachusetts-based financial institution provided the loan. Brian Sheehan and Ted Sidel of EagleBridge arranged the mortgage financing.
PRINCETON, N.J. — Cantor Commercial Real Estate has provided $8.2 million in financing for 5-13 Witherspoon St. in Princeton. Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield arranged the 10-year loan for Jeffrey Siegel and an affiliate of ML7. The 17,000-square-foot mixed-use property was renovated shortly after the current ownership purchased the property in 2010. Agricola Eatery, a farm-to-table restaurant, opened at the location in March.
NEW YORK CITY — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of an 8,800-square-foot property at 16-13 Stephen St. in the Ridgewood section of Queens for $1.3 million. Howard Darsi of KDA represented the buyer, Jack Pierson Studio, while Jean Cook, also of KDA, represented the seller, Stephen Street Realty LLC, in the transaction. Jack Pierson relocated to 16-13 Stephen Street from 70 Greenwich Ave. in Manhattan, and will use the location as a studio. Located between Cypress and Wyckoff avenues, the property provides easy access to Manhattan and Brooklyn via the L subway line.
LAWRENCEVILLE, N.J. — Prism Capital Partners LLC has teamed up with Angelo, Gordon & Co. to acquire Princeton Pike Corporate Center in Lawrenceville for $121 million, or $151 per square foot. The eight-building, Class A office park, located in Central New Jersey’s Mercer County, totals 800,000 square feet. The seller was Brandywine Realty Trust. The complex was approximately 90 percent leased at the time of sale, and tenants include Wells Fargo, Langan Engineering, Sirius XM Radio, Stark & Stark, the Princeton Healthcare System, Fox, Rothschild and Celsion. Prism is handling the leasing of Princeton Pike Corporate Center.
WOODBRIDGE, N.J. — TG Acquisitions LLC has purchased a 74,618-square-foot shopping center, located at 755-789 St. Georges Ave. in Woodbridge, for $6.3 million. Currently 24 percent occupied, the two-story shopping center is situated on 7.5 acres. Constructed in 2001, the property includes 403 surface parking spaces and is located on Route 35 with direct access to Route 1 and 9. Tenants at the property include Subway, Papa John’s and Rita’s, among others. NAI James E. Hanson assisted in arranging the purchase of the property, and NAI DiLeo Bram & Co. represented the buyer, TG Acquisitions, in the transaction.
NEWARK, N.J. — The Berger Organization, through 765 Broad Street Holdings, has acquired 765 Broad Street in Newark from 765 Henry Associates. The 200,000-square-foot, seven-story office building is located in the city’s central business district. Prudential developed the building, and its white marble façade matches the insurance company’s current world headquarters at the neighboring 751 Broad St. The now multi-tenant property, anchored by Cablevision and home to a Wells Fargo regional office and bank branch, was recently renovated with a new lobby, elevators, updated common area and building systems.
