NEW YORK CITY — Massey Knakal Realty Services has arranged the sale a development site located at 49 Bond St. in Brooklyn for $70 million. The property includes more than an acre of land at 49,942 square feet. The site is zoned for commercial, residential or community facility use and can potentially be home to a mixed-use development project that includes retail and residential space. TF Cornerstone purchased the property. Stephen Palmese and Robert Knakal brokered the sale.
NEW PROVIDENCE, N.J. — Urstadt Biddle Properties Inc. has acquired The Village Shopping Center in New Providence for $34.8 million. The property was purchased subject to an existing mortgage in the amount of $18.9 million that requires payments of principal and interest at a fixed rate of 5.6 percent per year. The mortgage matures in January 2022. The 110,000-square-foot shopping center is located on Springfield Avenue and is anchored by a three-year old, 45,000-square-foot A&P grocery store, CVS/pharmacy, Radio Shack, Investor’s Bank and Smashburger. The shopping center was built in 1965 by the seller but recently renovated to accommodate the new A&P.
BINGHAMTON, N.Y. — Marcus & Millichap has arranged the sale of Greater Binghamton Health Center Community, a 22,985-square-foot, net-leased property in Binghamton, for $3.7 million. Preet Sabharwal and Steven Stoehrer of Marcus & Millichap’s Manhattan office represented the seller, a developer, and the buyer, a private investor, in the transaction.
NEW YORK CITY — H&R Block has signed a lease renewal at 4188 White Plains Road in the Bronx, a New York City neighborhood. H&R Block renewed its lease in a 12,500-square-foot shopping center located between East 232nd and 233rd streets. The shopping center features 13 neighboring tenants including T-Mobile, McDonald’s and Dunkin’ Donuts. A 32-space parking lot is located in the rear of the property. Jerry Houlihan of the Metro Property Group and Houlihan Parnes Realtors LLC represented the landlord in the transaction.
NEW YORK CITY — Brack Capital Real Estate has sold The James New York, a boutique hotel located at 27 Grand St. in SoHo, for $85 million. Under new ownership, Denihan Hospitality Group will continue to manage the property. Newark, N.J.-based Prudential Finance Inc. purchased the building, according to Crains New York. Completed by Brack in 2010, the hotel was designed by locally based ODA Architecture in collaboration with Perkins Eastman and Thomas Schlesser. The property includes a rooftop lounge, private pool and bar with indoor and outdoor seating.
LITTLE FERRY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI ) has sold its Mack-Cali Airport property located in Little Ferry, about 10 miles west of Manhattan, for $32.3 million. Currently 100 percent leased, the property stands two stories tall and contains 286,628 square feet of commercial space. The flex/office building is located at 200 Riser Road and adjacent to the Terboro Airport. “The sale of this property continues our strategy of recycling our capital out of non-core assets to fuel our diversification into multifamily,” says Mitchell Hersh, president and CEO of Mack-Cali. The seller’s information was undisclosed.
CLINTON, N.J. — Unity Bank, a subsidiary of Unity Bancorp Inc., has entered into an agreement with Gramercy Capital Corp. to purchase three of its branch locations in New Jersey for $4.3 million. The three properties are located at 1746 Oak Tree Road in Edison, 104 Raritan Ave. in Highland Park and 2426 Plainfield Ave. in South Plainfield.
WINDHAM, MAINE — Marcus & Millichap Real Estate Investment Services will market the ground lease on a 138,134-square-foot Lowe’s in Windham, located about 11 miles northwest of Portland, for $12.8 million, or $93 per square foot. The 20-year, triple-net lease has 12 years left on its term. The store is located at 64 Manchester Drive. Robert Horvath and Todd Tremblay of Marcus & Millichap’s Boston office are representing the seller, a regional developer.
BROOKLINE, MASS. — Nordblom Co. has received a $9.5 million FHA 223(f) loan to refinance Marion Square, a 44-unit, two-building multifamily complex in Brookline, a southwest suburb of Boston. Nordblom built the first building in 2003 after purchasing the land from a related entity. The company purchased the other building, which was built in 1913, more than 40 years ago. The fixed-rate loan includes a 35-year term with a 35-year amortization schedule. Brian Sykes of Beech Street Capital’s Boston office originated the transaction.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a five-story Upper West Side multifamily property located at 313 West 77th St. for $5.2 million. The trustee overseeing the disposition of the 11-unit property, a former co-op that filed for bankruptcy protection, retained the Ariel Property Advisors sales team of Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch. The trustee also retained Wolf Jakubowski of Brown Harris Stevens for the transaction. A national investor bought the building at an auction and plans to renovate the property. The 5,898-square-foot property includes approximately 1,046 square feet of air rights. The building is located three avenues from Central Park and the Museum of Natural History.