Northeast

MERIDIAN ARRANGES $155M LOAN FOR NYC MULTIFAMILY PROPERTY

by admin July 16, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged $155 million in financing on behalf of Cammeby’s International Ltd. for the purchase of The Monterey, a multifamily property located on Manhattan’s Upper East Side. Cornerstone Real Estate Advisers, which was acting on behalf of an institutional investor, provided the 12-year loan at a fixed interest rate of 3.78 percent. The 29-story, 522-unit property is located at 175 E. 96th Street and includes a 209-space parking garage and 3,375 square feet of fully leased retail space. Abe Hirsch, managing director, and Zev Karpel, senior vice president in Meridian’s New York City headquarters, negotiated the transaction.

July 16, 2013

SAVANNA SELLS SOHO RETAIL IN NYC FOR $80M

by admin July 16, 2013

NEW YORK CITY — Savanna has sold a retail condominium at 465 Broadway in the SoHo Historic District of New York City for $80 million. The property includes 9,400 square feet of at-grade retail space and 4,700 square feet of below-grade space. Hines, Goldman Sachs and Andre Balazs developed the property in 2007, which was designed by architect Jean Nouvel. Savanna acquired the retail condominium in July 2012 for $57 million in an off-market transaction. The deal was financed with a $42 million acquisition loan from Mesa West Capital and equity from Savanna Real Estate Fund II. The street level space is fully leased to four tenants Bose, Wells Fargo, Dermalogica and Vivienne Tam. Woody Heller, Will Silverman, Eric Negrin and Daniel Parker of Studley were the sole brokers in the transaction.

July 16, 2013

Northeast

PARTNERSHIP BUYS MONTCLAIR REDEVELOPMENT SITE

by admin July 16, 2013

MONTCLAIR, N.J. — DCH Automotive Group has sold a redevelopment site located at 638 Bloomfield Ave. in Montclair to a co-development partnership of LCOR and The Pinnacle Cos. Plans for the parcel include 259 residential units, 571 parking spaces, 23,055 square feet of office space and 22,340 square feet of retail. The project will incorporate an existing parking deck on the site. Plans for the second phase of the Montclair Center Gateway redevelopment will include a boutique hotel. The new ownership plans to develop the entire property to LEED green building standards. Brian Whitmer, Andrew Merin, David Bernhaut and Gary Gabriel of Cushman & Wakefield Inc. represented DCH Automotive Group in the transaction.

July 16, 2013

Industrial Northeast

GOOD NEIGHBORS SPECIALTY FOODS SIGNS LEASE IN HUDSON, N.H.

by admin July 16, 2013

HUDSON, N.H. — Good Neighbors Specialty Foods LLC has signed a lease for a 26,600-square-foot facility at 27 Executive Drive in Hudson, located about 20 miles south of Manchester. The property will serve as the headquarters for the organic food company and be used for food production, manufacturing, warehousing and distribution. Dave Fraser of Tinkham Realty Inc. represented Good Neighbors in the transaction. Karen Leonard of Leonard Lee Co. LLC represented the landlord, Lessor Blueberry Realty Trust.

July 16, 2013

Mixed-Use Northeast

DEVELOPERS SELL MIXED-USE PROPERTY IN NYC FOR $28.7M

by admin July 15, 2013

NEW YORK CITY — Silverstone Property Group and Adam America Real Estate Group have sold a mixed-use property in the Williamsburg neighborhood of New York City for $28.7 million to an undisclosed buyer. Located at 65-69 N. 6th St., the property includes 28 apartments and 4,000 square feet of ground-floor retail. Silverstone and Adam America developed the mixed-use property after purchasing the stalled development from its prior owner. The developers started construction on the project in August 2011, which was completed in September 2012.

July 15, 2013

Multifamily Northeast

CHOZICK REALTY BROKERS $8.4M SALE OF STUDENT APARTMENTS

by admin July 15, 2013

WILLINGTON, CONN. — Chozick Realty Inc. has brokered the sale of Willington Oaks Apartments, a 128-unit student apartment community located near the University of Connecticut, for $8.4 million. The property includes a mix of 64 one-bedroom units and 64 two-bedroom units with a 384-bed capacity. The new owners, Willington Oaks LLC plan to renovate the property. Rick Chozick of Chozick Realty represented the seller, RRE VIP Willington LLC, and procured the buyers in the transaction.

July 15, 2013

Multifamily Northeast

HISTORIC MULTIFAMILY BUILDING IN NYC SELLS FOR $8.6M

by admin July 15, 2013

NEW YORK CITY — For the first time in more than 50 years, a historic row house located at 36 Riverside Drive in Manhattan has sold. A Long Island-based developer purchased the 7,380-square-foot residential building for $8.6 million. The five-story building includes eight multifamily units. Nestled in a historic landmark district alongside Riverside Park at 76th Street, 36 Riverside Drive was one of the earliest row houses (1888-89) to be constructed on the Drive. Adelaide Polsinelli, senior director at Eastern Consolidated, Kevin McConnell of Himmelstein, McConnell, Gribben, Donoghue & Joseph, Jeffrey E. Glen, Nicholas R. Maxwell of Anderson Kill & Olick, David R. Brody of Borah Goldstein Altschuler Nahins & Hoidel and Milo Silberstein of Dealy Silberstein & Bravernan LLP. Gary Hisiger of Moritt Hock & Hamroff LLP and Polsinelli represented the buyer in the transaction.

July 15, 2013

Northeast

ABS COMPLETES SALE OF WEST HARLEM DEVELOPMENT SITES

by admin July 15, 2013

NEW YORK CITY — ABS Partners Real Estate LLC today has completed the $6.6 million sale of two development sites located at 412-422 and 423-429 W. 126th St. in West Harlem. ABS represented the buyer, a Manhattan-based Chinese development group, and the seller. Steven Hornstock and Justin Strizzi of ABS led the assignment with assistance from Alan Cohen and Adam Maxson, also of ABS.

July 15, 2013

Northeast Office

ENDURANCE BUYS 171,215 SF BUSINESS CENTER IN CHERRY HILL

by admin July 12, 2013

CHERRY HILL, N.J. — Endurance Real Estate Group LLC has acquired the Colwick Business Center, a three-building office portfolio located at 53, 55 and 57 Haddonfield Road in Cherry Hill. The 171,215-square-foot building is currently 53.7 percent occupied by eight tenants. Endurance acquired the portfolio from a special servicer who led the disposition effort on behalf of a CMBS lender that foreclosed on the property in early 2012. The property was constructed in 1987 and features private 24/7 access to each tenant suite. Jason Wolf, Leor Hemo and Christina Del Duca of Wolf Commercial Real Estate represented Endurance in the transaction.

July 12, 2013

Northeast Office

SILVERMAN GROUP ACQUIRES THREE-BUILDING OFFICE COMPLEX

by admin July 12, 2013

BASKING RIDGE, N.J. — The Silverman Group has acquired The Offices at Liberty Corner, a three-building, 525,000-square-foot campus in Basking Ridge, 25 miles west of Newark. The purchase price was undisclosed. The 133,000-square-foot, 106 Allen Road features a new coffee/food kiosk, renovated common areas and other building improvements. The 190,000-square-foot 150 Allen Road includes a fitness center and conference space. At the 202,000-square-foot 110 Allen Road a second fitness center is planned, as well as café upgrades. The campus will also feature new park signage throughout. Bill Brown and Ben Brenner of Cushman & Wakefield will lead leasing assignments for the entire campus.

July 12, 2013

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