Northeast

MILLENNIUM LAUNCHES RETAIL LEASING AT 1.4M SF BOSTON DEVELOPMENT

by admin May 8, 2013

BOSTON — Millennium Partners has selected Cushman & Wakefield to lease the retail section of the $630 million Millennium Tower/Burnham Building project in Boston, which is slated to break ground next month. Located in Boston's Downtown Crossing at the site of a former Filene's Basement store, the project consists of the 1912 Burnham Building and a mixed-use tower that will rise 625 feet. Cushman & Wakefield will serve as retail leasing agent for approximately 182,000 square feet of the 1.4 million-square-foot development. Gene Spiegelman, Kazuko Morgan and Emily Ou will lead the Cushman & Wakefield team representing Millennium Partners. Tenant occupancy in the Burnham Building, a retail and office building that Millennium will restore, is slated for September 2014. Occupancy is expected in June 2015 in Millennium Tower.

May 8, 2013

HFF ARRANGES $150M LOAN FOR MULTIFAMILY PROPERTY

by admin May 7, 2013

NEW YORK CITY — HFF has arranged $150 million in financing for the Madison Belvedere, a 50-story, 404-unit Class A multifamily property near Manhattan’s Madison Square Park. HFF worked on behalf of a pension fund advised by Invesco to secure the loan through Cornerstone Real Estate Advisers. The Madison Belvedere is located at 10 E. 29th St. between Fifth and Madison avenues. Built in 1999, the property consists of studio, one- and two-bedroom units, which are 93 percent leased. Managing directors John Rose and Steven Klein led the HFF team representing the borrower.

May 7, 2013

Northeast Office

JOINT VENTURE SELLS GARDEN CITY SQUARE FOR $16.4M

by admin May 7, 2013

GARDEN CITY, N.Y. — AG-Metropolitan 711 Stewart Avenue LLC, a joint venture of Metropolitan Realty Associates LLC and Angelo, Gordon & Co., has sold a 125,000-square-foot office/medical condominium unit at Garden City Square for $16.4 million. The buyer was Great Neck, N.Y.-based Benedict Realty Group. The property, which is 55 percent leased, was recently renovated and provides an infrastructure to meet the needs of office/medical tenants. Jeffrey Dunne, Steven Bardsley, David Gavin, Philip Heilpern, Richard Karson and Martin Lomazow of CBRE represented AG Metropolitan in the transaction. The CBRE team also procured the buyer, which was represented by Robert Watman. Garden City Square also includes two retail condominiums, the 121,000-square-foot BJ’s Wholesale Club and the 55,000-square-foot LA Fitness, which are currently under construction. The retail properties were sold in a separate transaction by CBRE in April for $66.3 million.

May 7, 2013

Multifamily Northeast

M&M ARRANGES SALE OF 10-UNIT APARTMENT BUILDING

by admin May 7, 2013

NEW YORK CITY — Marcus & Millichap has arranged the sale of 538 East 89th Street, a 10-unit apartment building located in New York City. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The asset sold above the original asking price of $6.1 million and closed at more 14 times the gross rent, according to Marcus & Millichap.

May 7, 2013

Multifamily Northeast

STUDENT HOUSING COMING TO DOWNTOWN SYRACUSE

by admin May 7, 2013

SYRACUSE, N.Y. — CNY Central has reported that Syracuse developer Ed Green is working with Hueber-Breuer Construction to convert the E.M. O'Donnell building into student housing that likely would open by fall 2014. The building, which was recently used as office space for gas and electrical company National Grid, would appeal to students attending classes at The Warehouse, Green told CNY Central. The Warehouse is a former furniture storage warehouse that was purchased by Syracuse University in 2005 and redesigned as classrooms for arts-related studies. The housing would accommodate about 150 students.

May 7, 2013

Market Reports New Jersey Northeast Market Reports

E-Commerce Emerges as an Economic Engine for New Jersey Industrial Market

by admin May 7, 2013

The rising demand for bulk warehouse space among e-commerce users is driving the New Jersey industrial market. After climbing to 14.1 percent during the third quarter of 2010, the vacancy rate for warehouse space for the 10-county region in Northern and Central New Jersey has declined to 12.5 percent during the first quarter of 2013. More than 7 million square feet of inventory has been absorbed since the middle of 2011. Increased demand resulted in rising average asking rents during 2012, the first year of steady increases since 2007. Nearly 90 percent of the net absorption occurred in Central New Jersey, more specifically along the New Jersey Turnpike from exits 7A to 8A, where vacancy rates ascended to as high as 22.5 percent during the third quarter of 2009 and currently stand at 14.4 percent. Adding to the momentum of activity in Central New Jersey is Amazon’s commitment to open two large fulfillment centers here, demonstrating the significant impact that e-commerce is having on the state’s commercial real estate market. The first of these two warehouses, which is slated to open in 2014 in Robbinsville (Mercer County), will generate an estimated 700 jobs and more than $22 million in tax …

May 7, 2013

Mixed-Use Northeast

DEVELOPMENT SITE IN BROOKLYN SELLS FOR $70M

by admin May 6, 2013

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.

May 6, 2013

Northeast Retail

URSTADT BIDDLE BUYS SHOPPING CENTER FOR $34.8M

by admin May 6, 2013

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.

May 6, 2013

Healthcare Northeast

M&M ARRANGES SALE OF 22,985 SF BUILDING FOR $3.7M

by admin May 6, 2013

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.

May 6, 2013

Northeast Retail

H&R BLOCK RENEWS LEASE IN THE BRONX

by admin May 6, 2013

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.

May 6, 2013

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