Northeast

BRACK CAPITAL SELLS NYC HOTEL FOR $85M

by admin May 3, 2013

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.

May 3, 2013

MACK-CALI SELLS LITTLE FERRY PROPERTY FOR $32.3M

by admin May 3, 2013

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.

May 3, 2013

Northeast Retail

UNITY BANK BUYS THREE BRANCH LOCATIONS FOR $4.3M

by admin May 3, 2013

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.

May 3, 2013

Northeast Retail

$12.8 MILLION LOWE’S GROUND LEASE HITS MARKET

by admin May 3, 2013

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.

May 3, 2013

Multifamily Northeast

NORDBLOM BORROWS $9.5M FOR MULTIFAMILY PROPERTY

by admin May 2, 2013

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.

May 2, 2013

Multifamily Northeast

ARIEL PROPERTY ARRANGES SALE OF MULTIFAMILY PROPERTY

by admin May 2, 2013

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.

May 2, 2013

Northeast Office

THE LEFRAK ORGANIZATION SIGNS 11 NEW LEASES

by admin May 2, 2013

JERSEY CITY, N.J. — The LeFrak Organization has arranged 11 new leases at 111 Town Square Place, a 15-story class-A office tower with 500,000 square feet of office, data and co-location space in Jersey City. The recent transactions totaled 51,699 square feet of space and include tenants Fulcrum Worldwide Inc., International SOS Assistance Inc., Constellation Brands Inc., Transcom, IT Cosmetics, Day & Zimmerman, SumRidge Partners, HCC Global, Clinical Mind, Carrier Domain and Park Ave Technologies. Brian Decillis of The LeFrak Organization, in conjunction with the Robert Rudin, Barry Zeller, Ed Duenas and David DeMatteis Cushman & Wakefield, represented the landlord in the transactions.

May 2, 2013

Multifamily Northeast

BLINK FITNESS SIGNS 15,500 SF LEASE IN NYC

by admin May 2, 2013

NEW YORK CITY — Blink Fitness has signed a 15,500-square-foot lease at Chelsea Park, a new residential building located at 260 West 26th St. in New York City. The 12-story Chelsea Park, located on the corner of Eighth Avenue and West 26th Street, includes 204 apartments ranging from studios to two-bedroom units. Alexander Hill of Winick Realty Group represented the ownership in the transaction. Peter Levine of Charter Realty & Development represented the tenant.

May 2, 2013

Mixed-Use Northeast

CONSTRUCTION OF $41M TRIANGLE PLAZA IS UNDERWAY

by admin May 1, 2013

NEW YORK CITY — Construction on the new $41 million Triangle Plaza, a mixed-use project in the Melrose neighborhood of the South Bronx, is underway. The project consists of two buildings totaling 187,000 square feet and will include space for restaurants, a grocery store, a charter school, a community health clinic, a plaza and a nonprofit office for Legal Services of NY. The development, which is located at the intersection of 149th Street and Third, Melrose and Willis avenues is expected to be complete by early 2014. Triangle Equities is the owner. KZA Realty Group is the broker for the 25,000 square feet of Class A Office space.

May 1, 2013

Northeast Seniors Housing

GREYSTONE ORIGINATES $28M FINANCING FOR TWO COMMUNITIES

by admin May 1, 2013

UTICA, N.Y. AND CANTON, GA. — Greystone has provided a total of $28 million in bridge loan financing to United Group of Cos. Inc. for two market-rate senior apartment communities located in New York and Georgia. Proceeds from the loan were used to refinance existing debt. The independent living properties are Schuyler Commons in Utica, N.Y. and The Lodge at BridgeMill in Canton, Ga. Donny Rosenberg and Steve Germano of Greystone originated the loans.

May 1, 2013

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