Northeast

BEECH STREET CLOSES $70M LOAN TO REFINANCE APARTMENTS IN JERSEY CITY

by admin February 4, 2013

JERSEY CITY, N.J. — Beech Street Capital LLC has closed a $70 million Fannie Mae conventional loan to refinance The Gotham, a 22-story high-rise apartment building in Jersey City. The fixed-rate loan has a 10-year term, 9.5 years yield maintenance, and a 30-year amortizing schedule. The borrower sought a cash-out refinance of The Gotham to invest in other development opportunities. The 220-unit apartment building includes six occupied commercial spaces covering more than 20,000 square feet on the ground floor and a four-story parking garage with 340 spaces. The Gotham is three blocks west of the Exchange Place PATH station and six blocks northwest of the Paulus Hook Ferry

February 4, 2013

42,176 SF FINE ARTS BUILDING IN NYC SELLS FOR $34M

by admin February 4, 2013

NEW YORK CITY — Brown Harris Steven, a luxury real estate firm, has arranged the sale of The Fine Arts Building for $34 million. Located at 232 E. 59th St. in New York City, the 42,176-square-foot building was built in 1926. Fine Arts Building LLC purchased the six-story commercial property. Howard Morrel of Brown Harris Stevens represented the buyer in the deal. The seller was Battaglia Realty LLC.

February 4, 2013

Multifamily Northeast

TRYKO PARTNERS PURCHASES MULTIFAMILY PROPERTY FOR $16.1M

by admin February 4, 2013

CAMDEN, N.J. — Brick, N.J.-based Tryko Partners LLC has purchased The Crestbury, a 392-unit apartment building, for $16.1 million. Built in 1950, the multifamily property features one- and two-bedroom units and is situated within a few miles of bridges heading into Philadelphia. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus and Millichap represented the buyer, Tryko Partners, and the seller, a New Jersey-based liability company, in the deal.

February 4, 2013

Multifamily Northeast

QUAIL RUN APARTMENTS SELLS FOR $7.75M IN LINDENWOLD, N.J.

by admin February 4, 2013

LINDENWOLD, N.J. — Quail Run Apartments, also known as Birchwood Gardens, has sold for $7.75 million in Lindenwold, located about 15 miles east of Philadelphia. The 216-unit apartment complex features a mix of one-and two-bedroom layouts, a swimming pool and on-site laundry facilities. Joseph Brecher and Joel Schwartz of Livingston, N.J.-based Gebroe-Hammer Associates arranged the sale.

February 4, 2013

Northeast Office

OPUS COMPLETES CONSTRUCTION OF CHURCH & DWIGHT HEADQUARTERS

by admin February 4, 2013

EWING TOWNSHIP, N.J. — The Opus Group has completed construction on a new 250,000-square-foot corporate headquarter campus for Church & Dwight Co., a manufacturer and marketer of a wide range of personal care, household and specialty products. The campus includes two 125,000-square-foot Class A, energy-efficient office buildings that are connected to allow for employee engagement. The new headquarters centralizes employees previously housed in four separate buildings. Construction began in October 2011 and was completed in late 2012. An investment group, led by Founders Properties LLC, owns the building under a long-term lease with Church & Dwight. The project cost was undisclosed.

February 4, 2013

Market Reports Massachusetts Northeast Market Reports

Lab Sector is the Driving Force for the Cambridge Market

by admin February 4, 2013

The vacancy rate for the 19.7 million-square-foot Cambridge office and lab market decreased from 11.5 percent to 10.3 percent during the third quarter, with more than 150,000 square feet of positive absorption. Year-to-date absorption totals 386,000 square feet, with all of the positive absorption occurring in the lab market. The lab market continues to be the driving engine of the Cambridge market and with four consecutive quarters of positive absorption, it shows no sign of slowing down. The two largest leases of the quarter were signed by Merrimack Pharmaceuticals (110,000 square feet), a homegrown Cambridge company, and Boston Biomedical Inc. (63,000 square feet), which will open an oncology R&D facility in Cambridge. Conditions in the Cambridge office market generally favor landlords despite three straight quarters of modestly negative net absorption. The office vacancy rate stands at 10.9 percent, but with some sizeable commitments expected to transact in the fourth quarter and a number of active tenants touring the market, conditions are tight, particularly in the East Cambridge submarket. Office Market The 10.3 million-square-foot Cambridge office market has been statistically flat for much of 2012, barely moving from 10 percent at 2011 year end to 10.9 percent at the end of …

February 4, 2013

Multifamily Northeast

TRYKO ACQUIRES THE CRESTBURY FOR $16.1M

by admin February 1, 2013

CAMDEN, N.J. — Tryko Partners LLC has acquired The Crestbury, a 392-unit apartment property in Camden, for $16.1 million. Built in 1950, the property features one- and two-bedroom units overlooking a neighborhood park. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap represented the seller, a New Jersey-based limited liability company. They also procured the buyer.

February 1, 2013

Multifamily Northeast

APARTMENT PROPERTY IN GLOUCESTER COUNTY SELLS FOR $3.2M

by admin February 1, 2013

WOODBURY, N.J. — Bell Lake Apartments at 431 Myrtle Ave. in Woodbury has sold for $3.2 million. Located next to Bell Lake Park, the building comprises a mix of one- and two-bedroom layouts. Outdoor amenities include professionally landscaped grounds and a courtyard, as well as an on-site playground. Joel Schwartz and Eli Rosen of Gebroe-Hammer Associates represented the seller in the transaction. They also procured the buyer.

February 1, 2013

Northeast Retail

NEW NOT-FOR-PROFIT GROCERY STORE CONCEPT TO OPEN IN METRO PHILLY

by admin February 1, 2013

CHESTER, PA. — A town in southeastern Pennsylvania will be getting its first supermarket in more than a decade, thanks to a project by hunger relief organization Philabundance. The organization recently purchased Chester's former grocery building at 3109 W. 9th St., which closed in 2001. CBX, a retail design consultancy, will design a prototype for the new not-for-profit grocery store, named Fare & Square, that is expected to open this summer. The 13,000-square-foot store will sell healthy food at low prices, with a focus on fresh produce, meats, dairy, seafood and frozen foods. Philabundance says it has been working on the concept for the past five years and aims to replicate the model in other communities in the Delaware Valley.

February 1, 2013

Mixed-Use Northeast

MASSEY KNAKAL ARRANGES $1.3M SALE OF NEW JERSEY MIXED-USE PROPERTY

by admin February 1, 2013

NEW YORK CITY — A mixed-use building at 46 South Park Place, located between Dumont Place and South Street in Morristown, has sold for $1.3 million. The 5,450-square-foot building consists of two commercial units and two residential units. The property is located near the Morristown NJ Transit train station, as well as the local hospital and municipal buildings. Bob Knakal and Kobi Leifer of Massey Knakal represented both parties in the transaction.

February 1, 2013

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