Northeast

NAI HANSON CLOSES SALE OF 31 VREELAND AVE. IN TOTOWA, N.J.

by admin May 31, 2013

TOTOWA, N.J. — NAI James E. Hanson has completed the sale of a 27,120-square-foot, bank-owned property at 31 Vreeland Avenue in Totowa, for nearly $2 million. Russell Verducci of NAI James E. Hanson represented the seller, Boiling Springs Savings Bank. The new owner, DNG RE USA Corp., intends to use the site for the distribution of balsamic vinaigrette, with a possibility of manufacturing on the site in the future. Built in 2008, the single-tenant, two-story site is on a 1.3-acre tract of land and includes 21,000 square feet on the ground floor and 6,000 square feet on the mezzanine level. Features and amenities include ceiling heights ranging from 20 to 30 feet, 58 surface parking spaces, three exterior loading docks and one drive-in.

May 31, 2013

Northeast

JOINT VENTURE FORMS $200M VALUE-ADD APARTMENT FUND

by admin May 30, 2013

BOSTON — Boston-based real estate companies The Roseview Group and Winn Cos. have formed Roseview WinnResidential I, a $200 million real estate investment fund, to acquire and reposition multifamily properties across the country. Roseview WinnResidential I, a discretionary real estate separate account with a major U.S. pension fund, will invest in Class B to C+ multifamily properties that include at least 150 units. “This fund provides the Winn team an opportunity to utilize our national experience in repositioning and operating multifamily properties to generate excellent returns for the partnership,” says Samuel Ross, CEO of Winn Cos. Winn Residential, the property management arm of Winn Cos., will act as property manager and operator for each investment in the Roseview WinnResidential I portfolio. The Roseview Group is a private real estate investment and advisory firm, and Winn Cos. is a real estate development and property management company.

May 30, 2013

Multifamily Northeast

CDT, PROTO ACQUIRE OCEAN TOWERS IN CONEY ISLAND

by admin May 30, 2013

NEW YORK CITY — The Community Development Trust (CDT) has partnered with Proto Property Services (Proto) to acquire and rehabilitate Ocean Towers, a 360-unit property in the Coney Island section of Brooklyn. The $52 million purchase and rehabilitation of the property is being funded with $10 million of equity from CDT and Proto, along with a $35 million acquisition loan originated by Enterprise Community Loan Fund Inc. through the New York City Acquisition Fund. CDT is a private REIT that provides capital to the affordable housing sector. This is the REIT’s first acquisition in New York City. Proto, an affordable housing developer, will serve as the managing member, general contractor and property manager for the property. Ocean Towers was built in 1973 and is located at West 24th Street between Mermaid and Surf avenues.

May 30, 2013

Northeast Office

HUDSON FUNDS $16M LOAN FOR GARDEN CITY OFFICE BUILDING

by admin May 30, 2013

GARDEN CITY, N.Y. — Hudson Realty Capital LLC has funded a $16 million first-mortgage loan secured by an 117,930-square-foot office/medical condominium building in Garden City. Loan proceeds are being utilized to acquire and stabilize the property. Located within a mixed-use complex, the condominium’s current tenant roster includes a radiology practice and an ultrasound school. The property is located within one of the region’s high-density retail corridors and more than 6 million square feet of space is within one-and-a-half miles of the property.

May 30, 2013

Northeast Office

HELMSLEYSPEAR COMPLETES THREE NEW LEASES TOTALING 18,000 SF

by admin May 30, 2013

NEW YORK CITY — HelmsleySpear LLC has completed three new leases in Manhattan totaling nearly 18,000 square feet. International Safety Group, an occupational risk management company, signed a four-year sublease for 10,000 square feet at 708 Third Ave. Paulson Investment Co., a financial services firm, signed a lease for 5,488 square feet at 40 Wall St. New York City Osteopathy, a medical practice specializing in osteopathic medicine, renewed its 2,000-square-foot lease at 61 Broadway for a five-year term. Gregg Slotnick of HelmsleySpear represented the tenants in all three leases. Magee Realty Consultants co-brokered the Paulson Investment Co. lease.

May 30, 2013

Multifamily Northeast

PRUDENTIAL PROVIDES $160.4M FOR NYC APARTMENT BUILDINGS

by admin May 29, 2013

NEW YORK CITY — Prudential Mortgage Capital Co. has provided $160.4 million in acquisition financing for two apartment towers in the Riverside South neighborhood of Manhattan’s Upper West Side. The Aldyn and The Ashley are adjoining properties on Riverside Boulevard between 62nd and 63rd streets, where they share a common courtyard and indoor recreational facilities. The borrower, an affiliate of Boston-based GID Cos., used the loan proceeds to purchase the buildings. The Aldyn is a 38-story tower with 286 units, including 136 rental apartments and 150 condominiums. This transaction only includes the rentals. The Ashley is a 23-story tower with 209 units, all of which are rental apartments. Riaz Cassum, Jay Marshall, Robyn King and Jennifer Keller of HFF led the brokerage team in the transaction.

May 29, 2013

Northeast Retail

SHOPRITE TO ANCHOR SPRINGFIELD AVENUE MARKETPLACE

by admin May 29, 2013

NEWARK, N.J. — Wakefern Food Corp., the merchandising and distribution arm for ShopRite grocery stores, has signed a 67,000-square-foot lease to open a new supermarket at Springfield Avenue Marketplace in Newark. . As anchor tenant, ShopRite will service approximately 280,000 Newark residents, 180,000 members of the city’s workforce and 60,000 college students and faculty. Springfield Avenue Marketplace, a project of Tucker Development Corp., will include 125,000 square feet of retail space and approximately 150 residential apartments. The development is located on an 11-acre site at the northeast corner of Springfield Avenue and Jones Street. Groundbreaking on the development is slated to take place this fall.

May 29, 2013

Northeast

MATRIX BREAKS GROUND ON 550-CAR PARKING GARAGE

by admin May 29, 2013

NEW BRUNSWICK, N.J. — Matrix Development Group has broken ground on a new 550-car parking deck at its mixed-use Plaza Centre complex in downtown New Brunswick. The parking garage will provide parking for tenants of the complex’s two office buildings, located at 303 and 317 George St., as well as spaces for future development at the property. The Plaza Centre complex includes 210,000 square feet of office space known as Plaza I and II, the land being developed into the parking garage and more than two acres of land for future development. Plaza I is a 100,000-square-foot office building featuring open and flexible floor plans. Plaza II is a five-story, 110,000-square-foot brick office building with a reflective glass exterior façade.

May 29, 2013

Multifamily Northeast

ARIEL ARRANGES SALE OF MULTIFAMILY PROPERTY FOR $3M

by admin May 29, 2013

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a four-story, 20-unit multifamily property at 35-48 Steinway St. in Queens for $3 million. The sales price represents $234 per square foot, or $150,000 per unit. Michael A. Tortorici, Shimon Shkury, Victor Sozio, Jonathan Berman and Randy Modell of Ariel Property Advisors represented the seller, a real estate investment group, and procured the buyer, a local investor.

May 29, 2013

Northeast Office

COLLIERS ARRANGES 17,000 SF RELOCATION, EXPANSION IN NYC

by admin May 28, 2013

NEW YORK CITY — Colliers International has arranged an eight-year, 17,000-square-foot relocation and expansion at 469 Seventh Ave. in New York City for Summit Business Media. The B2B media and information company, which serves the insurance, financial services and investment advisory markets, will occupy the entire 10th floor. Summit will move from its 475 Park Ave. location into its new expanded space by July. Eric Meyer and Martin Meyer of Colliers arranged the lease on behalf of the building owners. Alan Wildes of Cushman & Wakefield represented the tenant in the transaction.

May 28, 2013

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