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.
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.
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 …
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.
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.
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.
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.
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.
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.
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.
