NEW YORK CITY — Marcus & Millichap has arranged the sale of 524 Lorimer Street, a six-unit mixed-use building located in Brooklyn, for $1.7 million. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor and the buyer, a fund manager, in the transaction.
BAYONNE, N.J. — Hollister Construction Services has completed the renovation of a 150,000-square-foot industrial facility in Bayonne, located about 10 miles south of New York City. CenterPoint Properties, a developer, owner and manager of industrial real estate, owns the property. Jersey City, N.J.-based Star Snacks Co., a snack nut products manufacturer, will relocate its distribution facilities to the renovated warehouse, located at 30 Pulaski St. Cortland Morgan Architects were the architects.
NEW YORK CITY — Cronheim Mortgage has secured $20.6 million in acquisition financing for an eight-building, 229-unit, multifamily portfolio located in the Manhattan neighborhoods of Washington Heights and Inwood. The funding was sourced from two banks, each of which financed four buildings for $10.6 million and $10 million on a nonrecourse basis. The combined facility provided 79 percent loan-to-cost financing for the $26 million multifamily purchase. The 10-year loans carry an average 4 percent fixed interest rate and features a 30-year amortization schedule. David Turley and Janet Proscia of Cronheim Mortgage secured the loans.
FEASTERVILLE, PA. — Coren-Indik Inc. has sold 915 Pennsylvania Blvd., a 50,000-square-foot industrial facility in Feasterville, located about 20 miles northeast of Philadelphia, for an undisclosed amount. The building, situated on 2.5 acres, was purchased by Oliver-Tolas Healthcare Packaging Inc. The new owner plans to renovate the building and use the facility to house its expanding operations. The location, near Street Road and U.S. Route 1, provides easy access for employees and trucks. Sidney Gable and Steven Gable of Sidney E. Gable Associates Inc. arranged the sale.
NEW YORK CITY — Risk Placement Services Inc., a national wholesale insurance brokerage, has signed a 4,366-square-foot lease at 100 Wall St., occupying a portion of the fifth floor for a seven-year term. Scott Cahaly and Mitchell Konsker of Jones Lang LaSalle represented the landlord, Savanna, in the transaction. Alex Jinishian of Colliers International represented the tenant.
OLD SAYBROOK, CONN. — O,R&L Commercial LLC has arranged the 5,000-square-foot lease of the former Pat’s Kountry Kitchen in Old Saybrook, about 40 miles south of Hartford. The building will be the second location for Terra Nostra Ristorante Italiano and Steak House. The property is located at the corner of Boston Post Road and Mill Rock Road East. Richard Gold and Tim McMahon of O,R&L Commercial represented the landlord, Pat Brink, in the transaction.
NEW YORK CITY — Vornado Realty Trust has entered into an agreement to sell Harlem Park, a parcel of land located at 1800 Park Ave. in New York City, for $65 million. Vornado says it may also receive Brownfields Tax credits for the property. Under the Brownfields Tax Incentive, environmental cleanup costs of a brownfield (an urban site that had previous development on it) are fully deductible in the year incurred, rather than capitalized and spread over time, according to the Environmental Protection Agency. The sale of the land will result in net proceeds of approximately $62 million and a net gain of approximately $22 million. The sale is expected to close this quarter.
NEW YORK CITY — Hudson Realty Capital LLC has funded a $5.5 million construction loan secured by a former school building in the Bedford-Stuyvesant section of Brooklyn. The borrower is using the loan proceeds to fund renovations at the property. A former Catholic school and rectory, the property includes two buildings, which total 57,720 square feet. The properties will be converted into a 46-unit multifamily complex with underground parking. The former school building will include a mix of studio, one- and two-bedroom units, a lounge and gym facility.
NEW YORK CITY — Central Medical Services of Westrock (CMSW) has signed a 10-year lease for 4,150 square feet of medical office space on the ninth floor of Forest HIlls Tower. The 350,000-square-foot building is located at 118-35 Queens Blvd. in Forest Hills, a neighborhood in the New York City borough of Queens. CMSW, a provider of healthcare services to people who are injured at work, will move into their new space in May. Nicholas Forelli of Muss Development represented the landlord in the transaction.
MOUNT VERNON, N.Y. — Pyramid America has signed a 23,000-square-foot lease at 80 Hartford Ave. in Mount Vernon. Stevee Kornspun of NAI Friedland represented the tenant and Ross Schneiderman of NAI Friedland represented the landlord, 80 Hartford LLC, in the transaction. Pyramid America is a manufacturing, distributing and publishing house.
