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Northeast

Mixed-UseNortheast

FORMER VERIZON BUILDING UNDERGOES $5M RENOVATION IN NEW YORK

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NEW YORK CITY — The eight-story 1175 Grand Concourse building, formerly known as the Verizon Building, has undergone $5 million in capital improvements. The 346,130-square-foot property has shifted from residential to commercial use and includes retail and office spaces. Houlihan-Parnes Realtors LLC and JJ Operating Inc. contributed the equity for the renovations after recently purchasing six of the eight floors. Verizon Wireless, which previously owned the entire building, has retained the two lower floors.

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Northeast

BASEBALL HEAVEN COMPLEX TO EXPAND WITH $1.6M INDOOR FACILITY

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YAPHANK, N.Y. — Construction has begun on Baseball Heaven Long Island’s new 12,000-square-foot, $1.6 million indoor baseball facility in Yaphank, located about 62 miles east of New York City. The new facility will sit on 27 acres and includes tunnel space for four batting cages, two infield areas, a 28-foot high ceiling, video capability, a concession stand and pro shop. The new building is slated for completion in June and is an addition to Baseball Heaven’s complex located at 350 Sills Road.

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HealthcareNortheast

RICHARDS BARRY JOYCE & PARTNERS ARRANGES TWO LABORATORY LEASES

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LEXINGTON, MASS. — SynapDx Corp. and Promedior Inc. have signed leases totaling 18,424 square feet of laboratory space in Lexington, a northwest suburb of Boston. SynapDx Corp. leased 10,724 square feet at 4 Hartwell Place. Promedior leased 7,700 square feet at 101 Hartwell Avenue. SynapDx is a private company providing laboratory diagnostics to physicians who suspect children of developmental disorders. Pormedior is a clinical stage biotechnology company that is developing biologic therapeutics for the treatment of fibrosis. The landlord was King Street Properties, which was represented by Richards Barry Joyce & Partners in the deal.

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NortheastRetail

JOINT VENTURE RECEIVES $40M LOAN FOR RETAIL PORTFOLIO

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NEW YORK CITY — A joint venture between Madison Capital and an institutional owner has received a $40 million acquisition loan for a portfolio of five retail properties occupied by Citibank branches in New York City. The 10-year balance sheet loan includes full-term, interest-only payments and was provided by a regional bank. Aaron Birnbaum and Tal Savariego of Meridian Capital negotiated the financing. The Citibank properties are under long-term leases and total 44,245 square feet of retail space.

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IndustrialNortheast

FEDEX DISTRIBUTION FACILITY SELLS FOR $32.2M IN SOUTH WINDSOR, CONN.

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SOUTH WINDSOR, CONN. — Marcus & Millichap has arranged the sale of a 224,061-square-foot FedEx distribution facility in South Windsor, Conn. for $32.2 million. The property, which is located at 456 Sullivan Ave., was built in 2012. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the buyer, a regional private investor. FedEx’s double-net lease expires in 2027.

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HealthcareNortheast

SIMONE HEALTHCARE DEVELOPMENT ACQUIRES PARK AVENUE MEDICAL ARTS CENTER

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NEW YORK CITY — Simone Healthcare Development Group has purchased the Park Avenue Medical Arts Center, a medical condo space at 62 East 88th St. in New York City, for $11.5 million. Located between Park and Madison avenues, the 15-story building was constructed in 1986 and contains 18 residential units in addition to the medical condominium space. The 19,000-square-foot medical property includes a separate private entrance from the residences and a private elevator. Corcoran Wexler Healthcare Properties and CBRE represented the seller, S&H 88th Street Associates, while Wexler represented the buyer in the deal.

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NortheastRetail

RKF ARRANGES 48,500 SF IN RETAIL LEASES AT TIMES SQUARE OFFICE TOWER

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NEW YORK CITY — RKF has arranged a series of retail leases at 11 Times Square, a 1.1 million-square-foot office tower, totaling 48,500 square feet. With the completion of the three deals, the office tower is 90 percent leased. The tenants include:” Señor Frogs, a Mexican-themed restaurant, which leased 21,000 square feet; Off The Wall, a frozen yogurt restaurant, which leased 2,500 square feet; and Russian restaurateur Global Food International Corp., which leased 25,000 square feet. RFK represented the landlord, SJP Properties, in the deal.

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Mixed-UseNortheast

MIXED-USE BUILDING SELLS FOR $8.1M IN MANHATTAN

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NEW YORK CITY — A six-story, mixed-use building in Manhattan has sold for $8.1 million to 281 St. Nicholas Partners. The 50,706-square-foot property, which is located at 281 St. Nicholas Ave., was built in 1921 and has 32 apartments and six stores. Cignature Realty Associates represented 281 St. Nicholas Partners and the seller, Harrjoy Realty Corp, in this deal.

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MultifamilyNortheast

BELLWETHER CLOSES ON $14.9M REFINANCING FOR MULTIFAMILY PROPERTY

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NEW YORK CITY — Bellwether Enterprise Real Estate Capital has closed a $14.9 million 223F FHA/HUD loan to refinance Chinatown Preservation, a five-building multifamily portfolio. The financing was through the Department of Housing and Urban Development and is a 35-year, self-amortizing loan. The properties are located in the Chinatown section of New York City and are 96 percent leased.

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NortheastOffice

JOINT VENTURE ACQUIRES ATRIA WEST IN GARDEN CITY, N.Y.

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GARDEN CITY, N.Y. — A joint venture between The Davis Cos. and Onyx Equities LLC has acquired Atria West, a 250,000-square-foot, Class A office building. Located at 900 Stewart Ave. in Garden City, the six-story site includes a metal panel exterior of reflective glass and a 180-foot-long, 50-foot-high atrium. The purchase price was not disclosed. The Rochlin Organization has been named exclusive leasing agent for the property. Spector Group has been hired as the architect for a renovation that will include remodeling of the atrium lobby, building common areas, outdoor plaza and landscaping.

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