Sunday, July 5, 2026
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Northeast

HospitalityNortheast

JOHNSON CAPITAL ARRANGES $24M REFINANCING LOAN FOR BROOKLYN HOTEL

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NEW YORK CITY — Johnson Capital has arranged a $24 million loan for the 133-room Marriott Fairfield Inn & Suites in the Boerum Hill neighborhood of Brooklyn. The 12-story limited service hotel opened in 2011 and is located at 181 3rd Ave. Troutbrook Co. developed the property on a site that formerly housed industrial and warehouse buildings. A CMBS lender provided the five-year loan, which will be used to refinance a construction loan. The financing features a fixed interest rate of approximately 4 percent.

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IndustrialNortheast

WORLD KITCHEN SECURES 1.6M SQUARE FEET OF INDUSTRIAL SPACE

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GREENCASTLE, PA. — World Kitchen, a kitchenware provider, has signed two leases for industrial space totaling more than 1.6 million square feet in Greencastle and Riverside, Calif. The Greencastle location features 1 million square feet. World Kitchen plans to invest $10 million to create 20,000 square feet of new office space, replace HVAC systems throughout the facility and make other upgrades. Site work will include the expansion of trailer parking by more than 150 stalls. Michael Flynn and Jason Wurtz of NAI Hiffman represented World Kitchen in the Greencastle lease. Matrix Development Corp. represented the landlord.

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Northeast

CARTER VALIDUS PURCHASES A $65M DATA CENTER

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PHILADELPHIA — Carter Validus Mission Critical REIT has acquired a data center in Philadelphia, which is fully leased to a large investment management company, for $65 million. The 121,000-square-foot property was built for the specific purpose of housing data center equipment. The structure is able to potentially withstand extreme weather conditions including hurricanes and earthquakes. CBRE Group represented the seller in the transaction.

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IndustrialNortheast

MESA WEST ORIGINATES $14M LOAN FOR NEW JERSEY INDUSTRIAL PROPERTY

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BRIDGEPORT, N.J. — Mesa West has arranged $14 million in first mortgage debt to recapitalize 200 Birch Creek Road in Bridgeport, a vacant 597,000-square-foot warehouse and distribution center in Bridgeport. The borrower was a partnership between Hillwood Investment Properties and Brookfield Asset Management. The partnership was formed earlier this year to invest up to $1 billion in industrial properties over the next three years. Hillwood and Brookfield acquired the asset from Cornerstone Real Estate Advisors in August, which is located within the Pureland Industrial Complex.

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NortheastOffice

MOTION PICTURE ASSOCIATION OF AMERICA MOVES NEW YORK OFFICE

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HARRISON, N.Y. — The Motion Picture Association of America (MPAA) will relocate its New York office to 500 Mamaroneck Ave. in Harrison. The organization signed a five-year lease for 2,476 square feet on the fourth floor, and plans to move from its current space in Tarrytown, N.Y., in 2013. The landlord, Malkin Properties, was self-represented by Jeffrey Newman, Kimberly Zaccagnino and Tara Long in the transaction. The MPAA has served as an advocate of the U.S. motion picture, home video and television industries around the world since 1992.

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CivicNortheast

GRACE CHURCH SCHOOL OPENS NEW HIGH SCHOOL IN NYC

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NEW YORK CITY — More than 115 years after it began as a boarding school for boys' choir, Grace Church School (GCS) has opened the first phase of a new four-story high school division at Cooper Square in New York City. GCS, which became coed in 1947, already provides pre-kindergarten through 8th grade facilities nearby. The $9 million, 51,000-square-foot phase included construction of the the first and second floors, a library, a study commons and a cafeteria. The second phase, expected for completion in 2014, will include the renovation of the 17,000-square-foot third floor. The phase is slated to cost $3 million. In the third phase, crews plan to renovate the fourth floor and add a new gym for $5.1 million. Alspector Architecture is designing the project, which is slated for completion in 2018.

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MultifamilyNortheast

MIDTOWN EAST APARTMENT BUILDING TRADES FOR $7.7M

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NEW YORK CITY — Massey Knakal has arranged the $7.7 million sale of 246 East 53rd St. in Midtown East in New York City. The 12,915-square-foot building contains 21 apartment buildings and two retail stores on the ground floor, which are fully leased. Of the residential units, 17 are market rate units, two are rent controlled and the remaining two are rent stabilized. Bob Knakal and Clint Olsen of Massey Knakal represented both parties in the transaction.

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MultifamilyNortheast

GREYSTAR ACQUIRES ABINGTON WOODS COMPLEX FOR $37M

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ABINGTON, MASS. — Greystar has acquired the 180-unit Abington Woods Apartment Complex in Abington for $37 million. The seller was The Heritage Cos. The 16-building complex, located at 212 Bedford St., was originally developed as condominiums in 2006. The property features an indoor pool, fitness center, business center and community room. Deneberg Realty Advisors represented both parties in the transaction.

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MultifamilyNortheast

SDK BUYS 20-STORY NEW JERSEY HIGH-RISE FOR $36.2M

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EAST ORANGE, N.J. — SDK Realty Corp. has purchased a 20-story high-rise apartment tower in East Orange for $39.2 million. The sellers, a joint venture between Gaia Real Estate Co. and Harel Insurance Investments & Financial Services, acquired the building for $30 million two years ago. The 273-unit building, currently known as Gaia Park View, features a pool, fitness center, valet parking and doorman service. The property is about 15 miles from Midtown Manhattan, with an NJT station about one mile away. Jose Cruze of HFF represented the buyer in the transaction.

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