The multifamily market in New York City picked up steam in 2011 and is continuing to thrive during the first quarter. Multifamily building sales citywide jumped 33 percent in 2011 compared to 2010 as institutional investors drove the year-over-year jump in dollar volume up by 43 percent. Our company’s research report, the Multifamily Year in Review: New York City 2011, shows that citywide there were 436 multifamily transactions in 2011 consisting of 589 buildings totaling $4.23 billion in gross consideration, compared to 2010, which had 392 multifamily transactions with 442 buildings totaling $2.949 billion in gross consideration. Manhattan south of 96th Street and Brooklyn posted the strongest gains in 2011 versus 2010. Each saw a 25 percent increase in multifamily transaction volume and around 50 percent increase in building sales. Year-over-year multifamily building sales in Northern Manhattan and the Bronx rose 25 percent and 23 percent, respectively, but declined 7 percent in Queens. The pricing environment has shifted dramatically in favor of sellers and prices are ticking up as a result of several fundamental value drivers. Rents have now recovered to pre-financial crisis levels and tenant concessions have all but disappeared. Interest rates for cash-flowing multifamily assets have hit all-time …
PLAINSBORO, N.J. — Grandbridge Real Estate Capital has arranged a $61 million first mortgage loan for Ravens Crest Apartments, a 704-unit community in Plainsboro. Mike Ortlip of Grandbridge originated the acquisition financing through Fannie Mae. Built in 1985, the apartment community includes 37 buildings on 40 acres. Amenities include an outdoor swimming pool, playground, tennis courts and a jogging trail.
NORTON, MASS. — Bodek & Rhodes, an apparel company, has signed a 209,000-square-foot lease expansion at 176 S. Washington St. in Norton. The company also extended its lease by seven years. Located within Norton Commerce Center, 176 S. Washington St. is a warehouse, distribution and office building with 28-foot clear height ceilings and access from I-495. Catherin Minnerly and Ovar Osvold of NAI Hunneman represented the landlord, Paradigm Properties, in the transaction. Rick Schuhwerk and Anthony Coskren of Jones Lang LaSalle represented the tenant.
NEW YORK CITY — Real estate private equity firm Savanna has acquired 576 Fifth Ave., a 72,000-square-foot boutique office building on the corner of Fifth Avenue and 47th Street in Midtown. Savanna initially acquired the defaulted first mortgage and subsequently took control of the leasehold interest in the property in a consensual transaction with the former leasehold owner. Savanna plans to begin a multi-million renovation of the property. The project will include upgrades to the elevators, a roof replacement and a facade restoration. Cushman & Wakefield will manage the property while Todd Korren and Tal Masica of Savanna will be responsible for leasing.
BAYONNE, N.J. — RPM Warehouse has renewed its 304,000-square-foot industrial lease at 99 Hook Rd. in Bayonne, east of Newark. Situated on 20 acres, the property includes 50 exterior doors, reinforced concrete floors and secured parking. The owner, Avidan Management, was represented in-house by Josh Avidan in the transaction.
HYDE PARK, N.Y. — The Stop & Shop Supermarket Co. has started construction of a new store that will anchor the Hyde Park Mall in Hyde Park. The mall owner, Azarian Group, has also started its renovation of the shopping center. The grocery chain will construct a 55,000-square-foot building and install a gas station in the parking lot. Additional work will include a new parking lot, updated landscaping and fresh storefront facades throughout the mall. Construction is expected to be complete by this November.
NEW YORK CITY — Harlem 546-146 Associates LLC has sold a three-building portfolio at 546-52 W. 146th St. in West Harlem for $8.9 million. The three buildings are approximately 46,420 square feet and contain 70 apartment units. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller in the transaction. Calota Sosa and Mark Griffith of CitiHabitats represented the buyer, an international group.
LEWISBURY, PA. — Fishing Creek Properties LP has purchased a 216,000-square-foot light manufacturing and assembly complex in Lewisbury, near Harrisburg, Pa., for $6 million. The 27.8-acre site is located at 505-509 Fishing Creek Rd and is fully leased. Jeff Algatt of Marcus & Millichap represented the seller, Flight Systems Inc., in the transaction.
ERIE, PA. — Cooper Commercial Investment Group has arranged the $1 million sale of West 38th Street Plaza, a retail center at 2301 W. 38th St. in Erie. The 96,000-square-foot center contains 78,000 square feet of vacant, big-box space as well as a 4-acre outparcel for future development. Tenants include Subway and Snap Fitness. Bob Havasi and Dan Cooper of Cooper Commercial represented the sellers, DDR Erie LLC, in the transaction. The buyers were a private group based in Erie.
ATLANTIC CITY, N.J. — Homewood Suites by Hilton has opened a new 120-suite hotel in Atlantic City. Homewood Suites by Hilton Atlantic City West /Egg Harbor Township includes studio, one- and two-bedroom suites. The hotel also includes an indoor pool, fitness center and business center. The property is located within minutes of the Hamilton Mall and the Atlantic City Boardwalk and Casinos. The Briad Group owns and manages the four-story hotel.