NEW YORK CITY — Marcus & Millichap has arranged the sale of a two-building, 10,100-square-foot warehouse property located in the Sunset Park neighborhood of Brooklyn, New York City, for $1.9 million. The buildings are located at 5502 and 5504 Third Ave. Dolly Amigon and Jon Taubes of Marcus & Millichap's Brooklyn office represented the seller and the buyer, both private investors. The property traded at a 4.45 percent cap rate.
NEW YORK CITY — International law firm Holland & Knight has subleased 82,551 square feet of office space at Rockefeller Plaza in Manhattan, New York City. The firm will occupy floors 11 through 13 and part of the second floor of the building, which is located at 31 W. 52nd St. Holland & Knight is subleasing from law firm Clifford Chance. The space is ready for immediate occupancy, but Holland & Knight plans to construct a new reception area and conference center. It will take occupancy in January 2010. Ted Rotante, Michael Cohen and Andrew Roos of FirstService Williams represented Holland & Knight in negotiations. Stu Eisenkraft, Andrew Sussman, Brad Needleman and Laurence Briody of CB Richard Ellis represented Clifford Chance. Rockefeller Plaza totals 30 stories and contains 729,011 square feet of office space. It is owned by Paramount Group.
CARTERET AND EDISON, N.J., AND GARDEN CITY, N.Y. — NAI James E. Hanson has completed three leases in the New York City Metropolitan Area on behalf of Graybar Electric Co. The first lease is for 136,250 square feet of industrial space at Panattoni iPort 12, located at 8001 Industrial Ave. in Carteret. The second lease is for 10,814 square feet of office space at 401 Franklin Ave. in Garden City. The final lease is for 8,692 square feet of office space at Raritan Plaza, located at 105 Fieldcrest Ave. in Edison. Each lease has a 10-year term. Jonathan Stravitz of NAI Hanson represented Graybar in all three transactions. Nathan Demetsky, Lawrence Maister and Paul Torosian of Cushman & Wakefield represented the landlord, Panattoni Development Co., in the Carteret deal. Robert Dinner, also of Cushman & Wakefield, represented the landlord, The Silverman Group, in the Edison deal. Finally, Jed Trias and Gus Nuzzolese of Sutton & Edwards represented the landlord, The Engel Burman Group, in the Garden City deal.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged $8 million in acquisition and construction financing for five multifamily buildings located in the Bronx, New York City. The four-story, walk-up buildings contain a total of 105 vacant units and are located at 4289-4305 Park Ave. and 422 E. 178th St. The loan, which was arranged by Max Herzog and Michael Diaz of CBRE Capital Markets, includes an 18-month term with an 8.5 percent floating interest rate. The lender is a foreign bank.
NEW YORK CITY — Massey Knakal Realty Service has completed the sale of a single-story, 1,800-square-foot retail building located in Brooklyn, New York City. The building is situated at 2117 86th St. within the borough's Bensonhurst neighborhood. It is occupied by Tango, a local clothing retailer. Massey Knakal's Jeffrey Shalom arranged the deal. Both parties were undisclosed.
EAST ORANGE, N.J. — Gebroe-Hammer Associates (GHA) has completed two multifamily sales in East Orange totaling more than $3 million. The first property, which is located at 376 and 424 Park Ave., consists of 33 units and three ground-floor retail spaces. The second property, which is located a few blocks away at 75 and 81 N. Arlington Ave., consists of two buildings containing 35 units. GHA represented the buyers and sellers in both transactions, with David Oropeza and Steven Tenenbaum negotiating the North Arlington deal, and Oropeza and David Jarvis negotiating the Park Avenue deal.
SOUTH HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of two retail properties located in South Hackensack for more than $2 million. The first property, located at 460 Route 46 West, consists f a 12,500-square-foot, freestanding building that is currently leased to Syntec Technical School. NAI's Anthony Cassano represented the buyer, Dr. Robert Yang. The second property, located adjacent to the first at 480 Route 46 West, is a 5,000-square-foot, freestanding building currently leased to Marcone Appliance Parts. Cassano represented the buyer, David Haziza. Cassano also represented The Estate of Hans Wertheimer, the seller in both transactions.
YORK, PA. — Pennsylvania Industrial has acquired a 52,328-square-foot warehouse located in Manchester Township, York. The building is situated on 4.83 acres of land at 450 Grim Lane. ROCK Commercial Real Estate represented the undisclosed seller and CB Richard Ellis represented Pennsylvania Industrial. The acquisition price was not disclosed.
NEW YORK CITY — Cushman & Wakefield Sonnenblick Goldman has arranged a $43 million loan for the refinancing of the Courtyard Marriott Manhattan/Midtown East in New York City. Situated on Third Avenue between 52nd and 53rd streets. the hotel contains 312 rooms and was constructed in 1998. Mark Gordon, Jared Kelso and Alison Tan of Sonnenblick Goldman represented the borrower, DiamondRock Hospitality Co. Terms of the loan and the lender were undisclosed.
HARTFORD, CONN. — The Hartford office of Chozick Realty has brokered the sale of Trinity Place Apartments in Hartford. Located on Sherbrooke Avenue, the property consists of a four-story brick building containing 128 units in a mix of 100 one-bedroom, 20 two-bedroom and eight three-bedroom residences. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, Urban Developers, under the approval of the U.S. Bankruptcy Court. Trinity Place is a profitable property but had been pledged as collateral for a loan on another multifamily property in St. Louis that went bankrupt, forcing its sale by the owner. Trinity Place was purchased by TLK Properties, which plans to complete common area and unit upgrades to the community. The acquisition price was not disclosed.