GREAT NECK, N.Y. — Great Neck-based BRT Realty Trust has entered into a joint venture, known as BRTL, with an affiliate of Torchlight Investors. The joint venture has the right to acquire short-term commercial real estate mortgage loans originated by BRT. The maximum capitalization is $100 million, of which Torchlight will fund 80 percent and BRT will fund 20 percent. BRT will manage the new entity.
Northeast
SAYREVILLE, N.J. — Bass Pro Shops has signed a letter of intent for a 200,000-square-foot store at The Point, a $2 billion, 3 million-square-foot mixed-use property under development in Sayreville. The first phase is the 620,000-square-foot retail center The Landing at The Point, where O'Neill Properties Group, the developer for the project, is expecting the first retail tenants to open in 2013.
WOODBRIDGE, N.J. — Woodbridge-based Helios Capital has completed the acquisition of a $2.69 million non-performing loan for a 30-unit, 18,613-square-foot multifamily building in Manhattan's Upper East Side. Josh Malka of Helios Capital represented the buyer, an affiliate of Brick Realty Capital. The lender was a New York-based bank.
BOSTON — Bethesda, Md.-based Pebblebrook Hotel Trust has acquired the 235-room W Boston hotel for $89.5 million from Starwood. The hotel is located in the Theatre District and features 5,000 square feet of meeting space, a spa and fitness center. Also in the hotel are two restaurants, Market and W Lounge, with a third, Descent Theme Bar, scheduled to open in July. Starwood Hotels and Resorts will continue to manage the property. No brokers were used in the transaction.
NEW YORK CITY — The 176-room Aloft New York Brooklyn, located at 216 Duffield St. in Brooklyn, New York City, has opened. The hotel features a two-story lobby atrium, the w xyz bar, a roof terrace bar, a lobby lounge, a fitness center and an indoor pool. Aloft is owned by Starwood Hotels & Resorts. This is the second Aloft for New York City, with the other located in Harlem.
ASBURY PARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of a two-building, 23-unit apartment complex located at 510-512 5th Ave. in Asbury Park. Steven Follman represented the seller, 510-512 Fifth Avenue Apartments, Inc., and procured the undisclosed buyer.
NEW YORK CITY — Colliers International has arranged a 20-year, 34,170-square-foot lease at 215 W. 125th St. in New York City on behalf of EmblemHealth Co. HIP Health Plan of New York for retail and office space. Brian Given, Steve Jaray and Sheena Gohil of the firm's New York City office represented the tenant. The landlord, Cogswell Realty, was self-represented by Ross Jacobs, Eric Sarner, Anthony Stapleton and Sheila Naysan.
YONKERS, N.Y. — Empire City Casino at Yonkers Raceway has planned a $40 million expansion that would create a new 60,000-square-foot east wing. Of the 60,000 square feet, 30,000 square feet will be gaming space, 20,000 square feet will be food and beverage space and 10,000 square feet will be office and storage space, as well as mechanical rooms. 350 Video Lottery Terminals would be relocated from existing space and 400 new gaming tables would be added. Yonkers Industrial Development Agency recently approved a resolution to move forward with a public hearing and to negotiate an economic development package for the casino.
PALMER TOWNSHIP, PA. — The 216-unit Woodmont Place at Palmer, located at 100 Woodmont Circle in Palmer Township, is now open. The 19-acre property offers one- and two-bedroom floor plans, a fitness center, clubhouse, walking trails, picnic areas and dog runs. Woodmont Properties developed the property.
SPOTSWOOD, N.J. — Iselin, N.J.-based Sperry Van Ness | Richter Grusd has closed the sale of an 80,000-square-foot industrial building, located at 192 Summerhill Rd. in Spotswood, for $3.5 million. Iris Borger, Doug Richter and Ian Grusd of the firm represented the buyer, Dart Seasonal Products, and Kyle Eaton and Tom Kirczow of Grubb & Ellis' Edison, N.J., office represented the seller, Greif, in the transaction.