NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of five-story multifamily building located at 18 E. 23rd St. in Manhattan for $5.7 million. The walk-up building contains 16 free-market apartments and a retail store on the ground floor. The building was constructed in 1900 and renovated in 1988. Massey Knakal's John Ciraulo arranged the deal between the two undisclosed parties.
MONMOUTH COUNTY, N.J. — Commercial Mortgage Capital (CMC) has arranged a $12 million construction loan for the development of Stamford Square, a 136-unit, luxury multifamily community located in Monmouth County. The loan carries 3 years of interest-only payments with a 7-year permanent conversion option. The lender was Provident Bank. Mark Scott of CMC arranged the financing.
PERINTON, N.Y. — NorthMarq Capital has secured a $5 million permanent loan for the refinancing of a 139,000-square-foot office building located in Perinton. The loan carries a 10-year term and a 20-year amortization schedule. Michael James of NorthMarq's Upstate New York office arranged the financing on behalf of the undisclosed borrower through lender Sun Life of Canada.
NEW YORK CITY — Blackstone has acquired a $72 million mezzanine loan from a joint venture between Fortress and Northstar. The loan is secured by the Columbia Sussex hotel portfolio, which comprises 14 hotels and approximately 5,800 rooms located nationwide. Thirteen of the properties have been recently rebranded from the Wyndham flag to Starwood, Hilton, Sheraton and Marriott hotels. Blackstone originally sold the portfolio to Columbia Sussex in 2005. Savills served as advisor to Fortress and Northstar in the deal.
MOONACHIE, N.J. — Russo Development has broken ground the for the construction of the new Macy's Parade Studio. The building is located on 7.4 acres at 140 State St. in Moonachie. Macy's will occupy the space and use it for the design and construction of balloons and floats to be used during the Macy's Thanksgiving Day Parade. Completion is slated for August 2011.
NATICK, MASS. — Parsons Commercial Group has sold an office building in Natick to Waltham, Mass.-based Legacy Real Estate Ventures for $3.5 million. The two-story, 30,000-square-foot property is located at 11 Huron Drive. Locally-based Middlesex Bank provided acquisition financing.
NEW YORK CITY — Beech Street Capital has arranged $40 million in Fannie Mae DUS funds for the refinancing of a New York City multifamily portfolio. The portfolio contains eight properties located in Queens. The buildings contain a total of 1,154 units and were constructed between 1950 and 1963. The loan carries a 10-year term with a fixed interest rate and 9.5 years of yield maintenance. Meridian Capital Group originated the financing.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has brokered the sale of a distressed multifamily portfolio in East Orange for $10.5 million. The portfolio comprises a mix of units in mid- and high-rise buildings located at 106, 120, 158 and 179 S. Harrison St. All four buildings were constructed in the 1920s. David Oropeza of Gebroe-Hammer represented the seller, which is currently in Chapter 11 bankruptcy. The buyer plans to renovate the units to bring them up to market standards. Oropeza also assisted in the recent sale of 50 units nearby at 10 S. Grove St. and 242 N. Oraton Parkway. He also brokered the $13.35 million sale of 320 distressed units located along South Harrison and Prospect streets.
UNION CITY AND HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has completed two New Jersey sales for a total of $6.2 million. In the first deal, a 47-unit multifamily property located in Union City traded for $3.95 million. Christopher Rizzolo and Nat Gambuzza of Marcus & Millichap's New Jersey office represented the seller, a New York investor, and secured the buyer, a local investor. In the second deal, an 18,608-square-foot office property located on Route 17 in Hasbrouck Heights traded for $2.25 million. David Thurston of Marcus & Millichap's New Jersey office represented the buyer, a local investor.
NEW YORK CITY — The grand opening has been held for the new Sheraton Tribeca, a 369-room hotel located at 370 Canal St. in the Tribeca neighborhood of Manhattan. Amenities at the hotel include a full-service restaurant and lounge, a fitness center, a Starbucks Café, a business center and more than 1,000 square feet of flexible meeting space. This latest opening marks the second Sheraton hotel to open in New York City; the Sheraton Brooklyn opened in April. The Sheraton brand is operated by Starwood Hotels & Resorts.