REBusinessOnline

Women’s Fashion Chain Avenue to Close All 222 Stores Across 33 States

ROCHELLE PARK, N.J. — Avenue Stores LLC will close all 222 of its Avenue stores across 33 states after failing to procure a buyer for the plus-size women’s clothing chain. It was not made immediately clear if the retailer will continue to operate its e-commerce platform. Philadelphia-based Versa Capital Management acquired Avenue Stores LLC in bankruptcy in 2012 when the retailer operated 433 stores. Avenue will hold liquidation sales in all of its stores, offering 30 to 50 percent …

Related, The Hudson Cos. Top Out 340-Unit Affordable Housing Project in New York City

NEW YORK CITY — A partnership between two New York-based developers, Related Cos. and The Hudson Cos., has topped out Riverwalk Park, 340-unit affordable housing project on Roosevelt Island. Designed by Handel Architects, Riverwalk Park will house a mix of studio, one-, two-, and three-bedroom apartments in a single building. Sixty percent of Riverwalk Park’s units will be permanently affordable, with the remaining 40 percent affordable for 40 years. Construction is slated for completion …

Boston Properties Opens 272-Room Hotel in Boston

BOSTON — Boston Properties has opened a 272-room hotel at The Hub on Causeway, a 2 million-square-foot mixed use development in Boston. Dutch brand citizenM will operate the hotel. The Hub houses direct connections to several entertainment and retail destinations in Boston, including the North Station transit line and TD Garden sports arena. California-based architecture firm Gensler designed the hotel, citizenM’s first property in the United States outside of New

Delshah Capital, OTL Enterprises Break Ground on 166,976 SF Mixed-Use Project in Brooklyn

NEW YORK CITY — A partnership between two New York-based developers, Delshah Capital and OTL Enterprises, has broken ground on a 166,976-square-foot mixed-use project in Brooklyn. The property will offer 180 units of multifamily housing, 25 percent of which will be affordable housing. Healthcare and drug treatment provider START Treatment & Recovery Centers will occupy 15,000 square feet of office space within the tower, which will also house 2,000 square feet of retail space. …

Money360 Provides $13.2M Loan for Refinancing of Multifamily Property in Rochester, New York

ROCHESTER, N.Y. — Money360, a California-based direct lender, has provided a $13.2 million bridge loan to refinance a multifamily property in Rochester, a city located about 70 miles east of Buffalo. The property includes ground-floor retail space. The non-recourse, three-year loan features a fixed interest rate with an interest-only amortization schedule. Ken Wood of Money360 originated the

NorthMarq Arranges $8M in Financing for Office Building in Newark

NEWARK, N.J. — NorthMarq has arranged $8 million in financing for 31 Clinton Street, a 12-story office building in Newark. The public defender’s office of the State of New Jersey occupies the property. The non-recourse loan carries a 15-year term and a fixed interest rate of 3.72 percent. The loan proceeds will be used for renovations including a new elevator, new roof, new HVAC control system and facade repairs. Charles Cotsalas of NorthMarq arranged the loan. The lender and borrower were …

WeWork Files for IPO, Reveals Revenue and Losses

NEW YORK CITY — WeWork’s parent company, The We Co., has filed for its initial public offering. The coworking giant has not yet provided details on the number of shares it will offer or the expected pricing. We’s public filing would enable the company to debut as early as September. We has been valued as high as $47 billion in the private markets, according to The Wall Street Journal. We’s total revenue increased $771.6 million in the first six months of 2019 to $1.5 billion, …

Liberty Property Trust Opens 219-Room Four Seasons Philadelphia Hotel

PHILADELPHIA — Liberty Property Trust, a publicly-traded real estate investment trust (NYSE: LPT), has opened Four Seasons Philadelphia, a 219-room hotel located within the Comcast Technology Center in Philadelphia. The hotel rises 1,121 feet, making it the tallest building in the city. Amenities at the hotel include a spa and wellness center with a 30,000-gallon swimming pool, restaurant concept Jean-Georges Philadelphia, oyster and cocktail bar Vernick Fish, a 42-seat café called Vernick …

Colony Industrial Acquires 33-Property Industrial Portfolio in New Jersey

NEW JERSEY — Dallas-based Colony Industrial has acquired a 33-property industrial portfolio totaling more than 1.3 million square feet in New Jersey. The portfolio comprises assets located in several cities in northern New Jersey that are currently 99 percent occupied. The sale included three development sites located in Carteret and West Caldwell. Brian Fiumara, Michael Hines, Brad Ruppel, Lauren Dawicki and Thomas Monahan of CBRE represented the seller, New Jersey-based developer Hampshire …

CBRE Negotiates 105,000 SF Industrial Lease in Moonachie, New Jersey

MOONACHIE, N.J. — CBRE has negotiated a 105,000-square-foot industrial lease in Moonachie, located in metro New York City. Online fashion accessory company Fashionphile will base its Northeast operations from the property. Denver-based EverWest Real Estate investors purchased the building in August 2017 and is currently redeveloping it. Larry Schiffenhaus, Thomas Monahan, Stephen D'Amato, Anastasia Lazarides, Gerard Monahan and Lauren Griffith of CBRE represented Fashionphile in the lease …

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