Northeast

EASTERN CONSOLIDATED BROKERS $3 MILLION NYC APARTMENT SALE

by admin April 27, 2010

NEW YORK CITY — Eastern Consolidated has brokered the sale of a market-rate apartment building located in New York City. Situated at 979 Second Ave., the building totals 5,200 square feet and includes 8,800 square feet of air rights. All but one of the apartment units are occupied. Ety Lee of Eastern Consolidated represented the seller, the Gilbert family, and procured the buyer, 979 2nd Avenue LLC. A statement from Eastern Consolidated indicated that future plans for the building include pairing it with adjacent residential buildings as a development site.

April 27, 2010

CONSTRUCTION UNDER WAY FOR NEW RETAIL CENTER IN N.Y.

by admin April 27, 2010

STONY POINT, N.Y. — Construction is under way for Crossroads at Stony Point, a new shopping center located on Holt Drive in Stony Point. The 92,491-square-foot property will be anchored by an Inserra Shoprite supermarket. Stony Point Liquors has also signed on for space within the center. The developer of Crossroads at Stony Point is Mahwah, N.J.-based Crossroads Cos.

April 27, 2010

Northeast Retail

MARCUS & MILLICHAP COMPLETES PA, N.J. RETAIL SALES

by admin April 24, 2010

HELLERTOWN, PA., AND SOUTH PLAINFIELD, N.J. — Marcus & Millichap has completed the sales of two retail centers. The first transaction involved the Shoppes at Hellertown, a 55,480-square-foot property located at 21 Main St. in Hellertown. A Philadelphia-area partnership sold the property to a limited liability company for approximately $7 million. Tom Gorman, Matt Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller. Seth Pollack of Marcus & Millichap's New Jersey office represented the buyer. The second deal involved the $1.08 million sale of a 14,129-square-foot neighborhood shopping center in South Plainfield. Pollack partnered with Lauren Federgreen, also of Marcus & Millichap, to represent the seller, a New York investor. Federgreen also secured the local buyer.

April 24, 2010

Northeast

CBRE CAPITAL MARKETS ARRANGES $10 MILLION FOR FIRE ISLAND PINES PORTFOLIO

by admin April 24, 2010

FIRE ISLAND PINES, N.Y. — CB Richard Ellis (CBRE) Capital Markets has arranged $10 million in acquisition financing for a portfolio of commercial real estate properties and operating companies located in Fire Island Pines, Long Island. The 35,200-square-foot portfolio consists of approximately 75 percent of the town's commercial space, including a hotel, a marina, office space, 8,300 square feet of restaurant and bar space, and approximately 14,000 square feet of retail space that includes the Pavilion nightclub, The permanent loan carries a 9 percent interest rate, a 36-month term with interest-only payments and a 60 percent loan-to-value ratio. Efrat Sharon of CBRE Capital Markets' New York City office secured the financing on behalf of the undisclosed borrower. The lender was a local bank.

April 24, 2010

Northeast Office

BRIDGE FINANCIAL LEASES 30,000 SQUARE FEET ON STATEN ISLAND

by admin April 24, 2010

NEW YORK CITY — The Nicotra Group has leased approximately 30,000 square feet of office space within Staten Island's Corporate Commons to Bridge Financial Group, an office of MetLife. The tenant will take occupancy of the Class A space, which is located within Corporate Commons Two, beginning in May. It is relocating from nearby Pleasant Plains. Corporate Commons consists of two buildings containing 300,000 square feet of office space. They are part of The Corporate Park of Staten Island.

April 24, 2010

Multifamily Northeast

CBRE CAPITAL MARKETS SECURES $17.25 MILLION FOR BROOKLYN APT BUILDING

by admin April 23, 2010

NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has secured $17.25 million in permanent financing for an apartment building located in Williamsburg, Brooklyn. The building, originally constructed as a tonic factory in the 1800s, was recently converted into a residential property featuring 42 apartments and five ground-floor commercial spaces. Both components were fully occupied at the time of closing. The loan carries a 5-year term, a 30-year amortization schedule and a 5.62 percent fixed rate. The lender was a local bank.

April 23, 2010

Multifamily Northeast

MASSEY KNAKAL BROKERS BROOKLYN APARTMENT SALE

by admin April 23, 2010

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a walk-up apartment building in Brooklyn's Carroll Gardens neighborhood for $2.44 million. The four-story buildings, which is located at 111 4th Place, contains 11 residential units, including five studios, five one-bedroom units and one two-bedroom unit. Massey Knakal's Ken Freeman and Joseph Sitt arranged the deal between both undisclosed parties.

April 23, 2010

Multifamily Northeast

MARCUS & MILLICHAP COMPLETES SALE OF THREE N.J. APARTMENT BUILDINGS

by admin April 23, 2010

NEW BRUNSWICK, PERTH AMBOY AND JERSEY CITY, N.J. — Marcus & Millichap's New Jersey office has completed the sales of three New Jersey apartment buildings for a total of $2.7 million. The first transaction involved a seven-unit building located at 40-42 Easton Ave. that traded for $1.15 million. The second deal included an 11-unit property located at 216 Madison Ave. in Perth Amboy that traded for $675,000. Maz Radwan of Marcus & Millichap represented the sellers as well as the buyers, all local parties. Radwan also partnered with Marcus & Millichap's Steven Matovski to sell a two-building, 12-unit property located at 161 Congress St. and 175 South St. in Jersey City. The property traded for $887,000. Matovski procured the buyer, a local apartment operator. The seller was a local private investor.

April 23, 2010

Industrial Northeast

L.A. ENTERPRISES RELOCATES, EXPANDS HEADQUARTERS IN N.J.

by admin April 22, 2010

MONROE TOWNSHIP, N.J. — L.A. Enterprises has signed a lease that will relocate its headquarters to the Alovats North distribution property in Monroe Township. The tenant, which was previously headquartered in South Brunswick, will occupy 372,000 square feet within the building — representing an approximately 130,000-square-foot expansion. Stan Danzig, Jules Nissim and Noah Balanoff of Cushman & Wakefield's East Rutherford, N.J., office, along with Frank Caccavo and Jason Goldman of the firm's Edison, N.J., office represented the landlord, Principle Real Estate Investors, in lease negotiations. Douglas Fura of NAI Farbman and Raymond Musalo of Alliance Real Estate Group represented the tenant. Located near Exit 8A of the New Jersey Turnpike at 1 Costco Way, Alovats North is an approximately 1 million-square-foot, Class A distribution facility that features 36-foot clear ceiling heights, 50-foot by 50-foot column spacing and cross-docked loading.

April 22, 2010

Multifamily Northeast

CONSTRUCTION BEGINS FOR TWO HARLEM AFFORDABLE HOUSING PROJECTS

by admin April 22, 2010

NEW YORK CITY — Richman Group Development Corp. has commenced construction for two affordable housing projects in New York City's Central Harlem neighborhood. The Balton will be located at the corner of St. Nicholas Avenue and West 127th Street. It will consist of a 12-story wing and a six-story wing containing 156 studio, one-, two- and three-bedroom units. The other project, Douglass Park, will be an eight-story building located at the corner of Frederick Douglass Boulevard and West 128th Street. It will contain 70 one-, two- and three-bedroom units. Amenities at both communities will include fitness centers, resident lounges, outdoor courtyards, bicycle storage and laundry facilities. The buildings will also contain 15,000 square feet of ground-floor retail space. Upon completion, which is expected in 2011, Richman Property Services will serve as property manager. Richman Group has previously developed residential projects in Harlem, including The Hamilton and The Langston, both on 145th Street.

April 22, 2010

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