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.
NEW JERSEY — David Cronheim Mortgage Corp. has arranged $40 million in financing for a four-building industrial portfolio owned by Hartz Mountain Industries. The portfolio totals 1.13 million square feet; the buildings were built between 1977 and 1990 and are located in Secaucus and other northern New Jersey cities. The non-recourse loan contains a 5-year term with a 25-year amortization schedule and a 6.65 percent interest rate. The lender is one of Croheim's correspondent insurance companies.
HAUPPAUGE, N.Y. — Aeroflex Inc. has renewed its lease at Hauppauge Industrial Park. The company currently occupies an entire 50,489-square-foot building located at 350 Kennedy Dr. in Hauppauge. The new lease carries an additional 5-year term. Harry Stavro and Robert Stein of Rechler Equity Partners provided in-house representation for the landlord in direct negotiations with Aeroflex.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided approximately $2 million in construction and permanent financing for an affordable housing project located in Harlem, New York City. The property, which is located at 404 Lenox Ave. totals five stories. It presently contains 13 residential units and 1,080 square feet of ground-floor retail space. Construction will include a gut renovation that will change the unit configuration to five two-bedroom and four three-bedroom units. New plumbing. electrical and HVAC systems will be installed, the windows and roof will be replaced, and the exterior brickwork will be repointed. The property is owned by Neighborhood Restore, which plans to convey the building to a private developer for the project. The loan included $1.29 million in funds from HPD and a $735,000 loan from CPC.
NEW YORK CITY — DDG Partners has acquired a vacant development site located in the NoHo district of Manhattan, New York City. The purchase comprises two adjoining lots situated at 41-43 Bond St. DDG plans to construct a ten-story, luxury residential condominium tower on the property. Construction for the $35 million project will commence in early October. Details of the land transaction were not disclosed.
MERIDEN, CONN. — Cosmos Real Estate has sold half of its ownership interest in Comtech Business Park to Dominick DeMartino for $600,000. The 40,155-square-foot property is located at 470-476 Murdock Ave. in Meriden. The new ownership structure plans to complete capital improvements to the property in order to lease up its vacant space. Peter Shiue of Colliers Dow & Condon represented Cosmos in the deal, while Carl Berman and Robert Gaucher, also of Colliers, represented DeMartino.