NEW YORK CITY — Sholom & Zukerbrot has negotiated two 5-year leases in Long Island City on behalf of DeAngelis, Ltd., a high-end upholsterer, and TouchStone Direct, LLC, a fast-growing digital printing firm. Both firms relocated from Manhattan to 21-09 Borden Avenue in the Long Island City section of Queens in New York City. DeAngelis, leased 27,000 square feet on the sixth floor of the seven-story property, and TouchStone Direct signed for 16,000 square feet on the second floor. Natalie Hurwitz of Sholom & Zukerbrot is the exclusive agent for the Borden Avenue property, a 170,000-square-foot loft building. Owned by 21-09 Borden Avenue Corp., the building features two freight and two passenger elevators, and four loading docks. It is centrally located and offers easy access to the #7 subway line, the Brooklyn-Queens Expressway and the Long Island Expressway.
PALISADES PARK, N.J. — New York City-based Phoenix Realty Group has acquired 71 residential condominium units located within The Trio, a high-rise residential project in Palisades Park, for $18 million. The units consist of one- and two-bedroom residences that range in size from 742 to 1,751 square feet. They represent the remaining unsold units in the project. Phoenix acquired the units, as well as the reserved parking spaces for them, on behalf of its Metropolitan Workforce Housing Fund and plans to offer them for lease. The Trio comprises two adjacent nine-story towers containing 140 condos, as well as a 200-space parking structure. Building amenities include doormen, fitness center, meeting rooms and a media center.
NEW YORK CITY — New York City-based Massey Knakal has completed two Manhattan, New York City, multifamily sales. In Chelsea, the firm was the sole broker in the $7.26 million sale of two, five-story, walk-up apartment buildings located at 217-219 W. 16th St. The buildings contain 39 one-bedroom units and one commercial unit. Four of the apartments are market rate and the rest are rent stabilized. Massey Knakal’s Brock Emmetsberger and Paul Massey handled the transaction. On the Upper East Side, Massey Knakal’s Tom Gammino represented the seller in the $2.75 million disposition of a three-story, vacant brownstone building located at 1624 York Ave. The building totals 3,060 square feet with an additional 9,435 square feet of air rights. Gammino was the sole broker in the transaction. Both parties in both transactions were undisclosed.
WHITEHALL TOWNSHIP, PA. — Allentown, Pa.-based Summit Management & Realty has negotiated the leasing of 40,000 square feet of warehouse space within Riverside Business Center, located in Whitehall Township. Bell Nursery, a wholesale production nursery based in Maryland, will occupy the space. The new location allows the nursery to be the exclusive provider of plans for The Home Depot’s Pennsylvania and New Jersey stores. Tyler Chomik of Summit represented the landlord, Washington, D.C.-based Cafritz Interests. Riverside Business Center, formerly a manufacturing facility for Tarkett, was acquired by Cafritz and redeveloped for multi-tenant use. There are currently 130,000 square feet of warehouse and office space remaining for lease.
NEW YORK CITY — New York City-based Swig Equities has signed three leases at 80 Broad Street, a 36-story, 400,000-square-foot office tower located in the Financial District of Downtown Manhattan, New York City. The three new tenants include McGiveney & Kluger PC, which was represented by Fred Trump and John Moran of Newmark Knight Frank; Legal Solutions Group LLC, which was represented by Joshua Winslow and Patrick Nash of Winslow & Co.; and Map Financial Group Inc., which was represented by Alan Markowitz of RE Com Partners. The three leases total 8,500 square feet and bring the building, which was recently renovated by Swig Equities, to 97 percent occupancy.
NEWARK, N.J. — Construction has topped out on The Leaguers Headquarters and Head Start Building in Newark. In addition to housing the non-profit community organization’s headquarters office, the 48,000-square-foot building will contain a 22,000-square-foot Head Start and community services facility, commercial office space, and an underground parking garage for 75 cars. Located at 405-425 University Ave., the facility is being constructed by Mc Gowan Builders. The project team also includes architect/engineer EI Associates, architect Wilson Woodridge, and owner’s representative The TLM Group, LLC. The project, which is slated to cost $23.5 million in total development costs, was financed through the Federal New Market Tax Credit. The following organizations participated in the financing: Nationwide Insurance Company, Stonehenge Community Development, and Boston Community Capital. Lender consortium partners included New Jersey Community Capital, Prudential Financial’s Social Investment Unit, Partners for the Common Good, and TRF The Reinvestment Fund.
BOSTON — Boston’s iconic John Hancock Tower sold at an auction in New York City for $660.6 million to Normandy Real Estate Partners and Five Mile Capital Partners. The consortium was the only bidder for the 60-story skyscraper. The property, located in the Back Bay area at 200 Clarendon St., was purchased by Broadway Partners of New York in 2006 for $1.3 billion, but was foreclosed on after the company defaulted on some of its loans.
LONG BRANCH, N.J. — Bungalow, a new 26,000-square-foot boutique hotel is slated to open in May in Long Branch. The $5.5 million, four-story hotel is part of Pier Village, a mixed-use development designed by Minno & Wasko Architects and Planners and built by Applied Development Company. The Miami-inspired hotel will offer 24 rooms that feature custom hardwood flooring and millwork, 10-foot ceilings, unique interior designs, king-size beds, gas fireplaces, wet bars, high definition TVs, iPod players, and luxury baths with dual vanities. Three corner guestrooms will contain 1,100 square feet of space with all of the above amenities in addition to two bedrooms, two baths, a dining room and distant ocean views. Another corner unit will feature a private outdoor terrace. Hotel amenities include a bar and lounge area with antique pool and foosball tables, a fireplace, an outdoor terrace with a fireplace and a bakery. The exterior of the hotel is clad in an aluminum skin with wood accents while the interior is mostly white to provide bright, inviting spaces and a beach aesthetic. Sixx Design provided interior design services. The hotel also features several green aspects, including a white membrane roof to reduce the absorption of solar energy, …
BRIGHTON, N.Y. — Marcus & Millichap has completed the $9.13 million sale of Twelve Corners Shopping Center, a 96 percent occupied, 29,414-square-foot center located at the intersection of Monroe Avenue, Elmwood Avenue, and South Winton Road in Brighton. Tenants include Panera Bread, Starbucks, HSBC Bank, Federal Express, Super Cuts and Subway. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller, GDC Randolph Crossing. The buyer, Brighton Corners, was represented by Steven Stoehrer of Marcus & Millichap’s Manhattan office. The center was sold for a 7.16 percent capitalization rate.
NEW YORK CITY — Winoker Realty Company has completed the sale of a 1,842-square-foot office condominium located at 820 Second Ave. in Manhattan, New York City. Jonata Dayan and Adam Ben-Dayan of Winoker represented Philips International, the seller, in the transaction. Andrew Aberham of Philips International worked closely with the Winoker team. The property was purchased by AJK Bureau of Consultants LLC. This is the fourth condo transaction that Winoker Realty has completed with Philips International over the past 2 years. The sale price was undisclosed.