NEW YORK CITY — Marcus & Millichap has completed two retail sales in New York City for $12.97 million. First, the company brokered the sale of a four-building apartment portfolio, located at 575-587 W. 17th St., for $8.75 million. The portfolio totals 87 units, comprising 46 one-bedroom, 20 two-bedroom and 21 three-bedroom units. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office represented the seller and procured the buyer. Additionally, Von Der Ahe and Edelstein represented both parties in the sale of a 5,000-square-foot residential building located at 41 E. 41st St. The property, which traded for $5.22 million, features two commercial units and three residential units. The sale price represents a 5.29 percent cap rate and a price of $845 per square foot.
MONTOUR COUNTY, PA. — Waterloo Enterprises has acquired Danville Mini Mall, a 12,000-square-foot retail property located in Montour County. The property is occupied by Domino’s Pizza, Plaza Laundromat, Sweetser & Farr Psychologists, U.S. Army Corps of Engineers and PA. Photo License Center. Craig Rahn of Wormleysburg, Pa.-based NAI CIR negotiated the transaction. The sale price was not disclosed.
MARLTON, N.J. — New York City-based Meridian Capital Group has secured $9.5 million in financing for a 154,000-square-foot retail center located at 101 S. Route 73 in Marlton. Tenants at the property include Burlington Coat Factory, Homegoods and Supercuts. Seth Grossman of Meridian originated the loan on behalf of the undisclosed borrower. The loan was placed with a local bank. Terms of the financing include a fixed interest rate with 2 years of interest-only payments.
NEW YORK CITY — Construction is currently underway for NV, a six-story condo building located at 101 N. 5th St. in the Williamsburg neighborhood of Brooklyn, New York City. The building will contain 40 apartments, ranging in size from 670-square-foot, one-bedroom units to 1,440-square-foot, three-bedroom units. Individual units will feature approximately 11-foot high ceilings, as well as private balconies and terraces. The building will feature four outdoor spaces, a 2,000-square-foot courtyard garden with a fire pit, three rooftop terraces, a fitness center and a media lounge. Prices will start at $515,000. NV is being developed by Michael Morton of The Morton Group. Karl Fischer is serving as project architect, and Lessard Design Associates is providing interior design services. Sales and marketing is being handled by The Developers Group.
CORTLANDT MANOR, N.Y. — St. James, N.Y.-based Gyrodyne Company of America has acquired Cortlandt Manor Medical Center, a 29,811-square-foot medical office building located in Cortlandt Manor, for $7 million. The building is situated on 5 acres at 1985 Crompond Rd., adjacent to Hudson Valley Hospital Center. The property is currently 97 percent leased to 13 tenants. Gyrodyne acquired the property from Cortlandt Building Associates at a cap rate of 9.8 percent. M&T Bank provided $5.25 million in financing to assist in the purchase.
PORTLAND AND SOUTH PORTLAND, MAINE — Boston-based Fantini & Gorga (F&G) has arranged $9.67 million in permanent financing for two residential properties located in Maine. Tim O’Donnell and Derek Coulombe of F&G secured the loans through a national Fannie Mae DUS lender. In South Portland, F&G secured $5.87 million in acquisition financing for Mill Cove Apartments, a 96-unit property located at the intersection of Mussey and Margaret streets. Situated on 3.4 acres, the property is comprised of 24 two-story buildings. The loan features 2 years of interest-only payments. In Portland, a $3.8 million loan was arranged for The Metropolitan Apartments, an 81-unit property located at 439 Congress St. The five-story building also contains ground-floor retail space. Terms of the financing included 5 years interest-only.
WESTMINSTER, MASS. — The Stubbledine Company has negotiated the long-term leasing of 130,000 square feet of industrial space at 100 Simplex Dr. in Westminster. The 90-acre property contains a 685,000-square-foot, multi-tenant industrial building. The tenant, Interstate Container will relocate to the new facility from its previous location in Fitchburg, Mass. David Stubbledine, James Stubbledine and Al Ringuette of The Stubbledine Company represented the landlord, National Industrial Portfolio Borrower, and secured the tenant. Terms of the lease were not disclosed.
NEW JERSEY AND NEW YORK— The Self-Storage Advisory Group of CB Richard Ellis (CBRE), along with the Institutional Commercial Group of Transwestern, has brokered the sale of 11 self-storage properties located in New Jersey and New York for $175 million. The portfolio totals 933,000 square feet, and all of the properties carry the Storage Post brand. The facilities feature covered loading, flexible unit sizes, climate-controlled environments and security. One of the properties is still under construction. CBRE and Transwestern represented American Storage Properties North, which sold the property to Acadia Realty Trust.
NEW YORK CITY — New Jersey-based The Orbach Group has acquired a 13-building apartment portfolio located in the Clinton neighborhood of Manhattan, New York City, for $70 million. The five-story buildings are located on West 49th Street between Eighth and Ninth avenues, and contain 254 one- and two-bedroom apartments, and two-bedroom duplexes, as well as six fully occupied retail spaces. Occupancies are currently at 98 percent; Orbach will renovate the units as they turn over, adding new stainless steel appliances, marble countertops and oak cabinets to the kitchens. Aaron Jungreis of Rosewood Realty Group represented Orbach in the transaction. The seller was not disclosed.
NEW YORK CITY — Initial occupancies have occurred at Sky House, a 55-story condominium tower located at 11 E. 29th St. in New York City. Developed by New York City-based The Clarett Group, the building features 139 residences starting on the sixth floor of the building. Sky House features 4,000-square-foot, full-floor residences on the 48th and 49th floors; a 3,700-square-foot residence on the 51st floor that contains an outdoor terrace with a 300-square-foot, glass enclosed winter garden; a three-bedroom duplex on the 53rd floor; and a 3,000-square-foot, full-floor penthouse unit on the 55th floor. First occupancies began in the first quarter, and the building is currently 80 percent sold.