NEW YORK CITY — Bungalow Projects, a real estate investment firm specializing in media and content production facilities, in partnership with Boston-based Bain Capital Real Estate, has purchased an industrial development site in the Red Hook area of Brooklyn for $34 million. The partnership’s plans for the property at 145 Wolcott St. include a 225,000-square-foot production facility with four soundstages averaging 18,000 square feet each, as well as 82,000 square feet of ancillary production support space and 200 below-grade parking spaces. David Behin of Newmark represented ownership in its off-market purchase of the property.
NEW YORK CITY — Marcus & Millichap has brokered the $9.4 million sale of a 6,250-square-foot retail building in Brooklyn’s Clinton Hill neighborhood that is leased to Bank of America. The financial institution has occupied the building since 2006, and the lease is corporately guaranteed through 2034 and includes multiple renewal options. Scott Plasky and Alexander Arustamian of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEWARK, N.J. — HAX, a tech concept backed by global venture capital firm SOSV that serves as an incubator for startup companies, has opened its 35,000-square-foot headquarters facility in Newark. The facility includes space for chemical, mechanical and electrical engineering labs, as well as 3D printing, manual metal fabrication, computer numerical control machining and laser cutting. More than 30 companies will operate from within the facility.
NEW YORK CITY — New York City-based developer TF Cornerstone is nearing completion on 2-20 and 2-21 Malt Drive, a 1.4 million-square-foot apartment complex in the Long Island City neighborhood of Queens. At full build-out, the project will deliver 1,386 apartments across two buildings, as well as retail space and a public park. 2-20 and 2-21 Malt Drive are situated on Malt Drive, a new city street that was named as a nod to the site’s history as a sugar cane processing facility that later became a beer distribution center. The project is located within the 30-acre Hunter’s Point South mixed-use development. The South building at 2-20 Malt Drive will rise 33 stories and feature 575 units. The adjacent North building will comprise 811 apartments across two towers at 2-21 Malt Drive. Thirty percent of units at both buildings will be set aside as affordable housing, which will be leased at 130 percent of the area median income. The buildings were designed by SLCE Architects. Planned amenities include on-site parking, bicycle storage, co-working space, children’s playrooms, lounges, fitness centers, shared laundry rooms as well as in-unit washers & dryers, roof decks with BBQ grills, sundecks and courtyards. 2-20 Malt Drive will also …
EATONTOWN, N.J. — New York City-based Kushner Cos. has begun the redevelopment of Monmouth Mall in Eatontown, roughly 50 miles outside New York City, a project that is valued at approximately $500 million. Under the current plans, the redevelopment will convert the mall into a mixed-use destination with 900,000 square feet of retail and restaurant space and 1,000 residential units. Whole Foods Market will anchor the retail component of the project, which will also feature public green spaces, pedestrian pathways and medical office space. Construction will include the demolition of 600,000 square feet of retail space at the site. According to its Wikipedia page, Monmouth Mall originally opened in 1960 and today features approximately 1.5 million square feet of shopping, dining and entertainment space.
POUGHKEEPSIE, N.Y. — New Jersey-based investment firm Reynolds Asset Management has received a $19.5 million Fannie Mae loan for the refinancing of Violet Estates, an 84-unit multifamily property located north of New York City in Poughkeepsie. Violet Estates is reserved for renters age 55 and above and offers studio, one- and two-bedroom units. Amenities include a resident lounge, fitness center, bocce ball courts and a dog park. The property also houses 7,000 square feet of retail space that is leased to users in the food-and-beverage, fitness and art businesses, among others. Allan Edelson of Walker & Dunlop originated the financing.
NEWINGTON, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.3 million loan for the refinancing of a medical office complex in Newington, located just south of Hartford. The address and square footage of the property, which was built in 2005, were not disclosed. Gerald Kray of MMCC arranged the loan, which was structured with a five-year term, 7.5 percent interest rate and 65 percent loan-to-value ratio. The borrower and direct lender were also not disclosed.
ENGLEWOOD, N.J. — Regional operator Sportime Pickleball will open a 30,000-square-foot facility in the Northern New Jersey community of Englewood. The facility at 62 Route 4 E will feature 12 courts. Neil Seth, Jennifer Konefsky, Kenji Ota and Kathryn Cruz of Cushman & Wakefield represented Sportime Pickleball, which is also opening a 50,000-square-foot facility in nearby Wayne, in the lease negotiations. Andrew Somple of NAI James E. Hanson represented the undisclosed landlord. The opening is slated for early 2025.
LAKE LUZERNE, N.Y. — Locally based brokerage firm Muroff Hospitality Group has negotiated the sale of the Lamplight Inn Bed & Breakfast in Lake Luzerne, about 60 miles north of Albany. The property was built in 1890 and consists of 12 suites, a dining room and an owner’s apartment. Mitch Muroff of Muroff Hospitality Group represented the seller and procured the buyer, both of which were private investors, in the transaction. The sales price was approximately $1.2 million.
WARRENDALE, PA. — Rue21, an apparel and accessories retailer based in the Pittsburgh area, has filed for bankruptcy and will close all its stores in the coming months, according to reports from multiple news organizations such as CNN, Reuters and The Business Journals. All three of those media outlets report that this is the third bankruptcy filing in the history of Rue21, which operates about 540 stores nationwide, down from more than 1,000 at the height of its existence. Following Rue21’s 2017 bankruptcy filing, the company closed some 400 stores. The Warrendale-based retailer also shed about $700 million in debt at that time, according to Reuters. However, subsequent growth in e-commerce, along with the COVID-19 pandemic, continued to create operational struggles for the retailer. Today, Rue21 has about $200 million in outstanding debt, according to reports from the aforementioned media groups.