Northeast

Mayfair-Shopping-Center-Commack-New-York

Voya Investment Management Provides $37.5M in Financing for Long Island Shopping Center

by Taylor Williams December 4, 2023

COMMACK, N.Y. — Connecticut-based life insurance company Voya Investment Management has provided $37.5 million in bridge financing for Mayfair Shopping Center, a 221,000-square-foot retail property located in the Long Island community of Commack. The open-air center sits on a 15-acre site along the Jericho Turnpike and is home to tenants such as Lidl, Planet Fitness and the PGA Superstore. Andrew Stewart and Allison Villamagna of New Jersey-based financial intermediary Cronheim Mortgage arranged the three-year loan on behalf of the borrower, The Livingston Group. A portion of the proceeds will be used to fund capital improvements and additional leasing costs.

December 4, 2023

Acquisitions Connecticut Mixed-Use Northeast

O,R&L Commercial Arranges $7M Sale of Mixed-Use Property in New Haven, Connecticut

by Taylor Williams December 4, 2023

NEW HAVEN, CONN. — Locally based brokerage firm O,R&L Commercial has arranged the $7 million sale of York Square Broadway, a 30,262-square-foot mixed-use property in New Haven. The property consists of two buildings that were originally constructed in the early 1900s and house four one-bedroom apartments, 7,300 square feet of recently vacated office space and retail space. Tenants at the property include Campus Customs, which provides Yale-themed apparel and gifts, Mediterranean restaurant Broadway Kitchen, Blue Jay Cleaners and cosmetics chain Blue Mercury. Frank Hird of O,R,&L represented the seller and procured Yale University as the buyer.

December 4, 2023

Civic Leasing Activity New York Northeast

Hawthorne Country Day School to Relocate Manhattan Campus

by Taylor Williams December 4, 2023

NEW YORK CITY — The Hawthorne Country Day School Manhattan, which provides a range of educational and social services for individuals age 18 months to 21 years, will relocate its campus from 156 William Street to 233 Broadway. The new space spans 34,076 square feet within The Woolworth Building, a 28-story landmarked structure that was originally built in the 1920s. The space features classrooms, therapy rooms, a multipurpose room/gym and an expanded sensory gym. Howard Kesseler, Todd Hershman and Alex Kesseler of Newmark represented the tenant in the lease negotiations.

December 4, 2023

Acquisitions Industrial New Jersey Northeast

TFE Properties Acquires 30,230 SF Industrial Building in Ocean Township, New Jersey

by Taylor Williams December 4, 2023

OCEAN TOWNSHIP, N.J. — New Jersey-based investment firm TFE Properties has acquired a 30,230-square-foot industrial building in Ocean Township, located along the Jersey Shore. The building at 42 Cindy Lane was constructed on five acres in 1989. According to LoopNet Inc., the property features a clear height of 18 feet and four drive-in doors. The property was fully leased at the time of sale to tenants such as Cooper Electric and KMSCO Inc. The seller and sales price were not disclosed.

December 4, 2023

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $3.1M Sale of Multifamily Property in Fairfield, Connecticut

by Taylor Williams December 4, 2023

FAIRFIELD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $3.1 million sale of a five-unit multifamily property in Fairfield, located in southern coastal Connecticut. According to LoopNet Inc., the building at 1903 Post Road was originally constructed in 1924. Brad Balletto, Robert Paterno, Rich Edwards and Jeff Wright of NECPG represented the buyer and seller, both of which requested anonymity, in the transaction.

December 4, 2023

Development Loans Multifamily New Jersey Northeast Top Stories

Tishman Speyer Receives $300M Construction Loan for 58-Story Apartment Tower in Jersey City

by Taylor Williams December 4, 2023

JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $300 million construction loan from Otera Capital for a 58-story multifamily tower in Jersey City. With financing in place, Tishman Speyer plans to begin construction later this month and deliver the building in early 2027. The property will be located at 55 Hudson St. along the Hudson River in the Paulus Hook neighborhood, less than a block from the Paulus Hook Pier, which offers ferry service to various New York City metro locations. Plans call for 1,017 units in one-, two- and three-bedroom floor plans. The building will also feature 75,000 square feet of indoor and outdoor amenities and 60,000 square feet of retail and restaurant space. The development of 55 Hudson will be followed by 50 Hudson, a 48-story apartment tower that will include comparable indoor and outdoor amenities. When completed, the two-building development will boast nearly 2,000 new apartments, over 70,000 square feet of retail space and a 32,000-square-foot waterfront plaza. The plaza, which will provide a direct connection to Jersey City’s esplanade, will be available for community events. The design team for the project includes Handel Architects, Marchetto Higgins Stieve Architects, landscape architects Hollander Design …

December 4, 2023

Development Multifamily New Jersey Northeast

Fields Grade, Alpine Residential Begin Leasing 169-Unit Apartment Complex in Jersey City

by Taylor Williams December 1, 2023

JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has begun leasing Atlas, a 169-unit apartment complex located at 270 Johnston Ave. in Jersey City. The 24-story building houses studio, one-, two- and three-bedroom units as well as 9,000 square feet of retail space. Ten units are reserved as affordable housing. Amenities include a pool, fitness center, coworking spaces, outdoor grilling and dining areas, communal kitchen and a game room. MHS Architecture designed the project, and KL Masters Construction Co. served as the general contractor. Rents start at roughly $2,700 per month for a studio apartment.

December 1, 2023

Acquisitions Hospitality Massachusetts Northeast

JLL Negotiates Sale of 128-Room Bayside Resort Hotel in Yarmouth, Massachusetts

by Taylor Williams December 1, 2023

YARMOUTH, MASS. — JLL has negotiated the sale of the 128-room Bayside Resort Hotel in Yarmouth, located at the base of Cape Cod. The hotel sits on a 3.9-acre site and offers amenities such as an indoor and outdoor pool, fitness center, family fun center and over 2,300 square feet of meeting and event space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the undisclosed seller in the transaction. The buyer was an entity doing business as Bayside Yarmouth LLC.

December 1, 2023

Acquisitions Industrial New Jersey Northeast

Transcontinental Steel Buys Northern New Jersey Industrial Property for $8.2M

by Taylor Williams December 1, 2023

PISCATAWAY, N.J. — Transcontinental Steel has purchased a 45,000-square-foot industrial property in the Northern New Jersey community of Piscataway for $8.2 million. The property at 201 11th St. is divided into three 15,000-square-foot units and features clear heights of 12.5 feet. Kyle Gerace, Robert DiLeo and Mathew DiLeo of NAI DiLeo-Bram represented the seller, Binsky Snyder, in the transaction and procured Transcontinental Steel as the buyer.

December 1, 2023

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $3.5M Sale of Central New Jersey Retail Center

by Taylor Williams December 1, 2023

SOMERVILLE, N.J. — Marcus & Millichap has brokered the $3.5 million sale of Union Avenue Plaza, a 20,866-square-foot retail center located in the Central New Jersey community of Somerville. The center was fully leased to eight tenants at the time of sale, with the New Jersey Department of Motor Vehicles serving as the anchor. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, SNS Real Estate Investment Group, in the deal and procured an undisclosed individual/personal trust as the buyer.

December 1, 2023

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