LONG BRANCH, N.J. — Locally based firm Inspired by Somerset Development has broken ground on a 22-unit multifamily project at the site of the former Inkwell Coffee House in the coastal New Jersey community of Long Branch. The three-story building will house one- and two-bedroom units, 800 square feet of street-level retail space, an indoor parking garage and a private rooftop deck. Construction is slated for a summer 2024 completion.
NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received $500 million in funds to refinance debt on 919 Third Avenue, a 1.5 million-square-foot office building in Midtown Manhattan. Designed by international architecture firm Skidmore, Owings & Merrill, the 47-story building was originally completed in 1970. It was designed to accommodate an existing New York City landmark, famed restaurant and saloon P.J. Clarke’s. SL Green owns the building in partnership with an institutional investor advised by J.P. Morgan Global Alternatives. The property is 80 percent leased to tenants such as Bloomberg, which expanded by an additional five floors last winter, as well as law firm Shulte Roth & Zabel LLP. Another law firm, Cohen Clair Lans Greifer & Simpson LLP, became the building’s newest tenant when it inked a 17,862-square-foot deal last month. A consortium of lenders led by New York City-based Aareal Capital Corp. and French lender Credit Agricole Corporate & Investment Bank provided the financing. James Millon, Tom Traynor and Mark Finan of CBRE arranged the debt. The loan bears interest at a rate of 250 basis points above the Secured Overnight Financing Rate (SOFR), which closed at 4.81 percent on Friday, …
PISCATAWAY, N.J. — New York City-based developer Rockefeller Group has broken ground on Constitution Logistics Center, a 147,000-square-foot industrial project in the Northern New Jersey community of Piscataway. The 18-acre site at 10 Constitution Ave. formerly housed a 100,000-square-foot office building that was owned and occupied by hearing aid manufacturer WS Audiology and that is now being demolished. Constitution Logistics Center will feature a clear height of 36 feet, 41 loading docks, 123 car parking spaces and 57 trailer stalls. Completion is slated for the second quarter of 2024. ARCO Construction is the general contractor for the project. Cushman & Wakefield and KBC Advisors have been appointed as the leasing agents.
RIDGEFIELD, N.J. — Locally based investment firm Faropoint has acquired a 113,979-square-foot industrial facility in the Northern New Jersey community of Ridgefield for $28.3 million. Faropoint acquired the two-building facility, which consists of a 57,599-square-foot food processing and production building and a 56,380-square-foot distribution building, in a sale-leaseback with the tenant, Biazzo Dairy Products. Frank Costa III, Jim Isbell and Brian Sherlock with Viewpoint Advisors brokered the deal.
NORWALK, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of Belden Square, a 24-unit apartment complex in Norwalk, located in the southern coastal part of Connecticut. Belden Square, which includes 11,675 square feet of commercial space, was originally built in 1989 as an office building and converted to residential use in 2017. Apartments come in studio, one- and two-bedroom formats. Brad Balletto, Rich Edwards and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 7,356-square-foot retail property located at 1 Worth St. in Manhattan’s Tribeca neighborhood. The seller was Xeno Lightning, a film production company that had owned and operated out of the six-story building since 1990. The buyer was not disclosed. Trever Gallina of Marcus & Millichap brokered the deal.
NEW YORK CITY — Nonghyup Bank has signed a 10-year, 8,194-square-foot office lease at 120 West 45th Street in Manhattan. The South Korean lending institution will occupy space on the 19th floor of the 458,446-square-foot building, which is known locally as Tower 45. Paul Glickman, Diana Biasotti, Kyle Young and Kate Roush of JLL represented the landlord, Kamber Management Co., in the lease negotiations. CBRE represented Nonghyup Bank.
JERSEY CITY, N.J. — A joint venture between Cleveland-based developer The NRP Group, asset management firm Rockwood Capital and locally based firm G&S Investors has broken ground on a 401-unit multifamily project in Jersey City. The site is located at 190 Chapel Ave. in the Port Liberté area. Units will come in one-, two- and three-bedroom formats. Amenities will include a pool, pet play and wash area, outdoor grilling and dining stations, rooftop deck with a lounge area, game room, communal kitchen, conference room and a commuter lounge. Citizens Bank and Fifth Third Bank provided senior construction loans for the project, which is slated for a summer 2025 completion.
RIVERHEAD, N.Y. — JLL has negotiated the sale of Riverhead Centre, a 395,000-square-foot retail power center in Long Island’s Suffolk County. Grocer ShopRite and The Home Depot anchor the center, which was originally built on 50 acres in 2003 and was 99 percent leased at the time of sale. Other tenants include Bed Bath & Beyond, Best Buy, Petco, Michaels, Designer Shoe Warehouse, Famous Footwear, Barnes & Noble, Ashley Home Store and IHOP. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Mark Belenky of JLL represented the seller, an entity advised by PNC Realty Investors, in the transaction. The buyer was New York City-based Prestige Properties & Development Co. Inc.
OGUNQUIT, MAINE — Regional hospitality owner-operator Giri Hotels has acquired Anchorage by the Sea, a 249-room waterfront resort in Ogunquit, located in southern coastal Maine. The property offers amenities such as indoor and outdoor pools, reception and meeting rooms, outdoor lounges and gathering spaces and an onsite restaurant and bar. Wason Associates Hospitality Real Estate represented the undisclosed seller in the transaction.