WEST NEW YORK, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $4 million sale of 5414 Park Avenue Apartments, a 22-unit apartment building in West New York, located just outside Manhattan. The five-story, transit-served building consists of 13 one-bedroom units and nine two-bedroom units. David Betesh of Gebroe-Hammer represented the buyer and seller, both of which requested anonymity, in the transaction.
JERSEY CITY, N.J. — Franklin Credit Management Corp. has signed a 15,000-square-foot office lease renewal at 101 Hudson St. in Jersey City. The 42-story, 1.2 million-square-foot tower is located in the city’s Exchange Place neighborhood and is known as The Merrill Lynch Building. Conor Dolan, David Opper and Mike Nieliwodski of CBRE represented the landlord, The Birch Group, in the lease negotiations. The tenant representative was not disclosed.
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Multifamily Operators Adopt Property-Wide Internet Access as New Standard Amenity
Multifamily residents want to take their internet connections with them beyond their unit’s four walls and throughout the complex. The National Multifamily Housing Council has found for years that 90 percent of renters say good internet access is a necessity. But the meaning of good connectivity has changed. “Ten, fifteen or twenty years ago, the most popular trend was cocooning — where people would go to work, come home and run into their apartment. They’d close the door, and you wouldn’t hear or see from them again until the next day,” says Bryan Rader, president of MDU at internet service provider Pavlov Media. “Today, multifamily renters spend more time around the community,” he continues. “Developers are playing to that lifestyle change by building amenities and encouraging residents to spend time together. Having a really strong managed Wi-Fi network that is safe, secure and authenticates the user is very valuable.” Put more simply, Wi-Fi within amenities is important to renters. Take fitness centers, for example. When was the last time you saw anyone on a treadmill without headphones relaying music from the internet through a phone or tablet? The move toward property-wide internet demand started in universities as students needed internet …
JERSEY CITY, N.J. — CBRE and Cushman & Wakefield have brokered the $58 million sale of Harborside 4, a 1.3-acre multifamily development site located at 20 Christopher Columbus Drive in Jersey City. Veris Residential sold the lot to Related Cos., which plans to develop a luxury rental tower with approximately 800 units. Jeff Dunne, Bill Shanahan and Roland Merchant of CBRE co-brokered the deal in coordination with Cushman & Wakefield’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Ryan Dowd and Brian Whitmer. Additional details about the development were not disclosed.
HOBOKEN, N.J. — JLL has arranged a $27 million acquisition loan for Edge Lofts, an apartment complex located in the Northern New Jersey community of Hoboken. Edge Lofts comprises 69 units across two five-story buildings located at 1405 Clinton and 1405 Adams St. that were constructed in 2013 and 2019, respectively. Units come in one-, two- and three-bedroom floor plans and average 975 feet. Amenities include a package room, resident lounge with a bar and TV, fitness center and a common terrace with grilling stations. Jim Cadranell, Greg Nalbandian, Salvatore Buzzerio and John Cumming of JLL arranged the 10-year, fixed-rate loan through an unnamed life insurance company. The borrower was also not disclosed. In addition, a JLL team of Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce represented the seller, Bijou Properties, in the disposition of Edge Lofts.
SALEM, N.H. — Tuscan Brands has debuted a 165-room, Marriott-branded hotel at Tuscan Village, its 170-acre flagship shopping, dining and entertainment destination located north of Boston in Salem, New Hampshire. The Artisan at Tuscan Village features an outdoor pool, fitness facility, business center, sundries market and 12,000 square feet of meeting and event space. Guests of the boutique hotel, which is part of the Marriott International Tribute Portfolio family of brands, also have access to an adjacent full-service restaurant, as well as a rooftop bar and café located off the lobby.
NEWTOWN, CONN. — Arrowhead Properties has purchased a 17,557-square-foot shopping center that is situated along Church Hill Road in Newtown, located in the southern coastal part of Connecticut. An entity doing business as Church Hill & Queen LLC sold the property for $3.4 million. Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. Joe Wrinn and Garett Palmer of Coldwell Banker Commercial represented Arrowhead Properties.
NEW YORK CITY — Kensington Vanguard National Land Services has signed a 13,394-square-foot office headquarters lease at 41 Madison Avenue in Midtown Manhattan’s Flatiron District. The title insurance agency and Truist Bank subsidiary plans to relocate from 39 West 37th Street to the entire 21st floor of the building in the second quarter of next year. Howard Hirsch and Brett Harvey of JLL represented the tenant in the lease negotiations. Robert Steinman represented the landlord, Rudin, on an internal basis.
NEW YORK CITY — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network of office landlords. WeWork’s locations and franchisees outside of the United States and Canada are not part of this process. According to the company website, WeWork operates more than 320 locations globally across various workplace solutions platforms. As part of the filing, WeWork is requesting the ability to reject the leases of certain locations that are “non-operational,” all of which have affected members that have received advanced notice. The company has retained Hilco Real Estate, an Illinois-based real estate restructuring and advisory firm, to assist with lease renegotiations. “WeWork has a strong foundation, a dynamic business and a bright future,” says David Tolley, CEO of WeWork. “Now …
PHILADELPHIA — JLL has arranged a $215 million loan for the refinancing of the 1,408-room Philadelphia Marriott Downtown hotel. The hotel, which is connected to the Pennsylvania Convention Center and recently underwent a capital improvement program, consists of a 1,198-key main tower that was built in 1994 and the 210-key historic Headhouse Tower. Hotel amenities include a 24-hour fitness center, indoor pool, lobby lounge, restaurant and new pub with duckpin bowling and billiards. Kevin Davis, Ryan Ade, Mark Fisher, Barnett Wu and Caleigh O’Connell of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital. Barclays, Wells Fargo and J.P. Morgan provided the debt.