NEW YORK CITY — Locally based brokerage firm GFI Realty Services has arranged the $5.1 million sale of a 36-unit multifamily property located at 86-21 112th St. in the Richmond Hill area of Queens. The property was built in 1952 and comprises 18 one-bedroom units and 18 two-bedroom units. Ohad Babo and Yosef Magarefteh of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the deal.
COMMACK, N.Y. — The PGA Tour Superstore has signed a 40,000-square-foot retail lease at Mayfair Shopping Center, a 220,000-square-foot development in Commack, located on Long Island. E.J. Moawad of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Hugh Scullin of Katz & Associates represented the tenant. The store, which will open later this year, will be PGA Tour Superstore’s third in New York.
READINGTON, N.J. — New Jersey-based developer Larken Associates has completed The Ridge at Readington, a 254-unit multifamily project located about 50 miles southwest of Manhattan. The Ridge at Readington features a mix of market-rate and affordable units in one- and two-bedroom formats across nine buildings. Residences are furnished with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, lounge and wet bar, outdoor pavilion, dog park and walking trails. Rents start at $1,950 per month for a one-bedroom apartment.
PISCATAWAY, N.J. — JLL has brokered the $26.5 million sale of a 101,381-square-foot warehouse located at 100 New England Ave. in the Northern New Jersey community of Piscataway. The industrial facility sits on eight acres and features a clear height of 24 feet, six loading docks and one drive-in door. Marc Duval, Jordan Avanzato, Frank Recine, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the undisclosed seller in the transaction. The buyer was also not disclosed.
STRATFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the $23 million sale of a portfolio of two multifamily properties totaling 129 units that are located in the southern coastal Connecticut community of Stratford. Sherwood Square features 105 units in studio, one- and two-bedroom floor plans. Avon Apartments consists of 24 units, the majority of which are one-bedroom residences. Brad Balletto and Robert Paterno of NEPCG represented the seller, New Jersey-based Navarino Properties, in the transaction, and procured the buyer, Maple Leaf.
NEW YORK CITY — Mercy College has signed a 125,522-square-foot lease renewal at 1200 Waters Place in The Bronx. The complex is known as Hutchinson Metro Center and consists of 1.4 million square feet of office, medical, retail, hospitality and academic space. James MacDonald and Sean Heneghan internally represented the landlord, Simone Metro Properties, in the lease negotiations. Bill Cuddy and Greg Maurer-Hollaender of CBRE represented Mercy College, which has been a tenant at Hutchinson Metro Center for more than 20 years.
PISCATAWAY, N.J. — Webster Bank has provided financing for a 109,000-square-foot warehouse and distribution center in the Northern New Jersey community of Piscataway. The building features a clear height of 24 feet, 24 loading docks and two drive-in doors and was fully leased to 19 tenants at the time of the loan closing. Michael Klein, Jon Mikula and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, a joint venture between New Jersey-based Denholtz Properties and Boston-based Long Wharf Capital. The capital markets team involved in the deal did not specify how the loan proceeds would be used.
MIDDLETOWN, CONN. — A joint venture between Harbor Group International and PB Development will build Springside Middletown, a 240-unit multifamily project that will be located on the southern outskirts of Hartford. The total capitalization of the project is $83.5 million. Springside Middletown will feature one-, two- and three-bedroom units with an average size of 1,020 square feet that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, fitness center, coworking lounge, pickleball courts, outdoor grilling and dining stations, a dog park, playground and walking trails. Construction is slated for a 2025 completion.
SWEDESBORO, N.J. — CBRE has brokered the $13 million sale of a 119,000-square-foot light industrial building in Swedesboro, about 25 miles south of Philadelphia. The single-tenant building sits on 12 acres and houses the corporate headquarters and distribution center of Thomas Scientific, a supplier of lab equipment. Stephen Marzullo, Adam Silverman, Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki of CBRE represented the seller, Newvine Corp., in the transaction. The buyer was New Jersey-based investment firm Faropoint.
BOSTON — A partnership between two local developers, RISE and City Realty Group, has received approval from the Boston Planning & Development Agency to construct a 72-room boutique hotel at 330 C St. in South Boston. Designed by Group One Partners, the 46,600-square-foot hotel will offer a fitness center, onsite restaurant and bar and a rooftop terrace. Construction is scheduled to begin in the third quarter of next year. The project is expected to create about 50 permanent jobs and 150 temporary construction jobs.