NEW YORK CITY — JLL has arranged a $33 million loan for the refinancing of 640 Broadway, a 21-unit luxury apartment building that occupies a full city block in Manhattan’s NoHo neighborhood. The nine-story, pre-war building was originally designed and constructed in 1896 and houses 4,241 square feet of retail space that is fully leased. Residential amenities include a fitness center and a rooftop terrace. Stephen Van Leer led the JLL team that arranged the loan through Bridge Investment Group on behalf of the borrower, Acadia Realty Trust.
CHELSEA, MAINE — Marcus & Millichap has brokered the sale of a portfolio of three self-storage facilities totaling 296 units in Chelsea, located just south of Augusta. The properties total 45,690 net rentable square feet of space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The buyer and sales price were not disclosed. Jim Koury of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.1 million sale of two apartment buildings in Brooklyn’s Bushwick neighborhood. The building at 105 Wilson Ave. houses four three-bedroom units and a Japanese restaurant, and the building at 153 Wilson Ave. is home to six residential units and a barbershop. Dov Chein, Benjamin Vago and Victor Sozio of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW YORK CITY — Onyx Renewable Partners, a provider of clean energy solutions, has signed a 10,760-square-foot office lease renewal at 505 Fifth Avenue in Midtown Manhattan. The 28-story building was built in 2006 and is adjacent to Bryant Park. Onyx plans to relocate from 230 Park Avenue to the entire 14th floor early next year. Paul Glickman, Diana Biasotti, Kristen Morgan and Kyle Young of JLL represented the landlord, Stawski Partners, in the lease negotiations. Clark Finney and T.J. Hochanadel of JLL, along with Brian Goldman, Scott Gutnick and Josh Berg of Newmark, represented the tenant.
CHARLESTOWN, MASS. — Locally based developer RISE has received approval from the Boston Planning & Development Agency for a 750,000-square-foot mixed-use project that will be located in the Charlestown area on the city’s north side. Designed by CBT Architects, the project is known as 40 Roland Street and is part of the larger redevelopment of Sullivan Square. Full plans call for 126 residential units, 20 percent of which will be earmarked as affordable housing, as well as 605,300 square feet of office and life sciences space, 31,685 square feet of retail and restaurant space and 70,799 square feet of open green space. These uses will be housed across three buildings and five parcels. The development team, which also expects the project to add about 2,000 permanent jobs to the local economy, will make infrastructural improvements to roadways and landscaping as part of the project.
CUTCHOGUE, N.Y. — Boutique financial advisory firm Talonvest Capital has arranged $27.8 million bridge loan for GoodFriend Storage North Fork, a self-storage facility located in the Long Island community of Cutchogue. The borrower, GoodFriend Storage, will use the proceeds to partially fund an expansion project, retire existing debt and support the lease-up of the expansion. The facility currently features 690 climate-controlled units, 213 non-climate-controlled units and 87 warehouse/portable units for a total of 123,174 net rentable square feet. Britt Taylor, Jim Davies, Tom Sherlock, Ivan Viramontes and Lauren Maehler of Talonvest arranged the financing through an undisclosed direct lender.
JERICHO, N.Y. — PX4 Development has purchased an 80-room hotel in the Long Island community of Jericho with plans to convert the building into a student housing community with one-, two- and three-bedroom units. To that end, PX4 has secured a long-term lease with The New York Institute of Technology, which has campuses on both Manhattan and Long Island. The development team is aiming to have the building ready for occupancy in advance of the 2024 academic year.
HILLSBOROUGH, N.J. — Cushman & Wakefield has brokered the $8.3 million sale of a 40,700-square-foot industrial building in Hillsborough, located just north of Trenton. The building at 139 Stryker Lane features 30-foot clear heights, three dock-high doors and 59 parking spaces. Andrew Schwartz, Jordan Sobel, Andre Balthazard, Mark Zaziski, Patrick Decker and Dan Bottiglieri of Cushman & Wakefield represented the seller and occupant, RC Fine Foods, in the deal and procured the buyer, an affiliate of The Silverman Group.
BAY SHORE, N.Y. — Nordstrom Rack, the off-price retail division of Nordstrom, will open a 24,000-square-foot store in Bay Shore, a hamlet on Long Island. The store will be situated within Gardiner Manor Mall and is scheduled to open next spring. Other tenants at the property include HomeGoods, Barnes & Noble, Michaels and Old Navy. Kite Realty Group Trust is the landlord. This location will mark the third Nordstrom Rack outpost in the state.
Internet connectivity is the digital equivalent of a foundation for any multifamily property. Residents want access for communications, entertainment, business and personal needs. Property operators need connections for management and reporting software resources. Good and reliable connections to the Internet, and a dependable Wi-Fi network as a way of distributing that access, are essential. Looking three to five years into the future, these connectivity needs become even more demanding and complex. The Internet of Things (IoT) creates a layer of interesting application and use cases for property owners. IoT defines the collective network of connected technology that enables communication between devices (“things”) and the cloud and/or among the devices themselves. IoT devices are the technology that creates smart home and buildings. IoT devices also support and simplify functions such as rental property management, energy usage reduction, maintenance cost reduction and more. “Looking into the future, IoT applications can make the property more efficient in surprising ways,” says Eran Dor, vice president of technology products at Pavlov Media. Leak detectors can provide early warning of flooding and appropriately shut off water before any significant damage occurs. Trash cans can be equipped with sensors that indicate when to collect, rather than requiring …