NEW YORK CITY — Manhattan Mini Storage is underway on a self-storage redevelopment project on the Upper West Side that will add 1,200 units to the local supply. The company, which is owned by Missouri-based developer and operator StorageMart, plans to redevelop the site of the former CMX Cinema into a six-story self-storage building that offers 65,000 net rentable square feet of space. The project, which is slated for a 2024 completion, will also function as an addition to Manhattan Mini Storage’s existing facility at 420 E. 62nd St.
NEW YORK CITY — Washington, D.C.-based law firm Venable LLP has signed a 157,808-square-foot office lease at 151 West 42nd Street in Midtown Manhattan. The lease term is 15 years, and the deal represents a consolidation from the firm’s previous two offices at 1270 and 1290 Avenue of the Americas. About 270 people will work in the new office, which spans the 48th through 52nd floors, as well as space on the concourse level. Newmark represented Venable in the lease negotiations. The Durst Organization owns the building.
PRINCETON, N.J. — Rhode Island-based Gilbane Development Co. has sold Crossroads Corporate Center, a 100,925-square-foot office building in Princeton. The three-story building was constructed on 45 acres in 1991 and has been renovated multiple times over the ensuing years. Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Thomas Romano, J.B. Bruno and Jason Lundy of JLL represented Gilbane in the transaction. A joint venture led by Simone Realty purchased Crossroads Corporate Center for an undisclosed price.
WASHINGTON TOWNSHIP, N.J. — Avison Young has arranged the $14 million sale of a 70,140-square-foot medical office building located in the Southern New Jersey community of Washington Township. The two-story building sits directly across from the Jefferson Hospital Washington Township campus. Gordon MAB Associates sold the building to New Jersey-based Atkins Cos., which plans to implement a capital improvement program. Scott Martin, Jim Kornick, Michael Wilson and Erik Foster of Avison Young represented both parties in the transaction.
NEW YORK CITY — Schott NYC, which sells leather jackets and motorcycle apparel, will open a 2,500-square-foot store at 32 Howard St. in Manhattan’s SoHo district. The company will relocate its flagship store from 236 Elizabeth St. and renovate the existing space at 32 Howard. The opening of the new store is scheduled for Sept 1. Greg Tannor and Jessica Gerstein of Lee & Associates represented Schott NYC in its site selection and lease negotiations. Rich Skulnik and Lindsay Zegans of Ripco Real Estate represented the landlord, a partnership between KPG Funds and Intercontinental Real Estate Corp.
By Matthew Mimnaugh, account management manager, Pavlov Media Account management, or the work to ensure repeat business and expand each client relationship, requires more than simply satisfying customers. For Internet service providers (ISPs) to the multifamily industry this means helping property managers succeed by maximizing their residents’ connectivity. Excellent Internet service leads to positive property reviews and renewed leases. Property ownership and management win. Providers that serve landlords best not only respond to service requests, but also employ a deductive approach to diagnose root problems, discover unreported deficiencies and take preemptive actions that allow smooth property operations. Below is an overview of best practices for account management and a discussion of Pavlov Media’s data analysis and behavioral pattern recognition tools we’ve developed to uncover trends and issues that can threaten connectivity and, ultimately, property performance. First Responders Giving housing managers and their residents access to a technology support team is a standard practice for many ISPs. Typically, a request generates a service ticket, and a team member responds to gather basic information before walking the customer through a scripted trouble-shooting tree to either solve the problem or elevate the ticket for more advanced assistance. This approach can be highly effective …
MORRIS PLAINS, N.J. — Locally based developer JMF Properties has opened The American, a 125-unit apartment complex in the Northern New Jersey community of Morris Plains. Residences come in one- and two-bedroom floor plans with a maximum size of 1,300 square feet. Amenities include a fitness center, coffee bar, conference rooms, a theater, golf simulator, billiards room and outdoor grilling and dining stations. Rents start at $2,775 per month for a one-bedroom unit.
STOWE, VT. — Chicago-based investment firm Waterton has acquired Town & Country Stowe, a 54-room hotel located near Burlington in upstate Vermont. The site spans 10 acres and is adjacent to Cady Hill Forest. Waterton plans to update the guestrooms and outdoor common areas and add a mix of lofted barn suites and cabins. The seller and sales price were not disclosed. Waterton has tapped Springboard Hospitality to manage the property. f Dave McElroy and Scott Hutchinson of CBRE brokered the deal.
NEW YORK CITY — Marcus & Millichap has brokered the $6 million sale of a five-story, five-unit apartment building located at 83 Warren St. in Manhattan’s Tribeca neighborhood. Matt Fotis and Colton Traynham of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction. Both parties requested anonymity.
PHILADELPHIA — bioMérieux, a French company known for innovations in the field of in vitro diagnostics, has signed a 32,000-square-foot life sciences lease at the Philadelphia Navy Yard. The tenant will occupy most of the second floor of the 137,000-square-foot building at 1201 Normandy Place, which is under construction and nearing a June completion. CBRE brokered the lease. A joint venture between Ensemble Investments and Mosaic Development Partners owns the building.