Northeast

Blue Vista Capital Acquires 300-Unit Multifamily Development Site in Cheshire, Connecticut

by Taylor Williams September 22, 2023

CHESHIRE, CONN. — Chicago-based investment firm Blue Vista Capital Management has acquired a multifamily development site in Cheshire, about 15 miles north of New Haven, that is fully approved for the construction of 300 units. The garden-style development, which is situated within the Stone Bridge Crossing master-planned community, will consist of eight three-story and one four-story building. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, clubhouse, fitness center, coworking spaces, dog park and a guest suite. Construction is set to begin by the end of the month. A tentative completion date was not disclosed.

September 22, 2023

Development Multifamily New York Northeast

New Empire Corp. Breaks Ground on 12-Story Apartment Building in Queens

by Taylor Williams September 22, 2023

NEW YORK CITY — Locally based development and construction management firm New Empire Corp. has broken ground on a 12-story apartment building at 58-01 Queens Blvd. Designed by Tang Studio Architect and Whitehall Interiors, the building will offer amenities such as a children’s playroom, indoor lounge, outdoor terrace and a fitness center. The number of units, types of floor plans and expected completion date were not disclosed.

September 22, 2023

Loans Net Lease New York Northeast Retail

G.S. Wilcox Arranges $10.6M Loan for Refinancing of Retail Property in East Farmingdale, New York

by Taylor Williams September 22, 2023

EAST FARMINGDALE, N.Y. — New Jersey-based financial intermediary G.S. Wilcox has arranged a $10.6 million loan for the refinancing of a 34,877-square-foot retail property located in the Long Island community of East Farmingdale. The property consists of four buildings on a 6.9-acre site. David Fryer of G.S. Wilcox arranged the loan, which carried a 15-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

September 22, 2023

Acquisitions Massachusetts Net Lease Northeast Retail

Marcus & Millichap Brokers $4.6M Sale of Retail Property Leased to CVS in Norton, Massachusetts

by Taylor Williams September 22, 2023

NORTON, MASS. — Marcus & Millichap has brokered the $4.6 million sale of a 10,125-square-foot retail property in Norton, located in the southern part of The Bay State, that is net leased to CVS. The property was built on 1.5 acres in 2000. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.

September 22, 2023

Acquisitions Industrial New Jersey Northeast

Sitex Group Acquires 640,000 SF Industrial Campus in Saddle Brook, New Jersey

by Taylor Williams September 21, 2023

SADDLE BROOK, N.J. — New Jersey-based private equity real estate firm Sitex Group has acquired Zuckerberg’s Industrial Park, a 640,000-square-foot industrial campus located in the Northern New Jersey community of Saddle Brook. Zuckerberg’s Industrial Park, which has been owned by a local family for three generations, comprises 50 buildings on a 40-acre site and a four-acre trailer parking lot. Tenants at the development include UPS, ServePro and Johnstone Supply. The sales price was not disclosed, and no third-party brokers were involved in the deal. Sitex plans to implement a value-add program via new paving, lighting and signage, as well as updated building interiors.

September 21, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $43.6M Loan for Refinancing of Queens Hotel

by Taylor Williams September 21, 2023

NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $43.6 million loan for the refinancing of a 220-room Hampton Inn hotel located near LaGuardia Airport in Queens. The hotel originally opened in September 2009 and offers a business center, fitness center and meeting rooms. David Turley led the Cronheim team that originated the loan through an undisclosed national debt fund. The borrower, Synergy Hospitality Management, will use a portion of the proceeds to fund capital improvements.

September 21, 2023

Acquisitions Development Multifamily New York Northeast

Ariel Property Advisors Negotiates $29.5M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams September 21, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $29.5 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site at 125 Third St. can support 101,852 buildable square feet, and the buyer plans to construct a 14-story, 130-unit building with ground-floor commercial space. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel Property Advisors represented the undisclosed seller in the transaction. Daniel O’Brien and Caroline Hodes of Cushman & Wakefield represented the buyer.

September 21, 2023

Industrial Leasing Activity New Jersey Northeast

CBRE Secures 63,902 SF Industrial Lease in Kearny, New Jersey

by Taylor Williams September 21, 2023

KEARNY, N.J. — CBRE has secured a 63,902-square-foot industrial lease in the Northern New Jersey community of Kearny. The site at 20 Basin Drive is situated within the four-building Kearny Point Industrial Park. Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan of CBRE represented the landlord, New York City-based Hugo Neu Corp., in the lease negotiations. Jimo Liu with Avison Young represented the tenant, logistics firm Global Courier Express.

September 21, 2023

Leasing Activity New York Northeast Office

LaCoste USA Signs 18,364 SF Office Lease at 136 Madison Avenue in Midtown Manhattan

by Taylor Williams September 21, 2023

NEW YORK CITY — LaCoste USA has signed an 18,364-square-foot office lease at 136 Madison Avenue in Midtown Manhattan. The French apparel and accessories retailer will occupy the entire penthouse floor of the 17-story, 300,000-square-foot building. Eric Deutsch, Jared Freede and Anthony Manginelli of CBRE, in conjunction with internal agent Freddie Majid, represented Lacoste USA in the lease negotiations. Mac Roos, Andrew Roos, Michael Cohen and Jessica Verdi of Colliers represented the landlord, Williams Equities. The move-in is scheduled for the second quarter of next year.

September 21, 2023

Loans Multifamily Northeast Pennsylvania

Scope Capital Arranges $16M in Financing for Philadelphia Multifamily Complex

by Taylor Williams September 20, 2023

PHILADELPHIA — Scope Capital has arranged $16 million in bridge-to-HUD financing for The Washington, a newly built multifamily complex in Philadelphia’s Kensington neighborhood. The Washington will offer 72 units in one- and two-bedroom formats with an average size of 881 square feet. Amenities will include a fitness center, business center and a rooftop deck, as well as ground-floor commercial space. An undisclosed regional bank provided the three-year, interest-only loan to the borrower and developer, Philadelphia-based Trinity Realty Cos.

September 20, 2023

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