NEW YORK CITY — Nonghyup Bank has signed a 10-year, 8,194-square-foot office lease at 120 West 45th Street in Manhattan. The South Korean lending institution will occupy space on the 19th floor of the 458,446-square-foot building, which is known locally as Tower 45. Paul Glickman, Diana Biasotti, Kyle Young and Kate Roush of JLL represented the landlord, Kamber Management Co., in the lease negotiations. CBRE represented Nonghyup Bank.
JERSEY CITY, N.J. — A joint venture between Cleveland-based developer The NRP Group, asset management firm Rockwood Capital and locally based firm G&S Investors has broken ground on a 401-unit multifamily project in Jersey City. The site is located at 190 Chapel Ave. in the Port Liberté area. Units will come in one-, two- and three-bedroom formats. Amenities will include a pool, pet play and wash area, outdoor grilling and dining stations, rooftop deck with a lounge area, game room, communal kitchen, conference room and a commuter lounge. Citizens Bank and Fifth Third Bank provided senior construction loans for the project, which is slated for a summer 2025 completion.
RIVERHEAD, N.Y. — JLL has negotiated the sale of Riverhead Centre, a 395,000-square-foot retail power center in Long Island’s Suffolk County. Grocer ShopRite and The Home Depot anchor the center, which was originally built on 50 acres in 2003 and was 99 percent leased at the time of sale. Other tenants include Bed Bath & Beyond, Best Buy, Petco, Michaels, Designer Shoe Warehouse, Famous Footwear, Barnes & Noble, Ashley Home Store and IHOP. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Mark Belenky of JLL represented the seller, an entity advised by PNC Realty Investors, in the transaction. The buyer was New York City-based Prestige Properties & Development Co. Inc.
OGUNQUIT, MAINE — Regional hospitality owner-operator Giri Hotels has acquired Anchorage by the Sea, a 249-room waterfront resort in Ogunquit, located in southern coastal Maine. The property offers amenities such as indoor and outdoor pools, reception and meeting rooms, outdoor lounges and gathering spaces and an onsite restaurant and bar. Wason Associates Hospitality Real Estate represented the undisclosed seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the $4.3 million sale of an 8,892-square-foot retail property at 4225 White Plains Road in The Bronx. Formerly occupied by Dollar Tree, the building was vacant at the time of sale. Scott Plasky, Alexander Arustamian and Billy Stephan IV of Marcus & Millichap represented the seller, New York-based E&G Realty Group, in the transaction. The buyer was KSR Acquisitions Corp. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — Ship Essential has signed a 20,070-square-foot industrial lease in Brooklyn’s Sunset Park neighborhood. The e-commerce fulfillment firm will occupy space on the fifth floor of Liberty Bklyn, a 1.3 million-square-foot waterfront industrial and office campus. David Junik, Steven Nadel, Marc Caso and Nechama Liberow of Pinnacle Realty represented the landlord, Madison Capital, in the lease negotiations. The representative of the tenant was not disclosed.
On the April 12 episode of “The Most Insightful Hour in CRE” webcast, Willy Walker, CEO of Walker & Dunlop, spoke to renowned economist Dr. Peter Linneman, founding principal of Linneman Associates, about pressing issues facing the economy, pandemic repercussions, market predictions and much more. The discussion began by diving into the economy and real estate market in its current state of flux, with many challenges facing both investors and developers. Walker outlines the unease created by the recent Silicon Valley Bank and Signature Bank crises. “One of the data points announced by the Fed is that since the crisis, bank lending in the United States has gone down by $110 billion over the two weeks since the Silicon Valley Bank collapse. Banks borrowed $160 billion in the two-week window prior. There’s a big drive toward liquidity; and yet there’s no new liquidity going out into the market.” “There’s 4.4 trillion dollars of commercial real estate (CRE) loans outstanding across all lending sources — CMBS, life insurance companies, banks, etc.,” continues Walker. “About half of that is non-multifamily properties. Banks hold about 40 percent of total outstanding loans on commercial properties.” If banks were to pull back from holding 40 percent …
CONCORD, MASS. — CBRE has arranged the sale of The Prescott at Concord, a 350-unit apartment community located on the northwestern outskirts of Boston. Built in 2012 by Mill Creek Residential, the property consists of 302 apartments and 48 townhomes that feature one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, dog park, playground, outdoor grilling stations and a resident lounge with an entertainment kitchen. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an undisclosed institutional investment firm, in the transaction. The team also procured the buyer, BlackRock. The sales price was not disclosed.
SOMERSET, N.J. — Bridge Industrial has acquired a 152,175-square-foot facility in the Northern New Jersey community of Somerset. The newly built facility sits on a 22-acre site at 230 Belmont Drive and features a clear height of 36 feet, 28 loading docks, 108 car parking spaces and 2,500 square feet of office space. Upon acquisition, Bridge Industrial simultaneously executed a full-building lease with an undisclosed packaging company that will take occupancy immediately. Chuck Fern of Cushman & Wakefield represented the tenant in that deal. The seller was not disclosed.
BOSTON — A partnership between nonprofit organization the Preservation for Affordable Housing and Boston-based developer Nuestra Comunidad Development Corp. has completed The Loop at Mattapan Station, a 135-unit community located on the south side of Boston. The complex houses 10,000 square feet of ground-floor retail space, and nonprofit grocery store Daily Table recently opened as the inaugural tenant. The unit mix includes six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments. Approximately 30 percent of the units are designated as workforce housing. MassHousing provided a $36 million construction loan the project.