SIDNEY, N.Y. — Houlihan-Parnes Realtors has negotiated the sale of Hidden Hollows, a 50-unit apartment complex in Sidney, a village in upstate New York’s Delaware County. The garden-style complex consists of five two-story buildings on a 5.1-acre site. The unit mix comprises 32 three-bedroom apartments and 18 four-bedroom residences, and the property also includes 50 covered parking spaces. Ed Graf and Ted Sannella of Houlihan-Parnes brokered the deal. The buyer and seller were not disclosed.
NEWTON AND KINGSTON, N.H. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $3.8 million sale of a portfolio of six multifamily buildings totaling 24 units in the southern New Hampshire communities of Newton and Kingston. Drew Kirkland, Francis Saenz and Jim Casey of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The names of the properties were also not disclosed.
ISELIN, N.J. — Global pharmaceutical company Helsinn has opened a 25,000-square-foot office at 200 S. Wood Ave. in Iselin, about 30 miles south of Manhattan. The development and management arm of New York City-based SJP Properties, which owns the 200,000-square-foot building, executed a custom build-out of the space as part of Helsinn’s relocation from 170 S. Wood Ave. SJP Properties acquired the building in 2020 and implemented a capital improvement program.
NEW YORK CITY — The New York City School Construction Authority has signed a 15,330-square-foot office lease at 1070 Flatbush Ave. in Brooklyn. The academic design-build firm has committed to leasing the entire ground floor for 15 years. Geoff Bailey and Scott Rothstein of RIPCO Real Estate represented the undisclosed landlord in the lease negotiations. Bert Baradian of Cornerstone Group represented School Construction Authority.
UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing campaigns for some of its assets. To facilitate this process, Bed Bath & Beyond has secured $240 million in debtor-in-possession financing from Dallas-based global investment firm Sixth Street Specialty Lending. The financing will provide liquidity for operational obligations, such as paying employee wages and benefits, maintaining customer programs and honoring commitments to critical vendors. The Union-based home goods retailer announced plans in August 2022 to shutter 150 of its “lower-producing” stores, laying off about 20 percent of its corporate staff in the process. At that time, Bed Bath & Beyond was focused on restructuring its existing debt and had received more than $500 million in new financing to bring that …
NEW YORK CITY — New York City-based Douglaston Development is nearing completion of 3Eleven, a 938-unit multifamily project located at 311 Eleventh Ave. in Manhattan’s West Chelsea neighborhood. The 60-story building houses 703 market-rate apartments and 235 affordable housing units, as well as 60,000 square feet of indoor and outdoor amenity space and 15,000 square feet of retail space. Units come in studio, one- and two-bedroom formats and are furnished with stainless steel appliances and individual washers and dryers. Amenities include an outdoor pool, multiple roof decks, a fitness center, children’s play area, multiple resident lounges, music studios and indoor and outdoor dog runs. Rents start at roughly $4,200 per month for a studio apartment.
AUBURN, N.Y. — Marcus & Millichap has brokered the sale of B&C Storage, a 229-unit self-storage facility in Auburn, about 30 miles west of Syracuse. The facility was originally built on 2.8 acres in 1980 and comprises 24,094 net rentable square feet of non-climate-controlled space. The sale included an adjacent parcel that spans a third of an acre. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — Northmarq has arranged a $22 million loan for the refinancing of Village Greens Shopping Center, a 75,697-square-foot retail property in Staten Island’s Arden Heights neighborhood. Grocer Key Food anchors the center, which was originally built in 1989, and other tenants include CVS Pharmacy and JP Morgan Chase Bank. Robert Delitsky and Dylan Hamer of Northmarq arranged the fixed-rate loan through insurance giant Nationwide on behalf of the undisclosed borrower.
STRATFORD, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $7.2 million sale of two adjacent development sites at 1255 and 1297 West Broad Street in Stratford, located in southern Connecticut’s Fairfield County. The lots are part of a 14-acre assemblage that is zoned and approved for the construction of a 231,000-square-foot industrial facility that will feature clear heights of 36 to 39 feet, two drive-in doors and 232 parking spaces. Boston-based GFI Partners purchased the land and is developing the facility. Jon Angel of Angel Commercial brokered the land deal, the seller in which was not disclosed. Construction is slated for a second-quarter 2024 completion.
NEW YORK CITY — Investment and advisory firm Flexpoint Ford will open a 19,522-square-foot office at One Vanderbilt, a 77-story, 1.7 million-square-foot tower in Midtown Manhattan that was developed by locally based real estate giant SL Green. Architect SPECTOR Cos. designed Flexpoint Ford’s space. Cresa and Clune Construction Co. handled the build-out. The project is nearing completion, though a formal opening date was not disclosed.