NEW YORK CITY — Nashville-based brokerage firm Matthews has negotiated the $12 million sale of 101 Bowery, a hospitality building in Manhattan’s Chinatown district that was formerly housed the New World Hotel. The building is a five-story, 13,260-square-foot, single-room occupancy (SRO) structure that comprises an owner-occupied ground-floor retail space and four vacant floors that are designated for lodging use. Stephen Dadourian of Matthews represented the seller, a local family, in the transaction. The buyer was not disclosed.
WOONSOCKET, R.I. — Woonsocket-based CVS Health (NYSE: CVS) has unveiled plans to separate into two independent, publicly traded companies. A healthcare solutions company will comprise Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health. In the interim, this company will be referred to as “CVS Health.” Founded in 2012, Oak Street Health offers clinics for older adults across 27 states. The national retail pharmacy and community healthcare company will comprise approximately 9,000 CVS pharmacies, mail pharmacy, MinuteClinic and the Health100 technology services business. This company will be named “CVS Pharmacy.” Upon separation, David Joyner, currently chairman and CEO of CVS Health, will be the chairman and CEO of the healthcare solutions company. Prem Shah, currently group president of CVS Health, will be the CEO of CVS Pharmacy. Additional leadership positions and board members will be announced at a later date. “Our history is defined by proactively evolving to stay ahead of what’s next in healthcare, and in today’s environment, that means delivering more affordability, greater access and a simpler experience,” says Joyner. “Over the last two years, we have made meaningful progress: We built a world-class leadership team, strengthened our financials, revitalized operations across the enterprise and drove …
WOODCLIFF LAKE, N.J. — Cushman & Wakefield has brokered the $109.5 million sale of Tice’s Corner, a lifestyle shopping center located in the Northern New Jersey community of Woodcliff Lake. The square footage was not disclosed, but according to the brokerage team, the sale represents “one of New Jersey’s largest single-asset retail transactions of the past decade.” Tenants include The Apple Store (anchor), Pottery Barn, Anthropologie and Free People. Joanna Manfro of Cushman & Wakefield represented the buyer, Boston-based owner-operator WS Development, in the transaction. David Waldman of David Adam Realty represented the seller, an institutional owner doing business as WS Tice’s Inc.
COMMACK, N.Y. — New Jersey-based intermediary Cronheim Mortgage has arranged $30.5 million in financing for the 221,000-square-foot Mayfair Shopping Center in Commack, located on Long Island. Built in 1958, the center was 99 percent leased at the time of sale. Lidl, Planet Fitness and PGA Tour Superstore are the anchors, and other tenants include Gap, Sephora, J.Crew Factory, H&R Block, Tropical Smoothie Café and MyGym. Allison Villamagna and Andrew Stewart of Cronheim represented the seller in the disposition of the center and simultaneously arranged the loan through Voya Investment Management on behalf of the buyer, New York-based REIT Brixmor Property Group.
NEW YORK CITY — A partnership between California-based private equity firm Hawkins Way Capital and global investment firm Värde Partners has acquired a student housing property in Manhattan’s East Village for $28 million. According to StreetEasy, the building at 81 E. Third St. was built in 2003, rises 13 stories and features 45 units. Information on floor plans and amenities was not disclosed. The partnership acquired the building, which can also support traditional multifamily usage, in an off-market transaction. The seller was not disclosed.
NEW YORK CITY — JLL has brokered the $23.5 million sale of a mixed-use development site in Brooklyn. The 26,730-square-foot site at 1150 Broadway is located at the nexus of the borough’s Bedford-Stuyvesant and Bushwick neighborhoods and is zoned for the development of apartments, retail space and/or community facilities. Brendan Maddigan, Steve Rutman, Mike Mazzara and Ethan Stanton of JLL represented the seller, A-PLUS International Realty, in the transaction. The buyer, a partnership between Brooklyn-based YS Developers and Rabsky Group, did not disclose specific development plans for the site.
PHILADELPHIA — Cushman & Wakefield has arranged $153 million in construction financing for Phase I of Airport Logistics Center, a roughly 1 million-square-foot industrial project that will be situated on a 66-acre site adjacent to Philadelphia International Airport. Building features will include 240 dock doors and parking for 704 cars and 209 trailers. Completion is slated for early 2028. The sponsor is a partnership between Ivy Realty and Lubert-Adler Real Estate Funds, and the package includes both debt and equity, though specific amounts of each piece were not disclosed. John Alascio, Chuck Kohaut, T.J. Sullivan, Aaron Graves, Andrew Merin, Gary Gabriel, Kyle Schmidt and Seth Zuidema of Cushman & Wakefield arranged the floating-rate construction loan through TPG Real Estate Credit. The team also advised on the structuring of the equity for the project.
TOM’S RIVER, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $33.7 million sale of Hope’s Crossing, a 125-unit apartment complex in Tom’s River, located near the Jersey Shore. Built on 12.6 acres in 1994, Hope’s Crossing consists of 14 buildings that primarily house two- and three-bedroom units. Barry Waisbrod of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PASSAIC, N.J. — New York City-based Dwight Capital has provided a $23.5 million HUD-insured loan for the refinancing of Station at Passaic Phase II, a 104-unit apartment complex in Northern New Jersey. The property consists of two five-story buildings that house eight one-bedroom and 96 two-bedroom units. Jonathan Pomper and Noah Greenwald of Dwight originated the financing through HUD’s 223(f) program on behalf of the borrower, an entity doing business as South Street Properties Urban Renewal LLC.
GARDEN CITY, N.Y. — Stark Office Suites has expanded its coworking space in the Long Island community of Garden City. The provider of flexible workspace solutions now occupies 14,553 square feet within the building at 1225 Franklin Ave. The space features furnished private offices, professional receptionist services and conference room access. Stark now operates 11 coworking facilities in New York and two in Connecticut.