NEW YORK CITY — Law firm Cullen & Dykman has signed a 28,307-square-foot office lease at One Battery Park Plaza, a 35-story, 870,000-square-foot tower in Lower Manhattan. Ken Rapp, David Hollander and Andrew Sussman of CBRE represented the tenant, which is relocating from 44 Wall Street, in the lease negotiations. Kevin Daly and Tom Keating represented the landlord, The Rudin Family, on an internal basis.
ITHACA, N.Y. — California-based brokerage firm Hanley Investment Group has arranged the $2.4 million sale of a 7,500-square-foot restaurant building in the upstate New York community of Ithaca that is fully leased to Texas Roadhouse. The property was built on 1.4 acres in 2015. Jeff Lefko and Bill Asher of Hanley Investment Group, along with Parasell Inc., represented the California-based buyer in the transaction. Dalton Barnes of Alpha Real Estate Advisors represented the Chicago-based seller.
PHILADELPHIA — Tennessee-based developer Southern Land Co. has broken ground on a 254-unit multifamily project at 1620 Sansom St. in Philadelphia’s Center City District. The development will include 22,000 square feet of flexible commercial space for restaurant or health and wellness users. The 27-story building will offer amenities such as a 12,000-square-foot rooftop deck, fitness center, pool and communal dining and entertainment spaces. Solomon Cordwell Buenz is designing the project, and Hunter Roberts Construction Group is serving as the general contractor. Completion is slated for winter 2023.
HAUPPAGE, N.Y. — Chicago-based Venture One will develop a 123,970-square-foot industrial facility in the Long Island community of Hauppage. The site spans 7.4 acres within Hauppage Innovation Park, which is home to some 1,300 businesses that employ roughly 55,000 people. Building features will include a clear height of 36 feet, 130-foot truck court depths, 131 car parking spaces and 40 trailer parking stalls. Construction is scheduled to begin in the third quarter and to last about a year. Cushman & Wakefield will lease the development.
NEW YORK CITY — Locally based investment firm GAIA Real Estate has purchased a portfolio of three multifamily buildings totaling 56 units on Manhattan’s Lower East Side for $34.7 million. The residential portfolio, which primarily offers two- and three-bedroom units and was fully occupied at the time of sale, includes five retail spaces. Guthrie Garvin, Jack Norton, Rob Knakal and Jon Hageman of JLL represented the seller, SMA Equities, in the transaction.
TARRYTOWN, N.Y. — CBRE has negotiated the $26 million sale-leaseback of a 276,000-square-foot life sciences complex located in Tarrytown, a northern suburb of New York City. Jeffrey Dunne, Steven Bardsley, Travis Langer, Alyssa Fricke, David Opper and Jeff Babikian of CBRE represented the seller, BASF Corp., which will lease back a portion of the space at the two-building complex. CBRE also procured the buyer, an affiliate of Northpath Investments. The property was 52 percent leased at the time of sale, inclusive of BASF’s occupancy and a separate lease with Northwell Health System. Michael Klein and Max Custer of JLL arranged acquisition financing through Prime Finance for the deal.
HOBOKEN, N.J. — JLL has arranged a $25 million loan for the refinancing of a 95,688-square-foot shopping center located at 900 Madison St. in the Northern New Jersey community of Hoboken. Grocer ShopRite anchors the center, which was fully leased at the time of the loan closing. Thomas Didio and Thomas Didio Jr. of JLL arranged the loan through an affiliate of Minnesota Life Insurance Co. on behalf of the borrower, an entity doing business as Northwest Redevelopment Supermarkets LLC. The loan carried a 10-year term and a fixed interest rate.
NEW HAVEN, CONN. — Developer and general contractor Hudson Meridian Construction Group will build a 398-unit apartment community at 201 Munson St. in New Haven. The unit mix will comprise 90 studios, 208 one-bedroom apartments, 78 two-bedroom residences and 22 three-bedroom townhome-style units. Amenities will include a pool, fitness center, clubhouse and outdoor grilling and dining areas. New York-based Paredim Partners will lease and manage the property upon completion, which is slated for November 2023. Tessera Partners and Capital & Venture Resources arranged an undisclosed amount of construction financing for the project through ACORE Capital and Sculptor Real Estate.
NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg is underway on a 320-unit multifamily redevelopment in Brooklyn. The project at 2840 Atlantic Ave. will convert the site of the former Empire State Dairy into a multifamily community with market-rate and affordable housing units, as well as 14,000 square feet of retail space. Units will be available in studio, one-, two- and three-bedroom formats, and amenities will include a rooftop terrace, fitness center, coworking space, tenant lounge and a children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. The development team expects the first units to be available for lease in the first quarter of 2024.
MELVILLE, N.Y. — JLL has arranged a $35 million loan for the refinancing of a 309,314-square-foot industrial facility located in the Long Island community of Melville. The property comprises a 213,914-square-foot warehouse and a 96,000-square-foot warehouse that are both undergoing capital improvements and were recently leased to an undisclosed national online retailer. Thomas Didio Jr., Matthew Pizzolato and Max Custer of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an undisclosed private investor.
