NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $6 million sale of a 35-unit multifamily building located at 524 E. 119th St. in East Harlem. All but two of the units are rent-stabilized. Victor Sozio, Mark Anderson and Michael Tortorici of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Blackstone (NYSE: BX) has purchased a 49 percent stake in One Manhattan West, a 67-story office tower in Manhattan totaling 2.1 million square feet. Brookfield (NYSE: BAM) and Qatar Investment Authority sold the minority interest to Blackstone and will retain a 51 percent ownership stake in the skyscraper. The purchase price wasn’t disclosed, but Brookfield says that the deal “values the office building at $2.85 billion,” which translates to Blackstone’s stake totaling just below $1.4 billion. Ben Brown, managing partner of Brookfield, says the competition for the acquisition was intense despite the uneven recovery of New York City’s office market due to COVID-19. “The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic,” says Brown. “One Manhattan West is home to some of the world’s leading companies, and their continued desire to work from and grow in the building is a promising sign for Manhattan West and prime, well-located office assets broadly.” Located on the corner of Ninth Avenue and 33rd Street, One Manhattan West is leased …
WHITE PLAINS, N.Y. — CBRE has brokered the sale of WestPark, a 373,000-square-foot office campus in White Plains, a northern suburb of New York City. The campus consists of two four-story buildings on a 25-acre site. Jacqueline Novotny, Brian Carcaterra and Michael McCall of CBRE represented the seller, Onyx Equities, in the transaction. William Cuddy Jr. and Mary Ann Tighe, also with CBRE, represented the buyer, New York-Presbyterian Hospital. The sales price was not disclosed.
NORTH BERGEN, N.J. — New Jersey-based private equity real estate firm Sitex Group has acquired a 210,000-square-foot warehouse in North Bergen, located across the Hudson River from Manhattan. The building, which sits on 7.3 acres and features a clear height of 22 feet and 20 loading docks, was fully leased at the time of sale. Bill Connors of The William Connors Agency brokered the deal, the seller in which was undisclosed. Sitex Group plans to implement a value-add program.
FRANKLIN TOWNSHIP, N.J. — Boutique commercial finance and advisory firm Axiom Capital Corp. has arranged a $25 million loan for the refinancing of a 113,204-square-foot retail center in Franklin Township, about 40 miles south of Manhattan. Grocer ShopRite anchors the three-building property, with Wells Fargo occupying the other standalone structure. The nonrecourse loan carried a 10-year term and fixed interest rate. The borrower was not disclosed.
ROCHESTER, N.Y. — New York City-based bridge lender Emerald Creek Capital has provided a $14.1 million acquisition loan for a 111,741-square-foot warehouse and distribution building in the upstate New York city of Rochester. The property sits on a 10.4-acre site within Rochester Technology Park and is net leased to FedEx. Mike Cleaver and Matt Fantuzzi of Emerald Creek Capital originated the financing. The borrower was not disclosed.
ARDMORE, PA. — Locally based brokerage firm Starkman Realty Group has negotiated the sale of Greenfield Commons, a 53-unit affordable housing property located in the eastern Philadelphia suburb of Ardmore. The property was built in 2006. Starkman Realty represented the locally based seller, Canus Development, as well as the undisclosed buyer, in the transaction.
NEW BRUNSWICK, N.J. — CBRE has negotiated the $173.4 million sale of Plaza Square, a 415-unit apartment community located in the Northern New Jersey community of New Brunswick. The transit-served property was built in 2004 and offers amenities such as a pool, fitness center, resident clubhouse, business center and a dog run. Jeffrey Dunne, Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie and Eric Apfel of CBRE represented the seller, Manulife Investment Management, in the transaction. The team also procured the buyer, Renaissance Management.
NEW YORK CITY — Boston-based private equity firm Rockpoint has completed the renovation of 1700 Broadway, a 627,747-square-foot office building in Midtown Manhattan. Designed by Fogarty Finger and BR Design Associates, the renovation included a lobby upgrade, the installation of new dispatch elevators and the delivery of new tenant amenities. In addition, Rockpoint has recently executed several new leases at 1700 Broadway, including corporate advisory firm M3 Partners LP (13,000 square feet) and Alton Aviation Consultancy (4,900 square feet). Newmark represented Rockpoint in those deals.
LYNN, MASS. — Locally based developer The Procopio Cos. has topped off Mosaic, a 146-unit multifamily project in the northeastern Boston suburb of Lynn. Mosaic will offer studio and one-bedroom units and amenities such as a pool, outdoor grilling areas, a rooftop lounge and remote work areas. In addition, the transit-served property will house three retail spaces. Massachusetts-based DMS Design and CUBE3 are the project architects, and Dellbrook | JKS is the general contractor. Greystar is providing management and leasing services. Full completion is slated for the summer. Rents start at $1,900 per month for a studio apartment.