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Northeast

AcquisitionsIndustrialNew YorkNortheast

Taconic Capital, Friedman Buy Three Upstate New York Industrial Buildings Totaling 831,000 SF

by Taylor Williams

LIVERPOOL, N.Y. — A joint venture between New York-based Taconic Capital Advisors and Friedman Real Estate has purchased three industrial buildings totaling 831,000 square feet in Liverpool, a suburb of Syracuse. The properties were acquired as part of a $46 million portfolio sale that included a 407,000-square-foot distribution center in Waterford, Mich. Rite Aid Corp. sold the buildings and will continue to lease back the space at two of the three buildings as distribution centers for its e-commerce platform. The third building, which is the smallest of the trio at 87,000 square feet, remains vacant. As part of the transaction, the joint venture also purchased more than 50 acres for possible future expansion.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Arranges $77M Sale of Hamel Mill Lofts Apartments in Haverhill, Massachusetts

by Taylor Williams

HAVERHILL, MASS. — CBRE has arranged the $77 million sale of Hamel Mill Lofts, a 305-unit apartment community in Haverhill, a northern suburb of Boston. The historic site originally housed the L.H. Hamel Leather Co. complex and was converted to residential use in 2010. The property comprises four apartment buildings with one- and two-bedroom units that have an average size of 846 square feet. Amenities include a clubhouse, gym and a movie theater. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the undisclosed seller in the transaction. The trio also procured the buyer, an affiliate of Boston-based DSF Group.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Arranges $77M Sale of Hamel Mill Lofts Apartments in Haverhill, Massachusetts

by Taylor Williams

HAVERHILL, MASS. — CBRE has arranged the $77 million sale of Hamel Mill Lofts, a 305-unit apartment community in Haverhill, a northern suburb of Boston. The historic site originally housed the L.H. Hamel Leather Co. complex and was converted to residential use in 2010. The property comprises four apartment buildings with one- and two-bedroom units that have an average size of 846 square feet. Amenities include a clubhouse, gym and a movie theater. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the undisclosed seller in the transaction. The trio also procured the buyer, an affiliate of Boston-based DSF Group.

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AcquisitionsIndustrialNew JerseyNortheast

Penwood Real Estate Acquires Warehouse in Bordentown, New Jersey, for $60M

by Taylor Williams

BORDENTOWN, N.J. — Penwood Real Estate has acquired a 275,631-square-foot warehouse in Bordentown, a suburb of Trenton, for $60 million. Building features include a clear height of 24 feet, 16 tailgate doors, 9,108 square feet office space and parking for 80 cars and 120 trailers. In addition, the 39-acre site at 201 Elizabeth St. features four acres of outdoor storage space and can support an additional 140,767 square feet of new construction. Steven Schultz, Steve Tolkach, Kyle Eaton and Tony Georgiev of Newmark represented the seller, O’Donnell Group, in the transaction.

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AcquisitionsIndustrialNew JerseyNortheast

Penwood Real Estate Acquires Warehouse in Bordentown, New Jersey for $60M

by Taylor Williams

BORDENTOWN, N.J. — Penwood Real Estate has acquired a 275,631-square-foot warehouse in Bordentown, a suburb of Trenton, for $60 million. Building features include a clear height of 24 feet, 16 tailgate doors, 9,108 square feet office space and parking for 80 cars and 120 trailers. In addition, the 39-acre site at 201 Elizabeth St. features four acres of outdoor storage space and can support an additional 140,767 square feet of new construction. Steven Schultz, Steve Tolkach, Kyle Eaton and Tony Georgiev of Newmark represented the seller, O’Donnell Group, in the transaction.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $13.2M Sale of Hoboken Multifamily Portfolio

by Taylor Williams

HOBOKEN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a portfolio of three contiguous multifamily properties totaling 21 units in the Northern New Jersey community of Hoboken. Two of the buildings were recently renovated, and the third has value-add potential. Robert Squires and Scott Davidovic of Kislak represented the seller, Skylight Real Estate Partners, in the transaction. The duo also procured the buyer, an entity doing business as 510 Observer LLC.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $13.2M Sale of Hoboken Multifamily Portfolio

by Taylor Williams

HOBOKEN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a portfolio of three contiguous multifamily properties totaling 21 units in the Northern New Jersey community of Hoboken. Two of the buildings were recently renovated, and the third has value-add potential. Robert Squires and Scott Davidovic of Kislak represented the seller, Skylight Real Estate Partners, in the transaction. The duo also procured the buyer, an entity doing business as 510 Observer LLC.

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Leasing ActivityNew YorkNortheastOffice

Standard Motor Products Signs 75,000 SF Office Lease Renewal in Queens

by Taylor Williams

NEW YORK CITY — Standard Motor Products has signed a 75,000-square-foot office lease renewal in the Long Island City area of Queens. The automotive parts manufacturer and distributor, which was founded in 1919, will remain at its namesake building for another 10 years. William Elder, Andrew Ackerman and Walter Rooney represented the landlord, RXR Realty, in the lease negotiations on an internal basis. William Korchak and Jim McCahon of JLL represented Standard Motor Products.

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Leasing ActivityNew YorkNortheastOffice

Standard Motor Products Signs 75,000 SF Office Lease Renewal in Queens

by Taylor Williams

NEW YORK CITY — Standard Motor Products has signed a 75,000-square-foot office lease renewal in the Long Island City area of Queens. The automotive parts manufacturer and distributor, which was founded in 1919, will remain at its namesake building for another 10 years. William Elder, Andrew Ackerman and Walter Rooney represented the landlord, RXR Realty, in the lease negotiations on an internal basis. William Korchak and Jim McCahon of JLL represented Standard Motor Products.

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DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

Walker & Dunlop Arranges $388.4M Financing for The Brook Mixed-Use Project in Brooklyn

by Jeff Shaw

NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for The Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …

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