NEW YORK CITY — Bathhouse, a provider of high-end spa services, has signed a 34,328-square-foot retail lease at 7 West 21st St. in Manhattan’s Flatiron District. The location within Friedland Properties’ 289,809-square-foot residential building will be the company’s first in Manhattan to accompany its space in Brooklyn’s Williamsburg area. Jason Pruger and Lucas Kooyman of Newmark represented Friedland Properties in the lease negotiations. Ross Eisenberg of RDE Advisors Inc. represented Bathhouse.
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Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector
The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …
NEWARK, DEL. — Chicago-based Logistics Property Co. will develop First State Logistics, an approximately 1 million-square-foot industrial project that will be located on a 149-acre parcel in Delaware’s New Castle County. The site of the three-building project, which will be developed in two phases, is in Newark, about 45 miles south of Philadelphia. Building features will include 40-foot clear heights, 60,000 square feet of office space, proximity to Interstate 95 and ample car and trailer parking. Phase I will comprise two buildings totaling 702,600 square feet that will be developed on a speculative basis. Phase II will encompass one 385,000-square-foot building. CBRE is leasing the project. A construction timeline was not disclosed.
HEMPSTEAD AND WEST HEMPSTEAD, N.Y. — New York-based investment firm Castle Lanterra Properties has acquired two multifamily properties totaling 315 units in the Long Island communities of Hempstead and West Hempstead for $136 million. Mill Creek Residential originally developed the communities in 2012. Units at both properties feature stainless steel appliances, breakfast bars, individual washers and dryers and private balconies/patios. In addition, both offer amenities such as pools, clubhouses with lounges, business centers, courtyards with fire pits and private storage spaces. USB Realty Investors sold the assets to Castle Lanterra for an undisclosed price. Jose Cruz, Steve Simonelli, Andrew Scandalios, Jeffrey Julien, Michael Oliver and Kevin O’Hearn of JLL brokered the deal.
SOMERSET, N.J. — CBRE has brokered the sale of a 143,670-square-foot industrial building in the Northern New Jersey community of Somerset. The property was built on nine acres in 1986 and features a clear height of 26 feet and 13 loading docks. Mark Silverman, Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley of CBRE represented the buyer, GLP Capital Partners, in the off-market transaction. The seller and sales price were not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $13 million sale of two rent-stabilized apartment buildings totaling 98 units in the Inwood area of Manhattan. The buildings were constructed in 1920 and comprise two studios, 32 one-bedrooms units, 44 two-bedroom residences and 20 three-bedroom units. Aaron Jungreis and Ben Khakshoor of Rosewood Realty represented the seller, Morris Lieberman, and the buyer, Prana Investments, in the transaction.
NEW YORK CITY — Food52, an e-commerce firm that supplies cookware, has signed a 42,000-square-foot office lease at Dock 72, a 675,000-square-foot office building located within the Brooklyn Navy Yard. The company will relocate from Manhattan’s Chelsea neighborhood to occupy the entire 13th floor of Dock 72 beginning in the second half of next year. Locally based owner-operator Rudin Development co-developed the property, which is surrounded by water on three sides, in partnership with Boston Properties (NYSE: BXP) and WeWork. Dock 72 offers amenities such as a rooftop conference center, ground-floor food hall, fitness and wellness center and an open lawn with a basketball court. Helen Paul and Rico Murtha of Cushman & Wakefield represented the tenant in the lease negotiations. Robert Steinman of Rudin, Andrew Levin of BXP, Joe Cirone, Ron Lo Russo and Patrick Dugan of Cushman & Wakefield and Sacha Zarba and Freddie Fackelmayer of CBRE represented ownership.
NEW YORK CITY — Locally based general contractor Archstone Builders is underway on renovations of the McGraw-Hill Building, a historic property at 330 W. 42nd St. in Manhattan. Since its original construction in 1931, the 35-story, 700,000-square-foot building has served as the headquarters of both the namesake publishing giant and Marvel Comics. Capital improvements include a restoration of the original design of the façade, a window replacement program and an upgrade of the entryways and storefront. MdeAs is the project architect, and New York-based Resolution Real Estate Partners owns the building.
EASTON, PA. — JLL has negotiated the $63.2 million sale of a 307,290-square-foot industrial building in Easton, located on the eastern edge of the Lehigh Valley region. Built on 28.4 acres in 1983 and expanded in 2013, the single-tenant property is fully leased to Phillips Pet Food & Supplies, which uses the space as its corporate headquarters and primary distribution facility. John Plower, Ryan Cottone, Zach Maguire and Jeff Lockard of JLL represented the seller, an affiliate of Pennsylvania-based development and investment firm Endurance Real Estate, in the transaction. The buyer was not disclosed.
NEW YORK CITY — Locally based investment firm A&E Real Estate has acquired a 19-story apartment building located at 400 E. 57th St. in Manhattan’s Sutton Place neighborhood. The property features a mix of 263 rent-stabilized and market-rate units. SL Green sold the property to A&E Real Estate for an undisclosed price. The two firms also traded a multifamily property at 400 E. 58th St. earlier this year.