Northeast

Empire Adventure Park to Open 35,572 SF Entertainment Center on Long Island

by Taylor Williams May 20, 2021

WESTBURY, N.Y. — Empire Adventure Park, an entertainment concept that features trampolines, climbing walls, ropes and obstacle course and augmented reality games, will open a 35,572-square-foot center in the Long Island village of Westbury. The center will be situated within Samanea New York, a new, 750,000-square-foot shopping, dining and entertainment destination. The lease with Empire Adventure Park brings the property’s occupancy to 60 percent. Empire Adventure Park joins a tenant roster at Samanea New York that includes Dave & Buster’s, The Cheesecake Factory, Bloomingdale’s Furniture Outlet and 99 Ranch Supermarket. Dominic Coluccio represented the landlord, Lesso Mall Development, in the lease negotiations on an internal basis along with Colliers International brokers Matthew Kucker and Jordan Barch. Construction of the Empire Adventure Park center is scheduled to begin in January, with a target opening date of late 2022.

May 20, 2021

Loans Multifamily New York Northeast

Urban Standard Capital Provides $8.7M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams May 20, 2021

NEW YORK CITY — Urban Standard Capital has provided an $8.7 million construction loan for the completion of a 24-unit multifamily project in the Bedford-Stuyvesant neighborhood of Brooklyn. The project is a redevelopment of a three-story building previously owned by Grace Baptist Church. The borrower, Spencer Developers, expects to complete the redevelopment in about three months. Seth Weissman, Charlie Brosens and Robert Levine of Urban Standard Capital originated the financing.

May 20, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $10.5M Sale of Office Complex in Parsippany, New Jersey

by Taylor Williams May 20, 2021

PARSIPPANY, N.J. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has negotiated the $10.5 million sale of Troy Office Center, a 126,000-square-foot complex located in the Northern New Jersey community of Parsippany. The four-building property sits on a 10.5-acre site that includes 670 feet of frontage along U.S. Highway 46. Tom Scatuorchio of Kislak represented the seller, a private investor, in the transaction. Scatuorchio also procured the buyer, Shree Parsippany Developers LLC.

May 20, 2021

Burle-Business-Park-Lancaster-Pennsylvania

Acquisitions Industrial Northeast Office Pennsylvania

CBRE Negotiates Sale of 1.2 MSF Burle Business Park in Lancaster, Pennsylvania

by Taylor Williams May 19, 2021

LANCASTER, PA. — CBRE has negotiated the sale of Burle Business Park, a 1.2 million-square-foot office and industrial campus located in the eastern Pennsylvania city of Lancaster. The sales price was $30.2 million. The 75-acre property comprises 16 buildings that were 90 percent leased at the time of sale to more than 40 tenants across a variety of industries. Amenities include a cafeteria, café, a conference room and catering service. Bill Tourtellotte of CBRE represented the seller, BURLE Business Park LP, in the transaction. The buyer was Jersey Holdings.

May 19, 2021

Affordable Housing Development Loans Multifamily New York Northeast

CIT Group Provides $35.7M Construction Loan for Brooklyn Mixed-Income Project

by Taylor Williams May 19, 2021

NEW YORK CITY — Locally based lender CIT Group Inc. has provided a $35.7 million construction loan for a 17-story mixed-income project located in the Clinton Hill area of Brooklyn. Designed by DXA Studio, the property will total 138 units in one- and two-bedroom floor plans with private balconies or yards, about 40 of which will be designated as affordable housing. Communal amenities will include a dog run, fitness center, business center and a recreational lounge. The borrower, Quinlan Development Group, expects to complete the project in early 2023. Specific information on income restrictions was not disclosed.

May 19, 2021

Development Hospitality Northeast Pennsylvania

Jenkins Organization to Open 60-Acre RV Park in Milton, Pennsylvania

by Taylor Williams May 19, 2021

MILTON, PA. — The Jenkins Organization, a Houston-based owner-operator of self-storage facilities and RV resorts, will open Jellystone Park at Milton, a 60-acre development located north of Harrisburg in the central part of the state. The property offers 20 cabins and lodges and 160 RV sites, as well as amenities such as a volleyball court, fishing ponds and an arts and crafts center. A formal opening ceremony will be conducted Saturday, May 22.

May 19, 2021

Acquisitions Multifamily New York Northeast Student Housing

W. P. Carey Acquires Student Housing Property in New Rochelle, New York, for $26M

by Taylor Williams May 19, 2021

NEW ROCHELLE, N.Y. — W. P. Carey Inc. (NYSE: WPC) has acquired a student housing property in the New York City suburb of New Rochelle that serves students at Monroe College for $26 million. Built in 2018, the transit-oriented residence hall’s 94 units total 49,500 net rentable square feet. The property also offers proximity to dining, entertainment and fitness uses. Thomas Greeley, Devlin Man, Cory Gubner and Alex Haendler of Newmark represented the seller, St. Katherine Group, and procured W. P. Carey as the buyer.

May 19, 2021

Acquisitions Massachusetts Northeast Office

Coldwell Banker Brokers $5.1M Sale of Office Building in Chestnut Hill, Massachusetts

by Taylor Williams May 19, 2021

CHESTNUT HILL, MASS. — Coldwell Banker Commercial NRT has brokered the $5.1 million sale of The Pearl, an 18,000-square-foot office building in Chestnut Hill, located west of Boston. The four-story property was built on a half-acre parcel in 1973 and includes onsite parking. Todd Glaskin of Coldwell Banker represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.

May 19, 2021

Acquisitions New York Northeast Office Top Stories

SL Green Sells Office Property in Midtown Manhattan for $325M

by Kristin Harlow May 19, 2021

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold 635-641 Sixth Avenue in Manhattan’s Midtown South neighborhood for a gross sales price of $325 million. The office property comprises two adjoining buildings rising eight stories and totaling 267,000 square feet. The transaction is expected to close in the second quarter and generate net cash proceeds to SL Green of approximately $312.5 million. The buyer was undisclosed. SL Green acquired the asset in 2012 for $173 million. The Manhattan-based office landlord completed a redevelopment of the buildings in 2015, featuring a new lobby, elevators, building systems and a penthouse rooftop equipped with a bocce court and event space. The buildings date back to the early 1900s and once housed the Simpson Crawford Department Store. Today, the property is 94 percent leased. Software company Infor is the anchor tenant and recently executed a renewal and extension of its lease through 2030. “New York City’s revitalization continues as does the demand for Class A office buildings,” says Harrison Sitomer, senior vice president of SL Green. “The disposition at a sales price of more than $1,200 per square foot is a result of extensive repositioning and leasing efforts at the property.” …

May 19, 2021

Company News New York Northeast Retail

Macy’s Reports 56 Percent Growth in First-Quarter Net Sales, Raises Full-Year Expectations

by Taylor Williams May 18, 2021

NEW YORK CITY — Macy’s Inc. (NYSE: M) reported approximately $4.7 billion in net sales for its 2021 fiscal first quarter that ended on May 1, an increase of about 56 percent from $3 billion in net sales during that period last year. Macy’s CEO Jeff Gennette cited the windfalls of federal stimulus funds and the expanding vaccine rollout as key to the company exceeding expectations. In addition, Gennette said that more Macy’s customers are engaging with its online platform, enabling the New York City-based retailer to post a 34 percent increase in digital sales from the first quarter of 2020. Macy’s has revised its full-year guidance and is now projecting to generate between approximately $21.7 billion and $22.2 billion in net sales this year; previously it had estimated that range to be roughly $19.7 billion to $20.7 billion. Macy’s stock price opened at $19.44 per share on Tuesday, May 18, up from $5.55 per share a year ago.

May 18, 2021

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