Northeast

Avison Young Brokers $61M Sale of Upper East Side Multifamily Portfolio

by Taylor Williams September 2, 2021

NEW YORK CITY — Avison Young has brokered the $61 million sale of a portfolio of 12 multifamily buildings totaling 261 units and two retail spaces on Manhattan’s Upper East Side. All properties in the portfolio are located between Second and York avenues and East 91st and East 73rd streets. James Nelson, Brandon Polakoff, David Shalom, Eric Karmitz and Bradley Rothschild of Avison Young represented the seller in addition to procuring the buyer in the transaction. Both parties requested anonymity.

September 2, 2021

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates $29M Sale of Apartment Community in Avon, Connecticut

by Taylor Williams September 2, 2021

AVON, CONN. — Connecticut-based brokerage firm Chozick Realty has negotiated the $29 million sale of Avon Mill Apartments, a 186-unit multifamily community located on the western outskirts of Hartford. Built in 1978, the property sits on a 46.6-acre site that is fully approved for the development of an additional 250 apartments. Rick Chozick and David Chozick of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction. In addition to constructing new residences, the new ownership will implement a value-add program to the existing units.

September 2, 2021

Connecticut Loans Northeast Retail

Axiom Capital Arranges $11M CMBS Loan for Redevelopment of Retail Property in Fairfield, Connecticut

by Taylor Williams September 2, 2021

FAIRFIELD, CONN. — Axiom Capital Corp. has arranged an $11 million CMBS loan for the redevelopment of a retail property in Fairfield, located in the southern coastal part of the state. Kohl’s formerly occupied the asset, which is being converted into a multi-tenant property that will house stores of German discount grocer Aldi and Atlanta-based home improvement retailer Floor & Décor. The nonrecourse, fixed-rate loan was structured with a 10-year term and 10 years of interest-only payments. The borrower was an undisclosed private developer.

September 2, 2021

Leasing Activity New York Northeast Office

Adyen Signs 30,415 SF Office Lease at 71 Fifth Avenue in Manhattan’s Union Square

by Taylor Williams September 2, 2021

NEW YORK CITY — Adyen, a Dutch provider of digital payment platforms, has signed a 30,415-square-foot office lease at 71 Fifth Avenue in Manhattan’s Union Square neighborhood. The tenant will occupy 15,177 square feet on the entire 10th floor and 15,238 square feet on the entire 11th floor of the building, which was originally constructed in 1907. Rory Murphy and Thomas Hines of Transwestern represented Adyen in the lease negotiations. Mitchell Konsker, Dan Turkewitz and Ben Bass of JLL, along with internal agents Joseph Jacobson, Jonathan Ratner and Cindy Chang, represented the landlord, Madison Capital.

September 2, 2021

Acquisitions Healthcare Massachusetts Northeast

Macquarie to Buy 50 Percent Stake in $1.78B Massachusetts Healthcare Portfolio

by Taylor Williams September 1, 2021

MASSACHUSETTS — Macquarie Infrastructure Partners V, a subsidiary of global financial services firm Macquarie Asset Management, has entered into an agreement to acquire a 50 percent stake in a portfolio of eight general acute care hospitals located in various parts of Massachusetts. Birmingham, Ala.-based Medical Properties Trust Inc. (NYSE: MPW) owns the portfolio, which is valued at $1.78 billion. Dallas-based Steward Health Care currently operates the properties and recently extended its leases through 2041. Medical Properties Trust will use proceeds to repay debt and fund its previously announced $950 million Springstone inpatient behavioral health facility transactions, which are expected to close in the second half of the year.

September 1, 2021

Development Multifamily New Jersey Northeast

Partnership Completes 199-Unit RIVET 26 Apartment Project in Jersey City

by Taylor Williams September 1, 2021

JERSEY CITY, N.J. — A partnership between New Jersey-based developer The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments has completed RIVET 26, a 199-unit apartment project in Jersey City. The transit-served property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. In 2019, the partnership completed a 163-unit sister community across the street that is known as RIVET. Residents of both communities also have access to 75,000 square feet of shared amenity space that includes a 15,000-square-foot courtyard with a sundeck, gaming areas, grilling stations, an indoor lounge, pet spa and a fitness center with a yoga studio. The first move-ins at RIVET 26, which was designed by Netta Architects, began in June, and occupancy is now at roughly 50 percent. Monthly rents start around $1,500 for a studio unit.

September 1, 2021

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Brokers $27M Sale of Five Multifamily Buildings in Manhattan

by Taylor Williams September 1, 2021

NEW YORK CITY — Cushman & Wakefield has brokered the $27 million sale of five multifamily buildings in Manhattan. The properties are part of a portfolio of assets owned by Metro Management. Two buildings at 320-326 and 329-333 W. 55th St. totaling 63 units sold to an undisclosed buyer for $11.5 million, and two buildings located at 357 W. 22nd St. and 359 W. 22nd St. in Chelsea sold to Lockhill Properties for $8 million. The final property at 335 W. 19th St. comprises 45 units and fetched a sales price of $7.5 million. Cushman & Wakefield’s Robert Shapiro, Nicholas Kontos, Andrew Berry, Michael Gembecki, Charlie Gravina and Austin Fabel represented Metro Management in the transactions. The firm also represented the buyers in the dispositions of the first four assets.

September 1, 2021

Acquisitions New York Northeast Restaurant Retail

Namdar Realty Group Sells 100,000 SF National Net-Leased Retail Portfolio

by Taylor Williams September 1, 2021

GREAT NECK, N.Y. — New York-based Namdar Realty Group has sold a portfolio of 10 net-leased retail properties located across five states. Five of the properties are located in California. Two assets are in Oregon, and each of the remaining three properties are split between Illinois, Maine and Connecticut. The portfolio spans more than 100,000 square feet and was approximately 95 percent leased at the time of sale to tenants such as Buffalo Wild Wings, Best Buy, Cost Plus World Market, State Farm, AT&T and Uno Pizzeria. Andrew Ebrani and Jonathan Abda represented Namdar Realty Group on an internal basis. The buyer and sales price were not disclosed.

September 1, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $10.5M Sale of West New York Multifamily Portfolio

by Taylor Williams September 1, 2021

WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $10.5 million sale of a three-property, 66-unit multifamily portfolio in West New York, located across the Hudson River from Manhattan. Fahri Ozturk, Richard Gatto and David Ferber of Marcus & Millichap represented the seller and the buyer, both of which were private investors that requested anonymity, in the transaction. The new ownership plans to implement a value-add program.

September 1, 2021

Acquisitions Multifamily New Jersey Northeast

JLL Negotiates $92.1M Sale of Apartment Community in Princeton

by Taylor Williams August 31, 2021

PRINCETON, N.J. — JLL has negotiated the $92.1 million sale of Parc at Princeton Junction, a 232-unit luxury apartment community located about two miles from Princeton University’s campus. Built in 2018, the property features one-, two- and three-bedroom units that range in size from 750 to 1,349 square feet and that have private balconies and patios in select apartments. The building also houses 19,913 square feet of retail space. Amenities include a pool, fitness center, bocce ball court, dog spa and wash, two-story clubhouse, outdoor grills and fire pit, a courtyard and a sundeck. Jose Cruz, Michael Oliver, Kevin O’Hearn and Steve Simonelli of JLL represented the seller, a joint venture between Toll Brothers Apartment Living and The Davis Cos., in the transaction. An undisclosed private investor purchased the asset.

August 31, 2021

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