Northeast

CBRE Commits to Additional 44,612 SF at 200 Park Avenue Office Building in Manhattan

by Taylor Williams August 12, 2020

NEW YORK CITY — CBRE has committed to an additional 44,612 square feet of office space at 200 Park Avenue in Manhattan. The expansion gives the real estate firm a total footprint of more than 215,000 square feet at the 58-story, Class A property, which is known as the MetLife Building. In addition, CBRE will be leaving its 140 Broadway location to occupy space at the new Hana coworking space at 3 World Trade Center, which will open later this year. Craig Reicher of CBRE handled the lease negotiations with Gus Field and Megan Sheehan of Tishman Speyer, the owner of the building.

August 12, 2020

Leasing Activity New York Northeast Retail

Sour Patch Kids Opens 3,300 SF Flagship Store in New York City

by Taylor Williams August 12, 2020

NEW YORK CITY — Sour Patch Kids has opened a 3,300-square-foot flagship store for children at the corner of Bond Street and Broadway near the SoHo shopping district in New York City. IT’SUGAR, a retailer specializing in candy and similar confections and subsidiary of BBX Sweet Holdings LLC, will operate the store. In addition to offering a range of merchandise, the store will also feature entertainment activities for children, including the making of candy mix, posing for photos with Sour Patch Kids characters and enjoying reimagined sweets such as smoothies, cookies and ice cream.

August 12, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $9.7M Sale of Multifamily Portfolio in Jersey City

by Taylor Williams August 12, 2020

JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the $9.7 million sale of a 57-unit multifamily portfolio in Jersey City. The sales price equates to roughly $171,000 per unit. The portfolio consists of two buildings that were both constructed around the turn of the 20th century. Niko Nicolaou of Gebroe-Hammer represented the seller, Kevelson Family LLC, in the transaction. Brad Domenico of Progress Capital provided acquisition financing on behalf of the undisclosed buyer.

August 12, 2020

Development New York Northeast Office

Extell Development Unveils 441,600 SF Harlem Headquarters Office Building

by Taylor Williams August 11, 2020

NEW YORK CITY — Extell Development has unveiled its first commercial project in East Harlem, a 441,600-square-foot office building that is branded as Harlem Headquarters. The nine-story, Class A building is located at 180 E. 125th St., adjacent to several public transit stops. Gensler designed the property. Cushman & Wakefield is handling leasing, which will officially begin this fall.

August 11, 2020

Loans Northeast Pennsylvania

NKF Provides $87M Freddie Mac Loan for Refinancing of Metro Philadelphia Apartments

by Taylor Williams August 11, 2020

EXTON, PA. — Newmark Knight Frank (NKF) has provided an $87 million Freddie Mac loan for the refinancing of Exton Crossing, a 405-unit apartment community in Exton, about 35 miles west of Philadelphia. The garden-style property was built in 1998 and is located within walking distance to SEPTA’s Exton Regional rail station Exton Crossing features one-, two- and three-bedroom units with stainless steel appliances, in-unit washers and dryers and private patio and balcony spaces. Amenities include a pool, fitness center, outdoor grilling areas and a pet park. Henry Stimler, Matthew Mense, Bill Weber and Dan Sarsfield of NKF originated the floating-rate loan on behalf of the borrower, Harbor Group International.

August 11, 2020

Development Healthcare Massachusetts Northeast Office

Galaxy, WBDC Acquire Land for $50M Biomanufacturing Facility in Worcester, Massachusetts

by Taylor Williams August 11, 2020

WORCESTER, MASS. — Massachusetts-based Galaxy Life Sciences, in partnership with the Worcester Business Development Corp. (WBDC), has acquired land for the development of a $50 million biomanufacturing facility in the Central Massachusetts city of Worcester. The facility will be situated on six acres within The Reactory, a 46-acre life sciences campus that is a redevelopment of a site formerly occupied by Worcester State Hospital. Infrastructure work on the site is expected to begin this fall. Kelleher & Sadowsky represented the development team in its acquisition of the land.

August 11, 2020

Acquisitions Industrial New Jersey Northeast

Venture One Real Estate Buys 107,107 SF Industrial Building in Fairfield, New Jersey

by Taylor Williams August 11, 2020

FAIRFIELD, N.J. — Chicago-based development and investment firm Venture One Real Estate has purchased a 107,107-square-foot industrial building located at 116 Lehigh Drive in Fairfield, about 30 miles west of New York City. The single-tenant building was constructed on 8.1 acres in 1986 and features nine exterior docks, 187 automobile parking spaces and an ESFR sprinkler system. Noah Balnoff, Jacquelyn Severino and Chris Haenn of Colliers International represented the undisclosed seller in the transaction. Venture One will implement a value-add program at the property, which was vacant at the time of sale.

August 11, 2020

Leasing Activity New Jersey Northeast Retail

Burlington to Open Store at 306,000 SF Mill Creek at Harmon Meadow in Secaucus, New Jersey

by Taylor Williams August 11, 2020

SECAUCUS, N.J. — Burlington will open a store at Mill Creek at Harmon Meadow, a 306,000-square-foot retail power center in the New York City suburb of Secaucus. The center, which houses tenants such as Kohl’s, T.J. Maxx and Bob’s Discount Furniture, is part of the 200-acre Harmon Meadow mixed-use development. Burlington will occupy a space formerly leased to Sports Authority and has not yet established an opening date. Sidney Singer of Levin Management Corp. represented the landlord, New York Life Real Estate Investors, in the lease negotiations.

August 11, 2020

Market Reports Northeast Northeast Market Reports

Northeast Lenders Eye Fourth-Quarter Recovery

by Taylor Williams August 11, 2020

By Taylor Williams Decreased acquisition activity across virtually all asset classes is among the most visible impacts that COVID-19 has had on commercial real estate, but capital markets professionals say there’s reason to believe deal volume will rebound sharply toward the end of the year. For most property owners, the net result of the economic disruption and job losses has been a decrease in cash flows. With net incomes faltering or dissolving for property owners, many prospective investors have temporarily hit the pause button on new acquisitions. As the pandemic has unfolded, bureaucracies have taken action. The federal government appropriated hundreds of billions in small business loans and stimulus payments to taxpayers, and state coffers have been gutted by disbursements to the unemployed. While this activity was designed to stimulate consumer spending and help businesses stave off permanent closures, it has done little to fuel sales of commercial properties. Numbers Tell All Real Capital Analytics (RCA) tracks investment sales activity across the country, including in nine major markets in the Northeast region. The New York City-based research firm recently released its findings for the second quarter. Per RCA, the total volume of commercial sales during this period clocked in at …

August 11, 2020

Acquisitions Massachusetts Multifamily Northeast

Bell Partners Sells 240-Unit Apartment Community in Metro Boston

by Taylor Williams August 10, 2020

STOUGHTON, MASS. — An affiliate of multifamily investment and management firm Bell Partners has sold Bell Stoughton, a 240-unit apartment community in Stoughton, a southern suburb of Boston. Built in 2012, the property offers one- and two-bedroom units averaging 958 square feet and amenities such as a pool, fitness center, business center and theater room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller in the transaction and procured the buyer, Bell Stoughton LLC.

August 10, 2020

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