Northeast

Mack-Cali Reports 96.7 Percent Multifamily Rent Collection in April

by Alex Patton May 7, 2020

JERSEY CITY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI), a Jersey City-based REIT, reports that it collected 96.7 percent of multifamily rent payments due for April at its multifamily properties across the country despite the COVID-19 outbreak. Many multifamily tenants across the country have been unable to work due to temporary business closures and employee layoffs and furloughs, raising questions as to whether they would be able to pay their April rents. Mack-Cali’s 6,524-unit multifamily portfolio, operated by its subsidiary Roseland Residential Trust, was 95.7 percent occupied as of the end of 2019 with an average rent of $3,028 per unit. The company recently opened The Emery at Overlook Ridge, a 140-unit property in Malden, Massachusetts, with 52 percent of units preleased. Including The Emery, Mack-Cali had five multifamily developments totaling 1,942 units under construction at the end of the quarter. The portfolio is located in Massachusetts, New Jersey, New York, Virginia and Washington, D.C. Mack-Cali’s stock price closed at $14.82 per share on May 6, compared with $22.92 per share at the same time last year.

May 7, 2020

New York Northeast

Customer Transaction Volume Marginally Improves at Restaurant Chains Nationally, Says NPD Group Study

by Alex Patton May 7, 2020

PORT WASHINGTON, N.Y. — The total number of customer transactions at restaurant chains nationwide showed improvement for the second week in a row during the week ending April 26, according study by The NPD Group (NPD), a market research company headquartered in New York. The study indicated that total customer transactions were down 32 percent for the week ending Sunday, April 26 relative to that time a year ago. Transaction volume had been down 36 percent for the week ending Sunday, April 19, relative to that time in 2019. Most restaurants in the country have been either closed outright or are operating with severe restrictions since the COVID-19 outbreak began. Even as the economy slowly restarts state-by-state, many consumers remain hesitant to return to dining rooms. NPD reported that approximately 20,000 restaurants restarted in Georgia on April 27, followed by 60,000 in Texas, with both states enforcing strict guidelines for reduced occupancy and heightened sanitation. While more than 300,000 restaurants may potentially reopen for dine-in service in the coming weeks, NPD notes that an unknown number of restaurants may not be able to afford to ever open again. In New York, the epicenter of the coronavirus in the Northeast, restaurants …

May 7, 2020

Loans New Jersey Northeast Office

Houlihan-Parnes Arranges $31M Loan for Refinancing of Office Building in Tarrytown, New York

by Alex Patton May 7, 2020

TARRYTOWN, N.Y. — Houlihan-Parnes LLC has arranged a $31 million loan for the refinancing of 660 White Plains Road, a 280,000-square-foot, Class A office building in Tarrytown, located approximately 30 miles north of New York City. A local bank provided the 10-year loan at a fixed interest rate of 3.13 percent to the building owners, a partnership of RD Management and Houlihan-Parnes affiliate GHP Office Realty. Since acquiring the property in 2017, ownership has invested millions of dollars in capital improvements and various building upgrades, including a fitness center and renovated lobby, and raised the occupancy rate from 78 percent to 98 percent. Tenants include Prestige Brands, ENT & Allergy Associates and KeyBank National Association. Rachel Greenspan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes arranged the loan.

May 7, 2020

Industrial Loans New Jersey Northeast ORIX Self-Storage

Orix USA Provides $15.5M Construction Loan for Self-Storage Facility in Woodbridge, New Jersey

by Alex Patton May 7, 2020

WOODBRIDGE, N.J. — Orix USA Corp. has provided a $15.5 million construction loan for a 1,115-unit self-storage facility in Woodbridge, a southern suburb of New York City. Orix provided the nonrecourse loan to a partnership between Woodbridge Self-Storage and 112 New Brunswick Properties Urban Renewal LLC. The loan covers costs of the land acquisition and construction of the facility, which will total 130,000 net rentable square feet.. Utah-based REIT Extra Space Storage will operate the facility. David Merkin and Barry Dollman of Eastern Union arranged the loan.

May 7, 2020

Acquisitions New York Northeast Office Retail

SL Green Sells Office, Retail Condominium in Manhattan for $168M

by Alex Patton May 6, 2020

NEW YORK CITY — SL Green Realty Corp. has sold 609 Fifth Avenue, an office and retail condominium in Manhattan, to an affiliate of the Reuben Brothers for $168 million. Beginning in 2018, SL Green undertook an extensive repositioning of the entire building, including vacating the previous tenants in the office condominium portion of the property and relocating the office lobby to increase the retail frontage on Fifth Avenue. Sports apparel brand PUMA has leased a 24,000-square-foot retail space at the building for its three-level flagship store. Luxury apparel retailer Vince has leased a 5,000-square-foot retail space in the building. Darcy Stacom, Doug Middleton and David Fowler of CBRE represented SL Green in the transaction.

May 6, 2020

Civic New York Northeast

New York City Shuts Down Entire Subway System for Unprecedented Overnight Disinfection

by Alex Patton May 6, 2020

NEW YORK CITY — In an unprecedented response to unclean conditions amid the COVID-19 outbreak, New York City has ceased its 24-hour subway system, implementing overnight closures beginning in the early morning on May 6. The system’s 472 stations closed for deep cleaning from 1:00 a.m to 5:00 a.m. and will remain closed during those hours until further notice. New York Gov. Andrew Cuomo ordered the shutdown in response to unsafe conditions, including increased crime and homeless sheltering in the subway, despite the Metropolitan Transportation Authority reporting a 90 percent drop in ridership to less than 500,000 passengers per day. New York City remains the epicenter of the virus, and the state had more than 312,800 cases and 24,700 deaths as of May 5, according to the Centers for Disease Control and Prevention.

May 6, 2020

Civic Development Massachusetts Northeast

Watermark, Horizons for Homeless Children to Construct 140,000 SF Learning Center in Metro Boston

by Alex Patton May 6, 2020

ROXBURY, MASS. — A joint venture of Watermark Development Inc. and Horizons for Homeless Children will construct a 140,000-square-foot learning center in Roxbury, a southern suburb of Boston. Located at 1785 Columbus Ave., the center will serve 225 children ranging in age from two months to five years. Horizons, a nonprofit organization dedicated to improving the lives of young homeless children and their families, will use part of the building as its headquarters. The project is expected to bring approximately 400 new jobs to the area. Studio MLA Architects designed the project. Kaplan Construction will serve as the general contractor. Construction is expected to start later this spring and to be completed in early 2021.

May 6, 2020

New York Northeast

A&G Real Estate Partners Launches Structured Investment Sales Division

by Alex Patton May 6, 2020

MELVILLE, N.Y. — A&G Real Estate Partners (A&G), a Melville, New York-based firm, has launched a structured investment sales division. The four-person team will expand A&G’s in-house capabilities to include sealed bid and live auctions, portfolio sales, note sales and sale-leaseback transactions. A&G previously specialized in brokerage and consulting services for traditional retail, industrial, office and higher education properties. The new team will broaden the firm’s overall range of asset classes served to include investment properties and development projects in the hospitality, multifamily and shopping center sectors. The team includes Jeff Hubbard, Katie DeCoste and Christian Koulichkov, who will all work in A&G’s Melville office, and Jamie Coté, who will work in the firm’s Chicago office.

May 6, 2020

Acquisitions New Jersey New York Northeast

Sitex Acquires Two Development Sites Totaling 32 Acres in Meadowlands, Long Island Submarkets

by Alex Patton May 6, 2020

HACKENSACK, N.J., AND WESTBURY, N.Y. — Sitex Group, a New Jersey-based developer, has acquired two commercial development sites totaling 32 acres in the Meadowlands (New Jersey) and Long Island submarkets. No sales price was disclosed. The sites include a 10-acre tract located at 514-582 S. River St. in Hackensack and a 22.5-acre parcel in Westbury, a city on Long Island. Specific construction plans were not disclosed. Dan Foley and Chris Marx of Savills negotiated the Hackensack transaction. Mark Walsh of Select Real Equity Advisors, along with Jason Miller and Jeffrey Schwartzberg of Premier Commercial Real Estate, negotiated the Westbury transaction. Both sellers were private investors that requested anonymity.

May 6, 2020

Massachusetts Northeast Office

Franklin Street Properties Reports 98 Percent Office Rent Collection in April

by Alex Patton May 5, 2020

WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE AMERICAN: FSP), a Wakefield, Massachusetts-based REIT, reports that it collected 98 percent of rent payments due for April at its office properties despite revenue concerns amid the COVID-19 outbreak. Office users across the country have been forced to lay off employees while others are restricted to work from home, leading many companies to reconsider lease signings and expansions. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 states concentrated in the Southeast and Midwest. The REIT reported a $1.1 million net loss in the first quarter, however, and expressed that it cannot predict rental income in future months. Tenants have requested rent relief requests in the form of deferrals for varying lengths of time, which Franklin may grant in some instances while seeking extended lease terms. The REIT’s stock price closed at $5.05 on May 4, compared with $7.97 at the same time last year.

May 5, 2020

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