NEW YORK CITY — New York Gov. Andrew Cuomo on Friday, March 20, ordered all nonessential business in the state to temporarily close and called for all residents to stay home in order to prevent further spread of COVID-19, the disease caused by the coronavirus. Cuomo also ordered a 90-day moratorium on all residential and commercial evictions. The restrictions went into effect Sunday evening. Essential services including hospitals, grocery stores, pharmacies and public transit systems will remain open. Businesses that do not comply will face civil fines. As of Sunday, The Wall Street Journal tracked approximately 12,400 confirmed cases of the virus in New York and 76 deaths.
PHILADELPHIA — Hospitality owner Cambridge Landmark has completed a $30 million renovation of its 760-room Sheraton Philadelphia Downtown hotel in the Center City area of Philadelphia. The project upgraded the hotel’s guestrooms and 2,071-square-foot fitness center, which now features four Peloton bikes, among other new fitness equipment. The renovation also delivered a new 60,000-square-foot event space with two dining options.
MANCHESTER, PENN. — Advanced Industrial Services Inc. has acquired a 25,000-square-foot property in Manchester, located approximately 20 miles south of Harrisburg. Located at 45 Devco Drive, the property was constructed in 1988 and offers convenient access to Interstate 83 and State Route 30. Ted Turnbull and Jason Turnbull of Rock Commercial Real Estate represented the undisclosed seller in the transaction. The team also procured Advanced Industrial as the buyer. The sales price was undisclosed.
NEW YORK CITY — Helmsley Spear LLC has arranged a $9.5 million refinancing loan for the 49-room Kings Hotel in Brooklyn. Crown Bank provided the 10-year, fixed-rate loan that carries a 25-year amortization schedule. Located at 2416 Atlantic Ave., the hotel features a fitness center and conference rooms. Showket Ahamed of Helmsley Spear arranged the financing.
TOMS RIVER, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a 52-unit multifamily property in Toms River, located approximately 55 miles east of Philadelphia. Located at 1255 Route 66, the property features units are spread across four garden-style buildings. Andrew Townsend, Ridge McLaren and Clark Talone of Marcus & Millichap represented the seller, a local private investor, in the transaction. Chez Eider, also with Marcus & Millichap, represented the buyer, a privately held investment group. Both parties requested anonymity.
FRAMINGHAM, MASS. — TJX Cos., the Framingham-Mass.-based parent company of T.J. Maxx, HomeGoods and Marshalls, has closed all stores under its brands for two weeks in response to the coronavirus outbreak, according to a statement from company CEO and president Ernie Herrman. In addition to T.J. Maxx (approximately 1,200 stores in the United States), HomeGoods (700) and Marshalls (1,000), the corporation also owns Sierra and Homesense, which have a combined 43 stores in the United States. TJX will also be closing all of its online businesses, distribution centers and offices.
HOBOKEN, N.J. — Federal Realty Investment Trust, a Maryland-based REIT, has acquired a 39-property multifamily and retail portfolio in Hoboken, an eastern suburb of New York City, for $203 million. Concentrated primarily along the Washington Street retail corridor, the portfolio includes 129 residential units and 171,959 square feet of retail space. The portfolio totals 278,879 square feet. Retail tenants include French beauty chain Sephora, CVS and several restaurants. Kevin Welsh, Brian Schulz and Dean Tselepis of Newmark Knight Frank represented the seller, a private owner. The team also procured Federal Realty as the buyer.
NEWARK, N.J. — Alpha Realty has brokered the $22 million sale of a 255-unit multifamily portfolio in Newark. The portfolio consists of eight buildings totaling 251,000 square feet, all of which are located on either Martin Luther King Jr. Boulevard or Quitman Street. The buyer was a New Jersey-based owner-operator of multifamily buildings. The seller was a Brooklyn-based landlord liquidating its holdings in New Jersey. Lev Mavashev of Alpha Realty represented both parties in the off-market transaction.
NEW HAVEN, CONN. — Marcus & Millichap has arranged the $3.8 million sale of Georgetown Apartments, a 32-unit apartment community in New Haven. Located at 241 Quinnipiac Ave., the property features townhouse-style apartments with two-bedroom floor plans. The property offers convenient access to Yale University, Albertus Magnus College and University of New Haven. Wes Klockner and Eric Pentore of Marcus & Millichap brokered the sale and arranged acquisition financing through Freddie Mac on behalf of the buyer. Both parties were limited liability companies that requested anonymity.
HAWTHORNE, N.J. — NAI James Hanson has negotiated the sale of a 10,761-square-foot office and residential building in Hawthorne, a northwestern suburb of New York City. Located at 297-301 Lafayette Ave., the property includes 7,381 square feet of office space and two apartments. Andrew Somple and Justin Allessio represented the seller, a private investor, in the transaction. The team also procured the buyer, Lighthouse Pregnancy Resource Center, which will use the property as its headquarters. The sales price was undisclosed.