Northeast

JLL Secures $210M Acquisition Loan for Mixed-Use Building in Manhattan

by Alex Patton March 9, 2020

NEW YORK CITY — JLL has secured a $210 million acquisition loan for 530 Broadway, a 200,000-square-foot mixed-use building in the SoHo neighborhood of Manhattan that was originally built in 1898. LoanCore Capital LLC provided the loan to a joint venture between local real estate developer SHVO, Deutsche Finance America and BLG Capital Ltd. The joint venture purchased the 11-story property from a partnership of Wharton Property Advisors and Thor Equities. Michael Tepedino, David Sitt and Robert Tonnessen of JLL arranged the financing.

March 9, 2020

Delaware Development Multifamily Northeast

Capano Residential Opens 264-Unit Multifamily Property in Middletown, Delaware

by Alex Patton March 9, 2020

MIDDLETOWN, DEL. — Capano Residential, is a subsidiary of Capano Management, has opened The Reserve at Westown, a 264-unit luxury apartment community in Middletown, located approximately 30 miles northwest of Dover. The community offers farmhouse-inspired residential units in one-, two- and three-bedroom floor plans and amenities including a fitness facility, library and pool.

March 9, 2020

Acquisitions New York Northeast Retail

NKF Brokers $14M Sale of Leasehold Interest in Retail Building in Brooklyn

by Alex Patton March 9, 2020

NEW YORK CITY — Newmark Knight Frank has brokered the $14 million sale of a 99-year leasehold interest at 250 Utica Avenue, a 61,230-square-foot retail building in the Crown Heights neighborhood of Brooklyn. At the time of sale, the four-story building was 95 percent leased to tenants including Blink Fitness, CityMD, Dollar Tree and Brooklyn Kids Academy. There are 91 years remaining on the recently restructured leasehold. Barry Fishbach, Brian Segall and Gary Meese represented the seller, L+M Development Partners. The buyer was undisclosed.

March 9, 2020

Lee & Associates New York Northeast Retail

Two Retailers Sign Leases Totaling 5,000 SF at Galerie in Queens

by Alex Patton March 9, 2020

NEW YORK CITY — Two retailers have signed leases to occupy a total of 5,000 square feet at the ground floor of Galerie, a 182-unit luxury condominium building in the Long Island City neighborhood of Queens. Fitness facility F45 Training signed a lease for 2,300 square feet, and Pediatric Associates of NYC signed a lease for 2,643 square feet. A development partnership between Adam America Real Estate and Vake US owns the building, which is located at 22-18 Jackson Ave. Thomas Galo and Steve Baker of Winick Realty Group represented ownership in both lease negotiations. Michael Azarian of Cushman & Wakefield represented F45 Training. Elliot Zelinger of Savitt Partners represented Pediatric Associates of NYC.

March 9, 2020

Leasing Activity New Jersey Northeast Office

CBRE Negotiates 4,420 SF Office Lease Renewal in Florham Park, New Jersey

by Alex Patton March 9, 2020

FLORHAM PARK, N.J. — CBRE has negotiated a 4,420-square-foot office lease renewal for the Morris County Chamber of Commerce (MCCC) in Florham Park, located approximately 30 miles west of New York City. The tenant will continue to occupy its space at 325 Columbia, a Class A office building near the Morristown Airport Turnpike, for an additional 10 years. Thomas Mallaney of CBRE represented MCCC in the lease negotiations. Jack O’Hearn represented the landlord, Mack-Cai Realty Corp., on an internal basis.

March 9, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

Love Funding Provides Two Construction Loans Totaling $55.6M for Seniors Housing Projects in Paterson, New Jersey

by Alex Patton March 6, 2020

PATERSON, N.J. — Love Funding Corp. has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartments. Both properties are located in Paterson, a northwestern suburb of New York City. The borrower was Roizman Development. The lender provided the developer with low-rate, nonrecourse financing for the duration of construction and for a subsequent 40-year term. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing 300 units. The apartment complex will be the second phase of the Riverside Terrace Master Redevelopment Plan. Inglese Architecture + Engineering is serving as the design architect, and ETC Cos. LLC is the general contractor. S.H.N.I.R. Apartment Management Corp. will be the operator. Riverside Senior Apartments is slated for completion in June 2021. Riverside Village Family apartments is slated for completion in January 2022.

March 6, 2020

Acquisitions Northeast Pennsylvania Retail

SRS Brokers $36M Sale of Dollar General Retail Portfolio in Pennsylvania

by Alex Patton March 6, 2020

PENNSYLVANIA — SRS Real Estate Partners has brokered the $36 million sale of a 26-property retail portfolio leased to Dollar General. The properties are located in various suburban areas throughout Pennsylvania. Each freestanding store features approximately 9,000 square feet of retail space, and all leases have between 12 and 13 years remaining. The stores sold for approximately $1.4 million each. Andrew Fallon of SRS represented the seller, Tennessee-based GBT Realty Corp., which developed the properties over the past two years, in the transaction. The buyer was a Virginia-based private investment group that was completing a 1031 exchange.

March 6, 2020

Development New Hampshire Northeast Retail

Whole Foods to Open 42,000 SF Grocery Store in Portsmouth, New Hampshire

by Alex Patton March 6, 2020

PORTSMOUTH, N.H. — Whole Foods Market will open a 42,000-square-foot grocery store in Portsmouth, located approximately 45 miles east of Concord. The store will be the Austin-based grocer’s third in the state and will anchor Durgin Square Shopping Center, a 135,000-square-foot retail property that also houses HomeGoods and T.J. Maxx. The store is slated to open this fall. Scott Black of Dartmouth Co. represented Whole Foods in the lease negotiations. Ben Starr of Atlantic Retail represented the landlord, Black Creek Group.

March 6, 2020

Leasing Activity New York Northeast Office

Investment Advisory Firm Signs 7,300 SF Office Lease Extension in Manhattan

by Alex Patton March 6, 2020

NEW YORK CITY — Investment advisory firm Neville, Rodie & Shaw Inc. (NRS) has signed a 10-year office lease extension for its 7,300-square-foot space at 200 Madison Avenue in the Grand Central neighborhood of Manhattan. NRS will remain in its space on the 20th floor of the 26-story building, which it has occupied for more than 30 years, through 2031. NRS was represented internally in the lease negotiations. Andrew Conrad and Matt Coudert represented the building owner, a partnership of George Comfort & Sons, Loeb Partners Realty and Jamestown, also on an internal basis.

March 6, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $2.9M Sale of Multifamily Building in Brooklyn

by Alex Patton March 6, 2020

NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 397 East 49th Street, a 34-unit multifamily property in Brooklyn. The four-story building was completed in 1927 and offers studio, one-, two-, three- and four-bedroom floor plans. Shaun Riney, Daniel Greenblatt and Zalman Yarmush represented the buyer and seller in the transaction. Both parties requested anonymity.

March 6, 2020

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