Northeast

Morgan Stanley Provides $142.6M Refinancing for Multifamily Portfolio in The Bronx

by John Nelson January 21, 2020

NEW YORK CITY — Morgan Stanley (NYSE: MS) has provided $142.6 million in permanent financing for an 18-property multifamily portfolio in the Bronx. The Greenwich, Conn.-based borrower, The Morgan Group, will use the loans to refinance the nearly 1,000-unit portfolio, which includes 29 commercial units. Black Bear Capital Partners (BBCP) arranged the financing in three separate 10-year, interest-only loans. The financing includes a $77 million loan with a fixed interest rate of 3.78 percent; a $33.3 million loan fixed at 3.92 percent; and a $32.3 million loan fixed at 3.65 percent. The low-leverage loan package replaces Morgan Group’s existing debt, which was close to maturation. Bryan Manz, Rob Serra and Emil DePasquale of BBCP arranged the financing for Morgan Group, which owns a large multifamily rental portfolio in the Bronx, Manhattan, Queens, Brooklyn and Westchester County. “BBCP, The Morgan Group, and Morgan Stanley worked diligently to close this complex refinancing package in timely and efficient manner,” says Manz. “We look forward to arranging additional transactions with both parties.” Morgan Stanley is a global financial services firm that operates in more than 41 countries. The company provides investment banking, securities, wealth management and investment management services. Morgan Stanley’s stock price closed …

January 21, 2020

Acquisitions New York Northeast Office

JLL Brokers $65M Sale of The Bruckner Office Building in The Bronx

by Alex Patton January 20, 2020

NEW YORK CITY — JLL has brokered the $65 million sale of The Bruckner Building, an 188,000-square-foot office property in the Mott Haven neighborhood of The Bronx. Located at 2417 Third Ave., the building was originally constructed in 1928. Ownership renovated and modernized building in 2016, including upgrades to the lobby, windows, entrance, elevator and electric infrastructure. Bob Knakal, Stephen Palmese and Jonathan Hageman led a JLL team that represented the seller, a partnership between Savanna and Hornig Capital Partners, in the transaction. ZG Capital Partners acquired the building.

January 20, 2020

Acquisitions Industrial New Jersey Northeast

CBRE Arranges Sale of 315,389 SF Industrial Complex in Jersey City

by Alex Patton January 20, 2020

JERSEY CITY, N.J. — CBRE has arranged the sale of FXG Jersey City, a 315,389-square-foot industrial complex in Jersey City, a western suburb of New York City. Completed in 2016, the complex is located at 1049 Secaucus Road and offers convenient access to Newark International Airport. The property was fully leased to FedEx Ground Package Systems Inc. at the time of sale. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE represented the buyer, Scannell Properties, in the transaction.

January 20, 2020

Industrial Leasing Activity New York Northeast

City Harvest Signs 150,000 SF Industrial Lease for Food Rescue Facility in Brooklyn

by Alex Patton January 20, 2020

NEW YORK CITY — Nonprofit food rescue organization City Harvest has signed a 150,000-square-foot industrial lease at 150 52nd St. in Brooklyn that will house its new food rescue facility and administrative offices. The company is moving from its original facility in Long Island City after its old site was rezoned from industrial to residential. Rob Kossar, Paul Mas, Adam Citron and Ellen Herman of JLL represented City Harvest in the lease negotiations. Leslie Lanne of JLL represented the landlord, DH Property Holdings. which sold the building to Prologis following the execution of the lease.

January 20, 2020

Acquisitions Industrial Northeast Pennsylvania

Markward Group Negotiates Sale of 20,295 SF Industrial Property in Easton, Pennsylvania

by Alex Patton January 20, 2020

EASTON, PA. — Markward Group has negotiated the sale of a 20,295-square-foot industrial property for plastic extrusion manufacturer Fluortek in Easton, a northeastern suburb of Allentown. The company, which manufactures custom tubing for medical devices, is moving from 12 McFadden Road in Easton to 3370 3370 Hill Road. Matt Macdonald of Markward Group represented Fluortek in the transaction. The sales price was undisclosed.

January 20, 2020

Leasing Activity Northeast Office Pennsylvania

NAI Mertz Opens 1,650 SF Office in Feasterville-Trevose, Pennsylvania

by Alex Patton January 20, 2020

FEASTERVILLE-TREVOSE, PA. — Commercial brokerage firm NAI Mertz has opened a 1,650-square-foot office in Feasterville-Trevose, a southwestern suburb of Trenton. The company relocated its southeastern Pennsylvania office to 210 E. Street Road. The property is situated within the Village Suites at Lower Southampton Village, a 123,000-square-foot retail shopping center. Other tenants include Panera Bread, Cold Stone Creamery and Pier 1 Imports.

January 20, 2020

Loans New York Northeast Office

NKF Arranges $145M Acquisition Loan for Former Citibank Office Building in Manhattan

by Alex Patton January 17, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $145 million loan for the acquisition of 111 Wall Street, formerly known as the Citibank Building, in Manhattan. SL Green and an undisclosed lending partner provided the fixed-rate loan to the buyer, a partnership of Nightingale Properties and Wafra Capital Partners. The 24-story building comprises 1.1 million square feet of office space and was built in 1968 as the headquarters of First National City Bank. Dustin Stolly and Jordan Roeschlaub led an NKF team that secured the loan, and Jimmy Kuhn of NKF represented the seller, Zurich Insurance.

January 17, 2020

Acquisitions New Jersey Northeast Office

JLL Brokers Sale of 83,216 SF Mount Laurel Office Center in New Jersey

by Alex Patton January 17, 2020

MOUNT LAUREL, N.J. — JLL has brokered the $11 million sale of The Mount Laurel Office Center, an 83,216-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. Situated at 530, 532 and 534 Fellowship Road, the property was 100 percent leased at the time of sale to six tenants, including the United States Government’s General Services Administration. Brett Segal, Doug Rodio and Brett Grifo of JLL represented the seller, Pennmark Properties, in the transaction. The team also procured the buyer, a private investor.

January 17, 2020

Northeast Office Pennsylvania

CBRE’s Hana to Open 50,000 SF Coworking Office Space in Philadelphia

by Alex Patton January 17, 2020

PHILADELPHIA — Coworking office space provider Hana, a subsidiary of CBRE Group Inc., will open a 50,000-square-foot space in Philadelphia. The office will occupy two floors at 1818 Market Street, a 981,000-square-foot office building in the Center City district. Slated for to come on line in 2020, the space will provide rentable coworking office space as well as conference rooms and event space. Shorenstein Properties is the owner of the building.

January 17, 2020

Acquisitions New Jersey Northeast Office

NAI Hanson Arranges Sale of 6,100 SF Office Condo in Fair Lawn, New Jersey

by Alex Patton January 17, 2020

FAIR LAWN, N.J. — NAI James Hanson has arranged the sale of a 6,100-square-foot office condo at 17-10 River Road in Fair Lawn, a northwestern suburb of New York City. Ho-Ho-Kus Inc., a designer and manufacturer of latching and clamping systems for commercial, business and military applications, acquired the asset in order to house its growing staff. Darren Lizzack and Randy Horning of NAI Hanson represented the seller, RPM 1, in the transaction. The sales price was undisclosed.

January 17, 2020

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