Northeast

CBRE Brokers Sale of 412,231 SF Office Park in Norwalk, Connecticut

by Alex Patton December 10, 2019

NORWALK, CONN. —CBRE has brokered the sale of 800 Connecticut Avenue, a 412,231-square-foot, Class A office park in Norwalk, located approximately 10 miles west of Stamford. Tenants include Booking Holdings, Priceline and Hitachi Capital America Corp. Amenities include a 6,400-square-foot conference center, an outdoor plaza, fitness center and a cafeteria. Jeffrey Dunne, David Gavin, Steven Bardsley, Jeremy Neuer, Gene Pride and Travis Langer of CBRE represented the undisclosed seller in the transaction. The CBRE team also procured the buyer, KH 800 Connecticut Avenue LLC, a subsidiary of Kamran Hakim.

December 10, 2019

Acquisitions New Jersey Northeast Office

PAG Investments Acquires 330,000 SF Office Building in Parsippany, New Jersey

by Alex Patton December 10, 2019

PARSIPPANY, N.J. — New York City-based PAG Investments has acquired 5 Wood Hollow Road, a Class A office building in Parsippany, located approximately 30 miles west of New York City. Amenities include a full-service cafeteria and a fitness center with shower and locker facilities. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The team also procured PAG as the buyer.

December 10, 2019

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $68.5 Loan for Refinancing of Seniors Housing Property in Manhattan

by Alex Patton December 10, 2019

NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan for the refinancing of Capitol Apartments, a Section 8 seniors housing property in Midtown Manhattan. The loan carried a 10-year term, a 30-year amortization period and a fixed interest rate. The borrower, Fifty First Capitol Associates, will use the proceeds to pay yield maintenance, make capital improvements to the property and monetize its existing equity. Originally built in 1925 as a hotel, the property offers 278 studio and one-bedroom apartments, including 250 age-restricted units. Rob Meehan and Jon Morales of Greystone originated the loan.

December 10, 2019

Development Multifamily New York Northeast Seniors Housing

Senior Lifestyle Corp. Opens The Club at Briarcliff Manor Near New York City

by Alex Patton December 10, 2019

BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has opened The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, a village along the Hudson River located approximately 30 miles north of New York City. The property offers 167 independent living units, 87 assisted living units and 33 memory care units in two interconnected buildings. Apartments range from 605 square feet to 1,040 square feet, with monthly rents starting at $7,350. The site was formerly housed Briarcliff Lodge, a grand resort hotel built in the early 1900s.

December 10, 2019

Leasing Activity New York Northeast Office

Amazon Signs 335,408 SF Office Lease at 410 Tenth Avenue in Manhattan

by Alex Patton December 9, 2019

NEW YORK CITY — Amazon has signed a 335,408-square-foot office lease at 410 Tenth Avenue in Manhattan. Landlord SL Green is currently redeveloping the 638,000-square-foot building, which was previously known as the Master Printers Building, as a Class A office property at the intersection of Manhattan West and Hudson Yards. The redevelopment will include a redesign of the lobby as well as construction of an 8,000-square-foot roof deck and lounge. The timeline of construction and Amazon’s occupancy was not disclosed, but the building is now 96.2 percent leased.

December 9, 2019

Development New Jersey Northeast Retail

Triple Five Group Launches 180,000 SF Big Snow Slope at American Dream in New Jersey

by Alex Patton December 9, 2019

EAST RUTHERFORD, N.J. — Triple Five Group has opened Big Snow, a 180,000-square-foot indoor snow slope within its American Dream entertainment and retail destination in East Rutherford, a western suburb of New York City. The 16-story vertical slope offers indoor skiing, snowboarding, sledding and other snow activities year-round. The facility will produce 4.4 tons of snow per hour, which will be kept at a constant temperature of 28 degrees with an average depth at 2 feet. Triple Five opened American Dream in late October with a Nickelodeon Universe theme park and an ice skating rink. The Dreamworks Water Park opened at American dream in late November, and future openings include a Legoland Discover Center, a Sea Life Aquarium and more than 100 retailers and restaurants.

December 9, 2019

Development Massachusetts Multifamily Northeast

Lotus Harvard Completes 16-Unit Apartment, Retail Project in Cambridge, Massachusetts

by Alex Patton December 9, 2019

CAMBRIDGE, MASS. — Lotus Harvard Enterprises LLC has completed development of 1699 Massachusetts Avenue, a 16-unit apartment building with 1,600 square feet of ground-floor retail space that is located adjacent to Harvard Law School in Cambridge. The property offers two studios, eight one-bedrooms, five two-bedrooms and three two-bedroom units, as well as an adjoining five-bedroom single-family home. Khalsa Design was the architect of the project and Nauset Construction was the general contractor.

December 9, 2019

Development Industrial Northeast Rhode Island

Gotham Greens Opens 100,000 SF Greenhouse in Providence, Rhode Island

by Alex Patton December 9, 2019

PROVIDENCE, R.I. — Brooklyn-based agricultural company Gotham Greens has opened a 100,000-square-foot greenhouse in Providence. The project is located along the Woonasquatucket River, at the site of a former General Electric lighting factory. The new urban farm will provide fresh produce to local restaurants and grocery stores, including Whole Foods Market, and will host educational programming about sustainable agriculture. Gotham Greens expects to create approximately 60 full-time jobs in Rhode Island and has committed to donating more than 5,000 pounds of fresh produce to the Rhode Island Food Bank during the winter season.

December 9, 2019

Leasing Activity New York Northeast Retail

Yard House Signs 19,000 SF Retail Lease at 10 Times Square in Manhattan

by Alex Patton December 9, 2019

NEW YORK CITY — American sports bar chain Yard House has signed a 19,000-square-foot retail lease at 10 Times Square in Manhattan. The restaurant will occupy the entire first and second floors of the building as well as a lower-level space with frontage on Seventh Avenue and West 41st Street. Originally built as the Bricken Textile Building in 1930, the 575,000-square-foot building houses tenants including the offices of apparel retailer One Jeanswear Group Inc, Wellspring Philanthropic Fund and marketing company Digital Remedy. The landlord, L.H. Charney Associates, was self-represented in the lease negotiations.

December 9, 2019

Development Life Sciences New York Northeast Office

King Street Properties Begins Construction of 266,800 Innolabs Life Sciences Project in Long Island City

by Alex Patton December 6, 2019

LONG ISLAND CITY, N.Y. — King Street Properties has begun construction of Innolabs, a 266,800-square-foot life sciences project in Long Island City. Located at 45-18 Court Square, the project involves the redevelopment and expansion of a 160,000-square-foot, Class B office building that will anchor the life sciences sector on Long Island. The building will be completely gutted and renovated to allow for multi-tenant floors and will be expanded with a four-story addition and two six-story additions. The project is slated for completion in the first quarter of 2021.

December 6, 2019

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