NEW YORK CITY — Ariel Property Advisors has brokered the $10.5 million sale of 100 Livingston Street, an office building in downtown Brooklyn. The property comprises 12,681 square feet and houses five office units, three of which are leased by medical tenants. The location offers convenient access to the Court Street commercial corridor and Barclays Center. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, ACHS Management, in the transaction. The team also procured the buyer, Ecorise Development.
NEW YORK CITY — The Moinian Group will develop The Hudson Arts Building, a ground-up office construction project in the West Chelsea neighborhood of Manhattan. The 200,000-square-foot office tower is expected to rise up to 145 feet and will occupy an entire city block between West 25th and 26th streets at 220 11th Ave. The building is being developed on a speculative basis, with occupancy expected in the third quarter of 2022. JLL’s Peter Riguardi, Frank Doyle, Cynthia Wasserberger and Georgiana Cook are leading the leasing effort. “Office tenants, institutional investors, residents and commuters are recognizing the broader West Side’s vibrancy, distinguished by its industrialized roots and now marked by its unparalleled amenities and new projects across property types,” says Doyle, vice chairman, international director at JLL’s New York City office. “As a result, West Chelsea has emerged as a target destination for progressive companies and talent alike.” Designed by Studios Architecture, Hudson Arts Building will feature a 12,400-square-foot outdoor terrace and a multi-level level retail space totaling approximately 25,000 square feet. It will also include one of the larger newly built rooftop spaces in Manhattan. The site offers convenient access to several transit options, including the Highline, 23rd Street …
NORRISTOWN AND PERKASIE, PA. — Ready Capital has closed two loans for the acquisition, renovation and lease-up of two Class B, industrial properties in Pennsylvania. The properties are located in Norristown and Perkasie, two northern suburbs of Philadelphia. The two buildings comprise approximately 220,000 square feet. Upon acquisition, the sponsor will implement capital improvements at each property, while simultaneously leasing to market occupancy. The nonrecourse loans are structured with floating interest rates, 36-month terms, two extension options, flexible prepayment and facilities to provide future funding for capital expenditures, tenant leasing costs and interest and operating shortfalls. The loan amounts, property names and sponsors were undisclosed.
PEABODY, MASS. — MCR Development LLC, a hotel owner and manager headquartered in New York City and Dallas, has acquired the SpringHill Suites by Marriott Boston Peabody, a 164-room hotel located approximately 30 miles north of Boston. The sales price was $16.2 million. Situated at 43 Newbury St., the hotel offers convenient access to State Route 1 and Interstate 95. Amenities include a fitness center and saltwater pool. The property is MCR’s first in Massachusetts. New York City-based investor Lightstone Group was the seller.
NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 25,000-square-foot office sublease for Progyny, a fertility benefits management company, in Manhattan. Progyny will sublease the entire second floor of the office building located at 1359 Broadway for nine years. The company is relocating from its 13,000-square-foot space on the fourth floor of an office building located at 245 Fifth Ave. David Falk and Kyle Ciminelli of NKF represented Progyny in the sublease negotiations. Jared Freede of CBRE represented the sublandlord, IHS Markit.
GARFIELD, N.J. — StorageBlue, a storage operator serving the New York metropolitan area, has opened a 650-unit self-storage facility in Garfield, a northwestern suburb of New York City. Located at 170 River Drive, the 60,000-square-foot facility was redeveloped from a former macaroni factory. The conversion project began in August 2019 and is valued at $6 million. The facility offers amenities such as outdoor drive-up units, surveillance and U-Haul truck rental.
NEW YORK CITY — Ariel Property Advisors has arranged the $8.1 million sale of a nine-parcel residential development site in the Red Hook neighborhood of Brooklyn. Located at 185-199 Conover St. & 135 Dikeman St., the parcels offer a total of 27,436 developable square feet. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, Red Hook Building Co. The team also procured the buyer, Diamond Development Group.
BOSTON — IQHQ Inc. has acquired 109 Brookline Avenue, a 285,000-square-foot office and lab building in Boston’s Fenway neighborhood. Equity Commonwealth sold the asset for $270 million. IQHQ, formerly Creative Sciences Properties, used funds from a $770 million capital raise to make the acquisition. The company, which specializes in life sciences real estate development, will use the rest of the funds to invest in life sciences projects in its core markets of Boston, San Francisco and San Diego in the United States, as well as the Golden Triangle in the United Kingdom (Cambridge, London and Oxford). “Boston’s amazing life sciences cluster keeps fueling demand for high-quality space,” says John Bonanno, chief investment officer of IQHQ. “109 Brookline checks a lot of boxes for us — it’s adjacent to Fenway Center, easily accessible by public transportation and in a neighborhood with a history of full occupancy and a bright future.” According to LoopNet Inc., the three-story building was originally developed in 1915 and renovated in 2000. The property is located along the corridor between Kenmore Square and the Longwood Medical Area, which is home to some of the country’s leading medical and research institutions. The property is situated two blocks from …
NEW YORK CITY — JLL Project and Development Services has completed construction of Iona College’s new LaPenta School of Business, a 68,000-square-foot building in New Rochelle, a northern suburb of New York City. Development costs were approximately $38 million. The project included a complete renovation of the college’s existing four-story business school and the ground-up construction of a 35,000-square-foot addition. Peter Rader led the JLL project management team. Gensler served as the project architect, and Pavarini North East Construction Co. was the general contractor.
PISCATAWAY, N.J. — Third party logistics provider Hall’s Warehouse Corp. has renewed its 135,000-square-foot industrial lease in Piscataway, a southwestern suburb of New York City. The property is situated within Rutgers Industrial Center, a five-building, 535,000-square-foot complex located at 120 Circle Drive N. The tenant has leased space at the property since 2003. Brian Dudzinski of Atlantic Real Estate Services represented Hall’s in the lease negotiations. Levin Management Corp. is the asset manager of the complex.