Northeast

CBRE Arranges Sale of 292,110 SF Industrial Portfolio in King of Prussia, Pennsylvania

by Alex Patton August 27, 2019

KING OF PRUSSIA, PA. — CBRE has arranged the sale of a 292,110-square-foot industrial portfolio in King of Prussia, a northwestern suburb of Philadelphia. The properties are located at 201 and 221 King Manor Drive, as well as 740, 780 and 820 Third Ave. The portfolio was 95 percent leased at the time of sale. Brad Ruppel, Michael Hines, Brian Fiumara and Lauren Dawicki of CBRE represented the sellers, Pennsylvania-based Endurance Real Estate Group and Texas-based Thackeray Partners, in the transaction. The sales price and buyer were undisclosed.

August 27, 2019

Acquisitions New York Northeast Retail

KFIR Capital Arranges $20.5M Sale of Retail Property in Brooklyn

by Alex Patton August 27, 2019

NEW YORK CITY — KFIR Capital, a New York-based firm, has arranged the $20.5 million sale of a multifamily property in Brooklyn. The 43,000-square-foot building at 210 Clarkson Ave. was vacant at the time of sale, formerly housed a Dollar Tree store and a private school. The buyer plans to develop part of the building into a residential property. Jake Blatter of KFIR represented the seller, New York-based 210 Clarkson Corp., in the transaction. Blatter also represented the buyer, a local investor.

August 27, 2019

Acquisitions New York Northeast Office

KZA Realty Brokers $7.2M Sale of Office Building in The Bronx

by Alex Patton August 27, 2019

NEW YORK CITY — KZA Realty Group, a Bronx-based firm, has brokered the $7.2 million sale of an office building in The Bronx. Built in 1921, the 11-story building at 2021 Grand Concourse includes 59,292 square feet of office space and a pharmacy on the ground floor. The offices have traditionally been leased to medical professionals. Kathy Zamechansky represented the seller, Bronx-based Gara Realty Co., in the transaction. Zamechansky also represented the buyer, Brooklyn-based Chera Realty Group, which plans to renovate the property.

August 27, 2019

Acquisitions Multifamily New Jersey Northeast

CRA Brokers $2.2M Sale of Two Multifamily Buildings in Jersey City

by Alex Patton August 27, 2019

JERSEY CITY, N.J. — Capital Realty Associates, a New Jersey-based firm, has brokered the sale of two multifamily buildings in Jersey City. The buildings, located at 458-460 and 549-551 Mercer St., consist of 14 residential units and a ground-floor retail space. The sales price represents a capitalization rate of 5 percent. Solomon Halberstam represented the seller in the and procured the buyer in the transaction, which were both undisclosed.

August 27, 2019

Connecticut Leasing Activity Northeast

O,R&L Negotiates 22,000 SF Commercial Lease in Cheshire, Connecticut

by Alex Patton August 27, 2019

CHESHIRE, CONN. — O,R&L Commercial, a Connecticut-based brokerage firm, has negotiated a 22,000-square-foot lease in Cheshire, a city located about 25 miles southwest of Hartford. Baseball training company D-BAT will open its second Connecticut facility at the formerly vacant industrial property. Luke Massirio of O,R&L represented the landlord, Sky Management LLC, in the lease negotiations. Brett Sherman of Angel Commercial represented D-BAT.

August 27, 2019

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $300M Sale of Multifamily Portfolio in New Jersey

by Alex Patton August 26, 2019

NEW JERSEY — Gebroe-Hammer Associates, a New Jersey-based firm, has brokered the $300 million sale of a multifamily portfolio with over 1,800 units in the Northeast Essex and Bergen counties of New Jersey. The portfolio comprises 134 buildings that primarily offer one- and two-bedroom layouts, as well as some duplex-style options. Ken Uranowitz, Joseph Brecher, Greg Pine, Debbie Pomerantz and Tim Blashford of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was a local investor.

August 26, 2019

Loans Multifamily New York Northeast

Amerant Provides $47M Acquisition Loan for Multifamily Property in Manhattan

by Alex Patton August 26, 2019

NEW YORK CITY — Amerant Bank has provided a $47 million acquisition loan for a 15-story multifamily and retail building in Manhattan. The residential portion of the property offers a mix of one- and two-bedroom apartments, while the retail portion is leased to boutique tenants. The loan was provided to a partnership between Ashkenazy Acquisition Corp, and Black Spruce Management. Additional terms of the loan were undisclosed.

August 26, 2019

Acquisitions New York Northeast Office

JLL Brokers $18M Sale of Medical Office Building in Syracuse

by Alex Patton August 26, 2019

SYRACUSE, N.Y. — JLL has brokered the $18 million sale of Crouse Medical Center, a 173,466-square-foot of medical office building in Syracuse. The property comprises two connected buildings that are 88 percent leased to medical tenants including Crouse Health System. Steven Rutman, Ben Appel, Jose Cruz and Rob Rizzi of JLL represented the seller, Brittonfield Associates, in the transaction. ICONIC Property Partners was the buyer.

August 26, 2019

Leasing Activity New York Northeast Retail

Cronheim Mortgage Arranges $13.5M Construction Loan for Retail Center in Upstate New York

by Alex Patton August 26, 2019

POUGHKEEPSIE, N.Y. — Cronheim Mortgage, a New Jersey-based firm, has arranged a $13.5 million construction loan for the redevelopment of Poughkeepsie Plaza in Upstate New York. Originally constructed in 1958, the 170,966-square-foot shopping center includes three pad sites for a total building area of 175,743 square feet. Current tenants include Home Depot, BJ’s, Hobby Lobby and Best Buy. The loan carries a seven-year term of interest-only payments followed by a 25-year amortization period.

August 26, 2019

Leasing Activity New York Northeast Office

Helmsley Spear Negotiates 56,000 SF Office Lease for WeWork in Manhattan

by Alex Patton August 26, 2019

NEW YORK CITY — Helmsley Spear has negotiated a 56,000-square-foot office lease for WeWork at 83 Maiden Lane in the Financial District of Manhattan. The 15-year lease comprises the entire 3rd, 4th, 5th and 6th floors of the building, which brings the property to 100 percent occupancy. Kent Swig and Andrew Simon of Helmsley Spear represented WeWork and the landlord, AHRC New York City, in the lease negotiations,

August 26, 2019

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