Northeast

NAI James Hanson Negotiates 5,500 SF Medical Office Lease Extension in Clifton, New Jersey

by Alex Patton August 20, 2019

CLIFTON, N.J. — NAI James Hanson has negotiated a lease extension for a 5,500-square-foot medical office space in Clifton, a western suburb of New York City, for Kessler Institute for Rehabilitation Inc. The office is located within 1135 Broad Street, a three-story, 68,000-square-foot medical office building. Randy Horning and Darren Lizzack of NAI James Hanson represented the landlord, First Equity Development Co., in the lease negotiations. John Morrissey of Jackson Cross Partners represented Kessler.

August 20, 2019

Acquisitions New York Northeast Property Type Retail Top Stories

Alibaba Co-Founder Joseph Tsai Agrees to Purchase Barclays Center in Brooklyn for $700M

by John Nelson August 20, 2019

NEW YORK CITY — Joseph Tsai, co-founder of Chinese e-commerce giant Alibaba, has agreed to purchase Barclays Center, a 670,000-square-foot sports and entertainment arena that sits at the crossroads of Atlantic and Flatbush avenues in Brooklyn. The multi-purpose stadium is the home of the Brooklyn Nets NBA franchise and the NHL’s New York Islanders. Previous owner Mikhail Prokhorov, through his company Oneexim Sports and Entertainment Holding USA Inc., sold the arena to an entity controlled by Tsai for approximately $700 million, according to the New York Post. In a separate deal, Prokorov sold his 51 percent ownership in the Brooklyn Nets to Tsai, who purchased a 49 percent stake in the NBA franchise back in 2018. Multiple media outlets report the combined Nets and Barclays Center transactions will total more than $2 billion, bringing Tsai’s total investment to more than $3 billion. The transaction requires the approval of the NBA Board of Governors. Tsai is set to become the sole governor of the Nets franchise and owner of Barclays Center once the deal closes, which is expected by the end of September. “We are committed to maintaining Barclays Center’s iconic status by bringing together culture, community and entertainment for our …

August 20, 2019

Hospitality Loans New York Northeast

Madison Realty Capital Provides $83M Loan for Manhattan Hotel

by Alex Patton August 19, 2019

NEW YORK CITY — Madison Realty Capital, a New York-based lender, has provided an $83 million loan to recapitalize and rebrand a 230-room hotel in Manhattan. The loan proceeds allowed the borrower, Long Island-based McSam Hotel Group, to retire the existing debt on the property and transition the hotel to another brand. The hotel is located across from the Rockefeller Center.

August 19, 2019

Massachusetts Northeast Office

Bulfinch Acquires 193,000 SF Office Building in Cambridge, Massachusetts

by Alex Patton August 19, 2019

CAMBRIDGE, MASS. — Bulfinch, a Boston-based investment firm, has acquired a 193,000-square-foot office building in Cambridge. The office is located within the 27-acre Cambridge Discovery Park (CDP) development, and is 100 percent leased to market research company Forrester Research. With the acquisition, Bulfinch now owns all of CDP’s lab, office research and development facilities. People’s United Bank provided long-term financing for the acquisition.

August 19, 2019

Development Multifamily Northeast Pennsylvania Student Housing

Lehigh University, Greystar Open 426-Bed Residence Hall in Bethlehem, Pennsylvania

by Alex Patton August 19, 2019

BETHLEHEM, PA. — A partnership between Lehigh University and Greystar has opened SouthSide Commons, a 426-bed residence hall located on the university’s campus in Bethlehem, about 50 miles northwest of Trenton. The community offers fully furnished studio, two-, three- and four-bedroom units. Atkin Olshin Schade Architects designed the project, construction of which began in May 2018 and was completed July 2018.

August 19, 2019

Leasing Activity New Jersey Northeast Office

Cushman & Wakefield Negotiates Two Office Leases Totaling 4,920 SF in Somerset, New Jersey

by Alex Patton August 19, 2019

SOMERSET, N.J. — Cushman & Wakefield has negotiated two office leases totaling 4,920 square feet in Somerset, a city located about 40 miles east of New York City. The offices are situated within 200 Cottontail Lane, a 208,000-square-foot Class A office property. August eTech signed a 3,230-square-foot headquarters office lease, and Tekcon Construction signed a 1,800-square-foot regional office lease. Paul Giannone, Todd Elfand, Kevin Carton and Joe Vacca of Cushman & Wakefield represented the landlord, The Winter Organization, in both lease negotiations. Carolyn Sica of CBRE represented eTech.

August 19, 2019

Loans Multifamily New York Northeast Seniors Housing

Contemporary Provides $2.1M Mezzanine Loan for Refinancing of Seniors Housing Community in Upstate New York

by Alex Patton August 19, 2019

NEWFANE, N.Y. — Contemporary Healthcare Capital has provided a $2.1 million mezzanine loan for the refinancing of a 165-bed seniors housing community in Newfane, a city located about 40 miles north of Buffalo. The borrowers were affiliates of Maximus Healthcare Group. CoastalStates Bank (CSB) provided an accompanying senior loan. The loans will refinance an existing and maturing term loan originally provided by Contemporary and another regional bank for the acquisition of the facility.

August 19, 2019

Development Industrial New Jersey Northeast

Seagis Begins Construction of 415,533 SF Industrial Property in Kearny, New Jersey

by Alex Patton August 16, 2019

KEARNY, N.J. — Seagis Property Group, a Pennsylvania-based developer, has begun construction of a 415,533-square-foot industrial property in Kearny, a western suburb of New York City. The property features 40-foot clear heights, 88 dock doors, four drive-in doors and close access to the New Jersey Turnpike and Port Newark. Construction is slated for completion in early 2020.

August 16, 2019

Development Hospitality New Jersey Northeast

Aparium Completes 159-Room Hotel in Montclair, New Jersey

by Alex Patton August 16, 2019

MONTCLAIR, N.J. — Aparium Hotel Group, a Chicago-based developer, has completed The MC Hotel, a 159-room hotel in Montclair, a western suburb of New York City. The MC is Aparium’s first property on the East Coast, and the first hotel to open in Montclair since 1939. Designed by New York-based DYAMI Architecture, the building also houses Allegory, a contemporary American restaurant.

August 16, 2019

Connecticut Development Multifamily Northeast

Dakota Partners to Build 144-Unit Multifamily Community in Griswold, Connecticut

by Alex Patton August 16, 2019

GRISWOLD, CONN. — Dakota Partners, a Massachusetts-based developer, will build a 144-unit multifamily property in Griswold, about 50 miles east of Hartford. Dakota Partners purchased the land from Omega Healthcare for $1.3 million. More than 75 percent of the units will be leased as affordable housing. Construction is slated to begin in 2020. Ron Lyman of Lyman Real Estate represented both Dakota Partners and Omega Healthcare in the land sale.

August 16, 2019

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