NEW YORK CITY — A partnership between privately owned investment firm Harbor Group International and Image Capital LLC has acquired The Frederick, a multifamily property in Brooklyn, for $117 million. The Class A property, which was built in 2017, offers 193 units equipped with high-end kitchens and appliances. Amenities include a fitness center and a tenant lounge. The Frederick is located near Prospect Park, as well as several mass transit lines and retail options. Westwood Realty Associates brokered the deal. The seller was Heritage Equity Partners.
NEWARK, N.J. — Newmark Knight Frank (NKF) has negotiated the sale of 550 Broad Street, a 294,242-square-foot office tower in downtown Newark. The sales price was undisclosed. The 18-story, Class A building was built in 1966 and was recently renovated to add a new lobby, fitness center and café. Steven Schultz, Tony Georgiev, Josh Malka and Jeff Kolodkin of NKF brokered the sale in conjunction with live-bid commercial real estate sales platform RealINSIGHT Marketplace. The buyer was local investment firm Fidelco Realty Group, and the seller was undisclosed.
PLYMOUTH, MASS. — Marcus & Millichap has arranged the $5.8 million sale of a three-story, 67-room Comfort Inn hotel in Plymouth, located south of Boston. Marcus & Millichap’s Jerry Swon, Daniel Zagoria and Cameron Pierce represented the seller, a family trust that owned the property for several decades, and the undisclosed buyer. The hotel, which is located off Route 3, is franchised under Choice Hotels, which operates more than 6,300 hotels across 35 countries and territories.
CLIFFSIDE PARK, N.J. — General contractor Legacy Builders has completed the renovation of Apogee Co-Op, a 30-story multifamily high-rise at 250 Gorge St. on New Jersey’s Gold Coast. The property includes 315 units. As part of the facelift, Legacy overhauled and modernized the aesthetics of the entranceway, lobby and amenities of the property, which was originally built in 1972. Rental prices have appreciated more than 20 percent since renovations began in 2014. New York City-based Steven Kratchman Architect served as the project designer.
EAST RUTHERFORD, N.J. — Local developer Diversified Properties LLC has broken ground on a 480 Flatz, a 35-unit multifamily property in East Rutherford. The four-story property will offer one-, two- and three-bedroom apartments that will range in size from 700 to 1,100 square feet. Units will feature quartz countertops and stainless steel appliances, as well as proximity to public transit lines and retail hubs. Thomas J. Brennan Architects is designing the project.
We’ve seen it time and again: Companies go through a painstaking process of identifying suitable locations for developing new projects. They settle on a location and make a deal with the developer that is initially met with much fanfare — only to have the project eventually scuttled as a result of community opposition or governmental roadblocks. One need look no further than Amazon’s announcement of plans to locate half its HQ2 in New York City, representing 25,000 jobs, only to find it necessary to withdraw those plans in the face of challenges posed by so-called “community leaders.” Situations like that arise repeatedly, not only with the Amazons of the world, but also with lesser-known companies working with development partners to build new facilities, whether they be for office, industrial or retail uses. In many jurisdictions, the public approval process can be challenging to navigate. There is often a cacophony of voices from community residents, community organizations and governmental entities with different — sometimes conflicting agendas — that may or may not be economically viable or even in the community’s best interests. Those voices carry weight and are often enough to ground an ambitious project. The lessons we’ve learned as a …
NEW YORK CITY — Publicis Group, a French marketing, advertising and public relations firm, has signed a lease renewal and expansion at 375 Hudson Street in Manhattan. The firm is renewing its original 680,000-square-foot lease, which is set to expire in 2023, and taking on an additional 280,000 square feet. The new lease term is 20 years, and the firm will take occupancy of the expanded space in August. Tishman Speyer owns 375 Hudson, which was built in 1987 and spans a full city block from King to West Houston streets. Howard Fiddle, Paul Amrich, and Ben Joseph of CBRE represented ownership in the lease negotiations. John Maher, Paul Myers, Mike Wellen, Greg Maurer-Hollaender and Cara Chayet, also with CBRE, represented Publicis.
NEW YORK CITY — A partnership between two local investment firms, Camber Property Group and California-based Belveron Partners, has acquired Highbridge House, a 400-unit multifamily property in The Bronx, for $77 million. The property is located at 113 Ogden Ave. and originally opened in 1972. The new ownership plans to convert the property into an affordable housing complex and invest $3 million in capital improvements to the building’s elevator and utility systems. Aaron Jungreis of Rosewood Realty Group represented the seller, Stellar Management, and the buyers in the transaction. New York Community Bank provided a $57 million acquisition loan for the deal.
NEW YORK CITY — Boston-based Colliers International Group has formed Colliers Project Leaders | USA, a division of the global investment firm that combines project management, development management, planning and advisory services into one division. The new unit will focus on projects for a range of property types in the Northeast tri-state area, including healthcare, residential, mixed-use, hospitality and retail. In the United States and Canada, Colliers Project Leaders serves corporate, institutional and public sector clients with more than 780 professionals from 33 offices.
NEW YORK CITY — Hodges Ward Elliott (HWE) has arranged the $36 million sale of River Court and Gerard Court, a 252-unit multifamily property in The Bronx for $36 million. The complex, which is located at 1065-1075 Gerard Ave. near Yankee Stadium, offers studio, one- and two-bedroom units with elevator access. Daniel Parker, Paul Gillen and Ariel Tambor of HWE represented the seller, Related Cos., in the transaction. The buyer was Prana Investments, an investment firm with offices on both coasts.