Northeast

Gebroe-Hammer Arranges $12M Sale of Multifamily Property in Plainfield, New Jersey

by Alex Patton April 1, 2020

PLAINFIELD, N.J. — Gebroe-Hammer Associates has arranged the $12 million sale of Stoney Brooke Gardens, a 70-unit multifamily property in Plainfield, a western suburb of New York City. Located at 643-715 E. Front St., the garden-style apartment complex was built in 1961 and features two-bedroom floor plans exclusively. The property is located within walking distance of multiple retail and dining destinations as well as two rail service stations. Stephen Tragash of Gebroe-Hammer represented the seller, Stoney Brook Associates LLC, in the transaction. Tragash also procured the buyer, a private investor.

April 1, 2020

Acquisitions Connecticut Industrial Multifamily Northeast Office Retail

Chozick Realty Negotiates $5M Sale of Commercial Portfolio in Vernon, Connecticut

by Alex Patton April 1, 2020

VERNON, CONN. — Chozick Realty Inc. has negotiated the $5 million sale of a portfolio of commercial properties in Vernon, a northeastern suburb of Hartford. The portfolio included the 65-unit Westar Apartments, an 8,600-square-foot warehouse, a 2,400-square-foot office building, a 1,700-square-foot retail property and an eight-unit apartment building. Tom Boyle of Chozick Realty represented the undisclosed seller in the transaction. Boyle also procured the buyer, a regional multifamily investor.

April 1, 2020

Industrial Leasing Activity New Jersey Northeast

MetroMultimedia Signs 18,000 SF Industrial Lease in Hackensack, New Jersey

by Alex Patton April 1, 2020

HACKENSACK, N.J. — Audiovisual technology company MetroMultimedia has signed an 18,000-square-foot industrial lease at 211 S. Newman St. in Hackensack, a northwestern suburb of New York City. The landlord, The Stro Companies, acquired the property in June 2019 and implemented a capital improvement plan that included upgrades to the roof, parking area, truck court, windows and façade, and also expanded the building’s loading capabilities. Andrew Somple, Scott Perkins and Justin Allessio of NAI James Hanson represented the landlord in the lease negotiations. MetroMultimedia was represented internally.

April 1, 2020

Acquisitions New York Northeast Office Top Stories

Paramount Agrees to Sell Interest in $2.4B Midtown Manhattan Skyscraper

by Kristin Harlow April 1, 2020

NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has agreed to sell a 10 percent interest in 1633 Broadway, a 2.5 million-square-foot office tower located on Broadway between 50th and 51st streets in Manhattan. While the price and buyer were not disclosed, the seller says the transaction values the property at $2.4 billion and netted a profit of $114 million for the company. The transaction is scheduled to close in the second quarter. Floor plates at the 48-story building range from 37,000 to 54,000 square feet. The property features a newly renovated lobby, 40 elevators, direct access to the New York City subway system and a 250-space parking garage. The property is located in the heart of Manhattan’s Theater District, with both Gershwin Theater and Circle In The Square Theater located in the building. The location is two blocks from Radio City Music Hall and Rockefeller Center, four blocks from Times Square and seven blocks from Central Park. “With this pending sale of a joint venture interest in 1633 Broadway, we have successfully proven the value of this enormous trophy asset at levels well above what is implied by our stock price,” says Albert Behler, chairman, CEO and president …

April 1, 2020

Northeast Pennsylvania

Pennsylvania Governor Extends School, Business Closures Indefinitely Due to Coronavirus

by Alex Patton March 31, 2020

HARRISBURG, PENN. — Schools and nonessential businesses in Pennsylvania will remain closed indefinitely due to the novel coronavirus, COVID-19, according to a Pennsylvania Gov. Tom Wolf. The governor previously closed all nonessential businesses for a period of two weeks but has extended the time frame after increased cases of the virus in the state. Wolf also extended the state’s shelter-in-place order to April 30. As of March 31, The Wall Street Journal tracked 4,155 cases in Pennsylvania and 51 confirmed deaths. President Donald Trump has extended social distancing guidelines, including avoiding nonessential travel and gatherings of groups larger than 10 people, until at least April 30.

March 31, 2020

Acquisitions New York Northeast

JLL Brokers $61.5M Sale of Development Site in Brooklyn’s Dumbo Area

by Alex Patton March 31, 2020

NEW YORK CITY — JLL has brokered the $61.5 million sale of a development site located at 29 Jay St. in the Dumbo neighborhood of Brooklyn. At the time of sale, the site housed a 21,000-square-foot industrial building.The property offers a maximum development potential of more than 200,000 square feet that can be zoned for residential or commercial construction. Details of the buyer’s redevelopment plans for the property were not disclosed. Bob Knakal, Stephen Palmese and Brendan Maddigan of JLL represented the seller, the Forman Group, in the transaction. The team also procured the buyer, Edward J. Minskoff Equities Inc.

March 31, 2020

Acquisitions Healthcare Massachusetts Northeast Office

Legacy Real Estate Acquires 84,000 SF Office, Healthcare Building in Lowell, Massachusetts

by Alex Patton March 31, 2020

LOWELL, MASS. — Legacy Real Estate Ventures has acquired 55 Technology Drive, an 84,000-square-foot office and healthcare building in Lowell, located approximately 30 miles north of Boston. At the time of sale, the property was 100 percent leased to Lowell General Hospital, Borrego Solar, the Commonwealth of Massachusetts, software developer Contract Logix and tech company Diagnosys. Anthony Biette of Peak Real Estate Partners represented the seller, a joint venture between Novaya Real Estate Ventures LLC and Hawk Properties. Biette also procured Legacy as the buyer. The sales price was undisclosed.

March 31, 2020

Acquisitions Massachusetts Northeast Office

Kelleher & Sadowsky Negotiates $13M Sale of Office Building in Worcester, Massachusetts

by Alex Patton March 31, 2020

WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has negotiated the $13 million sale of an 85,000-square-foot office building in Worcester, located approximately 45 miles west of Boston. Located at 324 Clark St., the building was 100 percent leased at the time of sale. Tenants include the Department of Developmental Services, Department of Early Education and Care, South Bay Community Services and Nouria Energy Corp. Donald Mancini and James P. Cozza of Kelleher & Sadowsky represented the seller, Worcester Investment Group, in the deal. The team also procured the buyer, Lowfield Realty Group. Cornerstone Bank provided acquisition financing for the buyer.

March 31, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Arranges $11.9M Sale of Shops at Red Lion Retail Center in Philadelphia

by Alex Patton March 31, 2020

PHILADELPHIA — Marcus & Millichap has arranged the $11.9 million sale of Shops at Red Lion, a 24,688-square foot retail property located in Philadelphia. Located at 10000-90 Roosevelt Blvd., the property was 100 percent leased at the time of sale to tenants such as Starbucks, Verizon and Dunkin’. Derrick Dougherty, Mark Krantz and Scott Woodard of Marcus & Millichap represented the seller, a limited liability company affiliated with Abrams Realty Development, in the transaction. The team also procured the buyer, a limited liability company controlled by David Adam Realty.

March 31, 2020

California New York Retail Top Stories Wisconsin

Gap, Macy’s, Kohl’s to Furlough Most Employees as Stores Remain Closed During COVID-19 Pandemic

by John Nelson March 31, 2020

SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the United States has 140,904 confirmed cases of COVID-19 and 2,405 related deaths as of Monday, March 30. Until stores begin to reopen, the companies will pause payments to a majority of their staff while still offering applicable benefits to those affected. Luxury retailer Neiman Marcus is also reportedly furloughing most of its 14,000 employees. Gap (NYSE: GPS) has announced that its leadership team and board of directors will take a temporary reduction in pay. Gap’s brands, which include Gap, Old Navy, Banana Republic, Athleta, Hill City, Janie and Jack and Intermix, will still be available through the company’s online platform. “After taking the extraordinary measures of temporarily closing all …

March 31, 2020

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