Northeast

Partnership Opens 260-Unit Multifamily Community in Jersey City

by Taylor Williams June 11, 2019

JERSEY CITY, N.J. — A partnership between BNE Real Estate Group, Hoboken Brownstone Co. and McKinney Properties has opened The Enclave, a 260-unit multifamily community in Jersey City. Designed by local architecture firm Minno & Wasko, The Enclave features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, in-home washers and dryers and private balconies in select units. Amenities include a rooftop terrace with a pool, private grilling areas and an outdoor bar, as well as a dog run and spa, multiple entertainment lounges, a game room, coworking space, fitness center and a children’s play area. Residents can also enjoy certain services, such as concierge, package handling, pet care and bike storage.

June 11, 2019

5-Garret-Mountain-Plaza-Woodland-Park-New-Jersey

Development New Jersey Northeast Office

MDC to Redevelop 101,880 SF Office Building in Woodland Park, New Jersey

by Taylor Williams June 11, 2019

WOODLAND PARK, N.J. — Mountain Development Corp. (MDC) will reposition 5 Garret Mountain Plaza, a 101,880-square-foot office building in Woodland Park, located in the northern part of the Garden State. The freestanding property is situated on Interstate 80 and is part of a 30-acre campus. MDC will undertake a full renovation, including upgrades to HVAC systems and the introduction of new amenities like a rooftop deck and surrounding walking trails. Newmark Knight Frank will handle leasing of the property following completion of the project, a timeline for which was not disclosed.

June 11, 2019

Leasing Activity New York Northeast Office

Greenhill Signs 78,000 SF Office Lease at Manhattan’s Rockefeller Center

by Taylor Williams June 11, 2019

NEW YORK CITY — Global investment bank Greenhill & Co. has signed a 78,000-square-foot office lease at the former Time & Life building within Manhattan’s Rockefeller Center. Rockefeller Group, which owns the 48-story building located at 1271 Avenue of the Americas, is wrapping up a $600 million redevelopment program that is scheduled for completion by year’s end. Following Greenhill’s relocation from 300 Park Avenue in 2020, the building will be close to fully leased. Michael Geoghegan, Andrew Sussman and Peter Gamber of CBRE represented Greenhill in the lease negotiations. Mary Ann Tighe, Howard Fiddle, John Maher, Evan Haskell and Dave Caperna of CBRE represented Rockefeller Group, along with internal associates Ed Guiltinan and Jennifer Stein.

June 11, 2019

Acquisitions Industrial Massachusetts Northeast

F.W. Webb Acquires 75,000 SF Industrial Building Near Worcester

by Taylor Williams June 11, 2019

AUBURN, MASS. — The F.W. Webb Co., a wholesale distributor of plumbing, heating and cooling products, has purchased a 75,000-square-foot industrial building at 33 Sword St. in Auburn, just west of Worcester. The property, which fetched a sales price of about $4.4 million, is situated on three acres and was formerly owned by Imperial Distributors, which services non-food merchandisers that sell products in grocery stores. David Stubblebine and James Stubblebine of The Stubblebine Co., a brokerage firm active throughout New England, negotiated the transaction.

June 11, 2019

Development Multifamily New York Northeast

Ares, Douglaston to Develop 931-Unit Residential Tower at Manhattan’s Hudson Yards

by Taylor Williams June 10, 2019

NEW YORK CITY — A joint venture between Ares Corp. and Douglaston Development will develop 601 West 29th Street, a 931-unit residential tower that will be located at the intersection of Manhattan’s Hudson Yards and West Chelsea neighborhoods. The property, which will span a full city block and rise 58 stories, will comprise 697 market-rate units and 234 affordable units, as well as 186 parking spaces and 15,000 square feet of ground-floor retail space. Amenities will include a pool, fitness center, outdoor terraces, resident lounges and pet care services. A syndicate of banks led by HSBC and including Bank of China and Raymond James Bank provided construction financing. Greystone arranged the debt. Demolition work on the site is underway and completion is slated for late 2022.

June 10, 2019

Sands-Casino-Resort-Bethlehem-Pennsylvania

Acquisitions Hospitality Northeast Pennsylvania Retail

Wind Creek Acquires Sands Casino Resort in Bethlehem, Pennsylvania, for $1.3B

by Taylor Williams June 10, 2019

BETHLEHEM, PA. — Wind Creek Hospitality (WHC), an authority of the Poarch band of Creek Indians, a federally recognized tribe in Alabama, has acquired the Sands Casino Resort in Bethlehem, Pennsylvania, for $1.3 billion. The property, located in the Lehigh Valley region, will be rebranded as Wind Creek Bethlehem. Sands Casino Resort consists of a 282-room hotel and a 183,000-square-foot casino with 3,000 slot machines, 200 gaming tables and multiple restaurants. The property also features a 150,000-square-foot retail mall and an event center. The new ownership plans to invest $340 million in updating and expanding the property to include two new hotels totaling 700 to 750 rooms and a 300,000-square-foot adventure and water park. The seller was not disclosed.

June 10, 2019

Development Multifamily New York Northeast

RDC Completes $560M Apartment Redevelopment Project in Queens

by Taylor Williams June 10, 2019

NEW YORK CITY — RDC Development has completed its redevelopment of Ocean Bay Apartments, a project valued at $560 million. Ocean Bay, which houses 1,395 units and nearly 4,000 residents, was damaged in a storm and forced to undergo a two-year rehabilitation project that featured renovated kitchens, bathrooms and bedrooms. The rehab project also saw the replacement of roofs, as well as upgrades to elevators, utility systems and public hallways. RDC financed the redevelopment through HUD’s Rental Assistance Demonstration (RAD) program, which stipulates that the refreshed units remain affordable to low-income households.

June 10, 2019

Leasing Activity New York Northeast Office

Payroll, HR Software Firm Signs 270,000 SF Office Lease in Manhattan

by Taylor Williams June 10, 2019

NEW YORK CITY — Justworks, a provider of payroll, HR and compliance software, has signed a 270,000-square-foot office lease at 55 Water St. in Manhattan. Beginning in the second quarter of 2020, the company will relocate to the 3.8 million-square-foot complex, more than doubling the size of its current space at 601 W. 26th St. Howard Fiddle, Evan Haskell, Brad Gerla, Dave Caperna and Mary Ann Tighe of CBRE represented the landlord, New Water Street Corp., a subsidiary of the Retirement Systems of Alabama, in the lease negotiations. Chris Helgesen, Peter Trivelas, Dirk Hrobsky and Gary Ceder of Cushman & Wakefield represented Justworks. The average asking rent at 55 Water St., which was recently repositioned, is $58 per square foot.

June 10, 2019

Delaware Hospitality Loans Northeast

Axilla Capital Arranges $12M CMBS Loan to Refinance Hotel in Delaware

by Taylor Williams June 10, 2019

REHOBOTH BEACH, DEL. — Axilla Capital, a Michigan-based finance and advisory firm, has arranged a $12 million CMBS loan. The funds will refinance a Fairfield Inn & Suites hotel in the coastal Delaware city of Rehoboth Beach. Joel Mazur and Tom Fleming of Axilla arranged the loan, which carries a fixed interest rate below 5 percent and a 10-year term, on behalf of an undisclosed borrower. The lender was also undisclosed

June 10, 2019

Acquisitions Florida Georgia Midwest Missouri Multifamily Northeast Pennsylvania Southeast Top Stories

Investcorp Acquires 11 Multifamily Properties Across U.S. for $370M

by Taylor Williams June 10, 2019

NEW YORK CITY — Global asset manager Investcorp, which is based in Bahrain and has its U.S. office in New York City, has acquired 11 multifamily properties totaling 2,615 units across the United States. The sales price was $370 million. The properties are located throughout six primary markets: Orlando, Tampa, Raleigh, Atlanta, Philadelphia and St. Louis. Madison Apartment Group, an affiliate of the seller, Philadelphia-based Equus Capital Partners, will continue to manage the communities after overseeing capital improvement programs at each property. The portfolio was approximately 95 percent leased at the time of sale with an average construction date of 1994 and an average unit size of 1,020 square feet. Equus acquired the properties between 2013 and 2015 and collectively spent about $20 million upgrading them. “The portfolio is positioned to deliver an attractive, stable and predictable cash flow for the new venture with Investcorp, while at the same time the markets continue to support further enhancement opportunities and ability to push rents higher,” says Christopher Locatell, senior vice president and director of dispositions for Equus. Investcorp executives noted that the deal marked the firm’s largest real estate acquisition in the United States in the last decade, and was appealing …

June 10, 2019

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