NEW YORK CITY — Dental care practitioners Prosthodontic Associates of New York has signed a 5,135-square-foot medical office lease in Manhattan. The company will move into a portion of the 26th floor at 370 Lexington Avenue in the first quarter of 2020. Seth Rosen and Ken Salzman of Lee & Associates represented Prosthodontic Associates in the lease negotiations. David Israni and Gayle Kennedy represented the landlord, Broad Street Development, on an internal basis.
NEW YORK CITY — La Prairie, a Swiss manufacturer of skincare products, has signed an 8,200-square-foot office lease in Manhattan. The company will move into a portion of the 40th floor of 41 Madison Avenue in the first quarter of 2020. The lease is for 10 years. John Mambrino, Nick Farmakis and Michael Bertini of Savills Inc. represented La Prairie in the lease negotiation. Robert Steinman represented the landlord, The Rudin Family, on an internal basis.
CHELSEA, MASS. — Cushman & Wakefield has brokered the sale of 22 Willow Street, a 287,856-square-foot industrial property in Chelsea, a northern suburb of Boston. The asset is situated within an 8.4-acre industrial complex leased to 52 tenants across a variety of industries. Rob Byrne, Scott Gredler, Pete Rogers, Mary Kensinger, Phillip Verre and James Murphy of Cushman & Wakefield represented the seller, Everett Place LLC. The buyer was a joint venture between Berkeley Partners and the Seyon Group.
BARNSTABLE, MASS. — Callahan Construction Managers has completed construction of The Everleigh Cape Cod, a 225-unit independent seniors housing community in Barnstable. The property comprises a four-story, 338,695-square-foot building with one- and two-bedroom units for residents aged 55 and up. The development features more than 17,000 square feet of recreational space, including a pool, dog park, pickleball and bocce courts, theater and a fitness center. The Architectural Team designed the property, and Greystar owns and manages it.
NEWINGTON, N.H. — Farley White has begun development of 90 Arboretum Drive, a 72,000-square-foot speculative office building in Newington, located approximately 40 miles east of Concord. Farley White will develop the building adjacent to its 100 Arboretum Drive property, a 130,000-square-foot office building anchored by Long Term Care Partners. John Broderick and Stephen Horan of Colliers International secured a $29 million loan from Berkshire Bank to finance the property, which is slated for completion in early 2020.
NEW YORK CITY — Grocery retailer Brooklyn Harvest Market has signed a 10,000-square-foot lease in the East Williamsburg neighborhood of Brooklyn. The grocer will move into the ground floor of a building at 781 Metropolitan Ave. in mid-2020 for a term of 20 years. In addition to produce and other groceries, the store will offer a full-service butcher, seafood counters and prepared meals. Brooklyn Harvest currently operates three stores, including two others already in Brooklyn and one in Astoria. Garry Steinberg and Richard Kave of Lee & Associates represented Brooklyn Harvest in the lease negotiations. Hymie Dweck of Newmark Knight Frank represented the landlord, Adam America.
BRIDGEWATER, N.J. — CBRE has negotiated a 115,000-square-foot sublease for health information and research company IQVIA in Bridgewater, 35 miles west of New York City. The property, located at 77 Corporate Drive, is a four-story office building with a café, conference center and walking trails. The transaction follows the 2017 merger between IMS Health and Quintiles, which resulted in the creation of IQVIA, and allows the company to consolidate multiple regional facilities. Remy deVarenne and Sean Morley of CBRE negotiated the sublease on behalf of the sublandlord, Legacy Investors.
NEW YORK CITY — SL Green has agreed to sell 220 East 42nd Street, also known as The News Building, in Manhattan for $815 million. The 37-story building, originally the headquarters for The New York Daily News, was 97 percent occupied at the time of sale by tenants including the Visiting Nurse Service of New York, local television station WPIX and the United Nations. Adam Spies and Doug Harmon of Cushman & Wakefield facilitated the transaction along with Robert Verrone of Iron Hound Management. The deal is expected to close in the first quarter of 2020. Commercial Observer reported that the buyer was Jacob Chetrit of The Chetrit Organization. SL Green purchased the property in February 2003 for $265 million
WILKES-BARRE, PA. — Senior Living Investment Brokerage (SLIB) has brokered the sale of Little Flower Manor and St. Luke’s Villa, both in Wilkes-Barre, which is located approximately 100 miles north of Philadelphia. Little Flower Manor is a 133-bed skilled nursing facility with an attached 60-unit personal care building called St. Therese Residence. One mile away is St. Luke’s Villa, a 50-bed skilled nursing, 48-unit personal care, and 31-unit independent living community. The Diocese of Scranton sold the properties to a local nonprofit buyer for an undisclosed price. Toby Siefert and Ryan Saul of SLIB handled the transaction.
ABINGTON, PA. — HJ Sims has arranged $61.6 million in financing for an expansion project at Rydal Park, a continuing care retirement community in Abington, located approximately 10 miles north of Philadelphia. The expanded property will be rebranded as Rydal Waters, and will sit on 33 acres and comprise 84 two-bedroom cottages. The project also includes a clubhouse, and the location is walking distance to restaurants, a grocery store and a rail station. The financing for the expansion is a draw-down, bank-held, tax-exempt loan with three years of interest-only payments and a 30-year amortization schedule. Presby’s Inspired Life, an affiliate of HumanGood, operates the community. The first phase of construction is scheduled for completion in 2020.