NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $9.6 million sale of a 54-unit multifamily building in The Bronx. The five-story property, which was originally built in 1925, is located at 2474 Valentine Ave. in the Fordham Heights neighborhood. The buyer and seller were not disclosed. The deal closed at a capitalization rate of 5.5 percent. Aaron Jungreis of Rosewood handled the transaction on behalf of both parties.
NEW YORK CITY — A public-private partnership between The Community Preservation Corp. (CPC), Project FIND, the Joint Ownership Entity New York City (JOE NYC) and the New York City Department of Housing Preservation and Development (HPD) has received $6 million in financing for the renovation of Hargrave House. The 113-unit property is an affordable seniors housing community that is located at 111 W. 71st St. Project FIND, a nonprofit that supports low-income seniors, and JOE NYC, a nonprofit that supports affordable housing developers in the city, are the primary sponsors behind the project. The renovation work will upgrade the building’s elevators, energy systems, lobby and façade. Hargrave House was originally built in 1913 as a Renaissance hotel until it was converted into a residential use in the mid-1900s. An additional $3.5 million renovation plan was executed in 2001.
NEW YORK CITY — Colliers International’s project management team has completed a 12,000-square-foot, build-to-suit office project at One Penn Plaza in Manhattan for Dimension Data, a South Africa-based IT firm. Designed by Gensler, the office space features adjustable desks, shared employee workspaces, expansive views and access to an abundance of natural light. Dimension Data will occupy the 18th floor of the 57-story Penn Plaza, which spans approximately 2.7 million square feet. Vornado Realty Trust owns the building, which was originally built in 1972 and renovated in 1995.
EDISON, N.J. — Bridge Development Partners, a privately owned industrial development and acquisition firm, has purchased 7.4 acres in Edison, located south of Newark, for the construction of a 124,650-square-foot industrial building. The Class A facility, which will be branded Bridge Point Edison, will feature 36-foor clear heights, 23 exterior loading docks and parking for up to 62 vehicles. Bridge Point Edison will be located within two miles of I-287, a FedEx Ground facility and an Amazon sorting center. Barry Cohorsky, Andrew Kirshenbau, Barry Mayer and Arthur Hixson of NAI James E. Hanson represented Bridge in the land sale. Completion of the project is slated for the first quarter of 2020.
PHILADELPHIA — Locally based firm Estia Group will develop a 14-story Blu Ivy hotel at 122 S. 11th St. in Philadelphia. The 86-room property will house Anthos, a two-story restaurant that offers Mediterranean and Greek cuisine. Both the hotel and the restaurant, which will offer bar seating for 23 guests and floor seating for 198 patrons, are scheduled to be complete in fall 2020. The development team includes designer DAS Architects and structural engineer O’Donnell & Naccarato.
UNION CITY, N.J. — A joint venture between New York City-based Maya Capital Partners and Norfolk, Virginia-based Harbor Group International has acquired One23 Apartments, an 80-unit building in Union City, located across from Upper Manhattan. The sales price was $31 million. The property, which was fully occupied at the time of sale, offers one- and two-bedroom units, a fitness center and an outdoor sundeck. The seller was not disclosed.
PLAINVIEW, N.Y. — Silber Investment Properties, a brokerage firm specializing in retail real estate, has arranged the $8 million sale of a 13,000-square-foot building in the Long Island City of Plainview. Situated on 1.3 acres, the asset was triple net-leased to CVS at the time of sale. Adam Silber of Silber Investment Properties represented the seller, Pandem Enterprises, in the transaction. Silber also procured the buyer, JRI 28CI LLC, a New York City-based real estate investment group.
NEW YORK CITY — The Feil Organization, a New York City-based commercial owner-operator, has negotiated a pair of retail leases totaling 2,654 square feet at 488 Madison Avenue in Manhattan. Beginning this fall, France-based Mephisto Shoes will occupy 1,864 square feet and Asian restaurant Mighty Bowl will occupy 800 square feet. Other tenants at the property include Indochino, Bonobos Guideshops and UNTUCKit. 488 Madison Avenue, which was built in 1948 and renovated in 2016, is 23 stories tall and spans 477,000 square feet.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $50 million first mortgage loan for the development of a mixed-use project in Brooklyn that will include 41 residential units and 12,625 square feet of ground-floor retail space. An office building and additional development site located in the borough’s Broadway Triangle neighborhood partially collateralize the loan. According to local media sources, the borrowers were Abraham Brach and Parkview Management, which will use the proceeds to retire existing debt and fund construction of the mixed-use property. Construction is expected to be complete by the fourth quarter.
HOWELL, N.J. — JLL has arranged a $46.5 million loan for the refinancing of Greenleaf at Howell, a 290,000-square-foot retail power center in Howell, approximately 30 miles east of Trenton. Aaron Appel, Jonathan Schwartz, Keith Kurland, Brett Rosenberg, Adam Schwartz and Brandon Krupetsky of JLL placed the debt through JPMorgan Chase on behalf of the borrower, Sun Equity Partners LLC. A B.J.’s Wholesale Club anchors the property, which is located at the intersection of U.S. Route 9 North and Lanes Mill Road. Approximately 87,000 people live within a three-mile radius of the center, which sees a daily traffic count of roughly 40,000 vehicles.