SOUTHAMPTON, N.Y. — Greystone has provided a $58.8 million HUD-insured loan to refinance a skilled nursing facility in Southampton. Situated on nine acres on the South Fork of Long Island in The Hamptons, the 280-bed Hamptons Center for Rehabilitation & Nursing offers both short-term and long-term care and two separate, secure dementia care units. The facility is located close to affluent areas such as Sag Harbor, Bridgehampton and Sagaponack. The nearest skilled nursing facility is 15 miles away. Fred Levine of Greystone originated the fixed-rate, nonrecourse loan with a 35-year term and amortization.
NEW YORK CITY — Ariel Property Advisors has brokered the $15.9 million sale of a multifamily portfolio in Queens. The 72-unit portfolio includes three properties and spans 62,640 square feet. The four-story buildings are located on 65th Street between Central Avenue and Myrtle Avenue. Victor Sozio, Shimon Shkury, Michael Tortorici and Matthew Lev of Ariel Property Advisors represented the seller, 71-15 65th St. LLC, in the transaction. The buyer was a group led by Rockabill Development.
MEDFORD, MASS. — Charles River Realty Investors has acquired a 116,490-square-foot office building in Medford for an undisclosed price. The transaction was a sale-leaseback with the seller, Citizens Bank. Located at 20 Cabot Road, the property was built in 1987. Citizens Bank, currently occupies 85,200 square feet at the property and has signed a 10-year lease with Charles River Realty for the space. The remaining 31,290 square feet will be leased to new tenants. National Development will serve as the property manager. Charles River plans to make significant improvements to the building, including an updated lobby and common areas, a new fitness center, landscape enhancements and updated signage.
WORCESTER, MASS. — Marcus & Millichap has negotiated the $2.4M sale of an industrial facility in Massachusetts. Located at 344 Franklin St., the 300,000-square-foot property was 60 percent occupied at the time of sale. Harrison Klein and Matthew Pierce in Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. An existing tenant purchased the property pursuant to a right of first refusal.
NEW YORK CITY — HFF has secured $97.1 million in financing for 111 Leroy, a luxury condominium development in Manhattan’s West Village. HFF arranged the two-year, floating-rate financing through Rialto Capital Management on behalf of the borrower, Property Markets Group. Loan proceeds were used to finance unsold condo inventory at the development, which consists of 13 residences and four townhomes totaling approximately 50,000 square feet. HFF previously arranged construction financing for the project, which is now in the final stages of development. The property will include a 24-hour doorman, gym, resident’s lounge and landscaped yard with a fire pit and barbecue area. Christopher Peck and Kristen Knapp of HFF made up the debt placement team.
SHREWSBURY, N.J. — Investment and development firm Capitol Seniors Housing and operator Chelsea Senior Living have opened The Chelsea at Shrewsbury, an assisted living and memory care community located approximately 20 miles south of New York City. Development costs were estimated at $29.3 million for the three-story, 73,000-square-foot property. The community features a total of 85 units, 27 of which are for memory care. Meyer Senior Living Studio, based in the Philadelphia area, designed the community. Chelsea will collaborate with Shrewsbury’s Guild of Creative Arts, the oldest and largest art community in New Jersey, for amenities and activities. Chelsea Senior Living operates more than 17 communities, including 14 in New Jersey. In addition to The Chelsea at Shrewsbury, Capitol Seniors Housing is currently building another community Chelsea will operate in Greenburgh, N.Y., slated to open this September.
NEW YORK CITY — Knotel, a locally based designer and builder of flexible office space, has signed leases to open two locations totaling 70,924 square feet in New York City. Knotel will open a 43,520-square-foot space at 88 Pine Street in the Financial District and a 27,404-square-foot space at 1407 Broadway in Times Square. Elie Reiss of Skylight Leasing represented Knotel in negotiations for the first lease, and Michael Cohen and John Pavone of Colliers International represented Knotel in the second deal, which is a sublease from web hosting company GoDaddy. Jon Wheels and Chris Perry of Aquila Commercial represented GoDaddy in the latter transaction. Knotel, which operates locations in New York, San Francisco, Los Angeles, London, Berlin, Paris and Brazil, now has a global footprint of more than 3 million square feet across 200 sites.
PITTSBURGH — CBRE has arranged a 20,000-square-foot office lease for the Urban League of Greater Pittsburgh at Warner Centre, located at 332 Fifth Ave. in downtown Pittsburgh. The agency will occupy the entire fourth floor of the building. CBRE’s Christopher Koch, leasing agent for Warner Centre, negotiated the lease on behalf of the building’s owner, JJ Operating Inc., a family-owned real estate investment and management company based in New York City. The Urban League of Greater Pittsburgh, which recently celebrated its 100th anniversary, plans to occupy Warner Centre this summer. The move will provide the agency with the efficiency of operating on a single floor versus multiple floors at its existing Wood Street location. Warner Centre is situated in the center of downtown Pittsburgh, located next to the newly completed Point Park Playhouse. The landlord recently made improvements to the lobby of Warner Centre and plans to make upgrades to the elevators beginning this year. The mission of the Urban League is to enable African Americans to secure economic self-reliance, parity and power, and civil rights. The HUD-certified housing counseling agency offers a wide variety of programs.
NEW YORK CITY — Cushman & Wakefield has arranged the $1.6 million sale of a retail building in Ridgewood, Queens. Located at 57-45 Myrtle Ave., the three-story property is currently operating as a pet store but the tenant is expected to vacate the space. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the seller, Robert F. Gentile, in the transaction. The buyer was investor Isaac Azizian.
Rising costs of homeownership and the lack of SALT deductions on federal income tax returns will help maintain the strong demand for apartments in Northern New Jersey. We are seeing an increase in construction activity as municipalities settle their affordable housing lawsuits with developers and long-awaited projects, especially those located along major public transportation hubs, are completed. In Jersey City and Hoboken, these new projects are placing upward pressure on Class A vacancy as they take time to lease. We see an increase in more concessions being offered, which will dampen the appreciation of monthly rates. This could impact the upgraded Class B buildings, which find themselves battling for renters with recent finished projects and more affordable options that can be found inland. In areas west of the Gold Coast, we see continued higher occupancy rates with many landlords reporting well under 30 day turnover rates, unless major renovations are needed. Outside of Hudson County, the overall vacancy factor trends between 2 and 3 percent allowing for increased revenue, according to research from Marcus & Millichap. Landlords in strict rent control markets are faced with the decision of either renovating to increase rents via capital improvement programs or take advantage …