NEW YORK CITY — Boston-based Colliers International Group has formed Colliers Project Leaders | USA, a division of the global investment firm that combines project management, development management, planning and advisory services into one division. The new unit will focus on projects for a range of property types in the Northeast tri-state area, including healthcare, residential, mixed-use, hospitality and retail. In the United States and Canada, Colliers Project Leaders serves corporate, institutional and public sector clients with more than 780 professionals from 33 offices.
NEW YORK CITY — Hodges Ward Elliott (HWE) has arranged the $36 million sale of River Court and Gerard Court, a 252-unit multifamily property in The Bronx for $36 million. The complex, which is located at 1065-1075 Gerard Ave. near Yankee Stadium, offers studio, one- and two-bedroom units with elevator access. Daniel Parker, Paul Gillen and Ariel Tambor of HWE represented the seller, Related Cos., in the transaction. The buyer was Prana Investments, an investment firm with offices on both coasts.
CAMP HILL, PA. — Marcus & Millichap has negotiated the sale of a 26,541-square-foot office property in Camp Hill, Pennsylvania. The property is located at 355 N. 21st St and Cumberland Blvd. The sales price was $3.9 million. The building offers 16 office suites leased to tenants in an array of industries, including medicine, finance and law. Craig Dunkle of Marcus & Millichap’s Philadelphia office represented the seller, 355 N. 21st Camp Hill Associates, as well as the buyer, Thank You Hashem, in the transaction.
NEW YORK CITY — Eastern Consolidated has topped out a 531-room, dual-branded hotel in the Chelsea neighborhood of Manhattan that will include the by Springhill Suites and TownePlace Suites brands. Designed by Gene Kaufman Architects, the 46-story property will ultimately span 178,000 square feet upon completion, which is slated for the end of 2019, according to local media sources. The two hotels will have separate lobbies, but will share a 1,500-square-foot public arcade, fitness center, meeting rooms and dining rooms. The property will also be located near several public transit lines, as well as Madison Square Garden and the Hudson Yards mixed-use development.
SUNDERLAND, MASS. — A partnership between Dallas-based Fountain Residential Partners and HC2 Capital has broken ground on a 150-unit student housing community near the University of Massachusetts Amherst. The property, which will include 38 units of affordable housing for other Sunderland residents, will offer one-, two- and three-bedroom floor plans. Amenities will include an 8,000-square-foot clubhouse with a gym, as well as outdoor gathering spaces. Stuart Roosth Architects designed the project, which is expected to be complete by summer 2020. Western Builders is serving as the general contractor.
NEW YORK CITY — W.P. Carey, a publicly traded REIT specializing in sale-leasebacks, build-to-suits and single-tenant net-leased properties, has completed the $70 million sale-leaseback of a food production and distribution plant in New York City. The seller and tenant was an undisclosed provider of ice cream and beverage products that has used the 400,000-square-foot property as its headquarters and primary production facility since it was founded. The tenant is under a triple-net lease with a term of 25 years.
MARLBOROUGH, TAUNTON AND FRANKLIN, MASS. — CBRE has arranged the $43.3 million sale of three industrial properties located throughout the Boston metro area. CBRE represented seller Calare Properties in the disposition of 417 South St., a 145,600-square-foot building in Marlborough that was 87 percent leased at the time of sale, for $14.2 million. CBRE also represented the seller, GFI Partners, in the sale of the 139,500-square-foot asset located at 385 Myles Standish Blvd. in Taunton and the 242,252-square-foot property located at 431 Washington St. in Franklin. The buyer in all three deals was San Francisco-based Berkeley Partners.
NEW YORK CITY — Avison Young has negotiated the sale of a seven-story multifamily building in Manhattan for $16.5 million. Located at 29 Fifth Ave., the property includes 12 multifamily units and two ground-floor commercial spaces. The property location offers proximity to Greenwich Village neighborhood, near Washington Square Park, New York University and Union Square, as well as several subway lines and popular retail destinations. Avison Young represented the seller in the deal and Hildreth Real Estate Advisors represented the buyer, both of which requested anonymity.
NEW YORK CITY — Locally based investment firm RFR has acquired 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. Built in 1953 and renovated in 2016, the property includes 11,000 square feet of street-level retail space. RFR will continue to enhance various features of the building by upgrading the façade, windows, landscaping and mechanical systems. The seller and sales price were not disclosed.
BROOKLYN, N.Y. — Lee & Associates has brokered the sale of two multifamily buildings in Brooklyn for $36.5 million. The properties include 145 Henry St., a six-story, 45-unit elevator building; and 15-19 Wyckoff St., a four-story, 40-unit walkup property. The buyer, Isaac Abraham, plans to renovate the properties to modernize amenities. Both buildings are located close to public transportation lines. Chris Varjan, Vickram Jambu, George Steffani and Jonathan Braun of Lee & Associates represented both the buyer and seller, the estate of Alan Frank, which previously owned and managed the buildings for more than 40 years.