PHILADELPHIA — Pembrook Capital Management has provided a $9.1 million loan for the construction of a 70-unit multifamily project in the Kensington neighborhood of Philadelphia. Located at 1427 Germantown Ave., the 53,575-square-foot property will also include ground-floor retail. Pembrook provided the financing to the undisclosed borrower, who plans to build smaller, more affordable rental housing at the project than is common in the nearby Northern Liberties and Fishtown neighborhoods.
NEW YORK CITY — GFI Realty Services has brokered the $10.4 million sale of two apartment buildings in the Midwood section of Brooklyn. Located at 2031 and 2233 Ocean Ave., the pre-war properties comprise 47 units and a total of 33,040 square feet. Both properties are four-story walk-up buildings. Erik Yankelovich of GFI represented both the buyer and seller in the transaction, both local investors.
JERSEY CITY, N.J. — Madison International Realty has acquired a 5 percent ownership stake in Mack-Cali Realty Corp. The stake equates to approximately 4.5 million shares. Based in Jersey City, Mack-Cali is an owner, manager and developer of five million square feet of office space and 4,400 multifamily units on the New Jersey waterfront. Ronald Dickerman, president of Madison International Realty, said that the company is transitioning to a ‘focused play on prime office and multifamily residential properties on the New Jersey waterfront.’ Madison International Realty specializes in acquiring private ownership stakes, joint venture positions, and listed property shares in properties and portfolios in major markets in the U.S., U.K. and Western Europe.
NEW YORK CITY — A partnership between local investment firm TF Cornerstone Inc. and MSD Partners, the investment advisory firm of tech billionaire Michael Dell, will redevelop the Grand Hyatt hotel in Midtown Manhattan. The property, once partially owned by The Trump Organization, will be converted into a mixed-use destination. According to the New York Daily News, the 26-story building represents one of President Donald Trump’s first major real estate deals in Manhattan. In 1978, The Trump Organization partnered with Hyatt to buy the property, then known as Hotel Commodore, and undertake $100 million in renovations. The paper reports that Trump sold his share of the property in 1996 for $140 million. The new development, located at 42nd Street and Lexington Avenue, would replace the existing building with office and retail space, as well as a new luxury hotel, totaling roughly 2 million square feet of commercial space. The project would also upgrade the infrastructure of the existing public transit at the site. “Hyatt first entered the critical New York market with the flagship Grand Hyatt New York, and the hotel has always been one of our most iconic properties and vital locations,” says Mark Pardue, senior vice president of operations and …
NEW YORK CITY — Madison Realty Capital has provided a $52.5 construction loan for a mixed-use development in the Washington Heights neighborhood of Manhattan. Located at 4452 Broadway, the seven-story, 134,475-square-foot project will include 129 residential units and 11,000 square feet of retail space. The project is being built under the Affordable New York program and will include a mix of 70 percent market-rate units and 30 percent reserved for those making a certain percentage of area median income. The property site consists of two adjacent lots totaling 24,280 square feet with 75 feet of frontage on Broadway and 303 feet on Fairview Avenue. The borrower, HAP Investment Developers, acquired the property in 2013.
NEW YORK CITY — JLL Capital Markets has arranged a $36.7 million construction loan for a mixed-use project on the border of the Chelsea and Flatiron neighborhoods of Manhattan. Located at 128-130 W. 23rd St., the 37,752-square-foot, 15-story project will include 30 residential units and 3,673 square feet of retail space. The property will also feature 2,500 square feet of amenity space including a fitness center and rooftop space. Jonathan Schwartz, Max Herzog, Brett Rosenberg and Chris Byrns of JLL Capital Markets secured financing for the borrowers, Pan-Brothers Association and Valyrian Capital. The lender was CapitalSource. Terms of the financing were not disclosed.
WOODSIDE, N.Y. — NAI Queens has arranged the $3.6 million sale of an 8,000-square-foot warehouse in Woodside. Located on 56th St., the two-story property was built in 1970 and features two drive-in doors as well as 10-foot clear heights. Brian Sarath of NAI Queens represented the seller, Nancy Siegel, in the transaction. The buyer was Susan Wu.
RAHWAY, N.J. — Marcus & Millichap has brokered the $2.4 million sale of Heritage House, a 21-unit multifamily building in Rahway. Located at 1909 Church St., the property is approximately one mile from the Rahway Train Station and two miles from the Linden Train Station as well as 22 miles southeast of New York City. Fahri Ozturk, Richard Gatto and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.
SUSSEX, N.J. — Redwood Realty Advisors has negotiated the $9.5 million sale of Wilson Manor, a 68-unit apartment community in Sussex. Located at 1 Wilson Road, the seven-building property was built in the 1960s. Each building at the nearly 7-acre community is two-stories. Kevin McCrann and Jeremy Wernick of Redwood Realty represented the seller, a long-term owner, in the transaction. The buyer was undisclosed.
BOSTON — Computer software and services company PTC has relocated to a new 250,000-square-foot global headquarters in Boston’s Seaport District. PTC relocated its headquarters in Needham to 121 Seaport Blvd., a newly constructed 17-story, 400,000-square-foot office building. The property will house 1,000 of PTC’s 6,000 employees worldwide. The open design of PTC’s office includes conference rooms and meeting spaces around the building core on each floor as well as a themed work café and coffee space. The office will feature no private offices and no assigned seats. Cresa represented PTC in the site-selection process, lease administration, transaction management, workplace strategy and project management. Gilbane Building Co. served as construction manager and Margulies Perruzzi Architects served as architectural and interior designer on the project. A joint venture of American Realty Advisors and Norges Bank Real Estate Management owns 121 Seaport.