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 …
The strength of the New Jersey industrial market continues to evidence itself through consistent demand, rising rental rates and record low vacancy rates across the region. Much of the recent success has been the result of e-commerce growth and expansion among distribution and light manufacturing businesses looking to tap into the market’s port, air cargo, and major transportation networks. While developers have been working to bring new inventory to the market, the new space is being absorbed quickly, leaving tenants with limited options for space. The New Jersey industrial market has seen significant demand for the past 20 quarters and a steady, often rapid, rate of absorption. The market saw 13.6 million square feet of absorption in 2018, according to research from Avison Young. The epitome of this market expansion trend and the most obvious to investors is the activity along the New Jersey Turnpike, from Exit 8A where the market was at a staggering 1 percent vacancy rate at the end of 2018 up to the Exit 10 Edison Market, where rents may soon reach $9 per square foot net. Notable Deals A little farther north into the Carteret /Avenel and Linden/Elizabeth markets much of the activity is focused …
NEW YORK CITY — Bank OZK has provided a $95 million construction loan for an 85,000-square-foot, 15-story mixed-use condominium development on the Upper East Side of Manhattan. Located at 150 E. 78th St., the project will include 25 condominium units as well as several thousand square feet of ground-floor retail space. Bank OZK provided the financing to Midwood Investment & Development and EJS Real Estate. Terms of the financing were not disclosed. The developer plans to break ground on the project this summer.
WOODBURY, N.J. — Starkman Realty Group has negotiated the $6 million sale of Woodbury Manor Apartments, an 80-unit apartment community in Woodbury. Located at 546 Lafayette Ave., the property consists of all two-bedroom townhouse-style units. Jason Starkman of Starkman Realty represented the buyer, Olive Tree Management, in the transaction. The seller was a New York City-based investment group that had owned the property for 35 years.
BOSTON — Cornerstone Realty Capital has arranged a $3 million loan for the refinancing of a multifamily portfolio in Boston. The nine-unit portfolio includes a six one-bedroom, one two-bedroom, one three-bedroom and one five-bedroom unit. All units feature open floor plans, hardwood floors, stainless steel appliances and onsite laundry. Andrew Saccone of Cornerstone secured the financing on behalf of the undisclosed borrower. The lender was not disclosed. Terms of the financing included a fixed interest rate with a 30-year amortization schedule.
NEW YORK CITY — Cushman & Wakefield has arranged the $2 million sale of a retail property in Astoria, Queens. Located at 31-79 Steinway St., the 2,250-square-foot property is a single-story retail building with a full basement. The property offers an additional 4,500 square feet of air rights for future development. Stephen Preuss and Andreas Efthymiouof Cushman & Wakefield represented the seller, Steinway Sports & Recreation Center Inc., in the transaction. The buyer was ABS Partners Real Estate, a locally based investment firm.
PITTSBURGH, PA. — CBRE has arranged an office lease for Kennametal Inc. at an office tower in Pittsburgh’s central business district. Located at 525 William Penn Place, the 900,000-square-foot, 41-story office property is owned by investment group FAC 525. The tower is Pittsburgh’s fourth-largest office building in the CBD. Major capital improvements are nearing completion as part of a rebranding and redevelopment initiative at the property, including a complete lobby renovation, fitness center and reserved tenant parking.CBRE represented FAC 525 in the deal. Avison Young represented Kennametal in the lease transaction, the size of which was not disclosed.
GARDEN CITY, N.Y. — Brooklyn-based real estate investment firm JFR Global Investments has acquired two office buildings in Garden City for a total of $91 million. Atria East, which is located at 900 Stewart Ave. sold for $50 million while Atria West, which is located at 990 Stewart Ave., sold for $41 million. JFR plans to spend $4.2 million on upgrades and repairs to the 252,730-square-foot Atria East and $3.5 million on repairs and upgrades to the 297,339-square-foot Atria West. The seller was Onyx Equities and its partner, The Davis Cos.