Northeast

Marketing Firm Signs 960,000 SF Office Lease Renewal, Expansion in Manhattan

by Alex Patton July 9, 2019

NEW YORK CITY — Publicis Group, a French marketing, advertising and public relations firm, has signed a lease renewal and expansion at 375 Hudson Street in Manhattan. The firm is renewing its original 680,000-square-foot lease, which is set to expire in 2023, and taking on an additional 280,000 square feet. The new lease term is 20 years, and the firm will take occupancy of the expanded space in August. Tishman Speyer owns 375 Hudson, which was built in 1987 and spans a full city block from King to West Houston streets. Howard Fiddle, Paul Amrich, and Ben Joseph of CBRE represented ownership in the lease negotiations. John Maher, Paul Myers, Mike Wellen, Greg Maurer-Hollaender and Cara Chayet, also with CBRE, represented Publicis.

July 9, 2019

Acquisitions Multifamily New York Northeast

Camber, Belveron Acquire Multifamily Property in The Bronx for $77M

by Alex Patton July 9, 2019

NEW YORK CITY — A partnership between two local investment firms, Camber Property Group and California-based Belveron Partners, has acquired Highbridge House, a 400-unit multifamily property in The Bronx, for $77 million. The property is located at 113 Ogden Ave. and originally opened in 1972. The new ownership plans to convert the property into an affordable housing complex and invest $3 million in capital improvements to the building’s elevator and utility systems. Aaron Jungreis of Rosewood Realty Group represented the seller, Stellar Management, and the buyers in the transaction. New York Community Bank provided a $57 million acquisition loan for the deal.

July 9, 2019

Company News New York Northeast

Colliers International Launches New Project Leaders Division

by Alex Patton July 9, 2019

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.

July 9, 2019

Acquisitions Multifamily New York Northeast

Hodges Ward Elliott Arranges $36M Sale of Multifamily Complex in The Bronx

by Alex Patton July 9, 2019

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.

July 9, 2019

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Negotiates $3.9M Sale of Office Property in Camp Hill, Pennsylvania

by Alex Patton July 9, 2019

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.

July 9, 2019

Development Hospitality New York Northeast

Eastern Consolidated Tops Out 531-Room, Dual-Branded Hotel in Manhattan

by Taylor Williams July 8, 2019

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.

July 8, 2019

Development Massachusetts Multifamily Northeast Student Housing

Fountain Residential, HC2 Break Ground on 150-Unit Student Housing Asset Near UMass Amherst

by Taylor Williams July 8, 2019

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.

July 8, 2019

Acquisitions Industrial New York Northeast

W.P. Carey Completes $70M Sale-Leaseback for Food Production Plant in New York City

by Taylor Williams July 8, 2019

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.

July 8, 2019

Acquisitions Industrial Massachusetts Northeast

CBRE Arranges $43.3M Sale of Three Industrial Properties in Boston Area

by Taylor Williams July 8, 2019

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.

July 8, 2019

Acquisitions Multifamily New York Northeast

Avison Young Negotiates $16.5M Sale of Manhattan Multifamily Property

by Taylor Williams July 8, 2019

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.

July 8, 2019

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