NEW YORK CITY — Cushman & Wakefield has arranged the $1.9 million sale of a four-unit multifamily building in the NoLita neighborhood of Manhattan. Located at 172 Elizabeth St., the 2,700-square-foot property also includes a retail store on the ground floor. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, the estate of Russell Kolody, in the transaction. The buyer was David Zahabian.
NEWARK, N.J. — Arbor Realty Trust has arranged a $1.5 million loan to refinance an 18-unit multifamily property in Newark. Located at 21-25 Willoughby St., the building was originally constructed in 1920 and renovated in 2018. Geoffrey Platt of Arbor secured the financing on behalf of the undisclosed borrower through Freddie Mac. The 10-year, fixed-rate loan includes three years of interest-only payments with a 30-year amortization schedule.
NEW YORK CITY — JLL has arranged a $19 million acquisition loan for a mixed-use property in the SoHo neighborhood of Manhattan. Located at 489 Broadway, the five-story, 10,710-square-foot building was constructed in 1900. The property consists of eight residential and three retail units. Eliott Zeitoune, Michael Diaz, Aaron Appel, David Sitt and Brendan Collins of JLL secured financing on behalf of the borrower, Sherr Equities, through lender Morgan Stanley. Sherr Equities specializes in acquiring mixed-use assets with the intent to restore and redevelop them.
WAYNE, N.J. — Marcus & Millichap has arranged the $19.2 million sale of the BP Lubricants USA Inc. headquarters in Wayne. The 100,000-square-foot property sits on more than 10 acres of land and is occupied by BP Lubricants’ lab technicians, engineers, analysts, upper management and corporate services as well as the Castrol Oil top sales team. BP has made a significant investment in the building, including renovations to the second and third floors as well as the expansion of lab and testing operations spaces. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a private investor in a 1031 exchange.
EAST ROCK, CONN. — Northeast Private Client Group has brokered the $6.6 million sale of a two-building apartment portfolio in East Rock. The 33-unit portfolio consists of 420 and 431 Whitney Ave. Brad Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, Hadley Inc., in the transaction. The buyer was MOD Equities LLC.
NEW YORK CITY — Cushman & Wakefield has negotiated the $4.7 million sale of a retail co-op unit in the SoHo neighborhood of Manhattan. Located at 150 Thompson St., the 7,800-square-foot property consists of the ground floor and basement of the five-story, mixed-use co-op. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, Schiffini USA, in the transaction. The buyer was home furnishings company Safavieh.
NEW YORK CITY — Workspace provider Knotel has signed an 11,176-square-foot lease in the Midtown East section of Manhattan. Knotel will occupy the entire 6th and 11th floors at 369 Lexington Ave., a 28-story, 175,000-square-foot office tower. Aziz Kabbaj and Robbert Chattah of Sitt Ventures represented Knotel in the transaction. The landlord, Triangle Assets, was represented in-house. Knotel, which was founded in 2016, designs, builds and operates custom spaces for companies of 50 employees or more.
WAYNE, N.J. — CBRE has arranged the sale of the former Toys ‘R’ Us corporate headquarters in Wayne. The sales price was undisclosed. Located at 1 Geoffrey Way, the 621,000-square-foot property is situated on 191 acres overlooking a reservoir. The property was built in 1962 as the original headquarters for American Cyanamid and consists of two interconnected office buildings. Toys ‘R’ Us occupied the property for 16 years. Jeffrey Babikian, Robert L’Abbate, Allyson L’Abbate, Nor Ramos and Brian Godau of CBRE represented the seller, Toys ‘R’ Us Property Company I LLC, and Raider Hill Advisors, in the transaction. The buyer was undisclosed.
NEW HAVEN, CONN. — Northeast Private Client Group has brokered the $6.7 million sale of Brendan Towers, a 60-unit brick apartment building in New Haven. The property is located at 457 Whalley Ave. Brad Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, Navarino Capital, in the transaction. The buyer was undisclosed.
NEW YORK CITY — Marketing technology company Contently has signed a 13,146-square-foot lease at 44 Wall St. in Manhattan’s financial district. The company will relocate its headquarters from 598 Broadway to a portion of the 13th floor of the 24-story tower. Contently is the content marketing solution for a number of brands, including American Express, Bayer, Dell Technologies, JPMorgan Chase, Marriott and Walmart. Contently was represented in the transaction by Freddie Fackelmayer, Anthony Dattoma, and Zach Breit of CBRE. The building owner, EQ Office, was represented by Zachary Price, Michael Rizzo, Jeffrey Fischer and Caroline Merck of CBRE.