NEW YORK CITY — S3 Capital Partners has provided a $75 million construction loan for an apartment tower in the Mott Haven neighborhood of the Bronx. Located at 210 E. 135th St., the property will include 237 residential rental apartments and 3,000 square feet of commercial space. Isaac Filler of Meridian Capital Group represented the borrower, Cheskel Schwimmer of CGS Developers. Terms of the financing were not disclosed.
NEW YORK CITY — IKEA U.S. has announced that it will open its first store in Manahattan. The ‘IKEA Planning Studio’ is slated to open at 999 Third Ave. in spring 2019. The Planning Studio concept will focus on smart solutions for urban living and small spaces. The New York City location is the first market in the U.S. for the concept. IKEA U.S. has recently made a number of investments to enhance its e-commerce offerings, including lower priced shipping & delivery, Click & Collect, financing and TaskRabbit assembly services. IKEA already has four locations in the metro area in Brooklyn, Elizabeth, Long Island and Paramus.
BELLINGHAM, MASS. — CBRE/New England has negotiated the $25 million sale of a 210,700-square-foot distribution facility in Bellingham. Located at 190 Mechanic St., the property was built in 2006 and features 32-foot clear heights, T5 motion-sensor lighting and ESFR sprinkler systems. The building is fully leased to three tenants. Chris Skeffington, John Lashar and Roy Sandeman of CBRE/New England represented the seller, Guggenheim Real Estate. The buyer was TH Real Estate.
SOMERVILLE, N.J. — Marcus & Millichap has brokered the $3.7 million sale of Union Avenue Plaza, a 20,700-square-foot retail property in Somerville. Located at 21-29 Union Ave., the property consists of two buildings, a retail strip center and a rear building with two medical office tenants. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a limited liability company.
SPRINGFIELD, PA. — HFF has arranged the $1.7 million sale of a 2,034-square-foot retail building in Springfield. The property is located at 40 E. Woodland Ave., approximately 10 miles from Philadelphia. The building is fully leased to Citizens Bank. Marc Mandel and Steve Schrenk of HFF represented the seller, 9th and Highland LLC, in the transaction. The buyer was an affiliate of California-based investor Chipster Properties.
NEW YORK CITY — SL Green Realty Corp. has announced plans to redevelop One Madison Avenue, a Class A office tower in the Midtown South neighborhood of Manhattan. The adaptive-reuse project will involve reducing the existing building to its ninth floor and building 18 additional stories above. When completed, the building will span nearly 1.5 million square feet. The addition will feature modern office space and tenant specialty floors as well as more than an acre of outdoor terraces. Demolition and construction are expected to start in 2020 following the expiration of existing tenant leases. A design and development team of Kohn Pedersen Fox, Hines and Gensler has been selected for the project.
NEW YORK CITY — GFI Realty Services has arranged the $26.7 million sale of a two-building apartment portfolio in the Prospect Park section of Brooklyn. Located at 111 Woodruff Ave. and 11 Crooke Ave., the properties include 89 residential units, 20 percent of which are vacant. The portfolio includes a unit mix of studio, one-,two- and three-bedroom apartments. The buildings are within two blocks of each other. Erik Yankelovich of GFI represented both the buyer, Greenroad Capital, and the undisclosed seller in the transaction.
UNION CITY, N.J. — Marcus & Millichap has brokered the $5 million sale of a 9,360-square-foot mixed-use property in Union City. Located at 4900 Bergenline Ave., the property recently underwent major renovations that include a new roof, windows, upgraded HVAC systems and tenant improvements on the second floor. The building is fully occupied. Fahri Ozturk and Richard Gatto of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.
NORWALK, CONN. — GHP Office Realty has negotiated the $4.5 million sale of a 38,985-square-foot office building in Norwalk. Located at 83 East Ave., the property is currently 92 percent occupied by 26 tenants. Andrew Greenspan and Brendan Hickey of GHP represented the undisclosed seller in the transaction. The buyer was a Long Island City-based real estate holding company.
EAST LONGMEADOW, MASS. — Money360 has provided a $4.2 million bridge loan for Longmeadow Medical Center, a 22,000-square-foot medical office building. The property is located at 294 North Main St. in East Longmeadow, approximately five miles southeast of Springfield. Terms of the recourse loan include a 24-month term and an 8 percent interest rate. The borrower was undisclosed.
