YONKERS, N.Y. — AMS Acquisitions has purchased a 50,000-square-foot development site in Yonkers for $18.3 million. The property is located at 55 Buena Vista Ave. AMS plans to build a 400,000-square-foot, 24-story, 361-unit residential building at the site, which is the former Teutonia Music Hall. AMS acquired the property from seller Kohl Construction. The AMS portfolio includes approximately two million square feet of retail, residential and office space in the tri-state region.
NEW YORK CITY — Cushman & Wakefield has brokered the $4.5 million sale of a 10,000-square-foot warehouse in the Astoria neighborhood of Queens. Located at 19-57 Steinway St., the single-story property features 16-foot ceiling heights and four drive-in gates. A month-to-month tenant currently occupies the warehouse. Stephen R. Preuss of Cushman & Wakefield represented the seller, 19-57 Steinway ST RTY CP, in the transaction. The buyer was J&N Development.
CONSHOHOCKEN, PA. — Wedding dress retailer David’s Bridal has filed for Chapter 11 bankruptcy protection. The Conshohocken-based company says it plans to keep its more than 300 David’s Bridal stores and online platform open and operating without disruption. According to Monday’s announcement, “orders will arrive on time and bridal appointments will not be impacted” as the company says it has sufficient liquidity to operate during the court-supervised restructuring process. David’s Bridal announced on Nov. 15 its restructuring support agreement (RSA) with the vast majority of its term loan lenders, senior noteholders and equity holders. The filing of Chapter 11 is the next step in the RSA, which David’s Bridal says will reduce the company’s debt by more than $400 million. “The plan will allow us to reduce our debt significantly while continuing to run our business as usual,” says Scott Key, CEO of David’s Bridal. “We will be able to move through the court process very quickly. And in the end, we will be able to allocate even more of our resources toward making strategic investments in digital technologies and talent that will drive long-term growth and operational excellence at David’s Bridal.” Real Estate Implications While David’s Bridal says it …
NEW YORK CITY — Cushman & Wakefield has brokered the $10.5 million sale of a three-story, mixed-use property in Long Island City. Located at 44-61 11th St., the 18,500-square-foot property includes retail and office space and is fully leased to four separate tenants. Stephen Preuss of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.
NEWARK, N.J. — Goldman Sachs Asset Management Private Real Estate and Madison Marquette have acquired Springfield Avenue Marketplace, a newly constructed, 112,000-square-foot retail center in Newark. The sales price was not disclosed. The fully occupied property is anchored by a ShopRite grocery store and includes a mix of restaurant, retail and medical tenants. The seller was not disclosed. Springfield Avenue Marketplace is located at the intersection of Springfield Avenue and Jones Street, approximately one mile from Newark Penn Station.
PITTSTON, PA. — HJ Sims has arranged $17.5 million in financing for United Methodist Homes. The funds will finance an expansion project at the organization’s Wesley Village continuing care retirement community in Pittston, located between Scranton and Wilkes-Barre in Central Pennsylvania. The project will add an undisclosed number of independent living units to the property, through a series of cottages named Brooks Estates. Citizens Bank provided the funds.
DEVENS, MASS. — Quiet Logistics has signed a 355,000-square-foot, full-building industrial lease in Devens. Located at 64 Jackson Road, the warehouse and distribution facility was built in 2000 and is set on more than 34 acres. The property features 26 foot clear heights, full air conditioning and humidity control and a full-service cafeteria. Rick Schuhwerk, Ed Jarosz Tony Coskren, Brian Pinch and Lizzie Kusbit of NKF represented the owner, GFI Partners, in the transaction. Quiet Logistics is a fulfillment provider specializing in e-commerce solutions.
SAYVILLE, N.Y. — NAI Long Island has negotiated the $1.6 million sale of a medical office building in Sayville. Located at 160 Middle Road, the 7,300-square-foot property is currently occupied by Long Island Family Medical Group. Gary Pezza of NAI Long Island represented the seller, John A. Zimmerly, M.D., in the transaction. The buyer was 1449 Holdings LLC.
NEW YORK CITY — Youngwoo & Associates has broken ground on the Radio Tower & Hotel, a 235,000-square-foot, mixed-use property in the Washington Heights neighborhood of Manhattan. The 22-story building will include 155,000 square feet of office space, a 221-room boutique hotel and 8,000 square feet of ground-floor retail. The property is located on Amsterdam Avenue between 180th and 181st Streets. Youngwoo & Associates acquired the site, which was formerly a gas station, in 2013.
NEW YORK CITY — Marcus & Millichap has brokered the $11.8 million sale of a two-building apartment community in the Cobble Hill neighborhood of Brooklyn. Located at 439-441 Henry St., the property includes 73 feet of residential frontage on Henry Street. Matt Fotis and Dylan Renicker of Marcus & Millichap’s Manhattan office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
