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AcquisitionsConnecticutNortheastOffice

CBRE Negotiates $24.7M Sale of Office Building in Wilton, Connecticut

by Taylor Williams

WILTON, CONN. — CBRE has negotiated the $24.7 million sale of a 221,070-square-foot office building in the southern coastal Connecticut city of Wilton. The two-story building at 50 Danbury Road is home to tenants such as AIG, ASML and Hartford Health Care. Jeff Dunne, Steve Bardsley and Travis Langer of CBRE represented the seller, a partnership that includes an entity managed by Taconic Capital Partners, in the transaction. Shawn Rosenthal and Jason Gaccione, also with CBRE, arranged acquisition financing on behalf of the buyer, Melrose Pfeiffer Holding LLC.

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LoansNew JerseyNortheastRetail

Cronheim Mortgage Arranges $17.8M in Financing for Jersey City Shopping Center

by Taylor Williams

JERSEY CITY, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged $17.8 million in financing for Old Colony Square, a 100,760-square-foot shopping center in Jersey City. Asian grocer 99 Ranch Market anchors the center, which was fully leased at the time of the loan closing. Other tenants include McDonald’s, Advance Auto Parts and Dunkin’. Brandon Szwalbenest, Andrew Stewart and Dev Morris of Cronheim arranged the fixed-rate loan through an undisclosed life insurance company on behalf of the owner, National Realty & Development Corp.

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AcquisitionsConnecticutNortheastRetail

Zelco Properties Buys 153,000 SF Shopping Center in Stamford, Connecticut

by Taylor Williams

STAMFORD, CONN. — Zelco Properties, the development and acquisition arm of Charter Realty, has purchased a 153,000-square-foot shopping center in the southern coastal Connecticut city of Stamford. Whole Foods Market and Saks Off Fifth anchor the center. Zelco acquired the center along with undisclosed institutional and operating partners. The seller and sales price were not disclosed. Charter Realty will also be the leasing agent. Approximately 74,000 square feet of space remains available.

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Leasing ActivityNew YorkNortheastOffice

Moroccanoil Signs 39,799 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Moroccanoil has signed a 39,799-square-foot office lease at 1185 Avenue of the Americas in Midtown Manhattan. The cosmetics company will occupy part of the 32nd and all of the 33rd floor at the 42-story building. Deborah Van Der Heyden, Yarden Drimmer, Tamar Wartanian and Andrew Chase of Cushman & Wakefield represented the tenant in the lease negotiations. Brian Waterman, John Fanuzzi, Brent Ozarowski, David Waterman and Kevin Sullivan of Newmark represented the landlord, SL Green.

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Leasing ActivityNew YorkNortheastRetail

Uncle Giuseppe’s Marketplace Opens 39,000 SF Store in Bohemia, New York

by Taylor Williams

BOHEMIA, N.Y. — Uncle Giuseppe’s Marketplace has opened a 39,000-square-foot store in the Long Island community of Bohemia. The caterer and provider of Italian food and shopping experiences has backfilled a former Babies ‘R’ Us space at Sayville Plaza. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations on an internal basis.

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Affordable HousingDevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

Goldman Sachs Alternatives Provides $200M in Financing for Jersey City Mixed-Income Project

by Taylor Williams

JERSEY CITY, N.J. — The Urban Investment Group at Goldman Sachs Alternatives has provided $200 million in financing for Homestead Gateway, a 34-story mixed-income multifamily project that will be located in Jersey City’s Journal Square neighborhood. The borrower is Lions Group, a family-owned development firm based in New York. The package covers an array of financing instruments, including a construction loan, bridge debt facility, Low-Income Housing Tax Credit equity and a tax credit purchase through the New Jersey Economic Development Authority’s Aspire program. The financing package also includes a forward Freddie Mac commitment for the tax-exempt and taxable permanent loans. The site is currently home to a municipal parking lot. Of the building’s 360 units, 90 will be set aside as affordable housing, although specific income restrictions were not announced. Homestead Gateway will also feature 3,000 square feet of ground-floor retail space and amenities such as a rooftop lounge, fitness center and shared workspaces. The groundbreaking is set to occur in the coming days. Nicco Lupo, Christopher Peck, Michael Shmuely, Jillian Grzywacz, Alex Staikos, Jimmy Cochran and Tom Didio Jr. of JLL advised Lions Group on the structured capitalization and forward Freddie Mac commitment. “Mixed-income developments like Homestead Gateway demonstrate …

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850-Third-Avenue-Manhattan
DevelopmentNew YorkNortheastOffice

Waterman, HPS Begin Renovation of 605,000 SF Office Building in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — A partnership between New York City-based Waterman Interests and alternative asset management firm HPS Investment Partners has begun the renovation of 850 Third Avenue, a 605,000-square-foot office building in Midtown Manhattan. Renovations to the 21-story building, which was originally constructed in 1961, will include an expanded lobby with contemporary finishes and a 14,000-square-foot conference and social center with 200-seat capacity. In addition, the project team, led by design firms MdeAS Architecture and Vocon, as well as general contractor Turner Construction and mechanical engineer Cosentini Associates, will deliver new elevators, windows, storefronts and building systems. A tentative completion date was not announced.

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AcquisitionsNew JerseyNortheastOffice

JLL Brokers Sale of 203,506 SF Office Building in Parsippany, New Jersey

by Taylor Williams

PARSIPPANY, N.J. — JLL has brokered the sale of 14 Sylvan Way, a 203,506-square-foot office building located in the Northern New Jersey community of Parsippany. Built in 2013 within the 2.1-million-square-foot Arbors @ Parsippany office campus, 14 Sylvan Way is a three-story building with a cafeteria/bistro, courtyard, tenant lounge, game room and conference facilities. The building was fully leased at the time of sale to Travel + Leisure Co. Jose Cruz, Jeremy Neuer, Michael Kavaler and Tim Greiner of JLL represented the undisclosed, institutional seller in the transaction and procured the buyer, Signature Acquisitions.

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HospitalityLoansNew YorkNortheast

Cronheim Mortgage Arranges $18M Permanent Loan for Hotel in Middletown, New York

by Taylor Williams

MIDDLETOWN, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an $18 million permanent loan for the Residence Inn Middletown Goshen hotel in Middletown, about 75 miles north of New York City. The number of rooms was not disclosed. The hotel opened in 2020. The loan carries a five-year term and a fixed interest rate. The borrower and direct lender were also not disclosed.

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DelawareLeasing ActivityNortheastRetail

Weis Markets Opens 64,000 SF Store at Bayberry Town Center in Middletown, Delaware

by Taylor Williams

MIDDLETOWN, DEL. — Regional grocer Weis Markets has opened a 64,000-square-foot store and serve as the anchor tenant at Bayberry Town Center, a 280,000-square-foot development in Middletown. The site is located within the 1,500-acre Village of Bayberry master-planned community. The store was announced in May 2023. Blenheim Group is the master developer of Village of Bayberry.

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