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LoansNew YorkNortheastRetail

Cronheim Arranges $75M in Financing for Retail Power Center in Middletown, New York

by Taylor Williams

MIDDLETOWN, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $75 million in financing for Orange Plaza, an 811,272-square-foot retail power center in Middletown, about 75 miles northwest of New York City. Walmart, Home Depot, Kohl’s and Burlington are the anchor tenants at Orange Plaza, and Ross Dress for Less, Marshalls, Staples and Old Navy are the junior anchors. Brandon Szwalbenest, Andrew Stewart and Dev Morris of Cronheim arranged the financing through an undisclosed insurance company on behalf of the owner, National Realty & Development Corp.

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LoansMultifamilyNew YorkNortheast

Greystone Provides $16M Agency Loan for Refinancing of Long Island Multifamily Property

by Taylor Williams

CENTRAL ISLIP, N.Y. — Greystone has provided a $16 million Fannie Mae DUS (Delegated & Underwriting Servicing) loan for the refinancing of Coventry Village, a 94-unit multifamily property in the Long Island community of Central Islip. Built in 1975 and renovated in 2011, Coventry Village is a two-building, garden-style complex that offers one- and two-bedroom units. Robert Meehan of Greystone originated the five-year, nonrecourse loan, which carries a fixed interest rate, on behalf of the undisclosed owner.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $7.5M Sale of Multifamily Property in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of a multifamily property in the Times Square submarket of Midtown Manhattan. The two-building, 12,675-square-foot property at 140-142 W. 46th St. houses six market-rate apartments, five rent-stabilized apartments and a 5,200-square-foot vacant restaurant space. Colton Traynham, Matt Fotis and Michael Weinstein of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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IndustrialLeasing ActivityNew YorkNortheast

Reliable Sprinkler Signs 44,000 SF Industrial Lease in Valley Cottage, New York

by Taylor Williams

VALLEY COTTAGE, N.Y. — Reliable Sprinkler has signed a 44,000-square-foot industrial lease in Valley Cottage, about 35 miles north of New York City. The distributor of fire protection products is taking space within Lincoln Logistics Rockland, a facility that features a clear height of 36 feet, 34 dock doors and parking for 123 cars and 41 trailers. Newmark represented the landlord, a partnership between Lincoln Equities Group and PCCP LLC, in the lease negotiations. JLL represented Reliable Sprinkler.

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IndustrialLeasing ActivityNortheastPennsylvania

ShipBob Signs 301,826 SF Industrial Lease in Bethlehem, Pennsylvania

by Taylor Williams

BETHLEHEM, PA. — ShipBob has signed a 301,826-square-foot industrial lease in the Lehigh Valley city of Bethlehem. The provider of fulfillment services for the e-commerce industry is taking the entirety of the space at Building E at Lehigh Valley Trade Center, which was developed as part of the 171-acre park’s third phase. Stream Realty Partners represented ShipBob in the lease negotiations. KBC Advisors represented the landlord, a partnership between Trammell Crow Co. and Clarion Partners. The deal brings the third phase of Lehigh Valley Trade Center to full occupancy.

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AcquisitionsCivicNew York

St. John’s University Sells Staten Island Campus to Wagner College

by Taylor Williams

NEW YORK CITY — St. John’s University has sold its Staten Island Campus to Wagner College, whose main campus is located about a quarter of a mile away. The sales price was not disclosed, but the asking price was $35 million. The campus was originally the home of Notre Dame College, an independent women’s college that was established in the 1930s and was consolidated with St. John’s University in 1971. St. John’s completed a planned, two-year phase-out of academic operations at the campus in 2024. Arthur Mirante, David Carlos, Michael Bertini and Mark Todrys of Savills brokered the deal.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $26.4M in Financing for Boston Affordable Housing Property

by Taylor Williams

BOSTON — MassHousing has provided $26.4 million in financing for Beacon House, a 135-unit affordable housing property in Boston’s Beacon Hill neighborhood. The eight-story building was converted from a hotel to residential use in 1983. Of the 135 units, 117 are rentals that are subject to a range of income restrictions, and 18 units are rented through a commercial lease to nearby Massachusetts General Hospital for use by patients and their family members. The borrower, nonprofit organization Rogerson Communities, will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Pennrose, WORC Complete 55-Unit Affordable Seniors Housing Redevelopment in Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between owner-operator Pennrose and the Wynnefield Overbrook Revitalization Corp. (WORC) has completed Good Shepherd, a 55-unit affordable seniors housing complex in Philadelphia’s Overbrook area that is a redevelopment of the former Good Shepherd Presbyterian Church, which was destroyed by fire in 2016. Good Shepherd’s one-bedroom units have an average size of 605 square feet and are reserved for renters age 62 and above who earn between 20 and 60 percent of the area median income. Amenities include a fitness center, multi-purpose room and flex space, and residents also have access to social, health and other educational support programs and services.

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LoansMixed-UseNew YorkNortheast

JLL Arranges $58M Loan for Refinancing of Brooklyn Mixed-Use Building

by Taylor Williams

NEW YORK CITY — JLL has arranged a $58 million loan for the refinancing of 1333 Broadway, a mixed-use property in the Bushwick neighborhood of Brooklyn. Completed in April, the 20-story, 97,526-square-foot building houses 74 market-rate apartments, 32 affordable apartments and 29,000 square feet of commercial space. Peter Rotchford, Rob Hinckley and Robert Tonnessen of JLL arranged the loan through Barings on behalf of the borrower, a joint venture between Ekstein Development Group and Standard Real Estate Investments.

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Leasing ActivityNew YorkNortheastOffice

Howden Signs 31,519 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Howden has signed a 31,519-square-foot office lease in Midtown Manhattan. The global insurance brokerage firm is taking space on the 53rd floor at One Five One, a 1.8 million-square-foot tower located at 151 W. 42nd St. Sheena Gohil, Bob Rosenthal and Jack Senske of Colliers represented Howden in the lease negotiations. Tom Bow, Rocco Romeo and Nora Caliban represented the landlord, The Durst Organization, on an internal basis.

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