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360-Hamilton-Ave.-White-Plains
AcquisitionsNew YorkNortheastOffice

TKF Burnside Buys 400,000 SF Office Building in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — TKF Burnside Real Estate Partners has purchased a 400,000-square-foot office building in White Plains, located north of New York City. The building at 360 Hamilton Ave. is located in the downtown area and is home to tenants such as Merrill Lynch, Heineken USA, Bank of America and Skadden, Arps, Slate, Meagher & Flom LLP. Kevin Welsh and Charles Han of Newmark represented the undisclosed seller in the transaction. The buyer, which plans to implement capital improvements, was self-represented.

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AcquisitionsDevelopmentNew YorkNortheast

Ariel Property Advisors Arranges $25.5M Sale of Commercial Development Site in The Bronx

by Taylor Williams

NEW YORK CITY — Local brokerage firm Ariel Property Advisors has arranged the $25.5 million sale of commercial development site in the Mott Haven area of The Bronx. The site at 261 Walton Ave. spans 25,182 square feet and can support up to 181,000 square feet of buildable product. Jason Gold, Victor Sozio and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. The buyer was Zeta Charter Schools.

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AcquisitionsIndustrialMassachusettsNortheast

Marcus & Millichap Brokers $4M Sale of Industrial Building in Leominster, Massachusetts

by Taylor Williams

LEOMINSTER, MASS. — Marcus & Millichap has brokered the $4 million sale of a 62,259-square-foot industrial building in Leominster, about 50 miles west of Boston. The building at 44 Mead St. features clear heights of 14 to 16 feet, eight loading docks and two grade-level doors. Harrison Klein of Marcus & Millichap represented the undisclosed seller in the deal. Nate Nickerson of Fieldstone Commercial represented the buyer, The Lexvest Group.

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Leasing ActivityNew JerseyNortheastOffice

Keyence Corp. Signs 20,000 SF Office Lease Extension in Elmwood Park, New Jersey

by Taylor Williams

ELMWOOD PARK, N.J. — Keyence Corp., a provider of automated factory equipment, has signed a 20,000-square-foot office lease renewal in the Northern New Jersey community of Elmwood Park. The space is located within the building at 669 River Drive, which according to LoopNet Inc. was constructed in 1984 and totals 83,620 square feet. Mike Nicholson of Acclaim Realty represented Keyence in the lease negotiations. Accordia owns the building.

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9-west-57-st
LoansNew YorkNortheastOfficeTop Stories

Soloviev Group Receives $1.8B CMBS Loan for Refinancing of Midtown Manhattan Office Building

by Abby Cox

NEW YORK CITY — Soloviev Group has received a $1.8 billion CMBS loan to refinance 9 West 57th Street, a 1.7 million-square-foot office tower located in Manhattan’s Plaza District. Bank of America, along with Wells Fargo and Citi Real Estate Funding, provided the loan, which carries a 4.9 percent interest rate. Proceeds of the five-year loan will retire a previous 10-year, $1.2 billion loan issued by JPMorgan Chase in 2016, with more than $500 million returning to Soloviev. “This refinancing is a clear validation of the strength of 9 West 57th Street and the collaborative success of lead lender Bank of America, and secondary leads Wells Fargo and Citibank,” says Stefan Soloviev, chairman of Soloviev Group. Soloviev Group’s 50-story flagship trophy tower, known as the Solow Building, is expected to achieve a market valuation of $3.9 billion upon stabilization, according to Soloviev Group. Designed by Skidmore, Owings & Merrill and delivered in 1974, the building recently underwent capital improvements to the lobby, elevators and building system technology. Ownership has  also introduced a new 20,000-square foot amenity floor, that includes Central Park views, conference rooms, multi-functional meeting space, a grab-and-go coffee bar, executive dining and a hospitality area. The property’s long-term tenants …

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Storage-Post-Nyack-New-York
AcquisitionsIndustrialNew YorkNortheastSelf-Storage

JLL Negotiates Sale of 557-Unit Self-Storage Facility in Nyack, New York

by Taylor Williams

NYACK, N.Y. — JLL has negotiated the sale of a 557-unit self-storage facility located at 92 State Route 59 in Nyack, located near the New York-New Jersey border. The facility was built in 1996 and was 87 percent occupied at the time of sale. JLL represented the seller, Go Store It, in the transaction and procured the buyer, Storage Post Self Storage, which has since rebranded the property. The sales price was not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $16.5M Sale of Upper Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $16.5 million sale of a 25-unit apartment building in Upper Manhattan’s Yorkville neighborhood. The six-story building at 443 E. 88th St. exclusively offers market-rate units. Joe Koicim and Logan Markley of Marcus & Millichap represented the undisclosed seller in the deal. The duo also worked with Marcus & Millichap’s Mark Zarrella to procure the buyer, Jade Century Properties.

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DevelopmentNew YorkNortheastRetail

Marx Realty Underway on 58,000 SF Retail Expansion Project in Yonkers, New York

by Taylor Williams

YONKERS, N.Y. — Marx Realty is underway on construction of a 58,000-square-foot retail expansion project in Yonkers, located just north of New York City. The project will add two new buildings totaling 14,000 and 44,000 square feet to Cross County Center, a 1.2 million-square-foot development that first opened in 1954. The project also includes construction of a 4-acre park. A tentative completion date was not announced.

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Leasing ActivityNew YorkNortheastOffice

Betches Media Signs 23,038 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Betches Media has signed a 23,028-square-foot office lease in Midtown Manhattan. The female-led producer of digital content is relocating from 43 W. 24th St. to the entire sixth floor at 360 Park Avenue South, a newly renovated, 440,000-square-foot building. Shay Bolton, Kirill Azovtsev and Jim Wenk of Savills represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

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The-Pennington-Passaic-New-Jersy
AcquisitionsLoansMultifamilyNew JerseyNortheast

Cushman & Wakefield Brokers $49M Sale of Northern New Jersey Apartment Building

by Taylor Williams

PASSAIC, N.J. — Cushman & Wakefield has brokered the $49 million sale of The Pennington, a 147-unit apartment building in the Northern New Jersey community of Passaic. Completed in 2024, The Pennington is an adaptive reuse building that offers studio, one-, two-, three- and four-bedroom units with an average size of 968 square feet. P3 Properties acquired the asset from Birch Group. Niko Nicolaou, Ryan Dowd, David Bernhaut, Peter Welch, J.P. Hohl and Alexandria Russo Ebers of Cushman & Wakefield brokered the deal. Brad Domenico, John Alascio, Chuck Kohaut, Frank Stanislaski, Ethan Thompson and Jack Subers, also with Cushman & Wakefield, arranged $45.9 million in acquisition financing for the transaction through Prime Finance.

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