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LoansMultifamilyNew JerseyNortheast

CBRE Arranges $30.7M Loan for Refinancing of Apartment Building in West Caldwell, New Jersey

by Taylor Williams

WEST CALDWELL, N.J. — CBRE has arranged a $30.7 million loan for the refinancing of The Vail, a 92-unit apartment building in West Caldwell, about 25 miles outside of New York City. The Vail offers a mix of studio, one- and two-bedroom units, 20 percent of which are reserved as affordable housing, that feature individual washers and dryers in all units and private balconies in select residences. Amenities include a fitness center, community room and coworking spaces. Matthew Pizzolato, Josh Stein, Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Lauren Weinstein and Justin Helbling of CBRE arranged the loan through Principal Financial on behalf of the borrower, New Jersey-based developer Accordia.

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AcquisitionsMixed-UseNew JerseyNortheast

Matthews Negotiates $4.4M Sale of Mixed-Use Portfolio in Clifton, New Jersey

by Taylor Williams

CLIFTON, N.J. — Nashville-based brokerage firm Matthews has negotiated the $4.4 million sale of a portfolio of three contiguous mixed-use buildings totaling 14,500 square feet in the Northern New Jersey community of Clifton. The buildings at 233, 235 and 237 Dayton Ave. house one- and two-bedroom apartments in addition to commercial space. David Ferber of Matthews represented the undisclosed seller in the transaction. The name and representative of the buyer were not disclosed.

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Leasing ActivityMassachusettsNortheastOffice

Advocates Signs 95,182 SF Office Lease in Marlborough, Massachusetts

by Taylor Williams

MARLBOROUGH, MASS. — Advocates, a nonprofit organization that supports people with behavioral health disorders, disabilities and brain injuries, has signed a 95,182-square-foot office lease in the western Boston suburb of Marlborough. The deal brings the 160,649-square-foot building at 251 Locke St. to full occupancy. Alison Powers and Robert Walles of JLL represented the landlord, Related Beal, in the lease negotiations. Jon Pezzoni of Avison Young represented Advocates.

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DevelopmentNew YorkNortheastOffice

JT Magen Completes 42,000 SF Build-to-Suit Office Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — National construction firm JT Magen has completed a 42,000-square-foot office project in Midtown Manhattan that is a build-to-suit for auction house Bonhams. Bonhams is relocating from a 32,000-square-foot space at 580 Madison Avenue to the four-story space at 111 W. 57th St., which will serve as the company’s new flagship location. Gensler served as the project architect.

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Orange-Plaza-Middletown-New-York
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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