Here’s a look at this week’s trends, announcements and deals that you may have missed in the country’s Northeast region.
NEWS & NOTABLES
NEW YORK CITY—One year after breaking ground on its multi-million high-tech office development project at the Brooklyn Navy Yard, a joint venture partnership of Boston Properties, Rudin Development and WeWork, along with architect S9 Architecture and landscape architect MPFP, have been recognized for its work at Dock 72 by New York City’s Public Design Commission.
The joint venture partnership was honored for its work at Dock 72 for its technological innovation and smart building design. The Annual Excellence in Design Awards ceremony took place on Thursday, May 11th at City Hall.
The project team is undertaking one of the largest New York City commercial buildings to be constructed outside of Manhattan in decades. The heart of the project centers on the maritime and industrial history of the Navy Yard. WeWork will anchor the new building with a 222,000-square-foot lease in addition to acting as co-developer and curator of the amenity spaces, which include a health and wellness center, specialty food and beverage offerings and a rooftop conference center. The joint venture broke ground in May 2016 and the project will be ready for tenant fit-out in late 2017 and will be completed in mid-2018.
WEST NEW YORK, NJ—MonGroup Properties, Inc., announced that the grand opening of the final phase of its award-winning community, Jaclyn Heights at West New York, will be on May 25 from 5 p.m. to 8 p.m. at 5817 Jefferson Street here. Forty brand new one, two and three bedroom apartments with an average of 900 square feet of living space are available. More than 60% of the units are already leased.
2017 Jaclyn Heights
Rents at the property start at $1,400 for a one-bedroom apartment, $2,000 for two-bedroom units and $2,500 for three-bedrooms. Jaclyn Heights is the one of the first condominium projects in the state to be LEED and National Green Building Standard (NGBS) certified and built to New Jersey ENERGY Efficient Homes (Tier 1) Standards.
DEAL TRACKER DAILY
NEW YORK CITY—Newmark Holding reported that that nonprofit cinema Film Forum has renewed its 10,500-square-foot lease at 200 Varick St. The 410,000-square-foot, 12-story building is located in the Hudson Square neighborhood.
The announcement was made by co-CEOs Eric Gural and Brian Steinwurtzel of Newmark Holdings. Donna Vogel represented Newmark Holdings in the transaction. Established in 1970, Film Forum, which has been at its current location since 1990, is New York City’s only autonomous non-profit cinema, presenting world-class independent films, documentaries and classics 365 days a year.
NEW YORK CITY—Ariel Property Advisors has been exclusively retained to sell 163-30 Cross Bay Boulevard in the Howard Beach neighborhood of Queens, a triple-net investment property leased to Walgreens until 2029. The asking price for the property is $17 million.
The property, which spans 9,767 square feet, is situated on one of the borough’s busiest retail thoroughfares. The current lease, which contains a corporate guarantee by Walgreens, expires in 12 years. Walgreens has sublet the premises and the property is currently occupied by Key Food.
The current rent is $874,000 annually, with an increase of 12% scheduled for April 2019, and a subsequent hike of 12% slated for 2024. Exclusive agents of Ariel Property Advisors— Jonathan Berman, Daniel Wechsler and Jesse Greshin—are representing the seller.
LAKE SUCCESS, NY—Lincoln Equities Group LLC reports that one of its Class A commercial properties on Long Island—1979 Marcus Ave. in Lake Success—is nearly fully leased. Following an extensive renovation, the four-story, 350,000-square-foot property attracted a number of new tenants to complement its existing tenant roster that includes medical organizations Northwell Health and IPRO, regional shipper Liberty Maritime, and international co-working space Regus.
1979 Marcus Ave.
Tenants now occupy more than 325,000 square feet of the building, filling up the top three floors, leaving just 12,200 square feet available for lease. LEG is also in the process of creating a space for FreedomCare. The firm rented approximately 8,350 square feet of the building for the next 72 months. Also, LEG completed a deal at the end of April with Harvest International for space in excess of 1,000 square feet over 61 months and Vector Foo Weissman signed a new seven-year lease deal for 3,600 square feet.
FAIR LAWN, NJ—NAI James E. Hanson has brokered the lease of 12,500 square feet of warehouse/flex space to LILAX USA, an e-commerce toy and clothing distributor, at 4-19 Banta Place in Fair Lawn. NAI Hanson’s Pablo Castro represented the landlord, Interior Renovations, and the tenant, LILAX USA.
4-19 Banta Place is a two-story 55,000-square-foot industrial/flex space property featuring 24-hour surveillance and a two-ton warehouse crane. LILAX USA will be occupying 10,000 square feet of warehouse space and 2,500 square feet of office space on the second floor of the building.
BRIGHTON, MA—Ray Ciccolo’s Village Automotive Group has broken ground on a $13-million project slated for completion in December of 2017 when the company’s flagship store Boston Volvo will relocate to 61 North Beacon St. in Brighton, just east of its current location at 75 North Beacon St.
The new site of Boston Volvo will utilize a total of 42,000 square feet on three floors of the 71,300-square-foot, existing brick building. The new location will include a service write-up area on the basement level, a main showroom on the street level and additional showroom space on the second floor. The remaining 28,000 square feet on the third and fourth floors will continue to be occupied by office tenants, and a 1,300-square-foot retail storefront will be added on the ground level. Boston Volvo will retain 18,500 square feet at 75 North Beacon St. for its vehicle service facility.
Village Automotive Group has been working with Arrowstreet of Boston for the stores’ architectural needs, and CM&B of Danvers, MA is handing the stores’ construction.
NEW YORK CITY—Oxford Property Group, LLC has merged with Titan Real Estate Group, Inc., owner of the Hecht Group brokerage. The combined company will operate under the Oxford Property Group name.
To accommodate new agents as the result of the merger, Oxford is expanding the entirety of its 5,000-square-foot office at 286 Fifth Ave.
“We are attracting more and more agents due to our substantial investments in marketing, online technology, and work space,” said Oxford co-founder Adam Mahfouda. “The Titan agents will benefit from these resources, and Oxford will thrive with these talented agents on board.”
BOSTON—Holliday Fenoglio Fowler, L.P. has closed the $8.85-million sale of Newmarket Center, a 55,000-square-foot, brick and beam office building located at 67 Kemble St. in Boston’s Roxbury submarket.
HFF arranged the sale of the property on behalf of the seller, DDJB Real Estate Holdings, LLC, and procured the buyer, the Winhall Companies on an off-market basis. Urban Core Development redeveloped the property and served as its manager. Ben Sayles and Adam Dunn led the HFF investment sales team representing the seller.
Newmarket Center was originally built in the 1880s to house one of the area’s premier blacksmith shops, which operated until the 1930s. After sitting vacant for some time, the building was occupied in the 1940s by Newmarket Wool and operated as a wool storage and sorting warehouse for approximately 50 years. After the wool trade diminished in Boston, the building ultimately ended up vacant and abandoned during the late 1990s. Urban Core Development redeveloped the former warehouse into an innovative and creative loft-style office building during 2014-2015.
NEW YORK CITY— The Hudson Yards Infrastructure Corp. reported on May 5th the details of its upcoming sale of approximately $2.2 billion of Series 2017 Second Indenture Bonds. Proceeds will be used to currently refund all outstanding Series 2007 Bonds and advance refund a portion of the Series 2012 Bonds.
Subject to market conditions, the pricing is expected to take place on Tuesday, May 23, via negotiated sale through HYIC’s underwriting syndicate, led by lead manager Goldman, Sachs & Co., with J.P. Morgan, Ramirez & Co. Inc. and Loop Capital Markets serving as joint lead managers. There will be a two-day retail order period on today (May 19) and Monday, May 22.