24 Hour Local Real Estate News

Middle Market Digest: The Northeast

Here is a roundup of recent deals, leases, executive moves, and other news from the past week.

Deal Tracker

NEW YORK, NY—The Durst Organization today announced Sparks Steak House has signed a 15-year lease for 22,924 square feet on the ground and basement levels at 210 East 46th Street in 733 Third Avenue.  Sparks, a family owned business, celebrated its 50th anniversary in 2016, and the restaurant has been at the East 46th Street location for the past 40 years. The deal was direct with Sparks, and The Durst Organization was represented in-house by executive vice president Tom Bow and director Ashley Gee.

JERSEY CITY, NJ—Fisher Development Associates has opened Vantage, 448 upscale apartment homes with immediate occupancy and one-of-a-kind views of the Statue of Liberty, Liberty Harbor Marina and Manhattan skyline to downtown Jersey City. Located at 33 Park View Ave in the Liberty Harbor North neighborhood, the 45-story waterfront tower features studio, one- and two-bedroom residences.

NEW YORK, NY—UA Builders Group was awarded a new residential development project by Propco Holdings, located at 770 E. 214th Street in The Bronx. The four-story building boasts 8,030 square feet of space in the heart of Williamsbridge, located in the north-central Bronx borough of New York City. The East 214th Street property aims to blend modern design with the neighborhood’s low-rise/low-density housing characteristics.

NEW YORK, NY—CBRE has been named exclusive leasing agent for 260 Madison Avenue and 261 Madison Avenue, located across the street from each other between 38th and 39th streets. A CBRE team led by Peter Turchin got the agency assignment for the two “sister” buildings by owner the Sapir Organization. 260 Madison Avenue is 22 stories and 565,000 square feet. Tenants include Coca-Cola, Regus, law firm McLaughlin & Stern, Marcus & Millichap and Hanesbrands. 261 Madison Avenue is 28 stories and 400,000 square feet. Tenants include Signature Bank, along with established companies in law, marketing and consultancies in advertising and tech.

CARTERET, NJ AND LOS ANGELES, CA—CBRE announced that it has recently completed the sale and leaseback of a three-property industrial portfolio located in the core markets of Los Angeles and New York City. The 139,713-square-foot portfolio is fully leased to Aquamar Holdings, a newly formed platform in the surimi seafood market. Andrew Sandquist, JC Asensio and Briggs Goldberg of CBRE Corporate Capital Markets represented the Michigan-based seller in the transaction. The buyer, a New York-based public REIT, purchased the property in a sale that closed in early August. The three properties in the portfolio are industrial food-grade production and distribution facilities with a freezer-cooler component. The locations are 9121 Utica Avenue and 10888 7th Street in Rancho Cucamonga, CA, and 100 Raskulinecz Road, Carteret, NJ (pictured). Aquamar Holdings is a manufacturer of surimi seafood products, producing and selling crab flavored seafood to food service, food manufacturing, and retail channels primarily in North America.

NEW YORK, NY—Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of two development sites in Corona, Queens at 127-43 Willets Point Boulevard and 127-42 Northern Boulevard. The two lots combined offer up to a total of 381,992 buildable square feet. The site at 127-43 Willets Point Boulevard is being sold by Semco for $17.9 million. The lot is in a C4-4 / WP zone that allows for up to 261,950 buildable square feet, such as residential multifamily, retail, hotel, community facility, sports area, and office uses. Located adjacent to Citi Field, a 2,625-square-foot building currently occupies a portion of the site with frontage on Willets Point Boulevard, 127th Street and 35th Avenue. The 18,468-square-foot lot, located at 127-42 Northern Boulevard, is being sold by Cyprian Truck & Auto Repairs for $16 million. Permitted uses include residential multifamily, retail, hotel, community facility, sports area, and office. A Cushman & Wakefield team consisting of Senior Managing Director Stephen R. Preuss, Associate Director Denise Prevete, Senior Associate Kevin Louie, and Associate Andreas Efthymiou will be heading the marketing efforts for both properties.

BOSTON, MA—Copley Wolff Design Group has been selected as part of the design team, led by WinnCompanies, for the $1.6 billion redevelopment of New England’s first public housing complex, Mary Ellen McCormack in South Boston. As landscape architect on the 27-acre site, Copley Wolff will focus on producing a site design that integrates with the surrounding neighborhood, providing accessible, walkable streets and welcoming community spaces.

BOSTON, MA—Newmark Knight Frank has successfully represented Marcus Partners in the sale of Cross Street Medical Center at 40 Cross Street in Norwalk, CT, to Anchor Health Properties for $23 million. Executive managing director Frank Nelson, senior managing director Michael Greeley and director Danielle DeMarco of NKF’s Boston Medical-Academic Practice Group, which is led by US head of capital markets Robert Griffin, oversaw the sale of the medical office building. Totaling 71,401 square feet, Cross Street Medical Center is anchored by the Norwalk Surgery Center/Norwalk Hospital, St. Vincent’s MultiSpecialty Group, WestMed (formerly Norwalk Medical Group) and the Center for Advanced Pediatrics, complemented by a roster of private medical practices and diagnostic laboratories.

Notables

NEW YORK, NY—Situs RERC has hired Andrew Sabatini, MAI, and Tom Johnson as managing directors and Frank Yanofsky, CPA, as director in the Valuation Management Group. Andrew, Tom and Frank will be based in the New York metro area.

WEST ORANGE, NJ—Bayville resident Richard Frankman has joined West Orange-based Sheldon Gross Realty as a corporate sales representative. In his new role, Frankman will be directly involved in negotiations, statistical analysis, and market research. Frankman has significant experience in property management and maintenance, and has managed and owned multiple buildings. He also has operated an auto body business. His key skills include business and construction management.

 

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