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

BOSTON, MA—Colliers International’s Multifamily Investment Sales team recently sold 27-29 Isabella Street in Boston’s Bay Village neighborhood on behalf of the Marist Fathers. The marketing and sales effort was led by senior vice president Chris Sower, executive vice president Scott Dragos, and CEO Tom Hynes. The property sold for $11.4 million to local developer New Boston Ventures, represented by Harry Collings. Senior vice president Steven Horan and associate Patrick Boyle procured acquisition construction financing from Hingham Institution for Savings on behalf of the buyer who plans to develop nine high-end condominiums at the site.

ROCKAWAY, NJ—Saddleback Real Estate Developers leased the 13,975 square foot space at 385 Franklin Avenue in Rockaway to EVE PEARLE Beauty Brands. The tenant was represented by Ofir Oved.

HUDSON COUNTY, NJ—CBRE completed three property sales across several asset classes, including multifamily, retail and office, in Hudson County, NJ. Charles Berger and Mark Silverman of CBRE’s New Jersey office, and Elli Klapper of the firm’s Long Island City office, represented the seller and procured the buyer in all three Hudson County transactions. In Jersey City, the team facilitated the $1.4 million sale of a nine-unit fully-stabilized multifamily property located at 21 Gray Street within the Journal Square submarket, with an aggressive cap rate and price per unit. The same CBRE team, along with Bill Tourtellotte and Kenneth Zirk of CBRE’s Philadelphia office, facilitated the $2.7 million sale of a four-story office building located at 688-692 Broadway in Bayonne. In Hoboken, the same CBRE team closed on the $1.4 million sale of the 10,000-square-foot property at 409 14th Street, which is triple net-ground-leased to Bow Tie Cinemas.

NEW YORK, NY—Newmark Knight Frank negotiated a 10-year, 2,786-square-foot lease for national restaurant chain Inchin’s Bamboo Garden at 432 Park Avenue South in Manhattan. NKF Executive Managing Director Tom Citron and Associate Ethan Berenzweig brokered the transaction for the tenant, while the landlord, Samco, was represented in-house. The asking rent for the deal was $200 per square foot.

NEW YORK NY—RKF has fully leased the ground floor retail opportunity at 1515 Broadway in Times Square, arranging a 1,542-square-foot lease with KIKO MILANO—an Italian professional cosmetics brand featuring a range of cutting-edge makeup, face and body treatments—and a 4,629-square-foot lease with LINE FRIENDS—the mobile messenger characters brand. LINE FRIENDS opened in July 2017, while KIKO MILANO will open in winter 2017. RKF Vice Chairman Ariel Schuster, Managing Director Ross Berkowitz, Associate Jason Wecker, and Associate Jordyn Comras represented the landlord, SL Green, in both transactions. The Dartmouth Company’s  Fritz Kemerling and Joe Mastromonaco represented KIKO MILANO. Cushman & Wakefield’s Steven A. Soutendijk, Molly Sandza and Glenn Yang represented LINE FRIENDS.

NEW YORK, NY—Ariel Property Advisors has been exclusively retained to sell 768 Bergen Street, a vacant loft building in the Prospect Heights section of Brooklyn. Ownership is requesting proposals for the three-story property. Exclusive agents Jonathan Berman, Michael A. Tortorici, and McNally S. Lee are representing the seller.

EATONTOWN, NJ—Advancing its plans for redevelopment of a 171-acre parcel in the Eatontown section of the Fort, the Fort Monmouth Economic Revitalization Authority Board approved entry into a Purchase and Sale and Redevelopment Agreement with Martelli Development Group for Suneagles Golf Course.  The parcel includes the historic Gibbs Hall, former site of the fort’s Officers’ Club, and includes Joe’s Sports Bar/19th Hole, and the 21 vacant buildings in the Megill Housing Area. The property also contains an in-ground swimming pool, tennis courts, maintenance facility and pro-shop. Martelli Development Group has offered to purchase Suneagles for $5 million, which is consistent with the property’s appraised value.  The developer proposes to renovate Gibbs Hall as a first-class banquet facility, make upgrades to the golf course and restrict it to a golf course use for 40 years, and build 75 new housing units, including 60 luxury condominium townhomes and 15 affordable rental apartments.

POCONO, PA—Heidenberg Properties Group, owner of the 203,000 square foot Mt. Pocono Plaza in Mt. Pocono, PA, has executed a lease for a 17,500 square foot fitness center with Planet Fitness. The space being leased by Planet Fitness was previously occupied by an 86,000 square foot Kmart.

Notables

TEANECK, NJ—Jonathan Schlussel has joined Teaneck-based Key Properties, becoming the firm’s third generation of family leadership. Founded more than 30 years ago by Abraham Schlussel, Key Properties today is led by Jonathan’s father and uncle, co-managing partners David and Marc Schlussel. In his new role, Schlussel is involved in all facets of Key Properties’ operation, from development and project management to leasing and acquisitions. Prior to joining Key Properties, Schlussel was on the investment sales team at Colliers International. He earned a bachelor’s degree in economics from Brandeis University.

PHILADELPHIA, PA—PREIT completed three transactions that will yield approximately $75 million toward the Company’s outlined capital plan. It sold the Logan Valley Mall, the 801 Market Office condominium, and the Exton Square land parcel, a 4.9-acre land parcel.

HILLSIDE, NJ—Volunteers from member companies of the NAIOP New Jersey Chapter collected more than $6,000 in cash and over one ton of food for the Community FoodBank of New Jersey during the association’s Community Action Day. It was the eighth consecutive year that the commercial real estate development association has teamed with CFBNJ on the project.

GREAT NECK, NY—Douglas Elliman Real Estate named Anthony (Tony) Piscopio to oversee Long Island’s Great Neck office, in addition to the Roslyn branch. Piscopio, an experienced Long Island realtor, was selected for this expanded role based on his successful history managing the Douglas Elliman Roslyn office. Piscopio will continue to oversee the Roslyn office as his role expands to include Great Neck. In addition, Piscopio has selected Lisa Strobing to join the Great Neck office as sales manager. Strobing will also continue her role as the sales manager of the Williston Park office of Douglas Elliman Real Estate.

 

 

 

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