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

JERSEY CITY, NJ—A partnership of SJP Properties and Mack-Cali Realty Corporation unveiled Harborside Tower, a next-generation class-A office building that will integrate the latest in ‘intelligent building’ technology. Situated at the heart of a vibrant cultural district along the Jersey City waterfront, Harborside Tower will be New Jersey’s most advanced commercial building. The 40-story trophy tower will feature 1.2 million square feet of office space, configured to optimize densification, and outfitted with high-performance infrastructure to enhance the operations of established companies and growing businesses alike. A sustainable workplace, Harborside Tower was designed by noted New York City-based architecture firm FXFOWLE to achieve LEED Gold certification, with an integrated building management system that utilizes direct digital technology for monitoring and controlling all building systems to improve operating efficiencies and energy consumption. The building will also provide a web-based service request system that will allow tenants to notify management of any service needs through a seamless online platform. A state-of-the-art distributed antenna system (DAS) will enable tenants to connect to exceptionally fast internet service with unlimited bandwidth.

NEW YORK, NY—Cushman & Wakefield arranged the $28.9 million sale of a nine-story, 30,159-square-foot, pre-war apartment building located at 110 West 69th Street in Manhattan’s Upper West Side. The Neo-Renaissance styled building consists of 36 apartments, 27 of which are free-market or vacant, thus allowing for conversion to a luxury rental or condominium. A Cushman & Wakefield team consisting of senior managing director Paul Smadbeck, senior managing director Hall Oster, associate director Teddy Galligan, associate director Conrad Martin, and senior associate Bryan Smadbeck represented the seller, a private family owner, and the buyer, an Upper West Side investor, in the transaction.

TOMS RIVER, NJ—Holliday Fenoglio Fowler arranged $17.4 million in acquisition financing for Commons at Hooper, a 120,349-square-foot community shopping center in the coastal community of Toms River, NJ. As previously reported by GlobeSt.com, HFF brokered the sale of the property out of bankruptcy. The HFF team worked on behalf of the borrower, a partnership between Unison Realty Partners and ALTO Real Estate Funds, to place a five-year, fixed-rate loan with OceanFirst Bank. OceanFirst also is providing a $3.4 million construction line that the borrower will be able to use for capital and tenant improvements and leasing commissions. The HFF debt placement team included managing directors Michael Klein and Greg Labine.

Gold Leaf Manor, Linden, NJ Gold Leaf Manor, Linden, NJ

WOODBRIDGE, NJ—Linden Apartment, a private regional investor, has acquired Gold Leaf Manor, a 48-unit luxury multifamily property at 401 Roselle Street, Linden, NJ, from the Gold Organization for $8.15 million. Kislak Company senior vice president Jeff Squires marketed Gold Leaf Manor on an exclusive basis and sales associate Andrew Scheinerman represented the purchaser. Built in 2006, Gold Leaf Manor is a three-story modern luxury elevator apartment building located on nearly one acre in the heart of Linden in Union County, NJ. The property includes studios and one- and two-bedroom units all with abundant luxury amenities and on-site parking. The one- and two-bedroom units include balconies.

NEW YORK, NY—Thor Equities has leased 452 West Broadway in SoHo to Lamy for its flagship US store. The German maker of high-quality writing instruments signed a long-term deal for the entire three-level, 2,000-square-foot building for its first store in North America, which is scheduled to debut in spring 2018.

HOBOKEN, NJ—Ripco Real Estate arranged five leases leases in Hoboken, NJ. Alison Horbach of Ripco negotiated all five lease transactions on behalf of either tenant or landlord. The Hoboken leases include: Christies Special Properties leased the former American Apparel Space of 3,500 square feet at 80 Hudson Street; Sephora leased its first Hoboken Location of 2,450 square feet plus basement at 319 Washington; Shaka Bowl leased the former Blimpie’s space of 1,412 square feet at 110 Washington Avenue; Wok to Walk leased 1,250 square feet at 91 Washington Street; and Athleta of Gap leased 2,842 square feet plus basement at 316 Washington Street.

PHILADELPHIA, PA—The Harman Group has opened Vue32 in University City. The 176,000-square foot, 16-story residential tower and mixed-use development caters to Drexel University faculty, staff, and graduate students, as well as non-Drexel professionals living in the area. The development meets one of the tenets of Drexel’s master plan to reduce the pressure on off-campus housing in Powelton Village. The residential tower at 32nd and Race Street offers 164 junior one-and two-bedroom apartments, as well as a three-bedroom apartment on the top floor. The units all feature nine-foot ceilings and full-height windows that provide sweeping views of the Philadelphia skyline. The development has many community amenities, including a roof-top deck with outdoor cooking facilities, a community room with a full kitchen, a billiards and game room, a conference room, a fitness center, and a secure parking garage under the building.

HACKENSACK, NJ—Law firm Carcich O’Shea has leased 2,325 square feet of space at Court Plaza South, 21 Main Street.  The Court Plaza office complex is owned and managed by Alfred Sanzari Enterprises. Stephen C. Jennings, vice-president of leasing and marketing, arranged the lease. Headed by two of New Jersey’s top attorneys, Christopher J. Carcich and Sheila O’Shea-Criscione, Carcich O’Shea focuses on employment law, business litigation, negotiation, mediation and arbitration regarding workplace matters, among other practice areas. The firm moved into its new offices at Court Plaza in May.

Notables

BROOKLYN, NY—Industry City—New York City’s most ambitious adaptive reuse development located in Sunset Park, Brooklyn—appointed David Y. Young as Senior Vice President of Leasing. Young joins Industry City’s leasing team, led by director of leasing, Kathe Chase. The team is continuing to focus on the strategic leasing and marketing of Industry City’s 6 million square feet of creative office and warehouse space being positioned for forward-thinking, creative-class businesses. Before joining Industry City, Young served as vice president & associate director of leasing at L&L Holding Company, where he helped manage all aspects of leasing for the company’s 6.5 million square-foot portfolio of premier Manhattan office properties, including 425 Park Avenue, 390 Madison Avenue and 195 Broadway, among others.

PARAMUS, NJ—Ralph Hanan has joined Paramus, NJ-based The Goldstein Group as a lead executive within TGG Urban, the recently-formed division which has tapped into the growing shift towards creating walkable retail and residential centers in downtown city settings. Hanan will serve as vice president, urban retail, overseeing the brokerage of new developments and existing buildings, as well as tenant representation and investment sales in the metropolitan New York and New Jersey submarkets. He’ll also direct a team of professionals providing retail leasing and advisory services to urban mixed-use property owners, developers and management firms in the region.

SOUTHBURY, CT—Marshall Hotels & Resorts named David C. Rijos as the general manager of the 163-room and suite Heritage Hotel & Convention Center in Southbury, CT. Previously, Rijos was general manager of the Millennium Maxwell House Hotel in Nashville, TN. He also has held the position of general manager at such varied 4 Diamond properties as The Shores Resort & Spa in Daytona Beach, FL; the 4 Diamond Omni Charlotte, NC; 4 Diamond Renaissance Oklahoma City & Convention Center, OK; and the 4 Diamond Marriott Suite Resort on Sand Key, Clearwater, FL.

ISELIN, NJ—Avison Young has opened its second New Jersey office location at 99 Wood Avenue South in Iselin, within the Metropark market. The new location further extends Avison Young’s business-line coverage throughout New Jersey and represents a key step in the firm’s ongoing growth and expansion strategy.

 

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