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—Newmark Knight Frank has been tapped as the exclusive marketing and sales agent for 866 United Nations Plaza. The 471,000-square-foot, class-A office condominium is located on 48th Street, between First Avenue and the FDR Drive, and contains office, retail and garage space. The project is sponsored by The Carlyle Group, a global alternative asset management firm. The four-person NKF brokerage team is comprised of vice chairman Scott Klau, vice chairman Jared Horowitz, senior managing director Erik Harris and associate director Zachary Weil. The six-story office building boasts unobstructed, 360-degree views of Manhattan’s East River and the United Nations, as well as the Long Island City and Manhattan skylines from a continuous band of floor-to-ceiling windows that envelop the building.

SOUTH PLAINFIELD, NJ—Holliday Fenoglio Fowler brokered the sale of Oak Park Commons, a 137,000-square-foot, grocery-anchored shopping center in South Plainfield, New Jersey. Originally built in 1998, the seven-building, ACME-anchored center is 98 percent leased to tenants including CVS, Advance Auto Parts, Dollar Tree, Goodyear Tires, Fitness 19, McDonald’s and Wells Fargo Bank. The HFF investment advisory team of senior managing director Jose Cruz, managing director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and director Jordan Avanzato represented the seller and procured the buyer.

BROOKLYN, NY—Jonathan Rose Companies has launched Caesura, a rental property at 280 Ashland Place in the heart of Brooklyn’s Cultural District. Named for a pause in the middle of a line of music or poetry, Caesura is directly across from the Brooklyn Academy of Music. Caesura features 123 market-rate, middle-income, and affordable apartments in a mix of studio and one- to two-bedroom homes, along with 34 furnished micro units.

BROOKLYN, NY—Greystone has provided $13.355 million in Freddie Mac financing for a 24-unit apartment building in Williamsburg, Brooklyn. The loan was originated by Anthony Cristi of Greystone’s New York office. The refinanced property, located at 310 Graham Avenue, was constructed in 2016. The new conventional Freddie Mac loan on the property represents a permanent exit from construction financing, and carries a 7-year term, 2 years of Interest-only, and a 30-year amortization. The newly-built market-rate rental property includes a roof deck, fitness center, resident lounge, and private parking.

MONTCLAIR, NJ—Local leaders have cut the ribbon on one of the newest businesses in downtown Montclair, CycleBar Montclair, at 656 Bloomfield Avenue, Building #2, Retail #8. The indoor cycling studio is in the new Valley & Bloom development at the corner of Valley Road and Bloomfield. The full-body workout space provides a multi-sensory experience with audio, video and lighting technology on 50 custom bikes, each with a personal data monitor that tracks personal rider metrics and performance.

BERLIN, VT—Heidenberg Properties Group signed a lease for a 15,000 square-foot Planet Fitness at the Berlin Mall, Berlin, VT. Planet Fitness will serve as junior anchor of the 250,000 square foot mall located on Berlin Mall Road.

Notables

OCEANPORT, NJ—Fort Monmouth Economic Revitalization Authority Board Chairman James V. Gorman announced his resignation, effective December 31, 2017. Gorman has served as Board Chair since January 25, 2011. During his seven-year tenure as public member of the Board, Gorman led FMERA’s sale of 11 properties at the closed military base. FMERA is under contract or in active negotiations on 17additional properties. Notable achievements include the opening of data-security giant, Commvault’s, 275,000-square-foot corporate headquarters in Tinton Falls; the reuse of Fort Monmouth’s former Child Development Center as Trinity Hall School in Tinton Falls; and the rebirth of the former Patterson Army Clinic as AcuteCare in Oceanport.

CLIFTON and NUTLEY, NJ—Prism Capital Partners has launched a website (www.ON3NJ.com) and social media platforms for “ON3” – the former Hoffmann-La Roche campus in Clifton and Nutley. The digital platforms are designed to inform residents about the latest redevelopment news at the property and to solicit their feedback regarding potential future uses they would like to see as part of ON3 to best serve the regional communities. Spanning 116 acres, ON3 is New Jersey’s largest contemplated redevelopment. Renovations to existing buildings on the campus are currently under way to accommodate the needs of the new Seton Hall-Hackensack Meridian Graduate School of Medicine, as well as class-A office tenants, including the bio-fabrication firm, Modern Meadow.

UNIONDALE, NY—Arbor Realty Trust recently achieved a milestone in its small balance loan history by funding $1 billion through the Freddie Mac Small Balance Loan program in less than a year’s time. Arbor has been the top Freddie Mac SBL loan lender for two years straight and was a key contributor to the development of the Freddie Mac SBL platform, which launched in late 2014. Earlier this year, Arbor was recognized with the distinction of being the first lender to reach the $2 billion origination mark since the program’s inception.

 

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