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 successfully completed a new five-year, 20,987-square-foot sublease for Codecademy at 575 Broadway in Manhattan’s SoHo district. NKF senior managing directors Bernard Weitzman and Eric Cagner negotiated the deal on behalf of the subtenant, while Jones Lang LaSalle was the agent for sublessor Code and Theory. The new sublease encompasses a relocation from the firm’s previous headquarters location at 49 West 27th Street, a space that spans 8,800 square feet.

PARAMUS, NJ—The Goldstein Group has placed Playa Bowls in Marlboro, Ridgewood, Toms River and Pompton Plains, NJ. Playa Bowls originated in Belmar, NJ, and is known for custom fresh smoothies and acai bowls, thick smoothie bowls eaten with a spoon. Marc Palestina, Sales Associate at The Goldstein Group, was responsible for the transactions on behalf of the tenant and the landlord for all the transactions.

NEW YORK, NY—Cushman & Wakefield arranged the $23 million sale of a corner development site located at 141-57 Northern Boulevard in Flushing, Queens, NY. The property sits on approximately 22,663 square feet in C1-2/R6 zoning. The FAR is 3.0 (as of right), which allows up to 67,989 buildable square feet for mixed-use development. Cushman & Wakefield’s senior managing director Stephen R. Preuss and vice chairman Stephen P. Palmese represented the seller, 141-57 Northern Boulevard Inc., in the transaction. The site was purchased by NY EZ Property Holdings. 141-57 Northern Boulevard is a corner mixed-use development site with 270+ square feet of frontage. The property currently features an approximately 14,200 square foot building occupied by a commercial tenant and Bank of America. Bank of America currently operates 4,100 square feet on a lease through March 31, 2020 currently paying $9,566.67 per month (with no options) and the remaining commercial space will be delivered with an approximate one-year lease back to the current tenant. At the northwest corner of Northern Boulevard and Parson Boulevard, the site is less than a mile away from the 7 Main Street subway station and the LIRR at Main Street and Murray Hill stations.

HARRISON, NJ—The partnership of Advance Realty and DeBartolo Development today announced that Steel Works, its luxury residential building in Harrison, N.J., has leased 75 percent of its residences. The building features 286 studio, one- and two-bedroom apartments designed to appeal to the modern renter’s lifestyle with amenities including: a state-of-the-art fitness center and spin room; 24/7 on-demand fitness classes; game room with a golf and multi-sport simulator, poker table and shuffle board; heated outdoor pool and clubhouse; resident lounge; dedicated pet park; outdoor movie screen; and spacious roof deck accompanied by a fireside lounge, bar and barbeque grills.

WINTHROP, MANAI Hunneman recently brokered the $5.2 million sale of 87 & 90 Winthrop Shore Drive, a two-building apartment complex, totaling 38-units fronting the Winthrop Shore Reservation in Winthrop, MA. Executive vice president Robert Tito and assistant vice president Gina Barroso represented the seller, Winthrop Shore Drive, and procured the buyer RCG. 87 & 90 Winthrop Shore Drive consists of two, 19-unit apartment buildings with a mix of studio, one-bedroom, and two-bedroom apartments. The property is situated on the west side of Winthrop Shore Drive, providing sweeping views of the Atlantic Ocean along Winthrop Beach. The property is conveniently located near public transportation via two MBTA bus lines, the Orient Heights T-stop on the Blue Line, as well as water transportation between Winthrop and Rowes Wharf in downtown Boston.

Notables

TRENTON, NJ—The Board of the New Jersey Economic Development Authority (EDA) today voted to approve Tim Sullivan as the authority’s next chief executive officer. Sullivan most recently served as deputy commissioner of the Connecticut Department of Economic and Community Development (DECD), where he oversaw state tourism and branding, brownfield redevelopment, transit-oriented development, and waterfront initiatives. Sullivan joined the DECD in January 2014 as director of brownfield, waterfront, and transit-oriented development, and became deputy commissioner in 2015. Sullivan previously served as chief of staff to the New York City deputy mayor for economic development, focusing on transportation and transit-oriented development, brownfield redevelopment, waterfront and maritime/port redevelopment, public and affordable housing policy, small business support, infrastructure finance, and public/private partnerships.

RUTHERFORD, NJ—Newmark Knight Frank named Leo Paytas, a 30-year industry veteran who has represented tenants and landlords globally, a senior managing director. Paytas has worked on behalf of a wide range of tenants and landlords in the financial, insurance and legal industries. In the last two years alone, Paytas has represented clients in the sale or lease of more than 2.4 million square feet, with a total transaction value of $264 million. His expertise, combined with his Fortune 500 company relationships, offers a unique value to clients. Household-name companies he has represented include Prudential and its 7-million-square-foot portfolio, for which he oversaw transaction activity including acquisitions, dispositions and sales. Paytas holds a Bachelor of Science degree in civil engineering from the University of Pennsylvania.

BOSTON, MA—Longfellow Real Estate Partners added new team members to support its class-A office holdings in the greater Boston area. Longfellow hired four new team members and is integrating seven brought on board when Longfellow purchased three office and tech buildings — 100, 125 and 150 CambridgePark Drive. This expands Longfellow’s Boston-based staff by 12 — from 10 to 22. The team supports a Longfellow network in greater Boston that encompasses 827,928 sq ft of Class-A office and lab space. Longfellow’s hires in Greater Boston are: Nora Neilson, director of property management; Jennifer McCarthy, associate, accounting; Fiona Caplan, assistant property manager; Brooks Goodyear, associate, asset management; John Curran, senior associate, investments; Nora Capraro, property manager; Madison Hebb, assistant property manager; Erin Tremblay, event specialist; and Mike Crossman, Edwin Martinez, Gezim Dervishi, and Reinaldo Ribeiro, facilities maintenance specialists.

PHILADELPHIA, PA—PREIT named JoAnne A. Epps, executive vice president and provost of Temple University, as an independent trustee effective immediately. Epps will serve as a member of the Nominating and Governance Committee and will stand for re-election at the company’s annual meeting of shareholders in May 2018. Epps is a member and former president of the board of directors of the Defender Association of Philadelphia, with fiduciary responsibility for the Philadelphia and Federal Defender offices. She served for twelve years as Temple University’s representative to the NCAA, much of which involved issues of institutional governance. She is also a former member of the board of directors of the National Association of Women Lawyer’s Foundation, where she chaired the review of board governance protocols.

 

 

 

 

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