24 Hour Local Real Estate News

Middle Market Digest – The Northeast

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

Deal Tracker Daily

NEW YORK, NY—Ariel Property Advisors facilitated the sale of 143-48 41st Avenue, a large multifamily building in the prime Queens neighborhood of Flushing. The 6-story property sold for $14.175 million. The 53-unit elevatored building, which spans 56,000 square feet, is located on the south side of 41st Avenue, between Parsons Boulevard and Bowne Street. Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, and Jesse Greshin represented the owner and secured the buyer.

EAST ORANGE, NJ—An 8,860-square-foot location within East Orange’s historically and culturally unique Manufacturers Village complex – located at 60 Franklin Street – has been leased by Heart of Worship Church. Arranged by Eric Weston of Sheldon Gross Realty, the transaction provides the 21st century ministry with a free-standing, two-story brick structure that’s more than 100 years old.

NEW YORK, NY—Newmark Knight Frank has arranged a 10-year, 4,200-square-foot lease for the entire 15th floor at 24 West 40th Street. The tenant, Ritholtz Wealth Management (RWM), was represented by NKF Senior Managing Director Lee Brodsky and Associate Director Alyssa Zahler. NKF Vice Chairman Scott Klau, Senior Managing Director Erik Harris and Associate Director Zachary Weil represented the owner, Harbor Group Management Company. RWM, which is moving from a sublease at 90 Park Avenue, is led by social-media savvy business and financial news authors and pundits Josh Brown and Barry Ritholtz. CEO Brown is a CNBC contributor, whose popular blog “The Reformed Broker” has garnered him a Twitter following of nearly one million people. Ritholtz is host of Bloomberg’s “Master in Business” podcast and is a featured columnist in the Washington Post.

BOSTON, MA—NKF Capital Markets has successfully completed the sale of Middlesex Marketplace in Burlington, MA, to a private real estate fund advised by Crow Holdings Capital Partners-Real Estate. Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christopher Peterson of the NKF Capital Markets Boston office, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the newly-constructed retail offering on behalf of a private seller. Built in 2013 and totaling 38,243 square feet, Middlesex Marketplace is highlighted by a freestanding build-to-suit for Del Frisco’s Grille, the upscale-casual sister concept of the high-end Del Frisco’s Double Eagle Steak House. The asset also enjoys a strategic location along Middlesex Turnpike, a major retail corridor with an average daily traffic count of 37,400 vehicles.

NEW YORK, NY—Welltower Inc., a healthcare infrastructure firm, and Hines, an international real estate firm, have closed with a confidential major institutional investor on a limited partnership interest for the development of Sunrise at East 56th Street, an assisted living and memory care community in midtown Manhattan. This transaction represents the first joint venture of this type in the development of an urban senior living building with a major institutional investor, a global real estate firm and a health care REIT. Construction of the 16-story, 130,000-square-foot facility is now underway, and completion is scheduled for the first quarter of 2020.

PHILADELPHIA, PA—San Francisco-based Shorenstein Properties has successfully inked leasing agreements with seven new tenants at 1700 Market Street, Philadelphia, PA. CBRE is working closely with Shorenstein on the leasing negotiations. The seven new tenants make up more than 85,000 square feet of the buildings’ total footprint. They include Tierney, HFF (office space pictured), CH2M, IHS Markit, T&M, Center for Applied Research (CFAR), and others. Built in 1968, The 1700 Market building stands 430 feet tall and includes more than 845,000 square feet of ENERGY STAR certified, class-A office space. The building includes a five-story garage with on-site parking, 16 high-speed elevators, on-site property management, restaurants, a bank, day care center, dry cleaners, a florist, a pharmacy and convenient access to public transit.

YORK, PA—ROCK Commercial Real Estate is representing The Accomac, an award-winning restaurant that has been listed for sale in Wrightsville, PA. The restaurant is a 16,502-square-foot stone/concrete structure on 7.9 acres at 6330 River Drive. The sale includes the restaurant and catering business, real estate, liquor license, furniture, fixtures and equipment. The restaurant accommodates 150 patrons, with seating areas and a fireplace in the main dining room, the upstairs dining rooms, the pub, and the porch overlooking the Susquehanna River. John Birkeland, of ROCK Commercial Real Estate, represents the ownership, Douglas and Charlene Calvert Campbell.

BRONX, NY—Fort Schuyler Housing Development Company, Smith & Henzy Advisory Group, MDG Design + Construction, Concord Management of New York, and partners have agreed to renovate and refinance Fort Schuyler House, a 138-unit affordable senior housing development in the Bronx. In addition to $15.5 million in capital repairs, the project will preserve affordability for residents. Located at 3077 Cross Bronx Expressway in the Throgs Neck neighborhood of the Bronx, Fort Schuyler House was built in 1973 to offer safe, secure, independent living opportunities for seniors ages 62 and over. The eight-story building is comprised of 118 studio units, 20 one-bedroom units, and one two-bedroom unit.

NEW YORK, NY—Ariel Property Advisors secured financing and facilitated the sale of Grand Crossing Apartments, a 55-unit two-building multifamily property package in the popular Northern Manhattan location of Central Harlem. The assets, located at 208 and 212 West 133rd Street, sold for a collective $9 million. Ariel Property Advisors’ Capital Services Division assisted the buyer’s acquisition of the two assets by obtaining a $5.15 million non-recourse fixed-rate acquisition loan. The pair of buildings, which together span 55,555 square feet, are located between Adam Clayton Powell Jr. Boulevard and Frederick Douglass Boulevard. Both properties are subject to regulatory agreements with city and state agencies. Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, and Matthew L. Gillis represented the owner and secured the buyer. 208 West 133rd Street is a five-story walk-up building, which encompasses 14,175 square feet and contains 15 residential apartments, split evenly between studio, two-bedroom and three-bedroom units. 212 West 133rd Street spans 41,380 square feet, and is an elevatored property that has 40 residential units, 31of which are two-bedroom, and nine three-bedroom.

Money Moves

NEW YORK, NY—Darrell Rubens has joined RKF as a senior managing director in its New York City office. Rubens has more than 20 years of experience in retail real estate and has arranged transactions valued in excess of $1 billion. Prior to joining RKF, Rubens was a partner at Winick Realty Group and served as executive vice president of the firm, where he played a key role as both a broker and manager. While there, Rubens was instrumental in helping transform the Wall Street retail corridor with the successful leasing of Canali, Thomas Pink, Haru and T.J.Maxx.

NUTLEY, NJ—With redevelopment momentum picking up speed at ON3, the reimagined Hoffman-LaRoche campus in Nutley and Clifton, NJ, Prism Capital Partners has named a five-member group to manage the development that includes three former Hoffmann-La Roche employees with more than 90 years of combined experience at the property. Prism’s Richard Margerison Jr., senior property manager, is serving as ON3 team lead. The seasoned industry veteran joined the company in 2015 with more than two decades of experience in large-scale property and facilities management, project management, and construction. David Altenau, a 28-year Hoffmann-La Roche employee, has been named director of operations for ON3. He brings deep knowledge of utility operations and maintenance at the site, which at one time housed more than 6,000 employees and serviced critical research and pharmaceutical production operations. Tim Keating, property manager for ON3, provides building oversite and heads campus security. His 31-year career with Hoffmann-La Roche yielded an in-depth knowledge of building financials and mechanical systems. Mike Meechan, who joined Hoffmann-La Roche in 1984, is ON3’s facilities manager in charge of construction management. With a strong background in mechanical engineering, Meechan is overseeing demolition and site prep, as well as new development and redevelopment on the campus. The fifth ON3 operational team member, Ido Weinberger, recently joined the firm as a senior analyst. As part of his role, Weinberger is leading the underwriting for the ongoing development at ON3, including commercial lease analysis, and debt and capital markets research.

BRIDGEWATER, NJ—Advance Realty has been named an Accredited Management Organization (AMO) by the Institute of Real Estate Management (IREM). Less than 550 real estate firms across the world have earned the AMO designation, which is the only international recognition of excellence for real estate management. IREM, which bestows the mark of distinction based on industry standards and best practices that are relevant to real estate management firms, their clients, and the assets they manage, describes the AMO designation as “a clear demonstration to owners, investors, and clients that their properties are in the best possible hands.”

MOUNT LAUREL, NJ—Beverly J. Gerber of The Bloom Organization, a commercial industrial real estate management firm, has been appointed vice president of the Businesses Committed to South Jersey board of directors. An active member of BCSJ for more than 10 years, Gerber has been a member of the organization’s board since 2017. Gerber has been a member of The Bloom Organization since 1989. As a senior leasing executive, she works closely with clients, inspecting properties, negotiating financial and legal terms and fostering long-term tenant relations.


Copyright 2018. ALM Media Properties, LLC. All rights reserved.