Breaking News

SELLING POINTS: NYU buys resi building for $45M; Timeshare company expanding in Times Square

● Vornado Realty Trust
NYU buys Greenwich Village apartment building for $45M

New York University has purchased a building around the corner from its main campus for $45 million.

The university bought 27 Washington Square North from Vornado Realty Trust, according to city records.
The seven-story rental building on the northwest side of Washington Square Park has 27 units and was built in 1900. The building last changed hands in 2015, when it was picked up by Vornado for $20 million from property management company, Duell.

New York University has also been making real estate moves in Brooklyn: last year, it announced it was expanding its Downtown Brooklyn campus with a $500 million high-tech facility.

NYU will redevelop the former MTA headquarters at 370 Jay St. into a 500,000 s/f space that will serve as a tech hub and include additional science, technology and engineering programs.
NYU did not return calls for comment on the Village purchase.

● Bluegreen Vacations Corporation
Timeshare company expanding in Times Square

Florida-based timeshare company Bluegreen Vacations Corporation is expanding into New York City by acquiring The Manhattan Club.

The company has entered into an agreement with the 31-story boutique hotel at 200 West 56th Street where it has the exclusive right to buy out the remaining timeshare inventory through periodic purchases over time.
The company will also take over the hotel’s management contract by 2021.

Bluegreen also said it is planning to open a 2,500 s/f sales center in the New York City hotel, as part of an expansion effort in several cities including New Orleans, Chicago, Las Vegas and more.

“The Manhattan Club has always been a favorite destination for our owners, and they now have more ways to enjoy this one-of-a-kind experience at a resort in the city that never sleeps,” said Shawn B. Pearson, Bluegreen’s president and CEO.
The The Manhattan Club has 296 suites as wellas a fitness center, business center, owners’ lounge a.
Terms and conditions of the agreement were not disclosed.

Californian investors make $18M NJ industrial move

California-based Seville Gateway Investments has purchased a New Jersey industrial facility for $18.6 million.
CBRE brokered the off market sale of the 133,032 s/f facility at 100 Crows Mill Road in Keasbey, on behalf of the seller, TA Realty.

The CBRE team of William Waxman, Mindy Lissner, Steven I. Beyda and Robert Pine represented the seller while vice president Dorothy Chuang represented the buyer.

“Originally only available for lease, we were able to negotiate an off-market sale that closed in record time,” said Waxman.

“Seville Gateway was interested in a facility in the New Jersey area that was in close proximity to the Port to better service its Northeast operations.

“100 Crows Mill Road offers the new ownership truly unparalleled access to all the local waterways and airports, as well as an excellent labor pool.”

Built in 1971, 100 Crows Mill Road is located at the crossroads of the New Jersey Turnpike, Route 440, Interstate 287, Route 1/9, Route 35 and the Garden State Parkway.

The property was recently renovated and offers on-site trailer parking, LED lighting with motion sensors and access to one of the most affluent consumer markets in the region.

● Cushman & Wakefield
Office condos offered at $36M

Cushman & Wakefield has been retained to sell two full floor office condos on the 18th and 19th floors at 633 Third Avenue.

The total asking price for the two floors is $36,500,000, but they may be sold individually.
John Ciraulo, Craig Waggner and Doug Blankrot, will represent the seller, The National Center on Addiction and Substance Abuse (CASA).

“633 Third Avenue is located in one of the most highly sought out neighborhoods in New York City, so we’re excited to bring these assets to the market,” said Ciraulo.

“Given the flexible open layouts, the floors cater to a wide range of owner-occupiers and tenants,” added Waggner.
The two floors are connected via an internal staircase, contain approximately 38,478 s/f of office space and will be delivered vacant and ready for occupancy after May 2019.

Each floor in 633 Third Avenue is a separate condominium unit. The 18th floor measures 18,680 s/f while the 19th floor measures 19,798 s/f.

● Cushman & Wakefield
Internet-resistant shopping center sold

Cushman & Wakefield has arranged the sale of Kearny Square, a 138,895 s/f Class A retail center anchored by BJ’s Wholesale Club in Kearny, NJ.

Bentall Kennedy’s U.S. Core Fund purchased the property from the original developer.
Kearny Square was delivered in 2016 and is shadow-anchored by ShopRite, New Jersey’s dominant supermarket chain, and fully leased to 13 tenants.

According to the brokerage, the roster of fast-casual eateries and personal well-being services, as well as a wholesale club with a grocer, makes Kearny Square uniquely resistant to e-commerce competition.

“Kearny Square is distinguished by its location within Kearny’s redevelopment district, a UEZ Zone that offers a variety of sales and use tax exemptions and other incentives,” said Andy Merin, who led a Cushman team that included David Bernhaut, Gary Gabriel, Brian Whitmer, Seth Pollack, and Frank DiTommaso II.

“The area is also being transformed into a vibrant residential and retail neighborhood, with a 280-unit residential project under construction directly across from Kearny Square that will provide new and attractive residential apartments to the area and will bring in additional young professionals and other consumers.”

According to Whitmer, “The immediate area has a dense and growing population but has lacked retail services and amenities. Kearny Square fulfills this need and is well-positioned for long-term success as it continues to service this rapidly growing community.”

● Cushman & Wakefield
Denholtz sells industrial complex

Denholtz Associates has sold its 17-acre Fairfield Business Center in Fairfield, NJ, for $30 million.
Weiss Realty purchased the seven-building industrial complex totaling 336,220 s/f in a deal brokered by Cushman & Wakefield

“The e-commerce boom continues to fuel demand for warehousing and flex space,” said David Bernhaut, cxecutive vice chairman of the C&W investment sales team that included Andy Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Kubby Tischler.

“To ensure easy access to the massive consumer market around the New York metro area and the inland distribution markets, logistics and last-mile delivery companies are leasing an increasing amount of industrial and flex space in the Northern New Jersey industrial market.”

Fairfield Business Center was 88 percent leased to 61 tenants at the time of sale. It is located immediately off Route 46 in the Essex industrial submarket.

According to Merin, Demand for industrial and flex space is growing across the nation and in Northern New Jersey’s Route 46 corridor in particular, allowing the purchaser to benefit from continued low vacancies and high rental rates.”

Stephen Cassidy, president of Denholtz Associates, said, “As owners of the Fairfield Business Center since 1999, we recognized that today’s strong demand for industrial space in the Suburban Essex submarket and high occupancy at the portfolio made this an ideal time to sell this asset to deliver substantial returns back to our investors.”

● Cushman & Wakefield
Fashion firms close sale-leaseback on e-commerce route

Apparel manufacturer Central Mills Inc. has sold and leased back its warehouse and distribution facility in Jersey.
Saadia Group, LLC, a company founded by fashion executive Jack Saddia, purchased the 318,389 s/f facility at 473 Ridge Road in South Burnswick, which includes 38,207 s/f of office space, offers expansion potential and is sited on a 28-acre parcel in the heart of New Jersey’s active Exit 8a market.

“This well-positioned property and building offers unique accessibility to major markets, along with the possibility of expansion,” noted Cushman & Wakefield’s Gary Gabriel from the firm’s investment sales team in East Rutherford, who led the assignment with David W. Bernhaut and Andrew Merin, along with Brian Whitmer, Kyle Schmidt, Andrew Schwartz, and Ryan Larkin, with the help of local leasing broker Chuck Fern.

“The e-commerce boom continues to spur demand among logistics and other last-mile delivery companies for space in the 8a industrial market,” said Schmidt.

The facility had been occupied by sportswear manufacturer Central Mills, d/b/a FREEZE and will continue to be occupied by them under a long-term sale-leaseback arrangement.

Comments are closed