Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: Chase Bank offloads three properties; Playtogs Shopping Plaza to receive renovations

● CBRE
Chase sells off three properties 

CBRE Tri-State Investment Properties team arranged the $4 million sale of a three-property portfolio on behalf of JP Morgan Chase Bank. The properties included 475 Bloomfield Avenue – the former bank branch, 483 Bloomfield Avenue – former corporate offices, and a gated parking lot at 2 Forest Street in Montclair, New Jersey. Charles Berger, Elli Klapper and Mark Silverman partnered with Samuel Bernhaut of CBRE’s retail division, representing JP Morgan Chase and also procuring the buyer in the transaction.

● FISCHER COMMERCIAL REAL ESTATE
Gone in 72 hours

Fischer Commercial Real Estate announced the sale of the 12,980 s/f former home to Bank of America at 115 Main Street on .80 acres in downtown Seymour. The property was sold within 72 hours of being listed for $440,000. Alan M. Fischer, CCIM, SIOR, represented both the seller and the buyer in the all-cash transaction. BoA used the property as a branch bank and a regional training center. The new owner is a local investor who plans to reconfigure the spaces into multiple, rentable office suites and street retail.

● FULTONEX REALTY LLC
Infertility center expands to Flushing

Global Fertility & Genetics, Inc. of New York, a reproductive endocrinology and infertility center headquartered in Midtown, has purchased a commercial condominium at Tangram Tower, an office condominium and part of the 1.2 million-square-foot, mixed-use development rising in Downtown Flushing, Queens. Global Fertility & Genetics, Inc. CEO Annie Liu purchased Tangram Tower, 33-12 Prince Street, 5A, for $2.572 million. The space is 2,050 s/f. This is one of 48 commercial condos within the 90,000 s/f building, currently under construction. Fultonex Realty LLC was the exclusive broker representing sponsorship, and Sany Realty Group LLC represented the buyer.

● CONCORD CAPITAL NEW YORK
Renovations coming to Playtogs Shopping Plaza

Concord Capital New York has purchased Playtogs Shopping Plaza, an 800,000 s/f mixed-use site with over 200,000 rentable square feet located on the border of Middletown and Wallkill in Orange County N.Y. Concord founder and CEO Eric Jacobov plans to renovate the existing structure and lease the mall at “highly competitive rates.” Jacobov has not ruled out future development on the site that may include constructing multi-family housing and even a hotel. The company will immediately start leasing and managing the 18 acre site at 130-138, 144-146 and 156 Dolson Avenue. The bank sold the property to Concord Capital for just over $4 million. Concord will rename the site: Middletown Plaza and Playtogs Corporate Center.

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