● DOMAIN COMPANIES
Domain buys South Bronx development site
The Domain Companies has purchased 445 Gerard Avenue and 414 Gerard Avenue in the Mott Haven section of the Bronx for $38.5 million.
The 44,500 s/f sites allow for the development of an approximately 428,906 s/f mixed-income, mixed-use residential property.
The sites are located within an Opportunity Zone, and currently zoned M1-4/R8a within the MX-13 Special Mixed-Use District. It is expected that both sites will participate in the New York State Brownfield Cleanup Program and include at least 25 percent affordable housing.
“We’re looking forward to growing within and alongside the Bronx community with these recent acquisitions,” said Matt Schwartz, Domain’s co-CEO.
“Domain takes pride in developing impactful, high-quality projects and shares the city’s dedication for investing in, and engaging with, the community.”
The Mott Haven sites are the fourth and fifth acquisitions in New York for Domain, who has worked in several rezoned neighborhoods throughout New York
Financing for the Mott Haven acquisition was provided by equity partner Hunt Real Estate Capital, senior lender Centennial Bank, and mezzanine lender Sherwood Equities.
The $30 million in acquisition financing from Centennial Bank and Sherwood Equities was arranged by Christopher Peck at HFF. Newmark Knight Frank served as the investment sales broker for the deal.
“We are thrilled to launch our Opportunity Zone investment strategy with Domain in the South Bronx. Domain’s history of community engagement, coupled with the potential for inclusive growth in the South Bronx through mixed-income housing, represents what we believe is the intent of the Opportunity Zone program,” says Rachel Diller, Senior Managing Director Equity Strategies,
The Mott Haven sites sit in the middle of the South Bronx, where separate development projects from market leaders range from residential and affordable housing to green space, transportation, and entertainment.
● NKF
Mack-Cali taps NKF to sell Jersey office trophy
Newmark Knight Frank (NKF) has been hired to conduct the sale of 3600 Route 66 in Neptune, New Jersey on behalf of the building’s current owner, Mack-Cali.
The property, a four-story, Class A office building totaling 188,408 square feet, is conveniently located on Route 66 and completely leased.
Representing the seller is executive managing director Steven Schultz and managing directors Tony Georgiev and Adam Silver.
3600 Route 66 has an on-site full-service cafeteria, a four-story atrium, 100 percent back-up power and abundant surface parking space.
Located on Route 66, just off the Garden State Parkway and in proximity to routes 18, 33, 34 and 35, the property offers ccess to numerous restaurants, shops and hotels, as well as the Jersey Shore Premium Outlets and Seaview Square Shopping Center.
The building is a premier-trophy asset with high visibility from Route 66, with the option for tenants to add monument signage. Its four current tenants comprise 100 percent of the asset and have a weighed average remaining lease term of 5.3 years.
“We are pleased to offer 3600 Route 66 to prospective buyers on the search for a valuable office property that continues to be promising in the market,” said Schultz.
“This well-maintained property has long served as an ideal location to enable executives looking to grow their businesses as the quality of the amenities in the building and its proximity to a wide array of other vibrant municipalities in New Jersey is certain to continue attract skilled local talent.”
“Buyers will benefit from rising fundamentals, which will make this property a strong, stable asset that will only grow their income stream,” added Silver.
“The office market has seen increased tenant demand and not enough new office construction, resulting in an 8.8 percent growth in average asking rent in this submarket over the past two years. This property, in particular, has consistently outperformed the submarket with a high average occupancy rate for more than two decades.”
● SEVEN HILLS HOSPITALITY
Old HoJo hotel sold
Seven Hills Hospitality Group has sold a Bronx hotel at 1300 Sedgwick
Avenue for $11 million.
The buyer, Sedgwick Hotel Corp., bought the two-story 25,000 s/f hotel with on-site parking that used to be a Howard Johnson Inn with 43 beds. The property is a mile from Yankee Stadium and just across the Harlem River from Manhattan.
Built in 2003, the property offers “great development potential” according to an online listing.
● SDG Management
Broadway buy
SDG Management Corp has purchased a Washington Heights building at 3880 Broadway for $19.7 million.
The five-story mixed-use elevator building has 35 residential units. The buyer received $15.81 million in financing from Arbor Realty Trust.
The seller originally purchased the property in early 2017 for $17.5 million.
The property is located blocks away from High Bridge and Fort Washington Parks and between two subway stations.
● LARKEN ASSOCIATES
Larken bolsters luxury
home portfolio
Larken Associates closed on a residential community acquisition in York,
Pennsylvania, with plans for future expansion.
The Reserve at Copper Chase adds 132 existing units to the company’s growing Larken Smart Living brand of multi-housing complexes.
Larken Associates will break ground this summer on 107 more.
The expansion project will create modern, private-entry garage-style apartments, populating12 more of the community’s thirty low-density acres.
It will be branded as a Larken Luxury Living Community. The new construction will include the addition of a clubhouse and gym.
The Reserve at Copper Chase will have apartments and townhouses with one, two and three bedroom units. Upgrades to existing units will include new vinyl plank flooring, maple cabinetry, faux-granite countertops, new appliances and updated plumbing fixtures.
The property is located less than seven miles to the York city center. It is easily accessible via Route 30 and I-83, two heavily traveled roadways connecting York to population hubs across the state, Philadelphia, Pittsburgh and Harrisburg included.
The complex is currently 90 percent occupied. It offers residents a community pool with sundeck and a children’s playground.
