Here is a roundup of leases, sales, and other deal news happening around the Northeast middle markets.
Deal Tracker Daily
NEW YORK, NY—The Rudin Family signed a 10-year retail lease for New York-based athletic retailer Modell's Sporting Goods at 845 Third Avenue, a 21-story, 360,000 square-foot class A property in the Midtown East district. The new 20,000 square-foot lease encompasses the ground floor, second floor and basement level formerly occupied by Sports Authority on the corner of 51st Street and Third Avenue. Set to open in mid-November 2016, it will be the retailer's 44th New York City location and 159th location in the Northeast.
SYRACUSE, NY—International tourist destination Destiny USA and Hilton formally announced their partnership to bring an Embassy Suites by Hilton, a global brand of upscale, all-suite hotels, to New York's largest shopping, dining and entertainment destination. The $48 million hotel project was financed by a lending group led by M&T Bank and joined by Berkshire Bank and Tompkins Trust Company. The hotel is scheduled to open in the fall of 2017. Upon completion of construction, the hotel will be operated by Aimbridge Hospitality.
WRIGHTSTOWN AND NEW BRUNSWICK, NJ—Cherry Hill-based Starkman Realty Group has brokered the private sale of two Section 8 multifamily properties. Wrightstown Arms, a 50 unit garden-style project- based Section 8 property was sold for $2.5 million, and Fulton Gardens, in New Brunswick, a 52-unit garden-style building, sold for $3.275 million. The properties, sold for the first time in 35 years, traded at a five percent cap rate, Jason Starkman tells GlobeSt.com exclusively.
PHILADELPHIA, PA—Hill International has received a contract from the Delaware River Joint Toll Bridge Commission to provide construction management services for the Scudder Falls Bridge Replacement Project. The five-and-a-half-year contract has an estimated value to Hill of approximately $25 million.
New and Notables
HARRISON, NY—Maxx Properties announced today the promotion of its CEO, Eric Wiener to Vice Chairman and the appointment of Edward F. Lange, Jr. to the position of CEO. Wiener, 47, has been working for MAXX since 1992. Lange, 57, joined MAXX as the company's CEO, effective October 19, 2016.
NEW YORK, NY—Longtime nonprofit executive Lori Stanlick is joining Jonathan Rose Companies in the newly created role of Director of Social Services to further implement the firm's Communities of Opportunities program, GlobeSt.com has learned exclusively. The multiyear project, founded by Jonathan Rose Companies and Enterprise Community Partners, has been designed to gather concrete evidence that comprehensive housing-based approaches result in substantially improved outcomes for residents.
PHILADELPHIA, PA—Laura B. Sorscher has joined the national Real Estate practice at Cozen O'Connor. Most recently she was a partner at law firm Baer Crossey McDemus.
HACKENSACK, NJ—Alfred Sanzari Enterprises is helping to make the holidays brighter for community members in need by hosting its annual “Giving Thanks Food Drive.” Sanzari is working with The Church on the Green in Hackensack, NJ, which provides the city's homeless with nutritious dinners twice each week. Non-perishable donations will be accepted through Thurs., Nov. 17 at four Sanzari locations: Court Plaza North, Hackensack, Heights Plaza, Hasbrouck Heights, Elmwood Park Plaza, Elmwood Park and The Ivanhoe, Hackensack.
ASBURY, NJ AND BETHLEHEM, PA—J.G. Petrucci Company and Iron Hill Construction Management Company hosted their 13th Annual Iron Hill Charity Golf Open at Fiddler's Elbow Country Club in Bedminster, NJ, last month, bringing together more than 240 golfers, 300 lunch guest, 70 corporate sponsors, and raising $100,000 for Lehigh Valley Military Affairs and Community Hope for Veterans. Over its lifetime, the tournament has raised more than $800,000 for charity.
On the Market
NEWARK, NJ—999 Broad Street in downtown Newark has opened, adding affordable residential development to Newark's redevelopment renaissance. The five-story, mixed-use building is managed by RPM Development Group and adds 87 apartment units, 47 of which are for low- and moderate-income households, plus 6,500 square feet of retail to the neighborhood.
JERSEY CITY, NJ—Building and Land Technology says The Hague, the sixth and final apartment building within The Beacon luxury apartment complex in Jersey City, NJ, has fully leased up within six months of its introduction.
SECAUCUS, NJ—Tocci Building Companies, a Boston-area construction management company, has completed Osprey Cove East, a 66,294 square-foot apartment building at 34 Meadowlands Parkway in Secaucus, NJ. Developed by Hartz Mountain Industries, the project successfully transformed an abandoned lot into an upscale riverfront rental community. The three-story structure faces the Hackensack River and features 62 residential units.
FORT LEE, NJ—Tucker Development, which is developing the one-million-square-foot Hudson Lights residential, retail and entertainment complex in partnership with Kushner Real Estate Group and funds managed by Ares Management, has commenced leasing Hudson Lights' first residential phase of 276 luxury apartments.
Here is a roundup of leases, sales, and other deal news happening around the Northeast middle markets.
Deal Tracker Daily
SYRACUSE, NY—International tourist destination Destiny USA and Hilton formally announced their partnership to bring an Embassy Suites by Hilton, a global brand of upscale, all-suite hotels, to
WRIGHTSTOWN AND NEW BRUNSWICK, NJ—Cherry Hill-based Starkman Realty Group has brokered the private sale of two Section 8 multifamily properties. Wrightstown Arms, a 50 unit garden-style project- based Section 8 property was sold for $2.5 million, and Fulton Gardens, in New Brunswick, a 52-unit garden-style building, sold for $3.275 million. The properties, sold for the first time in 35 years, traded at a five percent cap rate, Jason Starkman tells GlobeSt.com exclusively.
PHILADELPHIA, PA—Hill International has received a contract from the Delaware River Joint Toll Bridge Commission to provide construction management services for the Scudder Falls Bridge Replacement Project. The five-and-a-half-year contract has an estimated value to Hill of approximately $25 million.
New and Notables
HARRISON, NY—Maxx Properties announced today the promotion of its CEO, Eric Wiener to Vice Chairman and the appointment of Edward F. Lange, Jr. to the position of CEO. Wiener, 47, has been working for MAXX since 1992. Lange, 57, joined MAXX as the company's CEO, effective October 19, 2016.
PHILADELPHIA, PA—Laura B. Sorscher has joined the national Real Estate practice at
HACKENSACK, NJ—Alfred Sanzari Enterprises is helping to make the holidays brighter for community members in need by hosting its annual “Giving Thanks Food Drive.” Sanzari is working with The Church on the Green in Hackensack, NJ, which provides the city's homeless with nutritious dinners twice each week. Non-perishable donations will be accepted through Thurs., Nov. 17 at four Sanzari locations: Court Plaza North, Hackensack, Heights Plaza, Hasbrouck Heights, Elmwood Park Plaza, Elmwood Park and The Ivanhoe, Hackensack.
ASBURY, NJ AND BETHLEHEM, PA—J.G. Petrucci Company and Iron Hill Construction Management Company hosted their 13th Annual Iron Hill Charity Golf Open at Fiddler's Elbow Country Club in Bedminster, NJ, last month, bringing together more than 240 golfers, 300 lunch guest, 70 corporate sponsors, and raising $100,000 for Lehigh Valley Military Affairs and Community Hope for Veterans. Over its lifetime, the tournament has raised more than $800,000 for charity.
On the Market
NEWARK, NJ—999 Broad Street in downtown Newark has opened, adding affordable residential development to Newark's redevelopment renaissance. The five-story, mixed-use building is managed by RPM Development Group and adds 87 apartment units, 47 of which are for low- and moderate-income households, plus 6,500 square feet of retail to the neighborhood.
JERSEY CITY, NJ—Building and Land Technology says The Hague, the sixth and final apartment building within The Beacon luxury apartment complex in Jersey City, NJ, has fully leased up within six months of its introduction.
SECAUCUS, NJ—Tocci Building Companies, a Boston-area construction management company, has completed Osprey Cove East, a 66,294 square-foot apartment building at 34 Meadowlands Parkway in Secaucus, NJ. Developed by Hartz Mountain Industries, the project successfully transformed an abandoned lot into an upscale riverfront rental community. The three-story structure faces the Hackensack River and features 62 residential units.
FORT LEE, NJ—Tucker Development, which is developing the one-million-square-foot Hudson Lights residential, retail and entertainment complex in partnership with Kushner Real Estate Group and funds managed by Ares Management, has commenced leasing Hudson Lights' first residential phase of 276 luxury apartments.
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