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

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Deal Tracker Daily

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

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EAST ORANGE, NJ—An 8,860-square-foot locationwithin East Orange's historically and culturally uniqueManufacturers Village complex – located at 60 Franklin Street – hasbeen leased by Heart of Worship Church. Arranged by Eric Weston ofSheldon Gross Realty, the transaction provides the 21stcentury ministry with a free-standing, two-story brick structurethat's more than 100 years old.

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

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BOSTON, MA—NKF Capital Markets has successfullycompleted the sale of Middlesex Marketplace in Burlington, MA, to aprivate real estate fund advised by Crow Holdings CapitalPartners-Real Estate. Executive Managing Director Geoffrey Millerd,Managing Director Justin Smith, Associate Director Paul Penman andFinancial Analyst Christopher Peterson of the NKF Capital MarketsBoston office, which is led by U.S. Head of Capital Markets RobertGriffin, oversaw the transaction of the newly-constructed retailoffering on behalf of a private seller. Built in 2013 and totaling38,243 square feet, Middlesex Marketplace is highlighted by afreestanding build-to-suit for Del Frisco's Grille, theupscale-casual sister concept of the high-end Del Frisco's DoubleEagle Steak House. The asset also enjoys a strategic location alongMiddlesex Turnpike, a major retail corridor with an average dailytraffic count of 37,400 vehicles.

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NEW YORK, NY—Welltower Inc., a healthcareinfrastructure firm, and Hines, an international real estate firm,have closed with a confidential major institutional investoron a limited partnership interest for the development of Sunrise atEast 56th Street, an assisted living and memory carecommunity in midtown Manhattan. This transaction represents thefirst joint venture of this type in the development of anurban senior living building with a major institutional investor, aglobal real estate firm and a health care REIT. Construction of the16-story, 130,000-square-foot facility is now underway, andcompletion is scheduled for the first quarter of 2020.

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PHILADELPHIA, PA—San Francisco-basedShorenstein Properties has successfully inked leasing agreementswith seven new tenants at 1700 Market Street, Philadelphia, PA.CBRE is working closely with Shorenstein on the leasingnegotiations. The seven new tenants make up more than 85,000 squarefeet of the buildings' total footprint. They include Tierney, HFF(office space pictured), CH2M, IHS Markit, T&M, Center forApplied Research (CFAR), and others. Built in 1968, The 1700 Marketbuilding stands 430 feet tall and includes more than 845,000 squarefeet of ENERGY STAR certified, class-A office space. The buildingincludes a five-story garage with on-site parking, 16 high-speedelevators, on-site property management, restaurants, a bank, daycare center, dry cleaners, a florist, a pharmacy and convenientaccess to public transit.

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YORK, PA—ROCK Commercial Real Estate isrepresenting The Accomac, an award-winning restaurant that has beenlisted for sale in Wrightsville, PA. The restaurant is a16,502-square-foot stone/concrete structure on 7.9 acres at 6330River Drive. The sale includes the restaurant and cateringbusiness, real estate, liquor license, furniture, fixtures andequipment. The restaurant accommodates 150 patrons, with seatingareas and a fireplace in the main dining room, the upstairs diningrooms, the pub, and the porch overlooking the Susquehanna River.John Birkeland, of ROCK Commercial Real Estate, represents theownership, Douglas and Charlene Calvert Campbell.

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BRONX, NY—Fort Schuyler Housing DevelopmentCompany, Smith & Henzy Advisory Group, MDG Design +Construction, Concord Management of New York, and partners haveagreed to renovate and refinance Fort Schuyler House, a 138-unitaffordable senior housing development in the Bronx. In addition to$15.5 million in capital repairs, the project will preserveaffordability for residents. Located at 3077 Cross Bronx Expresswayin the Throgs Neck neighborhood of the Bronx, Fort Schuyler Housewas built in 1973 to offer safe, secure, independent livingopportunities for seniors ages 62 and over. The eight-storybuilding is comprised of 118 studio units, 20 one-bedroom units,and one two-bedroom unit.

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NEW YORK, NY—Ariel Property Advisors securedfinancing and facilitated the sale of Grand Crossing Apartments, a55-unit two-building multifamily property package in the popularNorthern Manhattan location of Central Harlem. The assets, locatedat 208 and 212 West 133rd Street, sold for a collective$9 million. Ariel Property Advisors' Capital Services Divisionassisted the buyer's acquisition of the two assets by obtaining a$5.15 million non-recourse fixed-rate acquisition loan. The pair ofbuildings, which together span 55,555 square feet, are locatedbetween Adam Clayton Powell Jr. Boulevard and Frederick DouglassBoulevard. Both properties are subject to regulatory agreementswith city and state agencies. Exclusive agents Victor Sozio, ShimonShkury, Michael A. Tortorici, and Matthew L. Gillis represented theowner and secured the buyer. 208 West 133rd Street is afive-story walk-up building, which encompasses 14,175 square feetand contains 15 residential apartments, split evenly betweenstudio, two-bedroom and three-bedroom units. 212 West133rd Street spans 41,380 square feet, and is anelevatored property that has 40 residential units, 31of which aretwo-bedroom, and nine three-bedroom.

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Money Moves

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

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NUTLEY, NJ—With redevelopment momentum pickingup speed at ON3, the reimagined Hoffman-LaRoche campus in Nutleyand Clifton, NJ, Prism Capital Partners has named a five-membergroup to manage the development that includes three formerHoffmann-La Roche employees with more than 90 years of combinedexperience at the property. Prism's Richard Margerison Jr.,senior property manager, is serving as ON3 team lead. The seasonedindustry veteran joined the company in 2015 with more than twodecades of experience in large-scale property and facilitiesmanagement, project management, and construction. David Altenau, a28-year Hoffmann-La Roche employee, has been named director ofoperations for ON3. He brings deep knowledge of utility operationsand maintenance at the site, which at one time housed more than6,000 employees and serviced critical research and pharmaceuticalproduction operations. Tim Keating, property manager for ON3,provides building oversite and heads campus security. His 31-yearcareer with Hoffmann-La Roche yielded an in-depth knowledge ofbuilding financials and mechanical systems. Mike Meechan, whojoined Hoffmann-La Roche in 1984, is ON3's facilities manager incharge of construction management. With a strong background inmechanical engineering, Meechan is overseeing demolition and siteprep, as well as new development and redevelopment on the campus.The fifth ON3 operational team member, Ido Weinberger, recentlyjoined the firm as a senior analyst. As part of his role,Weinberger is leading the underwriting for the ongoing developmentat ON3, including commercial lease analysis, and debt and capitalmarkets research.

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BRIDGEWATER, NJ—Advance Realty has been namedan Accredited Management Organization (AMO) by the Institute ofReal Estate Management (IREM). Less than 550 real estate firmsacross the world have earned the AMO designation, which is theonly international recognition of excellence for real estatemanagement. IREM, which bestows the mark of distinction based onindustry standards and best practices that are relevant to realestate 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 bestpossible hands.”

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MOUNT LAUREL, NJ—Beverly J. Gerber of The BloomOrganization, a commercial industrial real estate managementfirm, has been appointed vice president of the BusinessesCommitted to South Jersey board of directors. An active member ofBCSJ for more than 10 years, Gerber has been a member of theorganization's board since 2017. Gerber has been a member of TheBloom Organization since 1989. As a senior leasing executive,she works closely with clients, inspecting properties,negotiating financial and legal terms and fosteringlong-term tenant relations.

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].