Middle Market Digest: This Week in the Northeast

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

Deal Tracker

Boston, MA—Newmark Grubb Knight Frank's Matt Malatesta, Mark Roth, Brendan Daly and Blake Mclaughlin—along with Jumbo Capital Management and Angelo Gordon—have completed five lease transactions totaling over 60,000 square feet at 7/57 Wells Ave. and 75/85/95 Wells Ave. in Newton, MA.  The team completed all of the transactions in the past six months, since Jumbo/Angelo Gordon acquired the assets. In addition to leasing 16% of the campus, 35,000 square feet of additional commitments at Wells Park are being negotiated. Located in the N2 Innovation District, Wells Park was purchased and rebranded by Jumbo Capital and Angelo Gordon in March of this year.

NEW YORK CITY—Jason Lee's Six Sigma NYC has received a $37 million first mortgage loan to repay debt and for completion of the construction and development process of 435 W. 19th St., in Chelsea. Formerly a commercial building, Six Sigma is converting the property into six residential condominiums, including two multilevel and four full-floor units comprising nearly 33,000 total square feet of space. Previously, the property operated as MRC's loan will be used to repay existing debt and for completion of the construction and development process. Aggelos Sklavenitis, VP, Meridian Capital Group, arranged the financing.

BERGENFIELD, NJ—The Church of God Ministry of Jesus Christ International has leased 5,350-square-feet of retail space at 37-39 South Washington Ave. here. NAI James E. Hanson's Darren Lizzack and Randy Horning represented the landlord, SKS Investment, in the lease transaction. Formerly built out as a bank, the one-story retail space is located in the city's Central Business District.

Lyndhurst, NJ—After more than a two year hiatus BonChon is returning to downtown New Brunswick. Ripco Real Estate's David Townes and Matthew Grundy worked with the eatery to secure the location and plan to help build the brand further throughout the state. The restaurant will occupy a 2,900-square-foot space at 335 George St. that was occupied by Counter Burger.  Ripco represented the tenant and worked directly with ownership in the transaction.

News and Notables

BOSTON—Hotel management and owner advisory firm CHMWarnick has brought on Jalil Mekouar as managing director and EVP. His previous positions include COO and managing director of JLL's hotels & hospitality group and senior leadership roles with InterContinental Hotels, Marriott and Minor International in the Americas, Europe, the Middle East and Asia-Pacific. Mekouar brings more than 25 years of international experience in the hospitality industry.

NEW YORK CITY—Attorney General Eric Schneiderman, Mayor Bill de Blasio and Governor Andrew Cuomo have announced that the Dept. of Housing Preservation and Development has issued letters notifying owners of 178 residential buildings—with a total of 1,400 rental apartments—that their 421-a tax benefits will be revoked retroactively if they don't comply with the requirements of the 421-a program, including registering their apartments as rent-regulated. The letters are focused on buildings that receive 421-a benefits that have been operating as rental buildings without fulfilling the law's rent-regulation requirements, including having their initial aggregate rent roll approved by HPD and registering their apartments as rent-regulated with DHCR.

Mid-Mkt-Tri-State-NE-FRIDAY1.jpg

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

Deal Tracker

Boston, MA—Newmark Grubb Knight Frank's Matt Malatesta, Mark Roth, Brendan Daly and Blake Mclaughlin—along with Jumbo Capital Management and Angelo Gordon—have completed five lease transactions totaling over 60,000 square feet at 7/57 Wells Ave. and 75/85/95 Wells Ave. in Newton, MA.  The team completed all of the transactions in the past six months, since Jumbo/Angelo Gordon acquired the assets. In addition to leasing 16% of the campus, 35,000 square feet of additional commitments at Wells Park are being negotiated. Located in the N2 Innovation District, Wells Park was purchased and rebranded by Jumbo Capital and Angelo Gordon in March of this year.

NEW YORK CITY—Jason Lee's Six Sigma NYC has received a $37 million first mortgage loan to repay debt and for completion of the construction and development process of 435 W. 19th St., in Chelsea. Formerly a commercial building, Six Sigma is converting the property into six residential condominiums, including two multilevel and four full-floor units comprising nearly 33,000 total square feet of space. Previously, the property operated as MRC's loan will be used to repay existing debt and for completion of the construction and development process. Aggelos Sklavenitis, VP, Meridian Capital Group, arranged the financing.

BERGENFIELD, NJ—The Church of God Ministry of Jesus Christ International has leased 5,350-square-feet of retail space at 37-39 South Washington Ave. here. NAI James E. Hanson's Darren Lizzack and Randy Horning represented the landlord, SKS Investment, in the lease transaction. Formerly built out as a bank, the one-story retail space is located in the city's Central Business District.

Lyndhurst, NJ—After more than a two year hiatus BonChon is returning to downtown New Brunswick. Ripco Real Estate's David Townes and Matthew Grundy worked with the eatery to secure the location and plan to help build the brand further throughout the state. The restaurant will occupy a 2,900-square-foot space at 335 George St. that was occupied by Counter Burger.  Ripco represented the tenant and worked directly with ownership in the transaction.

News and Notables

BOSTON—Hotel management and owner advisory firm CHMWarnick has brought on Jalil Mekouar as managing director and EVP. His previous positions include COO and managing director of JLL's hotels & hospitality group and senior leadership roles with InterContinental Hotels, Marriott and Minor International in the Americas, Europe, the Middle East and Asia-Pacific. Mekouar brings more than 25 years of international experience in the hospitality industry.

NEW YORK CITY—Attorney General Eric Schneiderman, Mayor Bill de Blasio and Governor Andrew Cuomo have announced that the Dept. of Housing Preservation and Development has issued letters notifying owners of 178 residential buildings—with a total of 1,400 rental apartments—that their 421-a tax benefits will be revoked retroactively if they don't comply with the requirements of the 421-a program, including registering their apartments as rent-regulated. The letters are focused on buildings that receive 421-a benefits that have been operating as rental buildings without fulfilling the law's rent-regulation requirements, including having their initial aggregate rent roll approved by HPD and registering their apartments as rent-regulated with DHCR.