12-12-14

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 26 Issue 23 Dec. 12 - 18, 2014

CitiBank and JP Morgan to join White Clay Corporate Center NAI Emory Hill leases 278,000 s/f of office space totaling over $11.6m N EWARK , DE — NAI Emory Hill has announced that

Tax Issues & Accounting

of brokerage and principal Neil Kilian, CCIM, SIOR , was the sole broker in the transactions, which together totaled more than $11.6 mil- lion. “With its strategic location in Newark and close prox- imity to the University of Delaware campus, the White Clay Corporate Center has been and continues to be a highly desirable location for the financial services industry,” Kilian said. “We are seeing an uptick in of- fice leasing activity in the greater Newark area which is a welcome sign, follow- ing the great recession, and highlights the many advan- tages Newark has to offer major employers.” n

i t h a s r e - cently leased over 278,000 s/f of office space at its White Clay C o r p o r a t e C e n t e r i n Newark, to t wo l e a d -

20-23A

Neil Kilian

ing financial institutions, CitiGroup and JP Morgan Chase, making the City of Newark a satellite financial hub second only to Wilm- ington. CitiGroup Technology just signed a lease renewal for approximately 88,000 s/f of office space at White Clay,

Bussel Realty leases 100,000 s/f

Avion Business Park

White Clay Corporate Center

while JP Morgan Chase has leased several spaces total- ing approximately 190,000

s/f at the same center to accommodate an expansion. NAI Emory Hill director

Janet Bortz, Daniel Lanni and Jeffrey Wiener handle trade of 48 luxury units Kislak completes $10.5 million sale of Village Place at Goshen Apartments in Goshen, NY

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Cushman & Wakefield brokers $25.2 million sale of 317,500 s/f

more luxury rental proper- ties being built,” said Bortz.

GOSHEN, NY — The Kislak Company, Inc. an- nounced the $10.5 million sale of Village Place at Goshen Apartments, a 48-unit luxury property in Goshen, Orange County, New York. Vice presi- dents Janet Bortz and Dan- iel Lanni represented the seller. Bortz and co-managing director Jeffrey Wiener rep- resented the purchaser. “The market is changing in the lower Hudson Valley with

“Luxury liv- ing with no maintenance or real estate taxes is at- tractive to both young profession- als as well a s emp t y n e s t e r s . The Hudson Valley has rents of up t o $ 2 , 4 0 0 per month in newer rent- al construc- tion.” “The area is perform- ing well eco- n om i c a l l y a n d t h e populat i on is growing,” said Robert H o l l a n d , p r e s i d e n t a n d c o -

Janet Bortz

FC-B

Directory

DelMarVa.................................................................5-8A Financial Digest....................................................19-23A New Jersey....................................................... Section B Northern New Jersey. ............................................5-12B Pennsylvania..........................................................9-17A Central Pennsylvania............................................12-15A

Village Place at Goshen Apartments

price of $218,750, among the highest ever paid in Orange County and the Hudson Val- ley. There is strong demand among renters for this type of quality product and there is similarly strong demand among investors to acquire this type of product.” Built in 2009, Village Place at Goshen features large, 1,300 s/f apartments. The property is located 30 min- utes from the New York-

New Jersey border with easy commuting access to Bergen County in New Jersey, Rock- land and Westchester Coun- ties in New York, and New York City ” The seller was represented by Debra Schulman, Esq . The purchaser was repre- sented by Edward Bortz, Esq. Financing was provided by Columbia Bank . At the time of closing, the property was 98% occupied. n

Daniel Lanni

Upcoming Spotlights December 19, 2014 Annual Review

Jeffrey Wiener

managing director. “Our sales team achieved a per unit sale

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