A 1031 tax exchange tops this week’s roundup of real estate news from the New York suburbs.
Tax protection triggers $22 million deal
Reynolds Asset Management sold a new five-story building in Bound Brook, New Jersey for $22 million. The deal was struck with an unnamed buyer looking for a 1031 exchange.
Mosaic on Main includes 63 residential units and 1,600 square feet of retail space. Somerset County accommodation amenities include a fitness center. The Kislak Company brokered the sale.
A 1031 exchange allows real estate investors to defer paying tax on the capital gain from an asset sale by investing it in a similar property. Fears that the Biden administration would end politics have faded.
JV acquires Englewood loans
A joint venture of Claremont Development, Cypress Equity Investments and Battery Global Advisors secured a $57.5 million financing package for its new multi-family luxury building in Englewood, New Jersey, according to Real Estate Weekly. Guardian Life Insurance Group of America provided the eight-year loan.
EVO, a 220-unit property at 40 Bennett Road, includes a resident lounge, co-working lounges, fitness center, yoga studio and outdoor pool. A team from JLL Capital Markets led by Michael Klein and Jon Mikula arranged the financing.
Transit society becomes real
In North Bergen, Realterm has signed mobility service provider First Transit for a 72,000 square foot lease at 5901 Tonnelle Avenue. The company provides transportation to people with disabilities who cannot use public transportation.
The commercial lease relates to a van depot in a detached building with one tenant of approximately four acres. Scott Deutchman of Lee & Associates represented the tenant.
Catholicism to Capitalism
The former headquarters of the Roman Catholic Diocese of Rockville Center will be converted into a 60,000-square-foot office building, Patch reported. Philips International Holding receives economic incentives from the Hempstead IDA for the 50 North Park Avenue project.
Philips plans to spend $19 million on the remodel after acquiring the five-story property for $9.8 million last month. The diocese sold the Nassau County building in March 2021 as part of bankruptcy proceedings. There are no tenants in line.