The Real Deal New York

Tri-state briefs

November 03, 2012
By Andrea Cetra

Wintergreen of Westville

CONNECTICUT

Yalie apartment complex sells in CT’s priciest deal of the year

In Connecticut’s priciest multi-family housing deal so far this year, a five-building, 294-unit apartment complex in New Haven sold last month for $41.65 million, the Hartford Business Journal reported. UOB Eagle Rock Multifamily Property Fund LP bought the complex from SA Wintergreen LLC. Called Wintergreen of Westville, the property is located at 400 Blake Street in the city’s Westville neighborhood. It was built in 2008 by Metropolitan Development. The buyer was represented by Institutional Property Investors, a unit of commercial brokerage Marcus & Millichap. The complex is located near Yale University and provides off-campus, prefurnished housing for students.

LONG ISLAND 

Jumbo mortgages return to Long Island

The jumbo home loan is making a comeback on Long Island, Newsday reported. In the first half of the year, $4.3 billion in new jumbo mortgages — defined as home loans over $625,500 — were taken out on Long Island, according to LPS Applied Analytics. That’s almost double the $2.4 billion in new jumbo mortgages the area saw during the same period of 2011. With buyers now required to put more money down, lenders now see jumbos as less of a risk, according to Newsday. In the first five months of 2012, jumbo loans made up 4.3 percent of new mortgages in Nassau County, up from 4.1 percent from the same time period last year. In Suffolk County, 5 percent of new mortgages were jumbos, a jump from 4 percent at this time last year. In 2009, by contrast, only 2 percent of new mortgages in Nassau and 1.2 percent in Suffolk were jumbos.

NEW JERSEY

BofA office sale could set NJ record

Brian Moynihan

In what could be a record-setting sale for New Jersey, Bank of America unloaded a 12-building office complex in Hopewell Township last month, Bloomberg News reported. Neither the buyer nor the price has been officially announced, but Fortress Investment Group reportedly bought the property for $375 to $400 million. As The Real Deal has reported, the deal could surpass the largest office sale on record in New Jersey, set last year when Newport Tower in Jersey City traded for $377.5 million. BofA acquired the 1.8 million- square-foot Hopewell Township property during its 2009 merger with Merrill Lynch, but is now shedding its office properties. Bank of America CEO Brian Moynihan said in February that the bank may sell every one of its offices, save for its North Carolina headquarters and its stake at 1 Bryant Park. Available office space in central and northern New Jersey grew to 21 percent in the third quarter of this year, up from 20.3 percent in the second quarter, according to Colliers International data cited by GlobeSt

.com. New Jersey’s overall average asking rent, meanwhile, dropped slightly in the third quarter to $22 per square foot, down from $22.03 in the second quarter. Northern New Jersey, however, saw asking rents increase in the third quarter to $22.22, up from $22.10 in the prior quarter.

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