Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands
King Kullen gets replaced; Hackensack luxury receives financing
Maine Course Hospitality Group purchased the dual-branded Homewood Suites & Tru by Hilton Albany Crossgates Mall in New York’s capital city from Pyramid Management Group. The sales price was not disclosed.
The 192-key hotel includes 96 traditional guest rooms and 96 suites with fully equipped kitchens, designed for guests planning on an extended stay. A JLL Hotels & Hospitality team led by Alan Suzuki and Matthew Enright represented the seller.
The hotel is across the street from Pyramid’s Crossgates Mall. The mall is locked into litigation with Amazon, suing the retail giant for abandoning its lease at the property, even as it continues to pay rent.
About three hours south, Tesla is taking space in Westbury, grabbing 50,000 square feet at Mattone Investors’ Roosevelt Raceway Center at 1350 Corporate Drive, according to Long Island Business News. The space was formerly occupied by a Toys ‘R’ Us, but has been vacant for four years.
The shop will be the fourth for Elon Musk’s company on Long Island. The space will serve as both a car showroom and service center, where solar panels and home-energy storage equipment will always be sold. The facility is expected to open by the end of the year.
Brinkmann’s Hardware is set to take a 38,000-square-foot space once occupied by King Kullen at 77 Forest Avenue in Glen Cove, Newsday reported. The supermarket is set to leave the space this month and the hardware store expects to open its fifth store in 2023’s first quarter.
Amazon was supposedly eyeing the space for an Amazon Fresh store, building owner Norman Bobrow of Bobrow Bros previously said. But Bobrow said negotiations fell through due to the store layout.
A trio of developers landed a $60 million loan from an undisclosed lender for the Print House, a 271-unit luxury development in Hackensack, New Jersey. The 10-year term loan was arranged by G.S. Wilcox & Co., according to Real Estate Weekly.
The apartment building is part of the initial phase of a redevelopment across 20 acres abutting the Hackensack River at the site of the Daily Record Property. Market-rate tenants at the Print House will have amenities including a swimming pool and fitness center. Russo Development, Hampshire Management and Fourth Edition Inc. are developing the building.