The Real Deal Tristate

Tom Brady, Gisele home shop in suburbs, North Jersey industrial site sells for $66M & more Tri-State real estate news

By Brian Baxter | August 01, 2019 03:00PM

Tom Brady (L) and Gisele Bündchen arrive at the 2018 Met Gala on May 7, 2018, at the Metropolitan Museum of Art in New York. (Angela Weiss/AFP/Getty Images)

Brady, Gisele in market for some suburban real estate
With the 2019-20 National Football League season is just on the horizon, star New England Patriots quarterback Tom Brady and his wife, supermodel Gisele Bündchen, are in the market for a home just outside New York City, the New York Post reported. The couple, who already own a $20 million-plus pad at the Related Companies’ 70 Vestry Street in Tribeca, have been house hunting in the affluent areas of Alpine, New Jersey, and Greenwich, Connecticut, according to the Post. As the 41-year-old Brady prepares to begin his 20th NFL season, some outlets like LoHud have sought to court the future Hall of Famer by preparing a list of potential multimillion-dollar homes for him and Bündchen to buy. The Post noted that the couple plan to keep their home in Manhattan, but want to supplement it with suburban space for their children and dogs to roam. [NYP]

JV gets “Kiss” in Piscataway logistics center deal
The Rockefeller Group and joint venture partner Pacific Coast Capital Partners announced last week the $65.7 million sale of a 469,600-square-foot distribution and logistics center in Piscataway, New Jersey, to Port Washington, New York-based beauty company Kiss Products, NJBIZ reported. The facility itself is located within the 2.2 million-square-foot Rockefeller Group Logistics Center, the 228-acre former site of a Dow Chemical plastics factory that was acquired by New York-based Rockefeller two years ago in a $57 million deal. The joint venture subsequently began building five distribution centers on property. Cushman & Wakefield is serving as exclusive agent for the development and represented Rockefeller on the deal, while Kiss turned to Piscataway-based NAI DiLeo-Bram & Co. NJBIZ noted the transaction is being financed by Citibank, City National Bank and Shinhan Bank America. RE-NJ reported that the joint venture between Rockefeller and PCCP has sold off other industrial properties in Northern New Jersey’s red-hot industrial market. The Real Deal noted last week the $11.5 million sale of an office property in Piscataway. [NJBIZ]

Woolworth heir’s old Oyster Bay estate lists for $22M
Beau Pre, a French Normandy-style home on Long Island’s Gold Coast built in 1928 by Charles and Helena Woolworth McCann, has hit the market seeking $21.95 million, the Long Island Press reported. The seven-acre estate at 11 Grace Lane in Oyster Bay Cove was restored over four years starting in 1999 by noted architect John Kean, according to the Daily Voice Plus. With 22 rooms and 12,000 square feet, the home comes with seven bedrooms, nine bathrooms, a two-story foyer, library, billiards room, gym and a partially finished basement with 10-foot ceilings, an art studio and a playroom. Other amenities include a geothermal heating system and six fireplaces. The estate also has an attached seven-car garage with a porch, patio and two-bedroom cottage apartmentDouglas Elliman’s Joan Gordon has the listing for Beau Pre, which previously hit the market back in 2005 seeking $17 million[LongIslandPress]

JLL brokers sale of AVA Stamford to Pacific Urban
JLL’s office in Morristown, New Jersey, advised AvalonBay Communities on the sale this week of the apartment giant’s AVA Stamford tower in the Fairfield County city of the same name, NJBIZ first reported. The deal for the 18-story, 306-unit luxury apartment building, which is 95 percent occupied, represents the second investment on the East Coast in 90 days by the acquirer, Palo Alto, California-based Pacific Urban Residential (PUR). The latter has been an active investor in multifamily markets on the West Coast. RE-NJ reported that a capital markets team from JLL led by Jose Cruz, who recently joined the brokerage as part of its $2 billion merger with HFF, handled the sale for an undisclosed sum of AVA Stamford, which was built in 2001. Located at 50 Forest Street, the complex is within walking distance of Amtrak and Metro North train stations, as well as restaurants and shops in downtown Stamford[NJBIZ]

Legal weed facility could come to Jersey City
Plans for a medical marijuana manufacturing facility are moving forward in Jersey City, according to JerseyDigs. An industrial park located at 1 Edward Hart Drive, which is across from a printing plant used by the New York Daily News, had initially been expected to be converted into a bowling alley and brewery. Instead, it’s now going green, albeit in a different manner than usual for industrial properties. JerseyDigs noted that a resolution from the Jersey City Redevelopment Agency will allow the proposed complex near Liberty State Park to “grow, cultivate, manufacture, process and dispense cannabis under a state license for medicinal uses.” The Real Deal reported last year on the potential ramifications for real estate should the widespread legalization of cannabis move forward in the Garden State[JerseyDigs]

Townhomes to replace “roar at the shore” after 2020
Wall Stadium Speedway, a racetrack in Wall Township, Monmouth County, which opened in 1950, will close after the 2020 racing season as part of a plan turn the 49-acre property into 348 new housing units, NJBIZ reported. Pulte Homes, an affiliate of Atlanta-based homebuilder PulteGroup, is seeking to redevelop the site with a mix of two- and three-bedroom townhouses. NJBIZ noted the new plan also calls for 70 two-bedroom apartments for low- and moderate-income residents to be administered under New Jersey’s Affordable Housing Program. Still, NJ.com reported the Pulte’s plan for a residential complex must be approved by Wall Township. CK Motorsports, the tenant that currently operates the speedway, opposes the plan and wishes to continue racing at the “roar at the shore,” which the Asbury Park Press noted is not just a nickname for the site[NJBIZ]

Central Jersey apartment complex sells for $23M
Gebroe-Hammer Associates, a Livingston, New Jersey-based brokerage that recently touted the opportunity presented by multifamily investment in the Garden State following neighboring New York’s new rent laws, recently handled the $23 million sale of the 100-unit Waterside Villas apartment complex in Monroe Township, according to RE-NJ. The deal works out to around $230,000 per unit for the property at 1 Overlook Drive. Lakewood-based Olive Tree Management has sold the Waterside Villas, a 55-and-over community built in 2009 in the more affluent southeastern section of Middlesex County, to Fort Lee-based Sela Properties. [RE-NJ]

NKF helps unload Princeton office building for $20M
A week after JLL advised the Blackstone Group and RXR Realty on their sale of a two-building office complex in Princeton, Newmark Knight Frank announced it had sold 1 Independence Way in the city for $19.5 million on behalf of New York-based Normandy Real Estate Partners. NJBIZ reported that Brooklyn-based Guardian Realty Management is the buyer for the 113,998-square-foot Class A office building, which is leaded to two tenants: S&P Global and Trimble MAPS. Normandy secured a $14.5 million refinancing for the property in 2017 through LoanCore Capital in a deal arranged by HFF, now part of JLL. NKF said the building has undergone $16.1 million in capital improvements, the bulk of which was invested by its tenants. [NJBIZ]

Former JFK speechwriter’s Pound Ridge estate for sale
A two-parcel estate in Pound Ridge, New York, once owned by President John F. Kennedy’s former speechwriter, Ted Sorensen, has hit the market, the New York Post reported. The pair of properties comprise an 11-acre estate once known as Serendipity that are collectively seeking nearly $3 million. Sorensen’s widow, Gillian Sorensen, sold the property at 129 Upper Shad Road to its current owner for $1.25 million, according to the Post. The new owner, who was not named by the outlet, then subdivided the property into a 7.5-acre parcel with a 4,240-square-foot home, pool and tennis court listed for $1.19 million and a second parcel with 3.5 acres listed at $1.7 million that has approved plans for the construction of a five-bedroom home. Kathryn Finelli of Houlihan Lawrence has the listing[NYP]