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Roe Development has begun construction on Star Tower, a 25-story residential condominium located in the Long Island City area of Queens, New York City. |
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CONSTRUCTION OF STAR TOWER UNDERWAY
NEW YORK CITY — Roe Development has begun construction on Star Tower, a 25-story residential condominium located in the Long Island City area of Queens, New York City. The 180-unit tower, which is located at 28-02 42nd Rd., will offer one- and two-bedroom residences ranging from 617 to 1,213 square feet. Amenities include The SkyDeck, a 2,700-square-foot residents-only rooftop deck; and The SkyLounge, a 1,000-square-foot club room. The project will also include the Great Lawn, a 7,500-square-foot mezzanine-level lawn. Prices for the units range from $425,000 to more than $1 million.
SEVEN-BUILDING INDUSTRIAL PORTFOLIO SELLS
EAST HARTFORD, CONN. — The Urban Strategy America Fund, a New Boston real estate investment fund, has acquired a seven-building industrial portfolio from BKM Enterprises for an undisclosed price. Totaling 389,876 square feet, the portfolio is located within three locations in East Hartford. Located within Founders Plaza, 300 E. River Dr. is a single-story flex building, and 60 and 71 Meadow Rd. is a contemporary manufacturing building. A fourth manufacturing building is located at 71 George St., and two warehouse/distribution high-bay buildings are located at 33 and 47 Leggett Rd. The final two shallow-bay flex buildings are located at 59 Leggett Rd. and 22 Rumsey Rd. in an established industrial area. BKM Enterprises will lease back six of the buildings on 10-year terms. Sean Duffy of Cushman & Wakefield represented BKM Enterprises in the transaction.
CB RICHARD ELLIS BROKERS SALE OF TWO APARTMENT FACILITIES
TRENTON, N.J. — CB Richard Ellis has brokered the sale of two multifamily facilities in Trenton. The Beechwood Garden apartment complex sold for $3.1 million to an undisclosed buyer. The 62-unit facility sits on 1.15 acres in the Hillcrest area and was 48 percent occupied at the time of the sale. The Greenwood Avenue Gardens facility is located at 1020 Greenwood Ave. and consists of 18 units set within three stories. Situated on .32 acres, the facility sold for just under $1 million to an undisclosed buyer. The property was 95 percent occupied at the time of the sale. Mark Duszak, Robert Miller, John McFadden and Corey Lonberger of the Miller/McFadden Multi-Housing Group of CB Richard Ellis represented both undisclosed sellers in the transaction.
MERIDAN CAPITAL GROUP ARRANGES $60 MILLION IN FINANCING
NEW YORK CITY — Meridian Capital Group has arranged $60 million in financing for a mixed-use warehouse/office complex in the Long Island City area of Queens, New York City. The 500,000-square-foot facility is located at 33-00 Northern Blvd. and is currently leased to several city agencies and other tenants. Avi Weinstock and Seth Grossman of Meridian’s New York office arranged the loan on behalf of the undisclosed borrower. The loan was secured as a fixed-term loan with 2 years of interest only payments.
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