NEW YORK CITY — Meyer Last and Ross Wasserman of Fried Frank acted as counsel to Downtown NYC Owner LLC, a joint venture of MHP Real Estate Services and Clarion Partners, in connection with a nine-floor, 276,000-square-foot lease to New York City’s Department of Citywide Administrative Services at 180 Maiden Lane, a 1.2-million-square-foot Class A building in Lower Manhattan. The city’s Department of Investigation will consolidate from five separate offices into one location.
NEW YORK CITY — Holliday Fenoglio Fowler (HFF) has brokered the $60.9 million sale of 321 East 22nd Street, a multifamily property in Manhattan’s Gramercy Park neighborhood. The property is located within three blocks of the 4, 6, N, Q, R and W train lines and near Gramercy Park and Madison Square Park. The six-story building encompasses 117 residential units and 2,800 square feet of commercial space, which is leased to Synergy Fitness. Jeff Julien, Rob Hinckley and Andrew Scandalios of HFF represented the seller, Benedict Realty Group, and procured the buyer, Akelius.
Albany, N.Y. — DMG Investments has broken ground on a 322-bed student housing community located near the State University of New York at Albany campus in Albany. The $30.5 million community will be located at the former Red Carpet Inn site at 1385 Washington Ave. The four-story, 142,000-square-foot property will offer one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include partially underground parking, in-unit washers and dryers, a fitness center, study room, resident’s lounge, gaming room, on-site tanning and courtyards. A timeline for the project has yet to be announced.
QUINCY, MASS. — Construction is underway at The Watson, a 140-unit multifamily project on a 1.7-acre site at 116 East Howard Street in Quincy, adjacent to the former Fore River Shipyard. The project involves the demolition of a long-vacant former office building. DellBrook Construction is building the project, with completion slated for July 2018. Eighty-six of the 140 units at the Watson will be workforce housing units, affordable to middle-income households. The workforce housing units will be targeted to households earning at or below 110 percent of the Area Median Income, or $113,740 for a family of four. Twenty-eight of the units will be affordable to households earning at or below 50 percent of AMI, or $51,700 for a family of four. The remaining 26 apartments will be rented at market rates. MassHousing is providing developers, the WinnCompanies and NeighborWorks, a $29.3 million permanent mortgage, $7 million in workforce housing financing from MassHousing’s Opportunity Fund, and $900,000 from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD). The 86 workforce housing units at the Watson represent the largest number of workforce units for a single project financed through MassHousing’s …
WHITE PLAINS, N.Y. — White Plains Healthcare Properties I LLC has selected The Congress Companies as developer and the joint venture Congress/Consigli JV as the construction manager for the 110,000-square-foot White Plains Institute for Rehabilitation & Healthcare. The $60 million dollar facility consists of 160 beds of skilled nursing, including 76 specialized rehabilitation beds, 42 Alzheimer’s secure beds, and 42 long-term care beds. It will be operated by tenant EPIC Healthcare. The Architectural Team (TAT), of Chelsea, Mass., designed the facility. Congress/Consigli JV worked with TAT and EPIC to bring the project through pre-construction to the construction phase, providing scheduling, line item budgeting, value engineering, cost estimating, and evaluations of alternative building system options. A groundbreaking ceremony will be held Sept. 7.
BOSTON — LBC Boston has opened Nova Residences, a six-story, 68,000-square-foot building that offers 80 residential units at 1505 Commonwealth Avenue in the Brighton neighborhood of Boston. Ten of the units at the $25 million complex are designated as affordable. Developed, owned and operated by LBC Boston, Nova Residences offers energy-efficient stainless-steel appliances, modern cabinetry, and laundry appliances in each unit. Designed to achieve LEED certification, the building features a fitness center, community/game room, dog grooming station, and on-site management office with package receiving service. Community space extends outdoors with landscaped patios, an 80-car parking lot, and on-site bike storage. The three-year project — LBC Boston’s first residential project in Boston — is part of “Housing a Changing City: Boston 2030,” the city of Boston’s housing plan. The project was 100 percent occupied at opening. Rents range from $1,850 to $3,250 per month, with the unit mix including studios, lofts, and a mix of one- and two-bedroom apartments. The project team included SN Consulting Group as architect; D.F. Pray Contractors, construction manager; RBLA Design, landscape architect; Zade Associates, MEP engineer; Allen & Major Associates, structural engineer; Bohler Engineering, civil engineer; Wayne J. Griffin Electric, electrical contractor; NV5, LEED consultant; and …
HOLLIDAYSBURG, PA. — Presbyterian Senior Living recently held a dedication for Inglenook at Presbyterian Village, a 41-unit expansion at Presbyterian Village at Hollidaysburg, approximately 90 miles east of Pittsburgh. The new building will add to the property’s existing 31 independent living, 43 assisted living and 67 skilled nursing units. Albarano Construction began work on the property in January 2016.
NEW YORK CITY — New York City-based REIT Gramercy Property Trust (GPT) has entered into an agreement with a private real estate development and investment company to acquire a nine-property, 2 million-square-foot portfolio of Class A industrial buildings for $331 million. The portfolio is 100 percent leased with a weighted average remaining lease term of 10.4 years. The properties are located in Atlanta; Boston; Charlotte, North Carolina; Chicago; the Inland Empire; Minneapolis; Reno, Nevada; and Spartanburg, South Carolina. More than 80 percent of the NOI for the portfolio is concentrated in four markets (Atlanta, Boston, Chicago and the Inland Empire) and nearly 90 percent of the rent from the portfolio comes from a single tenant. At closing, which is expected to occur by the end of third quarter 2017, GPT will assume $137 million of in-place debt, and will issue $133 million in operating partnership units (OP units) to fund the acquisition. The OP unit price will be based on a 30-day volume-weighted average price as of August 29, 2017, or $29.56 per share. The company is acquiring the portfolio at a 6.3 percent cash capitalization rate. Including this nine-property industrial portfolio, as well as other recently announced transactions under …
PLAINFIELD, N.J. — JMF Properties has broken ground on Quin Sleepy Hollow, a $50 million residential community in Plainfield. This 212-unit rental development, located at 1400 South Avenue near the Netherwood train station, is the largest residential development ever in the city of Plainfield. Residences range in size from 900 square feet to 1,200 square feet. Amenities include stainless steel appliances, vinyl wood flooring, quartz countertops, and chef kitchens, as well as high-speed internet and keyless entry. Community amenities include a club room with common kitchen, community room/business center with wireless internet, billiards room, theater/multimedia room, yoga studio, fitness center with state-of-the-art equipment and Fitness On Demand virtual trainers, as well as outdoor grills, open-air lounge seating, an indoor/outdoor fireplace, and a dog park. The community will also offer a bike share program and an electric car charging station. The project is slated for completion in winter 2018/2019. “This project represents one of the single largest investments in the history of our city,” said Plainfield Mayor Adrian Mapp. “This project will not only transform a large blighted property into a vibrant residential community, but it will also revitalize a major corridor and spur additional retail and economic development. I am …
PHILADELPHIA — Meridian Capital Group has arranged $5.5 million in financing for the refinance of a 31-unit multifamily building in Philadelphia’s Olde Kensington neighborhood on behalf of Rock Construction and Development. The seven-year loan, provided by a local savings bank, features a fixed rate of 3.75 percent and a five-year extension option. Sam Grunberger and Barry Lefkowitz of Meridian negotiated the transaction. The property, located at 1216 North Fifth Street, is a newly constructed four-story building that was leased up within 12 weeks. Each unit features hardwood floors, spacious rooms, a modern kitchen and stainless steel appliances, an in-unit washer and dryer, and a private balcony. Community amenities include a shared rooftop with panoramic views of the city, a fitness room, and a 20-car parking garage.