NEW YORK CITY — Meridian Capital Group has arranged $17.9 million in construction financing for the development of a multifamily property located in the Jamaica neighborhood of Queens. David Hayum and Tal Savariego of Meridian secured the three-year, interest-only construction loan, provided by a regional balance sheet lender, for the Long Island-based borrower. Located at 177-30 Wexford Terrace, the ground-up development will feature 68 apartments and a community facility.
NEW YORK CITY — Quadram Global is developing two Arlo micro-hotel brand hotels in Manhattan. Both hotels were designed by Gene Kaufman Architect. Located at 231 Hudson St., the 11-story, 325-key Arlo Hudson is slated to open on September 6. The 97,000-square-foot hotel will feature a rooftop terrace with a bar/lounge, a ground-floor courtyard with lounge and Harold’s Meat +3, the latest eatery of Chef Harold Moore, executive chef and owner of Commerce Restaurant. The interiors of the Hudson Square property were designed by AvroKO, and the landscape was designed by MDD Landscape Design. Located at 11 E. 31st St., the 37-story, 250-key Arlo NoMad is scheduled to open later this fall. The 91,000-square-foot hotel will feature a roof deck, small but well-appointed guest rooms, dining and lounging options and public spaces.
ALLENTOWN, PA. — VYC Tires Inc., commonly known as bestusedtires.com, has leased 61,157 square feet of warehouse space at 7072 Snowdrift Road in Allentown. The Allentown-based, family-owned company provides quality used tires to customers across the continental United States. Ethan Medgie of Markward Group represented the tenant, while landlord DCT Industrial Trust was self-represented in the transaction.
NEW YORK CITY — An affiliate of Silver Star Motors has topped out the construction of a mixed-use building located at 37-14 36th St. in Queens’ Long Island City. Designed by Montroy Andersen DeMarco, the 10-story, 135,000-square-foot building will feature a Silver Star Mercedes-Benz dealership on the first two floors and 85 apartments on the upper floors. The apartments will be a mix of 30 studios, 27 one-bedroom units, 28 two-bedroom units and two three-bedroom units. Occupancy is expected in summer 2017. The project team includes 1 Oak Contracting, MNS Real Estate, Fogarty Finger Architecture, Dealer Solutions and Design, Gilsanz Murray Steficek, Lilker Engineering, GZA GeoEnvironmental, DeRosier Engineering and Sage Security.
HARRISON, N.J. — Russo Development has received $73 million in financing for Vermella Harrison, a Class A mid-rise multifamily community located at 1100 Frank E. Rodgers Blvd. South in Harrison. HFF arranged the 10-year, fixed-rate loan through John Hancock Real Estate Finance Group for the borrower. Situated on three acres, the transit-oriented property is 800 feet from the Harrison PATH station and features 120 studio units, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet. On-site amenities include a 3,500-square-foot fitness center with yoga studio; an outdoor heated swimming pool; bocce ball court; putting green; rooftop dog run; rooftop terrace with pergolas; fireplace and grilling stations; large courtyards; concierge service; and personal storage lockers on each floor. Thomas Didio of HFF led the HFF debt placement team that secured the financing.
NEW YORK CITY — Thor Equities has acquired a retail co-op located at 125 Greene St. in Soho for $12.6 million. Featuring more than 3,400 square feet of space, the property is occupied by Kisan, a French fashion boutique. The name of the seller was not released.
EAST RUTHERFORD, N.J. — Silbert Realty & Management Co. (SRM) has arranged the sale of a development site located at 401 Central Ave. in East Rutherford. A New Jersey-based real estate development group acquired the proposed 90,000-square-foot industrial/flex/office site from an undisclosed seller for an unreleased price. Situated on approximately 5 acres, the property is zoned for industrial and served by city utilities. The existing 137,000-square-foot structure features 26,000 square feet of office space, overhead doors and tail board loading. Wayne Kasbar of SRM represented both the seller and buyer in the transaction.
NEW CASTLE, DEL. — Harvey, Hanna & Associates (HHA) has added Quebec, Canada-based Anchor Plastics Ltd. to Twin Spans Business Park in New Castle. Anchor Plastics recently opened its latest North American facility by leasing 20,500 square feet of warehouse and office space at 500 Ships Landing Way in Twins Spans Business Park. Anchor Plastics is a manufacturer of plastic containers and customizable products for commercial customers. Situated on 135 acres, Twin Spans Business Park features 1.85 million square feet of Class A commercial warehouse space along the Delaware River. Jamie Vari of JLL represented Anchor Plastics in the lease transaction. HHA owns and manages the business park.
Fairfield County, Connecticut, which has traditionally been home to many multi-national financial tenants, is transitioning to become one of the most diverse business environments in the region and attracting some of the biggest names from the TAMI (technology, advertising, media and information), creative, engineering and corporate arenas. This shift in the fabric of the business community may be attributed to major investments made by a number of owners to improve and reposition their office properties to meet the demands of this new type of tenant. Owners are virtually creating new tenant experiences in their buildings, with office space boasting technological efficiencies and tenant amenities designed to support a balance between professional and personal needs. The “if you build, he will come,” quote made famous in the movie Field of Dreams is certainly apropos when looking at the trend of newly renovated properties attracting some of the best tenants in the market. A perfect example is the success at Merritt 7, a six-building, 1.4 million-square-foot office complex that recently completed more than 600,000 square feet of new leases — including a recent 133,000-square-foot lease by Datto Inc., one of the fastest- growing information technology firms in the world for its global …
NEW YORK CITY — TerraCRG has arranged the sale of a multifamily loft building located at 65 Bogart St. on the East Williamsburg/Bushwick border of Brooklyn. Acuity Capital Partners sold the property to Sugar Hill Capital Partners for $39.5 million, or $742 per square foot. The converted multifamily loft building totals more than 50,000 square feet and features 51 apartment units. Ofer Cohen, Melissa Warren and Dan Marks of TerraCRG were the sole brokers in the deal.
