NEW YORK CITY — Stellar Management and Imperium Capital have acquired a leasehold interest in 220 Fifth Ave. from a subsidiary of Dino & Sons Realty Corp. The Manhattan property is set to undergo several capital improvements, including a renovated lobby and modernized building systems. The partnership is also completing custom pre-builds for turn-key office space. There are currently six full floors available for lease of 9,000 square feet each. Kathy Anderson of Progress Capital represented both Stellar Management and Dino & Sons in the transaction. Built in 1912, 220 Fifth Avenue is located in Manhattan’s Flatiron District.
BOSTON — LaSalle Investment Management has acquired an interest in 10 Post Office Square in Boston’s CBD. The purchase price was $188 million, according to the Boston Business Journal. LaSalle acquired the 450,000-square-foot office building in a joint venture with Synergy Investments and on behalf of its U.S. value-add fund, LaSalle Income & Growth Fund VII. Synergy will continue to act as the operating partner. Known as 10 PO, the 14-story building is located at the corner of Milk and Pearl streets in Boston’s Financial District. The property features two interconnected towers. The office building is home to 36 tenants, with an average remaining lease term of six years. LaSalle plans to reposition the asset through strategic capital investment, including upgraded building systems, new tenant amenities, renovated common areas and the addition of a ground-level restaurant. Newmark Grubb Knight Frank provided brokerage services on behalf of LaSalle, Synergy and the undisclosed seller. Chicago-based LaSalle maintains approximately $60 billion of private and public equity and private debt investments under management across all of its operating subsidiaries. Fund VII seeks to acquire under managed, undercapitalized or mispriced assets to be repositioned as core assets. —Kristin Hiller
SPRINGFIELD, N.J. — The KRE Group and Avenue Realty Capital have acquired Summit Hill, a 228-unit rental community in Springfield, for $70 million. Summit Hill, located at 100 Stone Hill Road, is a garden-style apartment community near routes 78 and 24 in western Union County.
ESSEX, CONN. — Lyman Real Estate has brokered the $1.4 million sale of three contiguous parcels of land totaling 3.8 acres at 21-29 Plains Road in Essex. Essex Holdings was the buyer and will develop the property as Essex Station, a 52-unit luxury apartment community. Penny Parker of Lyman Real Estate represented both the buyer and the sellers. Truehold Essex sold one parcel and Costa Family LLC sold the other two. All of the one- and two-bedroom units will feature porches, nine-foot ceilings, gas fireplaces, marble bath vanities and granite countertops. Sixteen of the Essex Station units will have a maximum qualifying household income and a monthly rent limit.
NEW YORK CITY — LargaVista Cos. has purchased 30-10 41st Ave. in Long Island City for an undisclosed price. The property is a 65,000-square-foot office building adjacent to Sunnyside Yards at the intersection of Northern Boulevard and 41st Avenue. LargaVista also owns the adjacent building at 29-42 Northern Blvd. and is considering a creative office conversion and expansion, though exact plans are not yet complete. TriState Capital Bank provided financing for the transaction.
NEW YORK CITY — TerraCRG has arranged the $2.2 million sale of 205 Wyckoff Ave., a mixed-use building located between Harman Street and Greene Avenue in the Bushwick neighborhood of Brooklyn. TerraCRG’s Matt Cosentino, Eric Satanovsky and Fred Bijou handled the transaction. The three-story brick building includes five residential units and a retail space located near the DeKalb Avenue L train and the Myrtle-Wyckoff M&L trains. The buyer and seller were not disclosed.
NEW YORK CITY — ARM Real Estate group has negotiated the sale of 31-52 Steinway St. in the Astoria neighborhood of Queens for $1.8 million. The two-story, 1,944-square-foot retail building was delivered vacant at closing and the new owner has put the asset up for lease. The property, built in 1930, sits between Broadway and 31st Avenue, two blocks away from the M and R subway stops. Anand Melwani and Alexandre Goulet of ARM Real Estate Group represented both parties in this transaction. Alexandre Geis was the seller and 31 Steinway 52 LLC was the buyer.
NEW YORK CITY — Construction has begun and retail leasing is underway at Tremont Renaissance, a mixed-use property located at 1910 Webster Ave. in the East Tremont section of the Bronx. The building is an affordable housing development that fronts Webster and East Tremont avenues. Tremont Renaissance is located near the Tremont Metro-North station, the Tremont Avenue subway station on the B and D lines and several bus routes. Half of the 256 units in the 12-story building will rent to people with maximum household income levels ranging from $38,100 annually for an individual to $48,960 for a family of three. The rest will rent to people making up to $76,200 for an individual and $97,920 for a family of three. Amenities will include a health and fitness center, children’s play area, internet lounge, private terraces, landscaped rooftops and a yoga studio. Tremont Renaissance will contain four ground-floor commercial units totaling almost 40,000 square feet.
BOSTON — Tryko Partners has acquired the Spaulding Nursing and Therapy Center in Boston. Under the guidance of Marquis Health Services, Tryko’s healthcare affiliate, a $4 million renovation program will launch immediately. Tryko purchased the 100-bed skilled nursing facility from Spaulding Rehabilitation Network. Spaulding will continue to manage the property through late 2017, at which time operation will transition to Marquis Health Services. Located at 70 Fulton Street, Spaulding Nursing and Therapy Center has been in operation since 1983. M&T Bank provided acquisition financing.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a five-story Inwood apartment building for $10.4 million. The 24,985-square-foot walk-up building is located at 4848 Broadway and includes 37 apartments. It was built in 1924. Rosewood Realty Group’s Aaron Jungreis represented the seller, 4848 Broadway LLC, and Rosewood’s Michael Guttman represented the buyer, 4848 Broadway Residences LLC.