STRATFORD, CONN. — Avison Young has brokered the sale of Temple Court Medical Building, an office building located at 2590 Main St. in Stratford. Catherine J. Gong sold the three-story, 16,000-square-foot property to TimberRidge Associates for an undisclosed price. Neurological Specialists occupies the entire second floor of the property on a long-term lease. Eva Kornreich of Avison Young represented the seller, while the buyer had in-house representation.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 92-94 Ludlow St. in Manhattan’s Lower East Side. The property sold in an all-cash transaction for $9 million, or $442 per buildable square foot. The site offers up to 20,342 buildable square feet and currently includes a 3,390-square-foot single-story commercial building. Zoned C6-1, the site allows for the development of commercial, residential or community facility spaces. The existing building is currently leased to Hotel Chantelle, a restaurant and club. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.
NEW YORK — National Cooperative Bank has originated $34.3 million in new loans during November for 10 properties in New York City, Belle Harbour and Riverdale, N.Y. Edward Howe III of National Cooperative Bank originated $15.6 million in loans, including: – A $9.3 million first mortgage and a $700,000 line of credit for Gentry Apartments Inc., a 247-unit co-op located at 310 Lenox Road and 330 Lenox Road in Brooklyn – A $2.9 million first mortgage and $250,000 line of credit for Beach 124 Apt. Inc., a 67-unit co-op located at 125 Beach 124th St. in Belle Harbour. – A $2.2 million first mortgage and $300,000 line of credit for a 33-unit co-op at One Clark Street in Brooklyn. Harley Seligman of National Cooperative reported $14.7 million in loans, including: – A $10.5 million first mortgage and $1 million line of credit for Arlington Owners, Inc., a 281-unit co-op at 139-15 83rd Ave. in Briarwood. – A $1.4 million term loan for Strivers Gardens Condominium, a 169-unit condominium association at 300 W. 135th St. in Manhattan. – A $1 million third mortgage and $750,000 line of credit for The Knolls Cooperative Section No. 1 Inc., a 238-unit co-op at 60 …
GLEN COVE, N.Y. — RXR Realty has broken ground on Garvies Point, a $1 billion waterfront redevelopment in the Long Island city of Glen Cove. The project will restore 56 acres of Glen Cove’s waterfront, creating more than 1,100 LEED-certified residences and 75,000 square feet of shops and restaurants. The project will also feature approximately 28 acres of public open spaces with parks, playgrounds, esplanades, marinas, an amphitheater and dog park. The residential units will include 569 condominiums and 541 apartments for lease. Garvies Point will also feature thee separate marinas with a total of 120 boat slips. Garvies Point is a partnership between RXR Realty and the City of Glen Cove. The project represents the culmination of a 20-year, $120 million effort to transform Glen Cove into a sustainable community. The first phase of Garvies Point, which includes 28 acres of public open space and amenities, is scheduled for completion in 2018. The entire project will take between five and seven years to build, according to RXR. RXR Realty is a private real estate company that specializes in investment management, property management, development, design, construction, leasing and financing. RXR’s growth strategy is focused on New York City and the …
NEW YORK CITY — A joint venture between Trinity Place Holdings and Pacolet Millliken Enterprises has acquired The Berkley, a newly built apartment building located at 223 N. Eighth St. in Brooklyn’s Williamsburg neighborhood, for $68.9 million. The purchase was capitalized by a $42.5 million interest-only senior loan from Freddie Mac at a spread of 216 basis points above LIBOR. The property features 95 units with in-unit washers/dryers, individual HVAC controls and walk-in closets. On-site amenities include a rooftop sun deck, two-story fitness center, outdoor yoga lawn, outdoor central courtyard, tenant storage, parking and views of the Manhattan skyline. The name of the seller was not released.
MARLTON, N.J. — Carter Validus Mission Critical REIT II Inc. has acquired Select Medical Rehabilitation Facility in Marlton for $63.6 million. Built in 1995, the three-story rehabilitation building offers 89,000 rental square feet and is net leased to Kessler Institute for Rehabilitation Inc., a subsidiary of Select Medical Holdings Corp. The tenant offers a variety of services including inpatient physical, occupational, speech and recreational therapy and outpatient aquatic therapy, prosthetic training, lymphedema management, balance rehabilitation and vestibular therapy. The name of the seller was not released.
MAHOPAC, N.Y. — Heidenberg Properties Group has received final site-plan approval by the planning board of the town of Carmel for the renovation and expansion of Lake Plaza Shopping Center in Mahopac, a hamlet within Carmel. The redevelopment plan includes the demolition of an existing 24,000-square-foot Key Food supermarket and 7,800-square-foot CVS/pharmacy. That will clear room for a 54,000-square-foot Stop & Shop resulting in a new building footprint more than 20,000 square feet larger than the two existing stores. Additionally, the overall retail center will expand from 141,000 square feet to 165,000 square feet. The project also includes the renovation of the façade, repaving of the parking area and upgraded site lighting. Heidenberg Properties plans to start construction in spring 2017.
PORTSMOUTH, N.H. — The Kane Company represented A&A Search Staffing in a lease for 1,367 square feet of office space at 2 International Drive in Portsmouth. The information technology staffing company took occupancy of the space on Dec. 1. Catie Medeiros of The Kane Company represented the tenant, while Russell Doyle provided in-house representation for the landlord, Two International Group, in the deal.
PHILADELPHIA — Arrow Real Estate Services has joined TCN Worldwide Real Estate Services as the newest member of the international real estate services organization. Founded in 2012 with four people, Arrow Real Estate Services has grown to a more than 40-person company with more than 3 million square feet of listings and over 20 local, regional and national retail clients. Serving the greater Philadelphia area, the firm provides real estate brokerage and consulting services, including retailer representation, project leasing, site selection, property dispositions, consultation, property management, and office, medical and industrial representation.
BENSALEM, MEDIA AND LIONVILLE, PA. — ECHO Realty Partners has acquired a portfolio of three grocery-anchored shopping centers located in metropolitan Philadelphia for an undisclosed sum. The properties are the 88,500-square-foot Giant Marketplace at Bensalem, anchored by Giant; the 71,000-square-foot Media Shopping Center, anchored by Acme; and the 79,000-square-foot Lionville Station. The name of the seller was not released.
