Northeast

TerraCRG Arranges $6M Sale of Commercial Building in Brooklyn

by Amy Works March 11, 2016

NEW YORK CITY — TerraCRG has brokered the sale of a residentially-zoned commercial building located at 283 Greene Ave. in Brooklyn’s Clinton Hill neighborhood. Kilroy Architectural Windows sold the 13,300-square-foot property to an undisclosed seller for $6 million, or $375 per existing square foot. The two-story building features 16,085 buildable square feet and can be converted into residential lofts or repositioned as an owner/user residential or office building. Ofer Cohen, Melissa Warren and Dan Marks of TerraCRG were the sole brokers in the transaction. The names of the seller and buyer were not released.

March 11, 2016

Massachusetts Multifamily Northeast

SVN|Parsons Commercial Group Brokers $3.2M Sale of Multifamily Property in Massachusetts

by Amy Works March 11, 2016

MANSFIELD, MASS. — SVN|Parsons Commercial Group|Boston has brokered the sale of a multifamily property located at 12 Pratt St. in Mansfield. Heartwood Realty LLC acquired the property for $3.2 million from Feck Properties LLC. The 24-unit property was 100 percent occupied at the time of sale. Marci Alvarado and Jake Parsons of SVN|Parsons Commercial Group represented the seller and buyer in the transaction.

March 11, 2016

Connecticut Northeast Restaurant Retail

Drubner Commercial Real Estate Negotiates $1.2M Sale of Restaurant Property in Connecticut

by Amy Works March 11, 2016

WOODBURY, CONN. — Drubner Commercial Real Estate has arranged the sale of the former Carmen Anthony Fish House in Woodbury. Tony Ramadani and Kung Wei acquired the property for $1.2 million. The buyers, who are experienced restaurant operators, plan to open Max Prime Steak House – Seafood and Sushi. David Theroux of Drubner Commercial Real Estate represented the buyer and undisclosed seller in the transaction.

March 11, 2016

Mixed-Use Multifamily New Jersey Northeast Office Restaurant Retail

O’Neill Properties Completes Remediation, Starts Construction of The Pointe at Sayreville

by Amy Works March 10, 2016

SAYREVILLE, N.J. — O’Neill Properties Group (OPG) has completed brownfield remediation at the 40-acre lagoon at The Pointe, a $2.2 billion mixed-use project in Sayreville. Vertical construction will commence in spring 2016 on a 200,000-square-foot Bass Pro Shops Outdoor World, which will be the largest Bass Pro in the country outside of its original flagship operation. When OPG acquired the 440-acre site in 2008, the company committed to cleaning the massive brownfield contamination, including a 40-acre lagoon that was contaminated with titanium dioxide waste byproducts from the former on-site National Lead manufacturing facility. The cost of the nine-year remediation project was $8 million. Upon build out, The Pointe will bring 725,000 square feet of retail space; 2,000 upscale waterfront townhomes and luxury apartments; 32,000 square feet of Class A office space; and 1,250 hotel rooms. Additional community amenities will include a 45,000-square-foot community and fitness center, a 9,700-square-foot facility for fire and EMS services and a 10,000-square-foot performing arts center, as well as a rooftop solar farm. Project partners include MLP Builders, Maser Consulting and Ripco Real Estate.

March 10, 2016

Multifamily New York Northeast

Ariel Property Advisors Brokers $42.1M Sale of Three-Property Multifamily Portfolio in Central Harlem

by Amy Works March 10, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the $42.1 million sale of a three-building multifamily portfolio in Central Harlem. Castellan Real Estate Partners sold the portfolio, which totals 156,870 square feet, for $42.1 million, or approximately $290,000 per unit. Featuring 144 residential units and three employee units, the properties are located at 117-125 W. 141st St., 127-135 W. 141st St. and 137-145 W. 141st. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property Advisors represented the seller and procured the buyer, a partnership between Guardian Realty Management and Irving Langer and Michael Langer of E&M Associates.

March 10, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Trinity Place Holdings Receives Approvals for 77 Greenwich Development

by Amy Works March 10, 2016

NEW YORK CITY — Trinity Place Holdings has received approval of modifications from the Landmarks Preservation Committee for the 77 Greenwich development, which is slated for completion in 2019. Designed by FXFOWLE Architect, the 500-foot tower will feature 85 luxury residential condominiums, 7,000 square feet of retail space on Greenwich Street and a 476-seat elementary school serving District 2. The development site includes the former Syms clothing store and the 19th-century landmarked Dickey House. Recently approved design modifications include the lowering of the ground floor of Dickey House along Greenwich Street, the elimination of the school entry court signage plyon and the reduction of the tower’s south cantilever.

March 10, 2016

Northeast Pennsylvania Restaurant Retail

Colliers Negotiates $2.1M Sale of Restaurant Building in Pennsylvania

by Amy Works March 10, 2016

HANOVER, PA. — Colliers International has brokered the sale of a restaurant property located at 81 Wilson Ave. in Hanover. An undisclosed 1031 buyer acquired the 5,437-square-foot property for $2.1 million. The property is double-net corporate-leased to Buffalo Wild Wings on a 15-year basis. Larry Kostelac, William Aiello, George Lulos of Colliers were the sole brokers in the transaction. The name of the seller was not disclosed.

March 10, 2016

Loans Massachusetts Multifamily Northeast

IBA Secures $1.3M in Financing for Multifamily Property Renovation in Boston’s South End

by Amy Works March 10, 2016

BOSTON — IBA – Inquilinos Boricuas en Acción has secured $1.3 million in financing from the Department of Housing and Community Development to renovate Residencia Betances, a housing development in Boston’s South End. Located on Shawmut Avenue, the property, which serves low-income individuals with serious mental health issues, features 11 single-room occupancy units. Planned renovations include enhancements to the property’s historical brownstone exterior and revamping the interior to create a more open and welcoming floor plan, along with improvements to the individual units. Originally developed in 1993 by IBA, the property is one of the few properties that provides supportive housing to Spanish-speaking residents who are formerly homeless clients of the Development of Mental Health.

March 10, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $41M in Financing for Residential Property in New York

by Amy Works March 9, 2016

RIVERDALE, N.Y. — Meridian Capital Group has arranged a $36 million underlying cooperative loan and a $5 million line of credit for The Whitehall, a cooperative property located at 3333 Henry Hudson Blvd. in Riverdale, for Whitehall Tenants Corp. The 15-year loan, provided by a New York-based commercial bank, features a 3.7 percent fixed rate and interest-only payments for the initial 10-year term. Constructed in 1970, the 22-story property features 432 residential units, 21 office spaces, a health club and spa, indoor swimming pool, 496-car garage and 24-hour concierge. Allan Lieberman of Meridian Capital negotiated the transaction.

March 9, 2016

Multifamily Northeast Pennsylvania

CCIC to Develop 67-Unit Strata II at City Center Lehigh Valley in Pennsylvania

by Amy Works March 9, 2016

ALLENTOWN, PA. — City Center Investment Corp. (CCIC) is developing Strata II, a 67-unit residential complex at City Center Lehigh Valley, a mixed-used development in downtown Allentown. Designed by WRT with engineering work by T&M Associates, the five-story, 100,000-square-foot building will feature one- and two-bedroom market-rate apartment units and a variety of amenities, including a game room, movie theater and private courtyard. Additionally, the project will feature eight arts-related retail spaces on the first floor, including a co-op gallery. Slated to open in spring 2017, the $23 million residential property will join the 170-unit Strata Flats residential property that opened in July 2015. The project team includes Cityline Construction as project manager of the building’s commercial portion; T&M Associates as engineer; and Harkins Builders as general contractor.

March 9, 2016

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