NEW YORK CITY — Forest City Realty Trust has completed the disposition of a development site located at 625 Fulton St. in Brooklyn. Brooklyn-based Rabsky Group acquired the unencumbered site for $158 million, or approximately $255 per square foot. Forest City originally purchased the property in 1989, and the company demolished the existing 359,000-square-foot office building on the site, with plans to develop a residential tower. Rabsky Group has approximately 1,850 units in the pipeline in Brooklyn and 400 more planned in Queens. The company’s two largest current projects are a 398-unit rental building at 10 Montieth St. and a 777-unit rental property at 249 and 334 Wallabout St. in Brooklyn.
BOSTON AND NEW YORK CITY — Rockville, Md.-based Federal Realty Investment Trust has acquired the 70 percent interest owned by affiliates of a discretionary funded advised by ING Clarion Partners in a joint venture that owns six shopping centers. The purchase price was approximately $154 million, consisting of $130 million of cash and assumption of the allocable share of mortgage debt. The properties include Atlantic Plaza and Campus Plaza near Boston; Greenlawn Plaza on Long Island; Free State Shopping Center and Plaza del Marcado in suburban Maryland; and Barcroft Plaza in Northern Virginia. With this acquisition, Federal Realty has successfully concluded the the venture that was formed in 2004 and increased its ownership of the 820,000-square-foot portfolio from 30 percent to 100 percent.
NEW YORK CITY — HFF has secured $13.6 million in acquisition bridge financing for a 17,615-square-foot mixed-use property located at 315 Broadway in Manhattan’s Tribeca neighborhood. The borrower, United American Land, plans to used the loan to reposition the property into a boutique office building with high-quality retail space on the ground floor. The five-story loft property has 13,900 square feet of office space, 3,715 square feet of ground-floor retail space and approximately 23,401 square feet square feet of unused air rights. Steven Klein and Geoff Goldstein of HFF arranged the four-year, floating-rate loan through Peoples United Bank.
NEW YORK CITY — New York City-based SGW Properties has completed in excess of $10 million in capital improvements to nine multifamily properties in the East Flatbush and Crown Heights neighborhoods of Brooklyn. The capital improvement program included renovation and upgrades to roofs, sidewalks, brickwork, windows, boilers, lighting, intercom systems and plumbing.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 199 Malcolm X Blvd. in Brooklyn’s Bedford-Stuyvesant neighborhood. The asset sold for $2.5 million, or $534 per square foot, in an all-cash transaction. The 4,836-square-foot, three-story building features five three-bedroom apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield represented the undisclosed seller in the transaction. The name of the buyer was not released.
NEW YORK CITY — Stellar Management has completed the disposition of a loft office building located at 123 Lafayette St. in New York City. An undisclosed buyer purchased the 21,916-square-foot property for $33.5 million, or $1,525 per rentable square foot. The newly renovated property is a 100 percent occupied turn-key office building with ground-floor retail space. The retail space is occupied by Dunkin’ Donuts and Love Hate Social Club. Bob Knakal, Robert Burton and Jonathan Hageman of Cushman & Wakefield handled the transaction.
HAMILTON TOWNSHIP, N.J. — NAI Mertz has arranged the sale of the multi-building, 1 million-square-foot former Congoleum Corp. complex, located at 861 Sloan Ave. in Hamilton Township. Commercial Development Corp. (CDC) acquired the property from Congoleum Corp. for an undisclosed price. CDC plans to develop a mixed-use development on the 65-acre site. The developer plans to raze the majority of the buildings on site with the exception of Building 55, an existing 150,000-square-foot warehouse building. Jeffrey Licht and Fred Meyer of NAI Mertz represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged a $27 million bridge loan on behalf of XIN Development International for the acquisition of a development site in Manhattan’s Midtown West. XIN Development plans to build a mixed-use project on the 105,000-square-foot development site, which is located at 615 Tenth Ave. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the financing, which was provided by Bank of the Ozarks, for the borrower.
NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 148 E. 98th St. in Manhattan’s Upper East Side. The asset sold for $6.6 million. The six-story, elevator-serviced property features 11 apartment units and a first-floor office space. Glenn Raff of Alpha Realty represented the seller and buyer in the transaction. The names of the buyer and seller were not released.
CRANBURY, N.J. — Colliers International has arranged the lease of 182,000 square feet of warehouse space at 1240 Cranbury South River Road in Cranbury. Achim Importing Co., a global home goods trading company, is relocating to the space after its previous facility at 1600 Livingston Ave. in North Brunswick, N.J., was destroyed by fire last year. Michael Markey and Jonathan Tesser of Colliers arranged the lease on behalf of Achim Importing Co. The landlord is Cosmetic Essence Innovations.