JERSEY CITY, N.J. — A joint venture between affiliates of Claremont Properties Inc. and The Hampshire Companies is developing a mixed-use project at the intersection of New Jersey State Highway Route 440 and Stegman Boulevard in Jersey City. The 22-acre urban redevelopment will feature ground-level retail space, including a ShopRite, an LA Fitness, a performing arts center and residential space. The partnership appointed Silbert Realty & Management Co. Inc. as the exclusive marketing and leasing agent for combined Blocks 3 & 2, which will feature approximately 22,000 square feet of ground-level retail, commercial and restaurant space with on-site and metered parking. The first phase (Block 3), which is slated for spring construction, will be a five-story building with 163 apartments and 10,000 square feet of ground-level retail, commercial and restaurant space available for lease. The estimated delivery of the commercial space is April 2017.
MECHANICSBURG AND ENOLA, PA. — HREC Investment Advisors has arranged the sale of two hotels in Pennsylvania. The properties are the 70-room Baymont Inn & Suites Mechanicsburg Harrisburg West in Mechanicsburg and a 69-room Mircotel Inn & Suites by Wyndham in Enola. Ketan Patel and Geoff Davis of HREC represented the undisclosed seller in the transaction. The name of the buyer was not released.
MERRIMACK, N.H. — CBRE/New England has arranged the sale of an office building located at 21 Manchester St. in Merrimack. HCOP Merrimack, a joint venture between Novaya Real Estate Ventures and Bradstreet & Chandler, sold the property, which included 4.1 acres of land, to an undisclosed buyer for $3.8 million. The 41,000-square-foot building is part of the three-building Heron Cove Office Business Park, which is situated on 15 acres. Roger Dieker and Michael Tamposi of CBRE/NE represented the seller, while Michael Ciummei and Brian Tisbert of JLL represented the buyer in the transaction.
ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided $3.5 million in financing to Bivona Child Advocacy Center in Rochester. The financing includes construction and permanent loans, as well as a historic tax credit investment in the rehabilitation of the non-profit’s new location at The Skalny Building, previously known as the Old Stone Warehouse. Located at 1 Mount Hope Ave., the 30,000-square-foot building will house many of the non-profit’s partner agencies, including law enforcement, Child Protective Services, prosecutors, medical professionals, social workers, therapists and advocates. NH Architecture provided architectural services and CP Kelly & Associates served as general contractor for the project, which opened in September.
NEW YORK CITY — A joint venture of Slate Property Group and GreenOak Real Estate is in contract to acquire RiverTower at Sutton Place, a 38-story multifamily complex located at 420 E. 54th St. in Manhattan’s Sutton Place neighborhood. The purchase price is $390 million. The building is comprised of 311 one-, two- and three-bedroom units. Building amenities include a bicycle room, porte-cochere driveway, 182-car below grade parking garage, a 28,000-square-foot landscaped plaza, dual street entrances and a fitness center. Originally developed by Harry Macklowe in 1982, the property was purchased by Equity Residential in 2010. Slate and GreenOak plan to implement a comprehensive building renovation and unit upgrades throughout. RiverTower is located in close proximity to both the United Nations and the East River. Nearby public transportation includes the “E” and “6” subway lines, and easy access to FDR Drive. Darcy Stacom and William Shanahan of CB Richard Ellis represented the seller, Equity Residential, in the transaction. Slate Property Group is an owner, operator and developer of residential and commercial real estate in the New York metropolitan area. During the last six years, principals of Slate Property Group have purchased in excess of $1.5 billion in real estate assets. …
NEW YORK CITY — The New York City Economic Development Corp. has selected a joint venture of Urbane Development, BRP Development and Caribbean American Chamber of Commerce and Industry (CACCI) to redevelop and manage Flatbush Caton Market, located at 814 Flatbush Ave. in Brooklyn. The market was established in 2000 to provide former street vendors a permanent indoor market to sell their wares, and in 2013 NYCEDC released a RFP to redevelop and manage the market into a commercial, residential and community space. The joint venture’s winning 212,000-square-foot redevelopment plan includes more than 20,000 square feet of retail space, 10,000 square feet of community facilities and 166 affordable housing units, as well as an assemblage of business training and support initiatives to strengthen existing vendors and support entrepreneurial growth. Designed by Freeform + Deform, the project will feature convertible indoor/outdoor swing space, modular vendor pods, and multiple production spaces for food, natural personal care and fashion/textile uses. Redevelopment is underway with an expected completion date of late 2019 or early 2020.
NEW YORK CITY — HFF has arranged $89 million in refinancing for a retail and office building located at 401 W. 14th St. in the Meatpacking District. MetLife provided the borrower, Taconic Investment Partners, with a 15-year, interest-only, fixed-rate loan. The four-story building is 100 percent leased to Hugo Boss, The Kooples, Apple Inc. and Raptor Capital Management. HFF secured the financing on behalf of the borrower.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of The Duke Properties Brooklyn Portfolio, a package of four multifamily buildings and one mixed-use property in Brooklyn. The assets sold for $16.7 million, or $382 per square foot, in an all-cash transaction. The properties are located at 29 Brooklyn Ave., 137 MacDonough St., 235 Malcolm X Blvd., 1509 Pacific Ave. and 300 Palmetto St. Totaling approximately 43,750 square feet, the buildings feature 49 apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
HUNTINGTON, N.Y. — NorthMarq Capital has arranged a $4.2 million construction loan for a 17,340-square-foot retail and apartment building located at 425 New York Ave. in Huntington. The 2.5-year loan features an interest-only payment period during the construction with an option to convert to a permanent loan. Charles Cotsalas and Ernest DesRochers of NorthMarq secured the financing for the undisclosed borrower through NorthMarq’s relationship with a regional bank.
LAWRENCEVILLE, PA. — Developer Chris Desmone has broken ground on for Square View, a luxury apartment building project located at 3413-3415 Butler St. in Lawrenceville near Doughboy Square. Designed by Desmone Architects, the four-story project will feature 12 apartments and 4,300 square feet of street-level retail space. Completion is slated for summer 2016.