ROCKAWAY, N.J. — Newmark Grubb Knight Frank (NGKF) has represented owner Lexington Realty Trust in the leasing of its property at 333 Mount Hope Ave. in Rockaway. The three-story, 92,000-square-foot building is now occupied entirely by Atlantic Health System. The 12-year lease was brokered by David Simson, Jamie Drummond and Tim Greiner of NGKF. Bryn Cinque of Colliers International represented the tenant. Atlantic Health System initially leased 64,000 square feet at the property but outgrew the space and chose to expand.
WESTBOROUGH, MASS. — Linear Retail Properties has acquired 9 West Plaza, located at 1 Oak St. in Westborough. Located at the intersection of Route 9 and Lyman Street, the 35,800-square-foot building located on 5.8 acres features Sleepy’s, Chipotle, FedEx, Hair Cuttery and Gold’s Gym.
NEW YORK CITY — Madison Equities and Italian multi-national construction services company Impresa Pizzarotti & C. Spa have acquired 45 Broad Street from 45 Broad Street L/CAL LLC for $86 million. The property is located in the heart of Manhattan’s Financial District near the New York Stock Exchange and World Trade Center and offers approximately 290,000 square feet of floor area ratio (FAR) for development. Madison Equities and Pizzarotti plan a condominium tower constructed atop an amenity-filled podium. The developers will deliver condominium units for occupancy in 2019. 45 Broad Street will be designed by noted architect Cetra Ruddy, whose recent projects include One Madison Avenue, Walker Tower and the Orion.
BOSTON — WS Development has acquired a 12.5-acre parcel that spans 10 city blocks and is slated to include 2.8 million square feet of residences, offices, hotels, retail, parks, and community space in Boston. Morgan Stanley and Boston Global Investors (BGI) — long-time development partners of WS Development — sold the parcel for $359 million. The land is located along Seaport Boulevard, Congress Street, and Summer Street. WS Development owns 500,000 square feet of retail on seven adjacent blocks. WS will work with the City of Boston and BGI, which will continue to provide urban planning services, to develop the space.
NYACK, N.Y. — Procida Funding’s 100 Mile Fund has provided a $14.5 million construction loan for a newly constructed 133-key Time Hotel in Nyack. The sponsor needed immediate financing to complete construction of the hotel, which is expected to open this fall. The hotel is built in an industrial-style former factory with views of the Hudson River and Tappan Zee Bridge. The property features 3,500 square feet of meeting space, a pool, a fitness center, a bike program, local shuttle services, as well as a Tesla charging station. Début Hotel Group and Hampshire Hotels Management partnered with developer WY Group to deliver the property.
PHILADELPHIA — Bloomingdale’s The Outlet Store, a brand of Macy’s Inc. will open at the Shops at Liberty Place at 1625 Chestnut Street in Philadelphia. The 20,000-square-foot location is scheduled to open in December. Michael Salove and Brittany Goldberg of MSC Retail exclusively represent Macy’s Inc. in the Greater Philadelphia region.
NEW YORK CITY — Thor Properties has purchased a Class A office property at 180 Livingston Street, located between Smith and Hoyt streets in downtown Brooklyn, from Treeline Cos. Stephen Palmese of Cushman & Wakefield brokered the $85 million all-cash sale. The property is a 154,000-square-foot office condominium that occupies floors three through six of the building and features three office tenants, with the MTA serving as the anchor. The property also holds development potential with an additional approximately 142,525 buildable square feet as-of-right, which can be expanded to approximately 213,155 square feet with use of an inclusionary housing bonus. The sale price equates to approximately $552 per square foot.
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NORTH BELLMORE, N.Y. – The North Bellmore Public Library Board of Trustees has selected Elite Construction as construction manager for the expansion and renovation of the library building located at 1551 Newbridge Rd. in North Bellmore. Designed by the Pleasantville, N.Y.-based architectural firm of Gallin Beeler Design Studio (GBds), the project will completely renovate and expand the outdated library structure, originally constructed in 1962 and expanded in 1986. The improvements will include a gut renovation of the existing two-story, 13,000-square-foot building and a 4,200-square-foot addition. The project is financed through a 15-year, $8.9 million bond issue approved by the North Bellmore voters in May of 2015. In addition to Elite and GBds, the project team includes structural engineer The Di Salvo Engineering Group; mechanical, electrical, and plumbing (MEP) engineer TAS Engineering; and civil engineer Galli Engineering.
NEW YORK CITY — New York REIT (NYSE: NYRT) has completed the previously announced sale of 163 Washington Avenue in Brooklyn. Located in the Clinton Hill neighborhood, the Class A apartment property includes 49 residential units, a 1,176-square-foot retail unit, and 38 parking spaces. Originally developed as condominiums in 2009, the property’s units average 825 square feet each. Units feature stainless steel appliances, balconies, loft-style ceilings and cityscape views. Rob Rizzi, Jeff Julien and Rob Hinckley of HFF represented the seller.
LODI, N.J. — Holliday Fenoglio Fowler LP (HFF) has arranged the $12 million sale of Essex Square, a 16,000-square-foot retail strip center located within the Route 17 retail corridor in of Lodi, a suburb of New York City. Chris Munley, Kevin O’Hearn and Jose Cruz of HFF represented the seller, ARC Properties Inc. Capstone Realty Group advised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired in an all-cash transaction. Essex Square is a 100-percent-occupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips. The two-building property is located at 184 Essex Street.