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.
![North-Bellmore-Public-Library-Southeast-rendering[1]](https://rebusinessonline.com/wp-content/uploads/2015/10/North-Bellmore-Public-Library-Southeast-rendering11.jpg "North-Bellmore-Public-Library-Southeast-rendering[1]")
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.
NEW YORK CITY — Thor Equities has signed an agreement to sell the retail condo at 445 Fifth Ave. in Midtown Manhattan to Harbor Group International for $68 million. Thor Equities purchased the 20,000-square-foot property in 2011 for $32.5 million. The company signed Charming Charlie to the majority of the building’s retail space on the first and second floors.
MERCERVILLE, N.J. — Highglen Lawndale Associates LP, a partnership headed by Abrams Realty & Development, has purchased the Clover Square shopping center on 3100 Mercer-Quakerbridge Road at Sloan Avenue in Mercerville. Valley Forge Investment Corp. sold the 178,850-square-foot property, which was 96 percent occupied at the time of sale, for $23.4 million. The neighborhood shopping center is located in Hamilton Township. Anchor tenants include the 85,000-square-foot health and wellness center associated with Robert Wood Johnson Hospital and the independently owned 33,300-square-foot Risoldi’s supermarket. Additional tenants include Five Guys Burgers and Fries, CitiFinancial, Taco Bell, Sir Speedy, Miracle Ear, Great Clips, Jenny Craig, Smoothie King, and Dunkin’ Donuts. A pad site provides potential for future development. Brad Nathanson and Tom Gorman of CBRE represented the buyer.
PITTSBURGH — Ethika Investments LLC, an affiliate of Laurus Corp., has allocated capital for the acquisition of the DoubleTree by Hilton Hotel – Green Tree in Pittsburgh. The 460-room property is the largest Pittsburgh hotel in the Hilton family of brands and recently underwent a $20 million renovation. Ethika and Laurus plan a $7 million capital plan, including the introduction of the Asado Grill restaurant, to improve customer experience and position the hotel as the go-to location for business meetings, conferences and weddings in the greater Pittsburgh area. The DoubleTree Green Tree features nearly 40,000 square feet of flexible, multi-functional meeting space and a 13,000-square-foot indoor athletic training center. This marks the 16th total capital allocation within Ethika’s Diversified Opportunity Real Estate Fund.