NEW YORK CITY — Alchemy Properties Inc. has received $220 million in financing for the conversion of the upper floors of the landmark Woolworth Building into luxury condominiums called The Woolworth Tower Residences. Reed Smith LLP represented the lender, United Overseas Bank Limited, New York Agency, in the financing. The luxury condominium conversion will be designed by Thierry Despont. Built in 1913, the Neo-Gothic tower was commissioned by Frank W. Woolworth and designed by Cass Gilbert. The Reed Smith LLP team included Joseph Sarcinella, Gerard Hefner, Crystal Persaud, Konstantinos Melitsanopoulos and Rose Plager-Unger.
NEW PROVIDENCE, N.J. — Bergman Real Estate Group has completed the sale of its four-story office building located at 121 Chanlon Road in New Providence. A private entity acquired the property for an undisclosed sum. Situated on 6.5 acres, the 112,260-square-foot office building is 85 percent leased by a variety of companies in industries such as publishing, technology and healthcare. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.
NEW YORK CITY — Big City Realty has acquired an apartment building located at 605 W. 151st St. in Manhattan’s Hamilton Heights neighborhood. Waterbury Realty Management sold the six-story, 31,000-square-foot property for $7.6 million. Built in 1920, the property features 25 apartment units and 14,136 square feet of air rights. Peter Vanderpool and Lazer Sternhell of Cignature Realty Group represented the buyer and the seller in the deal.
NEW YORK CITY — GFI Realty Services has arranged the sale of a pair of five-story, walk-up apartment buildings in Brooklyn’s Prospect Heights neighborhood. CSG Equities acquired the properties, which are located at 218-220 Park Place, for $6.6 million. The buyer plans to convert the buildings, which total 7,300 square feet, into luxury condominiums. Isaac Moskowitz and Yosef Katz of GFI Realty represented the seller, while Sasha Berg, also of GFI Realty, represented the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the sale of net-leased property located at 310 E. Houston St. in Brooklyn as part of a 1031 exchange. An undisclosed New York-based purchaser acquired the 4,753-square-foot property, which is 15-year absolute net-leased to Manhattan AltSchool, for $6 million. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap represented the seller, a developer. Barbara Dansker and Matt Fotis, also of Marcus & Millichap arranged the sale of property that was relinquished by the buyer.
NEW YORK CITY — French billionaire Marc Ladreit de Lacharrière has purchased a 100,000-square-foot office and retail building in Manhattan for $525 million. The building is located at 693 Fifth Ave. in Midtown’s Plaza District. The 20-story property’s retail component houses the flagship store of international luxury brand Valentino. It includes four full levels of retail space with 50 feet of Fifth Avenue frontage. Notable office tenants include Carpenters Workshop Gallery, Louis Licari and Phillips Auctioneers. Thor Equities acquired the building in 2010 from Japanese department store Takashimaya for $142 million. Thor then restructured the interior to create a multi-level retail space, which Valentino occupied in 2013. The renovation included a modern floor-to-ceiling window façade from the ground level through the eighth floor. Thor also worked with designer David Chipperfield to create a new building lobby. Thor Equities owns a number of other properties on Fifth Avenue including 685 Fifth Ave., the future home of the new Coach global flagship store. “We continue to believe strongly in the retail and office market on Fifth Avenue and throughout New York City,” says Joe Sitt, Thor’s CEO. “However, after successfully implementing our business plan of improving this prime retail and office location …
NEW YORK CITY — Co-developers Hidrock Properties and The Buccini/Pollin Group have topped out Embassy Suites New York – Midtown Manhattan, the first Embassy Suites hotel in New York City. Located at 60 W. 37th St., the 40-story, 310-suite hotel features the Design Option III concept, which decreases the amount of land needed while increasing efficiencies in the development process. Designed by Peter Poon Architects, the hotel will feature a lobby bar, a café with adjoining roof deck on the third floor, amenity space on the fourth floor, and an adjacent three-level parking garage with access on 36th Street. The hotel is scheduled to open in early 2017.
PHOENIXVILLE, PA. — A joint venture between Toll Brothers Apartment Living and The Davies Companies has opened Riverworks, an apartment community located on Main Street in Phoenixville. Located within walking distance to dining, shopping and recreation, the property features 349 units ranging from studio to two-bedroom layouts. Residences feature plank flooring, stainless steel appliance packages, modern kitchens, in-unit washer/dryers, USB charging stations, and exterior patios or balconies on select homes. On-site community amenities include an outdoor pool with sundeck, outdoor fire pit, lounge and grilling areas; residents’ lounge with fireplace and game room; and a fitness center with a rock climbing wall and CrossFit space.
BOSTON — Colliers International has brokered the sale of a medical office building located at 147 Milk St. in Boston. Multi-Employer Trust, advised by Bentall Kennedy, purchased the property form an affiliate of Lexington Realty Trust for $33.2 million. The 52,337-square-foot building is fully leased to Atrius Health, parent of Harvard Vanguard Medical Associates. Doug Jacoby, Scott Dragos, Tony Hayes, Tim Mulhall and Dan Hines of Colliers represented the seller and secured the buyer.
NEWTON, N.J. — Marcus & Millichap has arranged the sale of Brookside Terrace, an apartment complex located on 7.2 acres at 33 Mill St. in Newtown. The property was sold for an undisclosed sum. Built in 1976, the 222-unit HUD property consists of a 10-story high-rise building and townhouses. Andrew Townsend, Ridge MacLaren, Clarke Talone of Marcus & Millichap represented the seller and procured the buyer. The names of the seller and buyer were not released. J.D. Parker of Marcus & Millichap was the firm’s broker of record in New Jersey.