Northeast

Shorenstein Properties Begins $30M Renovation Program at 1407 Broadway in NYC

by Amy Works September 29, 2015

NEW YORK CITY — Shorenstein Properties has undertaken a $30 million renovation and enhancement program at 1407 Broadway, a 1.1 million-square-foot office/retail building in New York. Designed by Fogarty Finger, the capital improvement program will include a new lobby and building entrance, façade improvements, elevator cab upgrades and updated retail storefronts. Shorenstein acquired the property’s ground lease from Abraham Kamber Associates and the sublease from Lighthouse in April 2015 for $330 million. Shorenstein has retained CBRE as the exclusive office space leasing agent. SRS Real Estate Partners will lead all retail brokerage activity.

September 29, 2015

Multifamily New York Northeast Seniors Housing

Winn Companies Converts Building into Senior Apartments in $20.7M Adaptive Reuse Project

by Amy Works September 29, 2015

ALBANY, N.Y. — Winn Companies, in partnership with Albany Housing Authority, has opened Livingston School Apartments in Albany after a $20.7 million adaptive reuse project. The company converted the four-story, 230,000-square-foot historic building into 103 units of mixed-income housing for seniors. The new property features 12 studio apartments, 76 one-bedroom apartments and 15 two-bedroom apartments. Eleven units are handicapped accessible and five are equipped for hearing or visually impaired residents. The Architectural Team served as architect and Keith Construction served as general contractor on the project, which was funded by federal and state low-income housing tax credits, and federal and state historic tax credits. Winn Companies includes Winn Development and Winn Residential. With the addition of Livingston School, Winn Residential now manages 9,200 apartments at 58 residential properties in New York State, as well as more than 4,000 homes for members of the U.S. Army at Fort Dunn.

September 29, 2015

Loans Massachusetts Multifamily Northeast

CBRE/NE Arranges $14M in Construction Financing for Liberty Place in Quincy

by Amy Works September 29, 2015

QUINCY, MASS. — CBRE/New England’s Multifamily Debt & Structured Finance group has arranged $14 million in construction financing for Liberty Place in Quincy. BP Liberty LLC, an affiliate of Boston Property Development, is developing a 53-unit apartment community, which has already broken ground. Located at 999 Hancock St., the property will feature 67 garage parking spaces, a fitness center, a 2,000-square-foot roof deck, a private function room and a patio/barbecue area overlooking a lawn and dog park. The residential units will feature stainless steel appliances, hardwood flooring, granite countertops, private balconies, in-unit washers and dryers, and oversized windows. John Kelly and Sam Dylan of CBRE/NE procured the financing for the borrower.

September 29, 2015

New Jersey Northeast Retail

Marcus & Millichap Brokers $9.1M Sale of Walgreens Property in New Jersey

by Amy Works September 29, 2015

FRANKLIN, N.J. — Marcus & Millichap has brokered the sale of a recently constructed Walgreens property in Franklin. Located at 245 State Route 23, the 14,820-square-foot property sold for $9.1 million, or $617 per square foot. Dean Zang and Mark Taylor represented the seller, a limited liability company, while Karly Iacono, also of Marcus & Millichap, represented the buyer, a Brooklyn-based private investor, who acquired the property in a 1031 exchange. J.D. Parker of Marcus & Millichap’s Manhattan office served as the broker of record for the transaction.

September 29, 2015

New York Northeast Office

Strathspey Crown Quadruples Space at 570 Lexington Avenue in NYC

by Amy Works September 29, 2015

NEW YORK CITY — Strathspey Crown Holdings LLC has signed a 10-year lease to quadruple its space at 570 Lexington Avenue in New York City. The Newport Beach, Calif.-based firm will now occupy 16,000 square feet of office space at the landmark Art Deco building. Comprising the 27th, 28th and 35th floors, the new space will feature high-end finishes and an architecturally distinctive stairwell between the 27th and 28th floors. David Turino provided in-house representation for the property owner and manager, The Feil Organization, while Strathspey was represented in-house for the transaction.

September 29, 2015

New York Northeast

First Capital Real Estate Investments Acquires United Realty Advisors for $175M

by Amy Works September 28, 2015

NEW YORK CITY — First Capital Real Estate Investments has acquired United Realty Advisors LP, the external advisor to United Realty Trust Inc. (URTI), and other affiliated entities. Immediately prior to the acquisition, First Capital and its affiliates entered into an asset contribution agreement with URTI pursuant to which First Capital and affiliated entities contributed 28 assets to the REIT, including 18 hotels, five retail and self-storage properties, various residential and commercial land for development, and contract rights to acquired 13 additional hotels and more than 1,000 multifamily units. The contributed assets exceed $175 million in value. Both transactions closed on Sept. 15.

September 28, 2015

Industrial Loans New Jersey Northeast

Cronheim Mortgage Arranges $35M in Financing for Industrial Property in New Jersey

by Amy Works September 28, 2015

ELIZABETH, N.J. — Cronheim Mortgage has arranged $35 million in financing for an industrial property located at 102 Bay Ave. in Elizabeth. The loan was structured with a five-year term and a 30-year amortization schedule for the borrower, Hartz Elizabeth Inc., an affiliate entity of Hartz Mountain Industries Inc. Built in 1990, the 509,093-square-foot facility features 26-foot clear heights, 61 loading docks and approximately 9,000 square feet of mezzanine office space. Andrew Stewart and Dev Morris of Cronheim secured the financing for the borrower.

September 28, 2015

Hospitality New York Northeast

Partnership to Develop Two-Building Marriott at JFK International Airport

by Amy Works September 28, 2015

NEW YORK CITY — Soundview Real Estate Partners and Chartwell Hospitality are developing a two-building Marriott hotel at New York City’s John. F. Kennedy International Airport. The partnership has tapped Gene Kaufman Architect to design the 260,000-square-foot project, which Soundview and Chartwell plan to break ground on in 2016.

September 28, 2015

Multifamily New Jersey Northeast

Cushman & Wakefield Brokers Sale of Two Multifamily Buildings in New Jersey

by Amy Works September 28, 2015

UNION CITY, N.J. — Cushman & Wakefield has brokered the sale of two multifamily buildings located at 1000 West and 522 10th streets in Union City. An undisclosed buyer acquired the properties for $2.1 million, or $176,667 per unit, in an all-cash transaction. The adjacent properties total 16,698 square feet and include 12 residential units in a mix of one-bedroom and two-bedroom apartments. Fahri Ozturk and Alexander McGee of Cushman & Wakefield represented the undisclosed seller, while Miriam Lebovitz of Dwell Realty represented the buyer in the transaction.

September 28, 2015

Massachusetts Northeast Retail

Integrated Builders Tops Off Car Dealership in Massachusetts

by Amy Works September 28, 2015

GREENFIELD, MASS. — Integrated Builders has topped off the new Greenfield Toyota and Ford joint car dealership in Greenfield. Located at 1 Main St., the 32,000-square-foot facility will replace the previous dealership located on the site. The facility will offer a combined 30,000 square feet of dealership space and a 2,000-square-foot system parts mezzanine area. The new facility is slated for completion in November 2016. Integrated Builders is providing construction management services for the project. The project team includes The Curtis Architectural Group, SVE Associates, Flood Consulting and Environmental Design Engineering Inc.

September 28, 2015

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