Northeast

HFF Brokers Sale of 704-Unit Multifamily Property in Plainsboro, N.J.

by Amy Works November 9, 2015

PLAINSBORO, N.J. — HFF has arranged the sale of The Crest at Princeton Meadows, a 704-unit, garden-style apartment community located at 3217 Ravens Crest Dr. in Plainsboro. A joint venture between Harbor Group International and Azure Partners acquired the property for an undisclosed price. Situated on 40 acres, the property consists of 37 two- and three-story residential buildings housing one- and two-bedroom units averaging 830 square feet each. Community amenities include an outdoor swimming pool with sundeck, barbecue grills, tennis courts, volleyball court, putting green and playground. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Andrew Scandalios of HFF represented the undisclosed seller in the transaction.

November 9, 2015

Multifamily New York Northeast

Onex Real Estate Partners Launch Sales for Grand Two at Sky View Parc in Flushing

by Amy Works November 9, 2015

NEW YORK CITY — Onex Real Estate Partners has launched sales for Grand Two, the second building within The Grand at Sky View Parc in Flushing, Queens. Currently under construction, the 258-condo Grand Two is the second phase of the three buildings that will comprise The Grand at Sky View Parc. Designed by Peter Clewes and architectsAlliance, the residential units feature top-of-the-line finishes, floor-to-ceiling windows, balconies, washers/dryers, stainless steel Bosch appliances, quartz countertops and spa-like bathrooms. The property will feature a mix of studios, one-, two- and three-bedroom condos, ranging in size from 470 to 2,050 square feet with pricing ranging from $493,000 to more than $2 million. Upon build out, the development will bring a total of 750 additional homes and amenities to the mixed-use development. On-site amenities will include a 24-hour staffed lobby and concierge, a five-acre landscaped rooftop garden, and basketball court and tennis courts. During its opening weekend, Grand Two made $85 million in condominium sales.

November 9, 2015

Massachusetts Northeast Office

The Davis Companies Taps Margulies Perruzzi Architects to Revitalize Two Office Buildings

by Amy Works November 9, 2015

MEDFORD AND BURLINGTON, MASS. — The Davis Companies has selected Margulies Perruzzi Architects to revitalize and reposition two office building properties. The architectural and interior design firm will upgrade the main entrance, lobby and common areas of One Cabot Road in Medford and One Burlington Business Center in Burlington. Constructed in 1989, One Cabot Road is a 400,000-square-foot office building featuring a full-service cafeteria, fitness facility, abundant power and emergency systems and a generous parking ratio, including 170 executive spaces inside the building. The property is currently 94 percent leased, with approximately 30,000 square feet available and 130,000 square feet becoming available in 2017. One Burlington Business Center is a four-story, 176,000-square-foot office building located adjacent to the Lahey Hospital and Medical Center. The building is occupied by Lahey Hospital and Medical Center and Silverink Communications, among others.

November 9, 2015

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Arranges $8M Sale of SoHo Mixed-Use Property

by Amy Works November 9, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a five-story, mixed-use property located at 61 Sullivan St. in SoHo. The Estate of Leo Rabkin sold the building for $8 million, or $1,470 per square foot, to a private investor experienced in townhouse conversions. The property consists of 5,474 square feet above grade; four floor-through, free-market residential rental apartments; ground-floor retail space; a 500-square-foot private garden; and 3,000 square feet of unused development rights. R. Stuart Gross, Peter Carillo and Jonathan Schwartz of Eastern Consolidated represented the seller, while Azita Aghravi, also of Eastern Consolidated, represented the buyer in the transaction. Chris Matousek of Eastern Consolidated served as analyst on the deal.

November 9, 2015

Connecticut Northeast Office

Coastal Construction Group Buys 5,000 SF Building in Connecticut

by Amy Works November 9, 2015

WESTPORT, CONN. — Coastal Construction Group LLC has acquired a mixed-use property located at 785 Post Road East in Westport. Situated on 2.5 acres, the 5,000-square-foot property sold for $1.2 million. The buyer plans to use the building for additional office space. Jon Angel of Angel Commercial represented the seller, George Essenfeld Trustee and Lewis Meriwether, in the transaction.

November 9, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

Joint Venture to Develop Mixed-Use Center Near New Jersey City University

by Amy Works November 6, 2015

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.

November 6, 2015

Hospitality Northeast Pennsylvania

HREC Investment Advisors Arranges Sale of Two Hotels in Pennsylvania

by Amy Works November 6, 2015

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.

November 6, 2015

New Hampshire Northeast Office

CBRE/NE Arranges $3.8M Sale of Office Building in New Hampshire

by Amy Works November 6, 2015

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.

November 6, 2015

Loans New York Northeast Office

First Niagara Provides $3.5M in Financing for New Bivona Child Advocacy Center in Rochester

by Amy Works November 6, 2015

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.

November 6, 2015

New York Northeast Top Stories

Slate Property Group, GreenOak Real Estate to Acquire RiverTower in Manhattan for $390M

by Katie Sloan November 5, 2015

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. …

November 5, 2015

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