NEW YORK CITY — Forest City Enterprises Inc., a member of Greenland Forest City Partners, has closed on construction financing for 38 Sixth Avenue (formerly known as B3), a 100-percent affordable apartment building located at Pacific Park Brooklyn in Brooklyn. Designed by SHoP Architects, the property will feature 303 apartment units. The New York City Housing Development Corp. (HDC) provided a $83 million first mortgage loan for the construction of 38 Sixth Avenue through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Additionally, Greenland Forest City Partners is receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank. The groundbreaking at 38 Sixth Avenue brings the total number of affordable apartments currently under construction at Pacific Park Brooklyn to 780 units, with the development expected to eventually include 2,250 affordable units.
SOUTH PLAINFIELD, N.J. — Atlantic Beverage Co. has signed a lease for 97,800 square feet of industrial space at 450 Oaktree Road in South Plainfield. The 257,000-square-foot property features 21-foot ceiling heights, 14 tailboards, one drive-in door, more than 150 car parking spaces, parking for 50 trailers and proximity to Interstate 287 and the New Jersey Turnpike. Steve Bussel of Bussel Realty Corp. represented the tenant and the landlord, Paramount Assets, in the transaction.
SOUTHINGTON, CONN. — R. Calabrese Agency has brokered the lease of 3,000 square feet of retail space to Noodles & Company. Located at 832 Queen St. in Southington, the restaurant is the company’s third location in Connecticut. Tony Valenti and Ralph Calabrese of R. Calabrese Agency represented the landlord, West Queen Developers LLC, while Brian Zelman of Zelman Real Estate Brokerage LLC represented the tenant, Hartford Noodles LLC, the Noodles & Company franchisee, in the transaction.
MIDDLEBOROUGH, MASS. — Braintree, Mass.-based Campanelli Construction has completed a 63,000-square-foot renovation of the formerly vacant Cranberry Specialty/St. Luke’s Hospital in Middleborough. The renovation transformed the property into the 72-bed High Point Hospital, a state-of-the-art psychiatric hospital for High Point Treatment Center. High Point currently operates inpatient and outpatient programs in Plymouth, Brockton, New Bedford and Taunton, Mass. The new hospital will create 200 jobs, including physicians, nurses, clinicians, maintenance staff, housekeepers, dietary, mental health and administrative staff, for the area.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail building located at 92-06/08 Jamaica Ave. in the Woodhaven neighborhood of Queens. The 7,760-square-foot building sold for $1.8 million, or $238 per square foot, in an all-cash transaction. The property features 3,200 square feet of first-floor retail space and two 2,280-square-foot office/storage spaces on the second and third floors. Brian Sarath of Cushman & Wakefield arranged the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a multifamily building located at 2405 Tilden Ave. in Brooklyn. The six-unit property sold for $1.1 million. The property sold within 99 percent of the asking price. Derek Bestreich, Erik Rodriguez and Seth Schiffman of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
NEW YORK CITY — Colt Equities has acquired a two-level retail condominium at 158 Franklin St. in Tribeca for an undisclosed price. The 3,800-square-foot space includes 20 feet of frontage on Franklin Street, a 2,000-square-foot ground-level retail space with 12-foot ceilings, a skylight and hardwood floors and a lower level with 10-foot ceilings and a private outdoor patio. The name of the seller was not released.
PHILADELPHIA — Rubenstein Partners has closed three new office leases, totaling 36,738 square feet, at One Washington Square in Philadelphia’s Center City. Berkshire Hathaway HomeServices Fox & Roach REALTORS has relocated to 20,443 square feet; The Foundation for Individual Rights in Education Inc. has leased 12,605 square feet; and AKRF Inc. has leased 3,690 square feet at the 850,000-square-foot office property. Affiliates of Rubenstein acquired the property in late 2013 and launched a rebranding campaign, as well as a capital investment program, for the property. Jack Soloff, Jim Mullarkey and Les Haggett of Newmark Grubb Knight Frank represented Rubenstein Partners in the transaction. Berkshire Hathaway HomeServices Fox & Roach was represented by Jim Wilson of Mahoney Realty Group; The Foundation for Individual Rights in Education was represented by Neil Brazitis and Sid Smith of Newmark Grubb Knight Frank; and AKRF was represented by Cindy Weiner of The Flynn Company.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail condominium located in Manhattan’s East Village. The 15,311-square-foot property sold for $24.3 million, or $1,590 per square foot, and features more than 200 feet of wraparound frontage. The property is currently divided into three separate spaces on the ground floor and basement. Additionally, the property is undergoing renovation to include an additional 1,314 square feet of retail space. James Nelson and Bob Knakal of Cushman & Wakefield negotiated the transaction. The seller was Benchmark, but the name of the buyer was not released.
WESTBOROUGH, MASS. — Ultima Hospitality has acquired the DoubleTree by Hilton Hotel Boston – Westborough in Westborough, approximately 35 miles form downtown Boston, for an undisclosed price. The 223-room hotel features 13,300 square feet of meeting space, a full bar and restaurants and an indoor pool. The property recently underwent a renovation of its common areas and Ultima plans to renovate the guestrooms. The name of the seller was not released.