TUCKAHOE, N.Y. — Roseland, a subsidiary of Mack-Cali Realty Corp., Glenco Group and Mirado Properties have broken ground on 150 Main Street, a multifamily development in Tuckahoe. Designed by Minno & Wasko Architects and Planners, the four-story building will offer 61 one-bedroom and 47 two-bedroom units, as well as 3,500 square feet of ground-level retail space. The apartments will feature hardwood flooring, stainless steel appliances, marble countertops and in-unit washer/dryers. Community amenities include a fitness center, yoga studio, clubroom, and an outdoor terrace with gardens, a water sculpture, stone fireplace pit with seating area and an outdoor kitchen. Additionally, the community will feature a 169-space underground parking garage and 19 surface parking spots. The project is slated for completion in fourth quarter 2015, with units available for occupancy in early 2016.
Northeast
NEW YORK CITY — TerraCRG has brokered the sale of four multifamily properties in Park Slope and Carroll Gardens for a total of $12.5 million. New York-based Slate Property Group purchased 310 12th Street, a four-story, 20-unit apartment building in Park Slope, for $6 million or $410 per square foot. Also in Park Slope, an Israel-based investor acquired 14 Lincoln Place, a four-story, eight-unit building, for $3.5 million, which equates to $391 per square foot and a 3.53 percent cap rate. Additionally, a local investor purchased 96-98 Baltic Street, two four-story, eight-unit buildings in Brooklyn’s Columbia Waterfront district, for $3.1 million or $254 per square foot. Adam Hess, Sam Shalumov and Chris Pechlivanides of TerraCRG handled the transactions.
MONROE TOWNSHIP, N.J. — Walker & Dunlop has provided $14.5 million in bridge financing through the company’s interim loan program to AFC Forsgate Owner LLC. The borrower, which is a joint venture between Artemis Real Estate Partners, Focus Healthcare Partners and Chelsea Senior Living, plans use the loan to refinance Chelsea at Forsgate. Located in Monroe Township, the 120-unit assisted living facility was originally constructed in 1996 and purchased by the borrower in February 2013. Since acquisition, the borrower has made capital improvements to the property and plans additional improvements. John Pantone and Jim Cope led the Walker & Dunlop team that structured the three-year, interest-only, cash-out transaction.
NEW BRUNSWICK, N.J. — CBRE Group has brokered a 173,746-square-foot industrial renewal and expansion lease in New Brunswick. Prime Source Building Products will continue to occupy space at 14 and 20 Van Dyke Avenue as its Northeast distribution hub. The company renewed its lease for 84,824 square feet at 20 Van Dyke Ave. and expanded into 88,922 square feet at 14 Van Dyke Ave. Scott Belfer and Lou Belfer of CBRE represented the landlord, Van Dyke Associates, in the transaction.
NEW YORK CITY — A joint venture between Colt Equities and Ruby Ventures has acquired the leasehold of 11 Green Street in New York’s SoHo district. The joint venture plans to develop a mixed-use property at the site, which is currently a surface parking facility. The 13,900-square-foot lot allows for the development of a building featuring more than 75,000 gross buildable square feet, including sub-grade space in a seven-story envelope. Development plans include approximately 16,000 square feet of total ground-floor and lower-floor retail space, as well as more than 30 luxury residential rental units on the second and sixth floors with a partial mezzanine level on the seventh floor.
NEW YORK CITY — New York-based Madison Realty Capital (MRC) is consolidating all future equity and debt investments under a single brand: Madison Realty Capital. Historically, the company’s equity investments were made through Silverstone Property, a 100 percent controlled affiliate. In addition to the rebranding, MRC has acquired 440-442 Tenth Avenue, which includes two mixed-use properties located between 34th and 35th streets in the Hudson Yards district, as well as 2094-2104 Frederick Douglass Blvd., an 11,254-square-foot retail property in West Harlem. The Tenth Avenue properties, which sold for $9.75 million, total 20,000 square feet and offer 34 apartments. The Frederick Douglass property was acquired for $7.25 million.
SELDEN, N.Y. — Patchogue, N.Y.-based BBS Architects, Landscape Architects and Engineers has completed a new astronomical observatory at the Suffolk County Community College’s Selden Campus. The 700-square-foot observatory features a 25-foot high dome with a 20.5-foot diameter and a Meade 10-inch RCX400 Ritchey-Chretien telescope. Situated atop the Smithtown Science Building, the observatory cost $270,000.
REVERE, MASS. — KeyPoint Partners has brokered a lease for Big Lots at Wonderland Marketplace in Revere. Big Lots will occupy 31,000 square feet of space at the 135,000-square-foot shopping center. Current tenants include Marshalls, Staples, Hair Cuttery, Ninety-Nine restaurant and the U.S. Post Office. Big Lots will lease a portion of the former Stop & Shop with the remaining 33,687 square feet available for lease. Don Mac of KeyPoint Partners negotiated the transaction on behalf of the landlord.
CANTON, MASS. — Colliers International has brokered a 25,000-square-foot office lease at 150 Royall Street in Canton for Gray, Gray & Gray LLP. The accounting firm will relocate from its previous headquarters at Southwest Park in Westwood, Mass., in August. The 262,800-square-foot office building was fully renovated in 2007. Thomas Hynes and James Elcock of Colliers International represented the tenant. The landlord, OneBeacon Insurance Group, was represented in-house by John Ferrari, along with Richard Bradbury of Babson Real Estate Advisors.
According to the Allegheny Conference on Economic Development, in 2013 there were more people working in Pittsburgh than ever before. The region has seen five consecutive years of continuous expansion and a current capital investment of $3.2 billion. Pittsburgh ranks among the top 15 metropolitan areas for five-year private sector job growth according to On Numbers Economic Index. Possibly more impressive than the jobs themselves, the earnings growth in the region over the same five-year period was 24.3 percent — the highest increase in the U.S. Pittsburgh’s unemployment rate fell to 6 percent in February, with the seven-county region posting an increase of 2,400 jobs in the same period. Among the companies expanding in Pittsburgh is Cigna Health. The company, which currently employs more than 1,400 in the region, plans to grow by 10 percent in 2014, adding approximately 150 new management, training and customer service positions to its regional post in Pittsburgh’s Parkway West submarket. This is great news for retailers in the area, which is also known as the Airport Corridor and which has been a mecca for retail for several decades. In recent years, retailers have struggled to survive here, as the submarket suffered from over-development and …