NEW YORK CITY — New York City Economic Development Corp. (NYCEDC) and Triangle Equities have executed a lease for a long-vacant, three-acre site in the St. George neighborhood of Staten Island. This transaction paves the way for the construction of the $200 million mixed-use Lighthouse Point development. Situated adjacent to the St. George Ferry Terminal and the Stapleton waterfront, Lighthouse Point will include 85,000 square feet of retail, restaurant and entertainment space; a 12-story, 94,000-square-foot residential building with 100 units; an approximately 160-room hotel; a communal-style workspace for local start-up businesses; an urban beach; and outdoor recreational areas. Twenty of the residential housing units will be designated as permanently affordable for New Yorkers earning 60 percent or less of the area median income. Construction is scheduled to commence this fall with completion slated for late 2019. Project construction will be phased with each portion of the project opening to the public as it is completed.
Northeast
BEAVER, PA. — Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, has arranged the sale of Friendship Ridge, a 605-bed nursing home in Beaver, a suburb of Pittsburgh. A private consortium of owners and investors based in New York and New Jersey purchased the property for $33.5 million from Beaver County, Pa. Situated on 25 acres at 246 Friendship Circle, the nursing home facility has been in operation since 1959. Joshua Jandris, Mark Myers and Charles Hilding of IPA, along with Matthew Gorman of Marcus & Millichap’s Philadelphia office, represented the seller in the transaction.
MEDFORD, MASS. — Lexington, Mass.-based Bierbrier Development has completed the $22.8 million refinancing of Wellington Circle Plaza in Medford. Located at the junctions of Routes 16 and 28, the property is a 55,000-square-foot shopping center with national tenants, including CVS/pharmacy, Men’s Wearhouse, LenCrafters and Chipotle. The borrower purchased the property in 1985. Matthew Kirsch at Bank of America provided the 10-year financing. Brian Cororan and Lee Norman of Ackman-Ziff represented Bierbrier in the transaction.
CLARK, N.J. — Garden Communities, a subsidiary of Garden Homes, has opened the first apartment building at Woodcrest at Clark, an active-adult residential community in Clark. Located in Central Jersey, the four-building property will offer one- and two-bedroom units ranging from 900 to 1,630 square feet. The apartment units feature granite countertops, breakfast bars, stainless steel appliances, custom walk-in closets, master bathrooms with soaking tubs and double vanities, private balconies, controlled central heat and air conditioning, and utility rooms with washers and dryers. Additional property amenities will include a clubhouse with fireplaces, a fitness center, a card room and a TV lounge, which are slated for completion this summer. Garden Communities is currently preleasing the second apartment building, which is expected to be available for move-in by July. Completion for the entire project is slated for 2015.
MONROE, CONN. — Maplewood Senior Living LLC, an assisted living and memory care facility, has leased warehouse space at 580 Pepper St. in Monroe. The company will occupy 10,000 square feet of warehouse space the building leaving approximately 12,000 square feet of flex space available. Jon Angel of Southport, Conn.-based Angel Commercial LLC represented both the tenant and the landlord in the transaction. Terms of the lease were not disclosed.
NEW YORK CITY — Tishman Speyer has acquired the rights to develop a 2.85 million-square-foot tower in Midtown Manhattan’s Hudson Yards District through the completion of multiple transactions. The company purchased adjacent, undeveloped parcels from Manhattan-based Sherwood Equities for $200 million. The parcels total an entire block stretching from West 34th to West 35th streets and 10th Avenue to the to-be developed Hudson Park and Boulevard. The assemblage combined with the ability to purchase additional development rights available within Hudson Yards offers Tishman Speyer the opportunity to develop and construct a 2.85 million-square-foot tower in Manhattan’s expanded west side neighborhood and business district. The Hudson Yards district, which was rezoned in 2005, allows for 26 million square feet of office space, 20,000 new residential units, 2 million square feet of retail space and 3 million square feet of hotels.
WESTHAMPTON BEACH, NEW YORK — Rechler Equity Partners has broken ground for the development of The Hampton Business District at Gabreski Airport, a new mixed-used park in Westhampton Beach. Situated on 50 acres, the 440,000-square-foot project kicks off with the construction of 220 Roger’s Way, a 60,000-square-foot industrial building. Additionally, the to-be-built office and medical buildings at 205 and 215 Roger’s Way will total 60,000 square feet. The project will also feature a 145-room hotel, a restaurant, a daycare center, a health club and a bank. Upon completion, the business district will offer space ranging from 1,333 to 100,000 square feet.
JERSEY CITY, N.J. — CBRE Group has brokered the sale of 350 Warren Street, an industrial warehouse redevelopment project in Jersey City’s Powerhouse Arts District, to Mill Creek Residential Trust for an undisclosed price. Mill Creek Property Trust is partnering with Rockwood Capital to transform the eight-story, former industrial building into 366 luxury loft-style apartments. Slated for completion in first quarter 2016, the property will feature a rooftop deck, fitness center, clubroom with bar, dog washing station, bicycle storage and repair station, conference rooms and a 24-hour concierge. Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE’s New York Institutional Group represented the seller, 350 Warren LP, and procured the buyer in the transaction.
WINDSOR LOCKS, CONN. — West Hempstead, N.Y.-based GTJ REIT has acquired an industrial property located at 110 Old Country Circle in Windsor Locks for $14.2 million. The 222,661-square-foot building is currently 100 percent leased and occupied by Ford Motor Company. The property is situated on 15 acres along the I-91 Corridor between Hartford, Conn., and Springfield, Mass. Additionally, the transaction included a vacant, seven-acre parcel adjacent to the property. This deal is the first for GTJ since its merger with the former Wu/Lighthouse Partners in January 2013.
NEW YORK CITY — Meridian Capital Group has arranged $7.5 million in first mortgage financing for a three-property multifamily portfolio on behalf of an undisclosed local real estate investor. The fully leased portfolio comprises 113 units located on Marine Avenue, 82nd Street and 92nd Street in the Bay Ridge neighborhood of Brooklyn. The 15-year, self-liquidating financing package features a rate of 3.5 percent and was provided by a local savings bank. Joshua Sabzevari of Meridian’s New York City office negotiated the loans for the borrower.