SKANEATELES, N.Y. — Tessy Plastics has acquired a 112,644-square-foot manufacturing and office building in Skaneateles. Situated on 31.1 acres at 700 Visions Dr., the modern, high-tech facility was built in 2002. The buyer plans to construct approximately 50,000 square feet of clean room manufacturing space, which will be used to produce minimally invasive surgical devices. The property was purchased from Hand Held Products, which will be leasing back approximately 32,000 square feet of office space. Jim Panczykowski of Binswanger’s New Haven, Conn., office handled the transaction. The purchase price was not disclosed.
Northeast
BOSTON — CBRE/New England’s Capital Markets team has brokered the sale of Midway Studios, an 89-unit artist live/work community located in Boston’s Fort Point Channel district. Midway Studio Associates, a joint venture between the Keen Charitable Foundation and the Fort Point Cultural Coalition, sold the property for $20 million to a joint venture between New Atlantic Development LLC and the residents of Midway Studios. The property was originally built in 1912 and redeveloped into artist living space in spring 2005. The live/work studios, located on the second through sixth floors, are designed to accommodate a broad range of artists’ mediums. The first floor features two-story space with approximately 24,740 square feet of office and retail space. The property is currently home to Elevin Studios, Studio Troika, Arts & Business Council of Greater Boston and The Club of George Foreman III. Additionally, Late July Snacks will move in this fall. Simon Butler and Biria St. John of CBRE/NE represented both parties in the transaction.
YARMOUTH, MASS. — Weston Associates has reopened Swan Pond Village, an affordable multifamily complex located at 1100 Alewife Circle in South Yarmouth. Situated on 30 acres, the 18-building complex features 150 affordable residential units, including 68 one-bedroom, 44 two-bedroom, 30 three-bedroom and eight four-bedroom units. Additionally, the complex features a community building with a community room, as well as playgrounds, off-street parking, an on-site management office, 24-hour on-call maintenance and laundry facilities. Weston Associates recently completed capital improvements for the community including new roofs, windows, apartment interiors, bathrooms, HVAC systems, electrical upgrades and external site improvements. Weston Associates utilized the new Section 223(f) pilot program as part of the community’s revitalization. In partnership with the U.S. Department of Housing and Urban Development, MassDevelopment, the Massachusetts Department of Housing and Community Development and private partners, Weston Associates financed the project by combining FHA loans, tax-exempt bonds and low-income housing tax credits to create a streamlined and efficient financing and redevelopment process.
NEW YORK CITY — GFI Realty Services has brokered the sales of three walk-up apartment buildings in Brooklyn totaling $3.6 million. In Brooklyn’s Bedford Stuyvesant neighborhood, the four-story, 13-unit 920 Madison Street sold for $1.4 million. The four-story, seven-unit 1463 Bedford Avenue traded hands for $1.2 million in Brooklyn’s Crown Heights. Additionally in Crown Heights, 1130 St. Johns Place, a four-story, eight-unit building, sold for $960,000. Shlomo Antebi of GFI Realty Services represented the sellers and buyers in all transactions.
NEW YORK CITY — Houlihan Parnes Realtors has placed $2.9 million in first mortgage debt for three retail properties in Bronx. The one-story buildings, which total 14,000 square feet, are located at 26-34 West Kingsbridge Road, 134-138 West Fordham Road and 1735-1745 University Avenue. The three separate loans have 5-year, 3.75-percent fixed rates with 30-year amortization schedules. Additionally, the loans feature flexible terms and extension options. Jerry Houlihan arranged the financing, while Elizabeth Smith of Goldberg Weprin Finkel Goldstein represented the borrowers.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to purchase 719 Seventh Avenue in Times Square for $41.1 million. Located on the southeast corner of 48th Street and Seventh Avenue, the site can accommodate a building up to 28,114 square feet in addition to highly coveted LED signage towers. SL Green plans to demolish the existing building to take advantage of the development rights. This acquisition will increase the size of SL Green’s retail property portfolio, which features assets along New York City’s primary retail corridors. The transaction is expected to close during the second quarter of 2014. David Berkley, a private investor, helped to arrange the transaction.
NEW YORK CITY — Meridian Capital Group has arranged a $13 million mortgage for the acquisition of a townhome located on East 72nd Street in New York. The borrower, Mink Development, plans to convert the six-story, 13,300-square-foot property at 39 East 72nd St. into a luxury residential building. Madison Realty Capital provided the two-year loan features a fixed-rate. Aggelos Sklavenitis of Meridian Capital Group arranged the financing.
NEWARK, N.J. — Jasper Venture Group is building a strip mall in Newark. Located near the New Jersey Turnpike, the completed shopping center will offer 25,000 square feet of combined retail and parking space. Jasper originally purchased the site in 2012 and plans to demolish the existing six-story building to construct the new shopping center.
NEW YORK CITY — One William Street Capital Management has acquired Bedrock Capital Associates, a specialty finance firm focused on commercial real estate lending solutions. Bedrock was founded more than 10 years ago and serves a national client base from its offices in New York and San Francisco. Bedrock will continue to operate under the leadership of Barry Gersten and retain its own distinct brand identity. The transaction is subject to customary closing conditions and is expected to close by the end of June. Terms of the transaction were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 243 Senator Street, a multifamily property located in Brooklyn. A developer purchased the six-unit property for $1.1 million or approximately $244 per square foot. John Brennan and Mark Zarrella of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.