NEW YORK CITY — Zeckendorf Development, Eyal Ofer’s Global Holdings and Park Sixty LLC, an entity formed by Rafael and Ezra Nasser, are developing 520 Park Avenue, a 51-story residential tower in Manhattan. The development is located at East 60th Street between Park and Madison avenues on the Upper East Side. The property will feature 31 residences and 4,000 square feet of ground-floor retail. The building will be entirely clad in Indiana limestone articulated with French balconies and stone detailing evocative of New York apartment buildings in the 1920s and 1930s. Construction is slated for an early 2017 completion.
Northeast
NEW HAVEN, CONN. — O,R&L Commercial has arranged the $2.8 million sale of an office building located at 495 and 517 Congress Ave. in New Haven. Frank Hird of O,R&L Commercial represented the sellers, 495 Congress LP and Mortgage Investors V LLC, in the transaction. Steve Miller of Levey Miller Maretz LLC represented the buyer, The APT Foundation. The 27,640-square-foot property was originally constructed in 1884 and used as a school. APT was a tenant in the building and will continue to use the property for its programs.
LAKE GEORGE, N.Y. — Sobert Realty Corp. is renovating and expanding Lake George Plaza from 52,000 square feet to 102,000 square feet. The retail property will become known as The Outlets at Lake George following its grand opening in August. It will be constructed in a clapboard style indigenous to architecture of the upstate region. Current tenants include Polo Ralph Lauren Factory Store, Nautica, Levi's, Bass, Van Heusen and more.
CLIFTON, N.J. — Cushman & Wakefield has arranged a 75,000-square-foot industrial lease for Global Experience Specialists (GES) at 203 Kuller Road in Clifton. Known globally as GES, the producer of trade shows, exhibits, events, retail spaces and entertainment experiences will relocate its New York metro area operation within the Northern New Jersey marketplace. Stephen Elman, Jules Nissim and Stan Danzig of Cushman & Wakefield’s East Rutherford, N.J., office represented GES in the transaction. Noah Balanoff and Tom Monahan of CBRE represented landlord, Prologis. The multi-tenant warehouse facility totals 330,000 square feet.
HOPEWELL, N.J. — American Real Estate Partners and financial partner Siguler Guff & Company have purchased a 341,000-square-foot Class A office campus in Hopewell, which is south of Princeton, N.J. The companies paid $28.6 million for the three-building complex located at 1700, 1750 and 1800 Merrill Lynch Dr. The buildings, which are part of the 1.8 million-square-foot, 12-building Bank of America Hopewell Campus and currently house Bank of America’s Private Wealth Management and Investment Banking divisions, will become available for re-tenanting in late 2014.
LINDENWOLD, N.J., AND LEVITTOWN, PA.— Local real estate investor Philip Balderston has purchased Coachman Manor, a 546-unit apartment complex located on 401 E. Gibbsboro Rd. in Lindenwold. Joseph Brecher and Eli Rosen of Gebroe-Hammer Associates represented both the buyer and the seller in the $15.88 million transaction. Coachman Manor is located near the PATCO train station and offers a mix of one-, two- and three-bedroom units. Gebroe-Hammer also represented a limited partnership led by Balderston in the $10.35 million purchase of Edgely Estates, a newly renovated apartment property located at 1610 Edgely Road. The community features 245 studio, one- and two-bedroom units.
HAUPPAUGE, N.Y. — HFF has arranged a $20 million in refinancing for a three-property suburban office portfolio totaling 175,579 square feet in Hauppauge for borrower TRITEC Real Estate Company. The permanent fixed-rate loan was provided by New York Community Bank (NYCB). The properties are located at 49 Wireless Boulevard (85,331 square feet at 82.6 percent occupancy, 125 Kennedy Drive (60,209 square feet at 100 percent occupancy), and 50 Engineers Road (30,039 square feet at 100 percent occupancy). The portfolio is a combined 91.3 percent leased to a variety of tenants including Verizon, Esurance, MedSave USA and an affiliate of the lender. The HFF team representing the borrower was led by Michael Gigliotti.
NEW YORK CITY — Colliers International has arranged a 176,121-square foot lease at One New York Plaza for the Macmillan Science and Education group of companies, part of the Holtzbrinck Publishing Group. This will consolidate approximately 950 of the company’s employees into the Lower Manhattan office building by mid-2015; the company will lease floors 46 through 48 and a portion of the 45th floor. Leon Manoff of Colliers International represented the tenant; Adam Foster and Peter Turchin of CBRE represented Brookfield, the landlord.
NEW YORK CITY — Silvershore Properties has purchased a six-story, 53-unit apartment building in the Crown Heights section of Brooklyn for $8.8 million. Hoydu Realty Corp. owned the 58,000-square-foot building, located at 283 Albany Ave., for almost 40 years. Silvershore Properties plans to continue to operate the fully occupied building as a rental property. The company is scheduled to close on five more properties in Brooklyn during the next 30 days.
HOPKINTON, MASS. — Wood Partners is nearing completion of Alta Legacy Farms, a $45 million, 240-unit apartment community in Hopkinton, a city about 35 miles west of Boston. The luxury multifamily community, which opened for prelease in July 2013, is currently 43 percent preleased. The development is part of the master-planned Legacy Farms project, a 730-acre, mixed-use community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space. Unit amenities at Alta Legacy Farms include wood cabinets, granite countertops, kitchen islands, wood-look vinyl plank flooring, energy-efficient appliances and full-size washers and dryers. Alta Legacy Farms was financed by a construction loan from Cambridge Savings Bank and equity investment by Bavin Inc. Wood Partners is the general contractor and Cube3 Studios designed the project. Allen & Major Associates Inc. provided structural engineering services.