NEW YORK CITY — SL Green Realty Corp. plans to acquire the fee interest at 635 Madison Ave. in New York. The $145 million, off-market transaction, which is subject to customary closing conditions, is expected to be completed during the third quarter of 2014. Designed by Emery Roth & Sons, the 19-story, 176,530-square-foot office tower is occupied by office and medical tenants, including Raymond Weil, Baccarat, Molton Brown and Camper. A ground lease through April 2030 with one 21-year renewal extension option encumbers the property.
Northeast
HOBOKEN, N.J. — Marcus & Millichap has arranged the sale of an apartment property in Hoboken. A private investor sold the property to an undisclosed buyer for $4 million. Located at 834 Hudson St., the four-story, walk-up building offers 18 one-bedroom units. The property recently underwent capital improvements that included upgraded windows, hot water heaters, fire pump and equipment, and laundry equipment. Nat Gambuzza and Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller and buyer in the transaction.
MELVILLE, N.Y. — Rechler Equity Partners has leased space at 10 Hub Drive in Melville to Ferrellgas, a propane supplier. The company will occupy 31,000 square feet of the 95,671-square-foot property, which features 20-foot ceilings and quick access to the Long Island Expressway. The property is part of Rechler’s 13-building Melville portfolio, which totals 1 million square feet of office, R&D, manufacturing and warehouse space. Ted Trias of Rechler Equity Partners provided in-house representation for the ownership in the lease negotiations. Terms of the lease were not disclosed.
NEW YORK CITY — Datagram has signed a lease for 5,200 square feet of conventional office space at Intergrate.Manhattan, which is located at 375 Pearl St. in Manhattan. The 1 million-square-foot facility is owned by Seattle-based Sabey Data Center Properties. Datagram plans to relocate its entire executive team, sales force and its network operations center to the new space from 33 Whitehall St. in Lower Manhattan in July. The company specializes in dedicated and managed hosting, colocation, Internet access and disaster recovery. Michael Morris of Newmark Grubb Knight Frank represented the landlord in the lease transaction.
MELROSE, MASS. — Wood Partners LLC is developing 2 Washington, an apartment community located on 2.4 acres of infill property at 2 Washington St. in Melrose. The five-story, 130,000-square-foot property will offer 49 one-bedroom units, 45 two-bedroom units, a clubhouse, a fitness center, a roof deck and an outdoor lounge area with grilling stations. The apartment units will feature stainless steel appliances, vinyl plank flooring in kitchens and baths, granite countertops, and washers and dryers. Additionally, the community will offer residents 133 parking spaces, 38 of which will be covered. Construction will break ground in June, and the project is slated for completion by September 2015. Bargmann Hendrie + Archetype designed the property, and Wood Partners is serving as general contractor and developer.
NEW YORK CITY — Besen & Associates has completed the sale of 1530 Sheridan Ave. in the Claremont neighborhood of the Bronx. The six-story, 84-unit apartment building sold for $10.5 million. Built in 1927, the 96,000-square-foot building offers 18 three-bedroom units, 35 two-bedroom units, 28 one-bedroom units and three studios. Amit Doshi of Besen & Associates represented the seller, Prana Investments, and the buyer, a local private investor, in the transaction. Mark Mandell of Mandell, Mandell LLP provided legal representation for the seller, and Mark Winston of Lazarus, Lazarus & Winston LLP provided legal services for the buyer.
NEW YORK CITY — Delshah Capital has completed the disposition of 163 West 80th Street on Manhattan’s Upper West Side to Yu Far Realty, a group of Chinese investors. The five-story, 9,624-square-foot residential brownstone, which has been converted into five luxury residential units, sold for $7.65 million. The units feature high ceilings, oversized windows and high-end finishes, including open kitchens with stainless steel appliances and modern bathrooms. Howard Raber, Randy Modell and Scot Hirschfield of Ariel Property Advisors in Manhattan represented the seller in the transaction.
MANSFIELD, CONN. — Orchard Acres Apartments LLC has purchased Orchard Acres Apartments in Mansfield for $5.9 million. The 96-unit, student-oriented apartment community is located adjacent to the University of Connecticut. Constructed in 1962, the property offers one-bedroom units in 24 four-plex buildings — 88 units at Orchard Acres I and eight units at Orchard Acres II. Rick Chozick and Tom Boyle of Chozick Realty represented the buyer and the seller, 157-35 OAP Holding LLC, in the transaction.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of 16-18 Decatur Street in the Ridgewood neighborhood of Queens. JHS Acquisitions purchased the 17,000-square-foot property for $2.8 million. The industrial property offers 40-foot ceilings, double interior loading docks and one drive-in door; however, the owner plans to use the space as an art studio. Neil Dolgin and Grant Dolgin of Kalmon Dolgin represented the seller, Midland Realty LLC, in the transaction. Sholom & Zuckerbrot Realty represented the buyer.
NEW YORK CITY — Amsterdam-based citizenM has partnered with Brack Capital Real Estate to open citizenM New York, the first citizenM hotel in the United States. Located off the corner of Broadway and 50th Street near Times Square, the 80,000-square-foot, 21-story hotel offers 230 rooms. Amsterdam-based Concrete and New York-based Montroy Andersen DeMarco designed the hotel, which offers a 2,300-square-foot first floor, public outdoor spaces, and a 1,500-square-foot mezzanine that includes a lounge and work area. Construction began on the hotel in summer 2012 and the structure topped out in 2013. In addition to the design team, the project team included Flintlock Construction Services, DeSimone Consulting Engineers and Gilsanz Murray Steficek.