NEW YORK CITY — Marcus & Millichap has arranged the $1.1 million sale of 450-452 S. 5th Street, a 2,900-square-foot mixed-use property in Brooklyn. The sale price equates to $379 per square foot. Michael Salvatico, Shaun Riney and Jim Saros of Marcus & Millichap’s Brooklyn office represented the buyer and seller, both private investors, in the transaction.
Northeast
Boston is at the beginning of an unprecedented demographic shift and the strongest fundamentals we have seen in over a decade. With just under 4,000 units a year scheduled to deliver through 2016 and more than 7,000 renter households being created annually over that same time period, we are not building enough units to meet this wave of demand. Boston is the Place to Be The Boston multifamily market remains ones of the best-performing markets in the country. As a result, institutional investors view Boston as one of the top three most desirable markets, alongside New York and San Francisco. Their eagerness to deploy capital into Boston multifamily has resulted in unprecedented asset pricing and has stimulated new development throughout the region. Institutional developers such as Hines, Jefferson Apartment Group, Mill Creek and Gerding Edlen have started their first projects in Metro Boston. Additionally, historically prolific developers in the area such as AvalonBay, Hanover, Criterion, National Development and Wood Partners have continued to build on their success. Solid Fundamentals Relative to most cities, Boston’s employment remained insulated through the downturn thanks in large part to a heavy concentration of jobs in healthcare, high-tech and life sciences. These sectors weathered the …
DANBURY, CONN. — Institutional Property Advisors has arranged the $53.3 million sale of Avalon Valley, a 268-unit, garden-style apartment community in Danbury. The sale price equates to $199,000 per unit. Steve Witten and Victor Nolletti of IPA, along with Adam Mancinone and Blake Barbarisi of Marcus & Millichap advised the seller, AvalonBay Communities Inc. Ergs Konover/Outlook Holdings LLC purchased the property. The apartment community is situated on 17.5 acres and is located at 53 Sand Pit Road. Avalon Valley includes 11 detached three-story buildings, one of which is a clubhouse. Averaging 1,119 square feet, the apartments are equipped with in-kitchen breakfast bar, walk-in closets, energy-efficient windows, individual alarm systems, full-size washer/dryer units and a private patio or balcony area.?
NORTH BERGEN, N.J. — Palisades Medical Center and Duke Realty have broken ground for a 57,000-square-foot ambulatory service building on Palisades’ campus at 7600 River Road in North Bergen, about 12 miles northeast of Newark. The three-story building will provide ambulatory and specialty care services, including a dialysis center and cancer center, as well as endoscopy, cardiology, gastroenterology, orthopedics and multi-specialty physician practices. AMB Development Group was the architect for the project, and Structure Tone was the general contractor. The facility is slated for completion in fall 2014.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has added a new tenant at 100 Wall Street, its 518,405-square-foot, Class A building in Manhattan. Lester Schwab Katz & Dwyer (LSK&D), a litigation law firm, will occupy 39,293 square feet on the 26th and 27th floors, making the space its new Manhattan headquarters. Marc Shapses, Joe Messina and Oliver Petrovic of Studley represented LSK&D in the transaction. Mitchell Konsker, Scott Cahaly and Kyle Young of Jones Lang LaSalle represented Savanna.?
FAIRVIEW, N.J. — NAI James E. Hanson has arranged a 13,100-square-foot lease at 815 Fairview Avenue, a 318,413-square-foot industrial building in Fairview, located about 25 miles north of Newark. The tenant, Paramount Services Inc., is relocating to 815 Fairview Ave. from Secaucus, N.J. Paramount, a construction company specializing in multifamily interior renovations, will use the space for storage of materials and light assembly. The space features 1,000 square feet of office space, a loading dock, 17-foot clear ceiling heights and ample parking. Thomas Vetter, Jeffrey DeMagistris and Nicholas Herrick at NAI Hanson represented the property’s landlord, Fairview Industrial Park Inc., in the transaction.
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the $17.1 million sale of The Selkirk, a 13-story, 49-unit apartment building on Manhattan’s Upper West Side. The sales price equates to $350,000 per unit and $600 per square foot. Scott Edelstein, Peter Von Der Ahe and Seth Glasser of IPA advised the seller, a private investor. The buyer is also a private investor. Built in 1906, The Selkirk is located at 308 W. 82nd St. near local schools and the Broadway retail corridor.
BOSTON —Jones Lang LaSalle Construction has completed construction of Life is Good’s new 22,000-square-foot headquarters at 51 Melcher St. in Boston. Designed by Baker Design Group, the new space features a variety of different-sized private conference rooms, as well as phone booths for individual calls. Life is Good’s new office also includes community worktables, stand-up media-sharing tables and living room areas with lounge chairs, sofas and large flat-panel video displays for laptop or iPad presentations. Jones Lang LaSalle Construction team included Steven Wassersug, managing director, Brendan Boyle, senior construction manager, and Chris Hardiman, senior estimator.
NEWINGTON, CONN. — ADS Warehouse Solutions has signed a 306,900-square-foot lease at 475 Willard Ave. in Newington, located about eight miles south of Hartford, Conn. ADS Warehouse Solutions, a logistics management company for Jade Marketing Group and Onyx Design Groups, signed a long-term lease to become the largest tenant in the building, occupying nearly half of the 614,600-square-foot distribution center. Boasting both exterior and interior loading docks, the space will now serve as a distribution center for the clothing manufacturer’s jean brands, which include Amethyst Jeans, Ariya Jeans and T.K. Axel Brand. Chris Metcalfe and Bill Bronson of CBRE New England represented the landlord, Hampshire Cos., in the transaction. Tim D’Addabbo of Cushman & Wakefield represented the tenant in the transaction.
PITTSBURGH, PA. — Vorys, Sater, Seymour & Pease LLP has signed a 4.5-year sublease for office space in the BNY Mellon Center in downtown Pittsburgh. The firm plans to move this spring to the approximately 11,200-square-foot space on the building’s 49th floor. Vorys opened a temporary office at Foster Plaza XI in October 2013 while the firm searched for permanent space with the assistance of Robert Geiger, a principal at Cushman & Wakefield Grant Street Associates Inc. Tim Goetz, a principal with Cushman & Wakefield Grant Street Associates Inc., had been marketing the sublease opportunity on behalf of Pepper Hamilton LLP for about four months before Vorys became interested in the space.