NEW YORK CITY — Silvershore Properties has purchased four multifamily buildings, totaling 37,100 square feet, in Brooklyn for $7.3 million. The company acquired 314 50th Street in Sunset Park (20 units) for $2.7 million, 167 Waverly Avenue in Clinton Hill (eight units) for $2.2 million, 87 Java Street in Greenpoint (four units) for $1.4 million, and 954 Nostrand Avenue in Lefferts Garden (two residential units and three retail shops) for $925,000. The sellers were not disclosed.
PLAINSBORO, N.J. — Affiliates of Harbor Group International (HGI) have acquired Pheasant Hollow, a 439-unit apartment community in Plainsboro. A partnership of Vantage Group and Angelo Gordon & Co. sold the property, which comprises 28 garden-style buildings, for $62.55 million. HGI plans to invest $3 million in common area improvements and interior upgrades at the property, which will be renamed Addison at Princeton Meadows. Additionally the community recently received a new fitness center, leasing center, signage and improved tennis courts and playground facilities. Jose Cruz of HFF represented the seller in the transaction.
NEW YORK CITY — Massey Knakal has completed the sale of eight elevator-serviced buildings in Brooklyn in an all-cash transaction valued at $78 million or approximately $187 per square foot and $173,000 per unit. The properties total 416,352 square feet and 452 rent-stabilized units. The acquisition includes the 42,000-square-foot 357 Avenue P property (53 rental units), the 50,500-square-foot 79 Brighton 11th Street (59 units), the 117,600-square-foot 125 Brighton 11th Street building (112 units), and the 206,432-square-foot, 228-unit Manhattan Beach Estate, located at 200 and 210 Brighton 15th St. and 211, 1511 and 1521 Brightwater Ave. Alex Svetlakou and Bob Knakal of Massey Knakal brokered the transaction. The buyer and seller were not disclosed.
NEW YORK CITY — Direct Realty has sold 334-336 West 46th Street, along Manhattan’s Restaurant Row. An undisclosed buyer acquired the property for $9.5 million. The property consists of two four-story, mixed-use buildings, including 10 free-market residential units and ground-level commercial space. Additionally, the parcel offers approximately 15,000 square feet of unused development rights. A master lease through January 2015 currently encumbers the residential units, and the lease of the commercial tenant, O’Flaherty’s Ale House Irish Pub, expires in February 2014 with no extension options. David Schechtman and Lipa Lieberman of Eastern Consolidated represented both parties in the transaction.
SOUTH BRUNSWICK, N.J. — L’Occitane en Provence has signed a long-term lease for a Class A warehouse and distribution facility located at 120 Herrod Blvd. in South Brunswick. Forsgate Industrial Partners LP owns the 176,783-square-foot property. Constructed in 1986, the property offers 11,104 square feet of office space, 26-foot ceilings, 16 loading docks and 198 parking spaces. David Knee and Blake Chroman of Jones Lang LaSalle represented the tenant; Catherine Argenio represented the owner in-house.
NEW YORK CITY — Marcus & Millichap represented a private investor in the disposition of 87-67 171st Street in the Jamaica neighborhood Queens. The 26,000-square-foot development site sold for $1.44 million. Matthew Fotis and Lazarus Apostolidis of Marcus & Millichap represented both parties in the transaction. The buyer was an undisclosed private investor.
NEW YORK CITY — Tsilo Group is developing Icon 52, a luxury rental development located at 5205 Queens Blvd. in the Woodside neighborhood of Queens. Designed by Todd Ernst of Ernst Architect, the property will feature 66 studio, one- and two-bedroom apartments ranging from 403 to 806 square feet. Amenities include a virtual doorman, a landscaped rooftop deck with chaise lounges, a parking garage, barbeque and sitting areas, tenant storage, laundry facilities and a bicycle storage room. Modern Spaces has been selected as the exclusive leasing and marketing firm for the luxury rental development, which is slated to open this year.
NEW YORK CITY — Developer Sam Chang has acquired a five-story, 25-foot-wide loft/office property at 11 West 37th St. in Midtown. Elvee Rosenberg Inc. sold the property for $8.25 million. Through McSam Hotel Group, the buyer plans to convert the property into a boutique hotel. The vacant property includes 15,000 square feet of unused air rights and a total of 25,000 buildable square feet. David Schechtman and Steven Zimmerman of Eastern Consolidated arranged the transaction on behalf of the seller. Alan Miller, also of Eastern Consolidated, represented the buyer.
BEDFORD, MASS. — Tremont Realty Capital has arranged a $14.5 million bridge loan for the redevelopment of an office building, located at 201 Burlington Rd. in Bedford. The two-building complex comprises 135,000 square feet. Dennis Walsh of Tremont Realty Capital’s Boston office arranged the non-recourse loan, which was funded by a regional bank.
EDISON, N.J. — The Board of Directors, management and staff of Mack-Cali Realty Corp. are mourning the passing of John J. Cali earlier this month. Cali co-founded Cali Associates in 1949 with his brother, Angelo R. Cali, and Edward Leshowitz. Additionally, Cali served as chairman of the board of Cali Realty Corp. when the company went public in 1994. He continued his role through the growth of the Cali REIT and its merger with Mack Company in 1997. In 2000, Cali retired as chairman and become chairman emeritus until retiring in 2003.