Northeast

AKF GROUP DOUBLES ITS SPACE TO 15,000 SF IN BOSTON RELOCATION

by admin November 27, 2013

BOSTON — AKF Group, a full-service consulting engineering firm, has signed a 15,247-square-foot office lease at 99 Bedford St. in downtown Boston. Currently occupying 7,820 square feet at 41 Farnsworth St. in Boston’s Innovation District, AKF plans to move into its new larger space in spring 2014. The firm will occupy the entire second floor of the five-story, 84,000-square-foot standalone office building.Brandon Leitner and Rick Lowe of Cresa Boston represented AKF Group in the leasing transaction. Barry Dubé and Kari Panutich of Cresa’s project management group will oversee and manage the construction and relocation to the building.Ted Wheatley, Dan Cavanaugh and Brad McGill at Jones Lang LaSalle represented the landlord, Plymouth Rock Assurance.

November 27, 2013

INVESTMENT GROUP BUYS 47-STORY HOTEL IN NYC FOR $660M

by admin November 26, 2013

NEW YORK CITY — An investment consortium led by The Witkoff Group and majority backer Jynwel Capital and its investors has closed on the acquisition of the 47-story Helmsley Park Lane Hotel at 36 Central Park South for $660 million. Other consortium partners include New Valley LLC, Highgate Holdings and Macklowe Properties. The investment group plans to make upgrades to improve operations at the 605-key, 446,000-square-foot luxury hotel and rebrand it as the Park Lane New York. Wells Fargo and Criterion Real Estate Capital provided financing for the acquisition. Going forward, Highgate Hotels will manage the property. The Leona M. and Harry B. Helmsley Charitable Trust was the seller.

November 26, 2013

Multifamily Northeast

MERIDIAN ARRANGES $250M LOAN FOR 310-UNIT MULTIFAMILY COMPLEX

by admin November 26, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged a $250 million mortgage for the refinancing of the Aire multifamily property located at 200 W. 67th St. in New York City on behalf of 150 Amsterdam Avenue Holdings LLC. A national conduit lender provided the 10-year CMBS loan, which features a fixed interest rate of 5 percent. The Aire, located on the Upper West Side, is a 43-story, 310-unit multifamily property featuring numerous amenities including a private courtyard, an indoor children’s playroom and outdoor play area, an event deck, fitness center, conference room, on-site parking and a private park. Aaron Appel, managing director, Jeffrey Weinberg, executive vice president, and Michael Diaz, vice president at Meridian Capital Group, arranged the financing. Kasowitz, Benson, Torres & Friedman LLP represented 150 Amsterdam Avenue Holdings LLC in the transaction.

November 26, 2013

Multifamily Northeast

Q10 | NEW YORK REALTY ARRANGES $2M LOAN FOR APARTMENT ASSET

by admin November 26, 2013

GREENWICH, CONN. — Q10 | New York Realty Advisors has arranged a $2 million loan on a luxury cooperative apartment building in Greenwich. The 20-year, self-liquidating loan includes a fixed interest rate of 4.84 percent. The co-op corporation also received a $1 million revolving line of credit, which features a floating interest rate starting at 2.5 percent. The property overlooks the Long Island Sound and Greenwich Harbor. Scott Gerard, Esq. of Murtha Cullina LLP in Stamford, represented the co-op board. Jeanne Cronin, managing director of Q10 | New York Realty Advisors, arranged the loan.

November 26, 2013

Hospitality Northeast

GIA ASSOCIATES SELLS 134-KEY HOTEL IN YORK, PA.

by admin November 26, 2013

YORK, PA. — MBA Hotel Brokers Inc. has arranged the sale of the 134-key, five-story Holiday Inn Express & Suites in York. John Downes, associate broker with MBA Hotel Brokers Inc., represented the seller, GIA Associates, and the buyer, Bergen Hospitality LLC, in the transaction. Built in 1993 and converted to a Holiday Inn Express & Suites in 2002 by the sellers, the hotel underwent extensive renovations totaling more than $1.8 million during 2012 and 2013.

November 26, 2013

Northeast Retail

COLE REAL ESTATE BUYS CONNECTICUT RETAIL CENTER FOR $41M

by admin November 25, 2013

WATERBURY, CONN. — Cole Real Estate Investments has acquired Naugatuck Valley Shopping Center, a 382,864-square-foot property in Waterbury, for $41 million. The center is situated on 50.5 acres approximately two miles north of Interstate 84. Stop & Shop and Walmart anchor the property. Jim Koury and Coleman Benedict with HFF's Boston retail team represented the seller and also identified the buyer in the transaction.

November 25, 2013

Mixed-Use Northeast

TDI BEGINS CONSTRUCTION ON $40M MIXED-USE PROJECT IN FARMINGDALE

by admin November 25, 2013

FARMINGDALE, N.Y. —TDI Real Estate Holdings LLC has begun a $40 million construction project that will create 154 apartments, almost 20,000 square feet of retail space and secure parking across the street from the MTA/Long Island Railroad's Farmingdale Station. The project will feature high-end residential units with a range of common area amenities such as a clubroom, fitness facility, garage parking and courtyard recreation areas. The location is also a one-block walk from Farmingdale's Main Street, home to a variety of shops and restaurants. Ten percent of the development's residential units have been set aside for workforce housing. Bartone Properties, a Farmingdale-based developer, entered an agreement to purchase the property in 2007 but spent almost six years obtaining approvals for the project before seeking a partner. Yuri Kletsman of Berkadia Commercial Mortgage LLC assisted in sourcing the construction financing for the project.

November 25, 2013

Northeast Retail

AXIOM ARRANGES $8.3M LOAN FOR GROCERY DEVELOPMENT

by admin November 25, 2013

CHATHAM, N.Y. — Axiom Capital has arranged $8.3 million in construction financing for a stand-alone grocery store development in Chatham, located about 25 miles south of Albany. The non-recourse, 10-year loan includes an initial 12-month interest only construction period, which will convert to a 30-year amortization schedule after. The loan also features a five-year extension option. The 45,000-square-foot grocery store will be built on a seven-acre site. The property is slated for a mid-July 2014 completion date and will be fully leased to Price Chopper.

November 25, 2013

Northeast Office

RELIABLE HEALTH SOLUTIONS LEASES 10,000 SF IN NEWARK

by admin November 25, 2013

NEWARK, N.J. — Reliable Health Solutions, a health administration consultancy and business processing outsourcing company, has leased 10,000 square feet at 570 Broad in Newark. The Berger Organization, which manages and operates the 15-story tower, recently completed the fit-out of the firm’s new headquarters, located on the building’s seventh floor. Brendan Berger, vice president of The Berger Organization, represented his company in negotiating the long-term transaction. NAI Geis, based in Philadelphia, served as tenant broker. The Berger Organization maintains a controlling interest in 570 Broad Street LLC, the partnership that owns 570 Broad. Other tenants at 570 Broad include State Farm Insurance, Chase Manhattan Bank, Baldassare & Mara, PC Tech and Lycatel.

November 25, 2013

Hospitality Northeast

$20M RADISSON BLU WARWICK HOTEL OPENS IN PHILADELPHIA

by admin November 22, 2013

PHILADELPHIA — Radisson Blu has completed the $20 million renovation and conversion of the Radisson Blu Warwick Hotel in Philadelphia. The hotel marks the third Radisson Blu hotel in the United States, joining Radisson Blu Aqua Hotel in Chicago and the Radisson Blu Mall of America in Bloomington, Minn. The renovation of the 301-room historic hotel, situated in the Rittenhouse Square district, includes a redesign of all guestrooms and corridors, a new business class floor with a private lounge, as well as a new lobby. Jim Hamilton of interior design and graphics firm Graven Images designed the hotel. Originally opened in 1926, the hotel is listed on the National Register of Historic Places.

November 22, 2013

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