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.
NEW YORK CITY — An Israeli developer has acquired a development site located at 1790-92 Third Ave. in the East Harlem neighborhood of New York. The seller, 1790 Third Avenue LLC, sold the property for $5.8 million or approximately $150 per buildable square foot. The proposed development will have 52 rental units and ground-floor retail space. Adelaide Polsinelli and Marcia Rose Yawitz of Eastern Consolidated represented the seller; and Yawitz also represented the buyer in the transaction.
MALVERN, PA. — Malvern-based Liberty Property Trust has completed the sale of 48 properties, totaling 2.6 million square feet and 19 acres, for $329.6 million. The recent closing consists of 2.1 million square feet of office space and 468,000 square feet of flex properties, including 1.37 million square feet across 23 properties in Maryland, 1.89 million square feet across 24 properties in New Jersey and a 36,718-square-foot property in Fort Washington, Pa. The sale is part of a previously announced transaction consisting of a total of 97 properties. The first closing, which occurred in December 2013, consisted of 49 properties for $367.7 million.
NEW YORK CITY — A family partnership has sold 346 West 40th Street, a 98,750-square-foot development site in the Hudson Yards area of New York City. Hotel developer Sam Chang has purchased the property for $26.25 million or $266 per square foot. Glen Kunosfky of Marcus & Millichap, along with Peter Von Der Ahe, Joseph Koicim and Sean Lefkovits of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, represented the seller. A six-story, 250-space, 53,172-square-foot parking garage currently occupies the property. Chang also bought out the long-term triple-net lease on the site from Peach Parking Corp.