NEW YORK CITY — Eastern Consolidated has arranged for the $126 million sale of The Nash, a 25-story, 191-unit luxury apartment building located at 222 E. 39th St. Following a renovation and repositioning of the property from a hotel to an apartment building, a partnership, led by Atlas Capital, Rockpoint Group and The Procaccianti Group sold the property to Lloyd Goldman of BLDG Management. Brian Ezratty and Scott Ellard of Eastern Consolidated represented the seller in the transaction, and Ezratty also procured the buyer. Renovations began in early 2013 with leasing starting in August. The building was 70 percent leased at the time of sale.
Northeast
BOSTON — The Rockefeller Group Investment Management Corp. and Mitsubishi Estate New York have closed on the acquisition of 28 State Street in Boston from The Blackstone Group. The 40-story skyscraper features more than 570,000 square feet of office space and 7,000 square feet of retail at the northeast corner of State and Congress streets. The purchase price was not disclosed, but the Boston Business Journal reported the tower was last assessed at $177 million. Designed by Emery Roth & Sons and built in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. Blackstone acquired the property in 2007.
NEW YORK CITY — Madison Realty Capital (MRC) has purchased a portfolio of three defaulted loans from a local New York lender totaling $17 million. The loans are secured by three different multifamily and mixed-use properties in Brooklyn. The properties include a partially complete mixed-use residential development in Midwood, a 23-unit residential rental property in Red Hook, and a seven-story condominium building in Vinegar Hill.
NEW YORK CITY — Ariel Property Advisors has arranged the $10.2 million sale of a development site featuring approximately 78,000 buildable square feet. The property is located at 14-01, 14-07, and 14-19 Broadway on the border of Long Island City and Astoria. Shimon Shkury, Howard Raber, Victor Sozio, and Michael Tortorici of Ariel Property Advisors represented the seller, a private investor, and procured the buyer, a real estate investment group. The site is zoned for residential or mixed-use development and includes three contiguous lots with 182 feet of frontage on the north side of Broadway between 14th and 21st streets.
The biggest news about Delaware retail is the expansion of Christiana Mall in Newark, Del., and an equally ambitious redevelopment of The Colonnade at Christiana, which is adjacent to the mall. Everyone in the Mid-Atlantic knows that Delaware does not have retail sales tax, thus the driver of Christiana’s expansion and the new projects is simply shopping demand and a geographically dense population base that draws from more than 20 million people in nearby states including Pennsylvania, Maryland, New Jersey and even New York. It’s one thing to save $4 when you spend $50 but the money gets real when you can save $80 on a $1,000 shopping tab. (This example is based on 8 percent sales tax that you’d pay in Philadelphia, which is about 30 minutes from Wilmington and has more than 4 million people in its MSA). Christiana’s expansion to 1.1 million square feet and the adjacent 915,000-square-foot The Colonnade is made possible by construction improvements to the I-95 and Route 1 interchange that will give drivers and shoppers better access to the existing and refurbished retail centers. The Colonnade was previously called the Christiana Fashion Center and it is being redeveloped by Frank Acierno and his …
At the end of 2013, the Federal Reserve Bank of Philadelphia reported that year-to-date building permits rose by 17 percent in Pennsylvania, 36 percent in New Jersey, and 21 percent in Delaware as compared to the same 11 month period in 2012. Much of that increase was due to multifamily development. While not yet back to pre-recession levels, multifamily permitting has steadily increased since the third quarter of 2010 in the Philadelphia metro area. As of August, there were a total of 3,485 units approved for the previous 12 months, high enough to rank 25th in the nation for multifamily permit authorizations. In 2013, there were 1,183 multifamily units delivered in eight new development projects. Currently, there are nearly 4,800 units in 27 separate projects in various stages of construction and some 70 projects in the planning stages for a total of 12,740 additional units in the pipeline. Then there are proposed new developments that have been announced, but are not yet in the permitting process. These represent an additional 3,280 potential units scattered throughout the tri-state area in 15 projects. It is unlikely that all of these proposed projects will be constructed, but it is indicative of the optimism …
PROVIDENCE, R.I. — Construction is underway on 257 Thayer, a 267-bed student housing community, developed by Gilbane Development Co. The property will cater to undergraduate and graduate students attending Brown University and Rhode Island School of Design (RISD). It opens January 2015, and according to Gilbane, it is the first off-campus, purpose-built student housing community in Providence. Asset Campus Housing will lease and manage the property. The four-story community, located in the College Hill area, will be a multi-purpose facility that includes retail space on Thayer Street and an underground, heated parking garage with 75 spaces. Community amenities include a clubhouse room with high definition TVs and gaming tables; group study rooms; fitness center; bike storage; high-speed internet and Wi-Fi; and 24-hour resident services.
DARIEN, CONN. — Washington Trust’s commercial real estate group has provided a $1.5 million loan to Darien Hospitality Group LLC for the refinancing of a Whole Foods property. The five-acre parcel is located at 150-152 Ledge Road in Darien. Whole Foods Market leases 50,000 square feet at the property. Darien Hospitality Group LLC acquired the property in 1994. Howard Johnson hotel occupy the building until Whole Foods Market executed its lease in 2008.
PHILADELPHIA —Prestige Group Inc. has arranged the $ 3 million sale of Brighton Court Apartments, a 70-unit multifamily building located at 6212 Chestnut St. in West Philadelphia. A private investment group purchased the building from ELW Inc. Jon Mirsky and Michael Weiner of Prestige Group represented the buyer and the seller in the transaction. Built in 1920, the four-story multifamily building was 90 percent occupied and has a strong rental history.
NEW YORK CITY — Eastern Consolidated has arranged a 12-year lease for Pita Grill in New York City's Greenwich Village. The 2,700-square-foot space comprises 1,350 square feet on the ground floor and 1,350 square feet on the lower level, and has 25 feet of frontage on LaGuardia Place. The location will replace a Five Guys Burgers & Fries, and will be Pita Grill's ninth location since the first one opened on West Fourth Street in 1994.