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.
Northeast
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.
SADDLE BROOK, N.J. — CBRE Group Inc. has arranged $38 million in refinancing for a fully leased office building in Parsippany. James Gunning, Donna Falzarano and Evan Kleppe of CBRE secured a 10-year loan at a 5 percent interest rate through Relius Financial on behalf of the borrower, Jeffroad Green LLC. The loan was secured by a 206,155-square-foot suburban office building located at 399 Jefferson Road.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 17 East 47th Street in New York City for $18 million. The Center for Fiction — which has owned and operated out of the historic library since 1933 — sold the eight-story building to Sun Acre's LLC. Steven Zimmerman, associate director, Marion Jones, director, and David Schechtman, principal and executive managing director of Eastern Consolidated, represented the seller and procured the buyer. Designed by architect Henry Otis Chapman, the white marble structure features frontage along the north side of East 47th Street between Fifth and Madison avenues. The Center for Fiction signed a short-term, lease-back arrangement with the new owner to remain in the space as the nonprofit looks to purchase a new headquarters space. Brad Lavender of Haynes and Boone LLP was the attorney for the seller. Russell Guba was the attorney for the buyer.
NEW YORK CITY — Avant Capital Partners has originated a $3.1 million bridge loan secured by a 25- by 100-foot lot located at 308 E. 59th St. in the Sutton Place neighborhood of New York City. The interest-only, one-year loan carries an interest rate of 10 percent, refinances the first mortgage and provides predevelopment funding for the project sponsor. The borrower plans to begin a condo development on the property, which includes 27,500 square feet of air rights.
LIVINGSTON, N.J. — A new five-story parking garage is nearing completion at Eisenhower Corporate Campus and Conference Center in Livingston. The new structure will provide 600 additional parking spaces for tenants and guests at the 380,000-square-foot, Class A office complex. Eastman Cos. and its joint venture partner Long Wharf Real Estate Partners owns and manages Eisenhower Corporate Campus. The new parking structure will offer LED lighting and enhanced security features, according to Michael Schofel, co-managing partner at Eastman Cos.
BOSTON — Growing freight shipping and delivery services firm Skema Courier Inc., has leased 13,947 square feet of warehouse and office space at 370 McClellan Highway in East Boston. Richard McKinnon, director of brokerage services for The Grossman Cos. Inc., represented the owner, 370 McClellan Highway LLC, in the transaction. Steve Nohrden, vice president of Burgess Properties, represented the tenant. Skema relocated from its long-time Chelsea facility to take up residence at one of the closest air freight facilities to Boston’s Logan International Airport.
NEW YORK CITY — Besen & Associates has arranged the $23.8 million sale of The Albert Goodman Plaza Apartments, an affordable housing complex in the Morrisania section of The Bronx. The sales price equates to $94,450 price per unit, $81 per square foot and a 6.5 percent capitalization rate. Preservation Development Partners purchased the multifamily property. The complex includes four elevator apartment buildings that include 250 apartments and two commercial units. Constructed in 1982, the apartment community spans 292,925 square feet. The buildings are operated under a Project Based Section 8 HUD contract, which requires the apartments to remain affordable for another 20 years. Amit Doshi, Lynda Blumberg and Shallini Mehra of Besen & Associates brokered the deal. The properties are located at 970 Boston Road and 665 E. 163rd St.