Northeast

TSILO GROUP DEVELOPS 66-UNIT ICON 52 IN QUEENS

by admin February 5, 2014

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.

February 5, 2014

FIVE-STORY OFFICE PROPERTY SELLS FOR $8.25M IN NYC

by admin February 5, 2014

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.

February 5, 2014

Northeast Office

TREMONT SECURES $14.5 MILLION BRIDGE LOAN FOR OFFICE BUILDING

by admin February 5, 2014

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.

February 5, 2014

Northeast

MACK-CALI MOURNS PASSING OF JOHN J. CALI

by admin February 5, 2014

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.

February 5, 2014

Multifamily Northeast

EAST HARLEM DEVELOPMENT SITE SELLS FOR $5.8M

by admin February 5, 2014

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.

February 5, 2014

Industrial Northeast

LIBERTY PROPERTY TRUST SELLS 48 PROPERTIES, TOTALING 2.6M SF

by admin February 4, 2014

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.

February 4, 2014

Northeast Retail

98,750 SF DEVELOPMENT SITE SELLS FOR $26.25M

by admin February 4, 2014

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.

February 4, 2014

Industrial Northeast

KALMON DOLGIN ARRANGES 67,362 SF LEASE IN BROOKLYN

by admin February 4, 2014

NEW YORK CITY — Cadogan Tate New York, a London-based fine arts storage company, has leased a 67,362-square-foot property at 301 Norman Ave. in the Greenpoint area of Brooklyn. The one-story property features one interior loading dock, six drive-in doors, gas heat, heavy power, 26-foot ceilings and a full sprinkler system. Additionally the property features 25,000 square feet of property that can be used for parking. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin Affiliates represented the tenant in the transaction, while Jeffrey Unger, also of KDA, represented the owner, 301 Norman Avenue LLC. Terms of the lease were not disclosed.

February 4, 2014

Multifamily Northeast

MADISON HOUSE SELLS FOR $16.05 MILLION IN NEW JERSEY

by admin February 4, 2014

PALISADES PARK, N.J. — A Manhattan-based privately held real estate firm has acquired Madison House, a 48-unit luxury apartment building at 411 E. Brinkerhoff Ave. in Palisades Park. Madison House Holdings sold the property for $16.05 million or nearly $334,375 per unit. Built in 2011, the multifamily property features granite countertops, stainless steel appliances, hardwood floors and in-unit washers and dryers. The property, which was 96 percent occupied at the time of closing, offers a mix of one-, two- and three-bedroom units averaging 1,049 square feet, a two-level parking deck and 2,400 square feet of street-level retail. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Dowd of Cushman & Wakefield represented the seller and identified the buyer in the transaction.

February 4, 2014

Hospitality Northeast

IHG OPENS JFK AIRPORT CROWNE PLAZA

by admin February 3, 2014

NEW YORK CITY — IHG has opened Crowne Plaza JFK Airport New York City hotel in Jamaica. Located at 138-10 135th Ave., the 330-room hotel features Internet access, free parking, extended dining and bar service hours, a fitness center, a zen room for yoga and meditation, and the brand’s Sleep Advantage program. Additionally the hotel offers 5,000 square feet of meeting space, including 10 meeting rooms and a ballroom.

February 3, 2014

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