Northeast

LAW FIRM SIGNS 57,000 SF OFFICE LEASE IN MANHATTAN

by admin October 9, 2013

NEW YORK CITY — Meister Seelig & Fein LLP has signed a 57,000-square-foot office lease at 125 Park Ave. in Manhattan. The firm currently occupies approximately 38,000 square feet at 140 E. 45th St. and will occupy the seventh and eight floors at 125 Park Ave. in 2014. Jason Meister, vice president at Avison Young, and Howard Grufferman, vice chairman at Colliers International, represented the law firm in the transaction. SL Green Realty Corp., the building’s owner, was represented in house by David Kaufman. Scott Newmark and Robin Topol of Meister Seelig & Fein served as in-house legal counsel for the deal, while Noah Shapiro and Lisa Greenbaum of Haynes and Boone LLP represented SL Green.

October 9, 2013

SEVEN MULTIFAMILY AND RETAIL BUILDINGS IN NYC SELL FOR $71.5M

by admin October 8, 2013

NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of seven contiguous buildings in the Kips Bay section of Manhattan for $71.5 million. Silverstone Property Group purchased the properties, which include 146 apartment units and eight stores. The properties are located at 489, 493 and 495 Third Ave. and 203, 205, 207 and 211 E. 33rd St. Approximately 60 percent of the units are free-market apartments. Yosef Katz, a director at GFI Realty Services, represented the buyer, while Barak Jacobov, also of GFI, represented the sellers, local investors.

October 8, 2013

Northeast Office

NORTHMARQ ARRANGES $30M LOAN FOR OFFICE/INDUSTRIAL PORTFOLIO

by admin October 8, 2013

LANGHORNE AND TREVOSE, PA. — NorthMarq’s Boston regional office, has arranged a $30 million loan for the refinancing of a portfolio of 11 office and industrial properties in eastern Pennsylvania. High Street Equity owns the properties, which span 607,889 square feet and are located in Langhorne and Trevose. Financing was based on a five-year term and a 25-year amortization schedule with a flexible prepayment schedule. James Murphy of NorthMarq arranged the financing through a life insurance company lender.

October 8, 2013

Northeast Office

12-STORY WILMINGTON OFFICE BUILDING SELLS FOR $1.7M

by admin October 8, 2013

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged the $1.7 million sale of a 12-story office building in downtown Wilmington. The sale was originated through Auction.com. Delaware Offices, a Wilmington-based property investment and management firm, sold the property. The buyer was 913 Market LLC, an entity of Sky Management Services LLC. Built in 1983, 72,000-square-foot office building was 60 percent occupied at the time of sale. Duncan Patterson, president, and Rich Dudek of Patterson-Woods Commercial Properties/CORFAC International arranged the sale.

October 8, 2013

Industrial Northeast

HOME CITY SIGNS 80,000 SF LEASE IN EDISON, N.J.

by admin October 8, 2013

EDISON, N.J. — Home City Inc., an Egyptian linens distributor, has signed a 80,000-square-foot, long-term lease at Heller Industrial Park in Edison. Home City will relocate from its current location in Linden. The facility, which is located at 180 Mill Road, features 32-foot clear ceilings, 10 loading docks and trailer parking. Jordan Metz, vice president of Bussel Realty Corp., arranged the lease.

October 8, 2013

Multifamily Northeast

CONSTRUCTION BEGINS ON NEW RENTAL COMMUNITY IN RAHWAY

by admin October 7, 2013

RAHWAY, N.J. —A joint venture between three New Jersey residential developers — AST Development, Sterling Properties and Heartstone Development — have started construction on Metro Rahway, a 116-unit rental community in Rahway. The project will transform a former industrial site into a transit-oriented development, which is within walking distance to shopping, dining and the Rahway train station. Situated on 1.6 acres along Campbell Street, Metro Rahway will be a four-story building with a mix of one- and two-bedroom residences featuring nine-foot ceilings and ceramic-tiled kitchens. Rahway is slated for completion by late spring 2014. The rental rates have not yet been set.

October 7, 2013

Hospitality Northeast

MRC PROVIDES $40.2M LOAN TO RECAPITALIZE HUDSON YARDS PROJECT

by admin October 7, 2013

NEW YORK CITY — Madison Realty Capital (MRC) has closed a $40.2 million loan to fund the payoff of a discounted existing $50 million acquisition loan on the Hudson Yards development in Manhattan. Additional proceeds of the loan will be used to fund predevelopment costs for a 265,000-square-foot hotel project on the site, which is located on the corner of 37th Street and 11th Avenue. When constructed, the 420-room hotel will feature several food and beverage outlets, as well as meeting space. The project is one of the many new developments at Hudson Yards. After the 2005 rezoning, the area now has capacity for approximately 26 million square feet of new office development, 20,000 units of housing (of which almost 5,000 units will be affordable), 2 million square feet of retail space and 3 million square feet of hotel space.

October 7, 2013

Northeast

RKF FORMS AFFILIATION WITH CWM RETAIL PROPERTY ADVISORS

by admin October 7, 2013

NEW YORK CITY — Real estate firm RKF has formed an affiliation with U.K.-based retail consulting firm CWM Retail Property Advisors to collaboratively expand its presence. As part of the agreement, RKF has acquired CWM’s New York City office, where its staff will join RKF. Additionally, CWM and New York City-based RKF have each committed to an exclusive relationship involving shared business referrals within the U.S. and the U.K. The financial terms of the transaction were not disclosed. RKF and CWM will continue to own and operate their respective offices in both the U.S. and the U.K. The alliance marks the first time that RKF has formalized ties with an overseas firm.

October 7, 2013

Northeast Office

TARTE COSMETICS SIGNS 15,439 SF LEASE IN MANHATTAN

by admin October 7, 2013

NEW YORK CITY —Tarte Cosmetics has signed a 15,439-square-foot lease, occupying a portion of the eighth floor at 1375 Broadway in Manhattan. Tarte specializes in glamour, makeup and beauty products that are eco-friendly and cruelty-free. Savanna, a New York-based real estate private equity firm, recently repositioned the property including a new lobby, entrance and upgrades to the building façade. Eric Meyer, Martin Meyer and Michael Thomas of Colliers International represented the landlord in the transaction. Robert Kaplan of Hidrock Realty represented the Tarte Cosmetics.

October 7, 2013

Northeast Office

JOINT VENTURE ACQUIRES MOUNT KEMBLE CORPORATE CENTER IN MORRISTOWN

by admin October 4, 2013

MORRISTOWN, N.J. — A joint venture between Onyx Equities LLC and Artemis Real Estate Partners has acquired Mount Kemble Corporate Center, a 229,500-square-foot, Class A office complex in Morristown. The purchase price was undisclosed. Built in 2001, the office complex is 64 percent occupied and home to tenants such as Couglin Duffy Kelly, The Willis Group, Liberty Mutual Taisho Pharmaceutical and Massey Quick. The new ownership plans to reposition the complex and reintroduce it to the marketplace as a high-quality, low-cost alternative to the other Class A properties in Morristown. The joint venture will upgrade the complex’s landscaping, concrete walkway, parking lot and bathrooms.

October 4, 2013

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