Northeast

70-UNIT SENIORS HOUSING COMMUNITY COMING TO NEW BRITAIN

by admin December 2, 2013

NEW BRITAIN, CONN. — Pennrose is developing The Jefferson, a 70-unit affordable seniors housing community in New Britain that is being built in conjunction with the New Britain Housing Authority. The three-story building will include residences with spacious floor plans, oversized windows and wall-to-wall carpeting in the bedrooms, along with secure access entry. Modern kitchens in the units are fully equipped, including dishwashers. Eight of the apartments are handicapped-accessible, and all units have 24-hour emergency call systems in the bedrooms and bathrooms. Energy-saving features include 100 percent Energy Star appliances, solar-assisted hot water and energy-efficient, resident-controlled heating and cooling. Amenities include a community room, a fitness center, outdoor patio with picnic area and on-site laundry facilities. The first resident move-ins are expected later this month. Rents are affordable and vary depending on resident income. To live at The Jefferson, at least one member of each household needs to be age 62 or older. Philadelphia-based Pennrose, which operates more than 150 affordable, market-rate and senior residential communities in eight states, will manage the property.

December 2, 2013

NEW YORK CITY DEVELOPMENT SITE SELLS FOR $11.3M

by admin December 2, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $11.3 million sale of an 86,560-square-foot development site in the Flushing neighborhood of Queens in New York City. The sales price equates to $130 per buildable square foot. Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and the buyer, a local partnership. The property is located on Avery Avenue in Flushing between College Point Boulevard and 131st Street. The site features 339 feet of frontage on Avery Avenue. The property is comprised of four lots currently occupied by one-story retail stores.

December 2, 2013

Mixed-Use Northeast

NEW OWNERS REBRAND, REDEVELOP ARSENAL MALL

by admin December 2, 2013

WATERTOWN, MASS. — Boylston Properties and The Wilder Cos., owners of the Arsenal Mall in Watertown, have announced a new name and new look for the property. The Arsenal Project spans approximately 500,000 square feet and includes Arsenal Mall and One Arsenal Marketplace, plus several buildings housing Harvard Vanguard Medical Associates, Golfsmith and Charles River Saab. Just months after paying $81 million for the Arsenal Mall, the property's new owners have detailed $500,000 in planned upgrades, according to the Boston Business Journal. The owners recently completed Phase I of upgrades to the property, which included a new interior layout as well as upgrades to the buildings’ exterior and landscaping. The owners are now working with Watertown officials to design a redevelopment strategy that would maximize the economic impact of the project. Boylston Properties and The Wilder Cos. purchased the mall and two adjacent office buildings with Jonathan Bush Jr., CEO and co-founder of Athenahealth Inc., from Simon Property Group.

December 2, 2013

Northeast Retail

AZARIAN LEASES 5,500 SF TO TWO TENANTS IN WOODLAND PARK

by admin December 2, 2013

WOODLAND PARK, N.J. — Azarian Realty Co. has leased 5,500 square feet at Lenox Plaza Shopping Center in Woodland Park to two tenants. Coco Chateau, which is a retailer of gowns and dresses, signed a 4,000-square-foot lease. The retailer operates two locations in the New Jersey area. Restaurant 46 Denville Grill has leased 1,500 square feet in Lenox Plaza. The restaurant serves hot dogs, burgers, fried chicken and more. The 50,000-square-foot Lenox Plaza Shopping Center is located at 1750 Route 46 W., about 13 miles north of Newark. Golfsmith, Party City, Pizza Hut and Sleepy’s anchor the property. The Azarian Group LLC and Azarian Realty Co. currently owns, manages and leases 20 properties totaling more than 1 million square feet throughout New Jersey and New York.

December 2, 2013

Connecticut Market Reports Northeast Market Reports

Hopeful Signs in the Hartford County Office Market for 2014

by admin December 2, 2013

If only the economy would cooperate, there are signs of improvement in the downtown and suburban Hartford office market. Modest expansion and non-traditional absorption of office buildings is beginning to create shortages of large blocks of office space in certain areas. Places like West Hartford Center, Glastonbury’s Somerset Square area, Corporate Ridge in Rocky Hill, downtown Middletown and downtown Hartford have all seen their best Class A buildings’ occupancy levels grow. Vacancy is being concentrated in buildings that suffer from either age-related challenges, capital issues or buildings that are in an ownership transition. Unfortunately, although the governor and legislature have taken some positive steps to create economic activity, the state is still mired in a high-tax, high-cost model that is eroding or tempering growth from many of our largest employers and keeping new businesses from entering the market. In spite of that self-inflicted condition, here are the trends that are currently shaping the current office market in Hartford County: Non-traditional absorption: real estate demand for educational, multi-family residential, medical and government facilities is booming compared to corporate office needs. Offices buildings are being taken out of inventory for conversions to schools, apartments, medical offices and state offices. While some of …

December 2, 2013

Northeast Office

HARBOR GROUP ACQUIRES NEW JERSEY OFFICE PROPERTY FOR $47M

by admin November 27, 2013

SECAUCUS, N.J. — Affiliates of the Harbor Group International LLC have acquired 100 Plaza Drive, a 265,000-square-foot, four-story office building in Secaucus, for $47 million. Hartz Mountain sold the property, which is 90 percent leased. NBA Entertainment and Scholastic Corp. anchor the office building and occupy 81 percent of the total square footage. The property includes 105 below-grade parking spaces for tenant use, as well as access to a 1,250-space surface lot and 483-space parking deck adjacent to the property. NBA Properties recently invested $43 million in base building and infrastructure improvements to its space.

November 27, 2013

Multifamily Northeast

MASSEY KNAKAL ARRANGES $45M SALE OF MULTIFAMILY PORTFOLIO

by admin November 27, 2013

NEW YORK CITY — Massey Knakal has arranged the $45 million sale of The Boulevard Heights Portfolio, which includes four multifamily properties located in Manhattan. The sales price equates to approximately $185 per square foot. The buildings are located at 3489 Broadway, 519 W. 143rd St., 610 West 163rd St. and 548 W. 164th St. in the West Harlem and Washington Heights neighborhoods. The four pre-war properties total 205 units and approximately 242,740 square feet. Bob Knakal, Robert Shapiro and Josh Lipton of Massey Knakal arranged the sale.

November 27, 2013

Northeast Office

AVISON YOUNG ARRANGES 26,400 SF OFFICE LEASE IN NYC

by admin November 27, 2013

NEW YORK CITY — Avison Young has completed a 26,400-square-foot office lease at 101 Park Ave. in Manhattan on behalf of investment management firm Federated Investors Inc. The lease comprises the tower’s entire 41st floor. Federated will move into its space at 101 Park Ave. in December 2014, upon completion of its build-out. Principals Greg Kraut and Brad Totten of Avison Young represented Federated in the transaction. John Cefaly and Clark Finney of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co. LLC. Avison Young’s New York City-based project management team, led by Edward Walsh and Kirsten Beck, is overseeing the design and construction of Federated’s new office.

November 27, 2013

Northeast Office

AKF GROUP DOUBLES ITS SPACE TO 15,000 SF IN BOSTON RELOCATION

by admin November 27, 2013

BOSTON — AKF Group, a full-service consulting engineering firm, has signed a 15,247-square-foot office lease at 99 Bedford St. in downtown Boston. Currently occupying 7,820 square feet at 41 Farnsworth St. in Boston’s Innovation District, AKF plans to move into its new larger space in spring 2014. The firm will occupy the entire second floor of the five-story, 84,000-square-foot standalone office building.Brandon Leitner and Rick Lowe of Cresa Boston represented AKF Group in the leasing transaction. Barry Dubé and Kari Panutich of Cresa’s project management group will oversee and manage the construction and relocation to the building.Ted Wheatley, Dan Cavanaugh and Brad McGill at Jones Lang LaSalle represented the landlord, Plymouth Rock Assurance.

November 27, 2013

Hospitality Northeast

INVESTMENT GROUP BUYS 47-STORY HOTEL IN NYC FOR $660M

by admin November 26, 2013

NEW YORK CITY — An investment consortium led by The Witkoff Group and majority backer Jynwel Capital and its investors has closed on the acquisition of the 47-story Helmsley Park Lane Hotel at 36 Central Park South for $660 million. Other consortium partners include New Valley LLC, Highgate Holdings and Macklowe Properties. The investment group plans to make upgrades to improve operations at the 605-key, 446,000-square-foot luxury hotel and rebrand it as the Park Lane New York. Wells Fargo and Criterion Real Estate Capital provided financing for the acquisition. Going forward, Highgate Hotels will manage the property. The Leona M. and Harry B. Helmsley Charitable Trust was the seller.

November 26, 2013

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