Northeast

HUDSON FUNDS $16M LOAN FOR GARDEN CITY OFFICE BUILDING

by admin May 30, 2013

GARDEN CITY, N.Y. — Hudson Realty Capital LLC has funded a $16 million first-mortgage loan secured by an 117,930-square-foot office/medical condominium building in Garden City. Loan proceeds are being utilized to acquire and stabilize the property. Located within a mixed-use complex, the condominium’s current tenant roster includes a radiology practice and an ultrasound school. The property is located within one of the region’s high-density retail corridors and more than 6 million square feet of space is within one-and-a-half miles of the property.

May 30, 2013

HELMSLEYSPEAR COMPLETES THREE NEW LEASES TOTALING 18,000 SF

by admin May 30, 2013

NEW YORK CITY — HelmsleySpear LLC has completed three new leases in Manhattan totaling nearly 18,000 square feet. International Safety Group, an occupational risk management company, signed a four-year sublease for 10,000 square feet at 708 Third Ave. Paulson Investment Co., a financial services firm, signed a lease for 5,488 square feet at 40 Wall St. New York City Osteopathy, a medical practice specializing in osteopathic medicine, renewed its 2,000-square-foot lease at 61 Broadway for a five-year term. Gregg Slotnick of HelmsleySpear represented the tenants in all three leases. Magee Realty Consultants co-brokered the Paulson Investment Co. lease.

May 30, 2013

Multifamily Northeast

PRUDENTIAL PROVIDES $160.4M FOR NYC APARTMENT BUILDINGS

by admin May 29, 2013

NEW YORK CITY — Prudential Mortgage Capital Co. has provided $160.4 million in acquisition financing for two apartment towers in the Riverside South neighborhood of Manhattan’s Upper West Side. The Aldyn and The Ashley are adjoining properties on Riverside Boulevard between 62nd and 63rd streets, where they share a common courtyard and indoor recreational facilities. The borrower, an affiliate of Boston-based GID Cos., used the loan proceeds to purchase the buildings. The Aldyn is a 38-story tower with 286 units, including 136 rental apartments and 150 condominiums. This transaction only includes the rentals. The Ashley is a 23-story tower with 209 units, all of which are rental apartments. Riaz Cassum, Jay Marshall, Robyn King and Jennifer Keller of HFF led the brokerage team in the transaction.

May 29, 2013

Northeast Retail

SHOPRITE TO ANCHOR SPRINGFIELD AVENUE MARKETPLACE

by admin May 29, 2013

NEWARK, N.J. — Wakefern Food Corp., the merchandising and distribution arm for ShopRite grocery stores, has signed a 67,000-square-foot lease to open a new supermarket at Springfield Avenue Marketplace in Newark. . As anchor tenant, ShopRite will service approximately 280,000 Newark residents, 180,000 members of the city’s workforce and 60,000 college students and faculty. Springfield Avenue Marketplace, a project of Tucker Development Corp., will include 125,000 square feet of retail space and approximately 150 residential apartments. The development is located on an 11-acre site at the northeast corner of Springfield Avenue and Jones Street. Groundbreaking on the development is slated to take place this fall.

May 29, 2013

Northeast

MATRIX BREAKS GROUND ON 550-CAR PARKING GARAGE

by admin May 29, 2013

NEW BRUNSWICK, N.J. — Matrix Development Group has broken ground on a new 550-car parking deck at its mixed-use Plaza Centre complex in downtown New Brunswick. The parking garage will provide parking for tenants of the complex’s two office buildings, located at 303 and 317 George St., as well as spaces for future development at the property. The Plaza Centre complex includes 210,000 square feet of office space known as Plaza I and II, the land being developed into the parking garage and more than two acres of land for future development. Plaza I is a 100,000-square-foot office building featuring open and flexible floor plans. Plaza II is a five-story, 110,000-square-foot brick office building with a reflective glass exterior façade.

May 29, 2013

Multifamily Northeast

ARIEL ARRANGES SALE OF MULTIFAMILY PROPERTY FOR $3M

by admin May 29, 2013

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a four-story, 20-unit multifamily property at 35-48 Steinway St. in Queens for $3 million. The sales price represents $234 per square foot, or $150,000 per unit. Michael A. Tortorici, Shimon Shkury, Victor Sozio, Jonathan Berman and Randy Modell of Ariel Property Advisors represented the seller, a real estate investment group, and procured the buyer, a local investor.

May 29, 2013

Northeast Office

COLLIERS ARRANGES 17,000 SF RELOCATION, EXPANSION IN NYC

by admin May 28, 2013

NEW YORK CITY — Colliers International has arranged an eight-year, 17,000-square-foot relocation and expansion at 469 Seventh Ave. in New York City for Summit Business Media. The B2B media and information company, which serves the insurance, financial services and investment advisory markets, will occupy the entire 10th floor. Summit will move from its 475 Park Ave. location into its new expanded space by July. Eric Meyer and Martin Meyer of Colliers arranged the lease on behalf of the building owners. Alan Wildes of Cushman & Wakefield represented the tenant in the transaction.

May 28, 2013

Northeast Retail

ROCCO’S TACOS AND TEQUILA BAR OPENS FIRST NYC LOCATION

by admin May 28, 2013

NEW YORK CITY — Rocco’s Tacos and Tequila Bar has signed a 15-year lease to occupy 14,500 square feet at 339 Adams St. in Brooklyn. The location is the first in New York City for the Florida-based chain, which offers Mexican food and several brands of tequila. Ross Spitalnick of Muss Development and RKF’s Ariel Schuster and Brian Segal represented the landlord, Muss Development LLC. The Shopping Center Group represented Rocco’s Tacos in the transaction.

May 28, 2013

Industrial Northeast

NAI HANSON TO MARKET INDUSTRIAL PROPERTIES IN NORWOOD

by admin May 28, 2013

NORWOOD, N.J. — Alfred Sanzari Enterprises has hired NAI James E. Hanson to serve as exclusive leasing agent for an industrial/flex park in Norwood, located about 10 miles northeast of Paramus. The properties are located at 335, 375 and 385 Chestnut St. and 10 Maple St. and include almost 167,000 square feet of space. The NAI Hanson team of Michael Walters, Andrew Somple and Nicholas Herrick are serving as the leasing agents for the properties. Sanzari recently completed a number of upgrades at the complex, which now features freshly painted warehouse space, new office windows, new front awnings and loading dock improvements.

May 28, 2013

Northeast Office

NEW OFFICE SPACE COMPLETE FOR PERSEUS BOOKS GROUP

by admin May 28, 2013

BOSTON — Interior construction is now complete for The Perseus Books Group’s new 12,000-square-foot office, located at 44 Farnsworth St. in Boston. The nine-story building includes 96,000 square feet of office space, according to CoStar Group. The independent publishing company is relocating from Cambridge to the new space. The Perseus Books Group is moving 30 employees into the new space, as well as one of their divisions, Da Capo Press. Construction Coordinators Inc. provided construction management services, and Leslie Saul & Associates was the architect for the project.

May 28, 2013

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