Northeast

PARTNERSHIP SELLS MIXED-USE CENTER IN PITTSBURGH FOR $135M

by admin August 5, 2013

PITTSBURGH — Forest City Enterprises Inc. and Jos. L. Muscarelle Inc. have sold the Liberty Center complex in Pittsburgh to a subsidiary of Starwood Capital Group for $135 million. Liberty Center includes the 27-story Federated Investors office tower, the 616-room Westin Convention Center Hotel, a 25,000-square-foot shopping center and underground parking for 479 cars. An enclosed pedestrian bridge connects the hotel with the adjacent David L. Lawrence Convention Center. Cleveland, Ohio-based Forest City and Maywood, N.J.-based and Jos. L. Muscarelle had a 50/50 partnership in the property. The hotel will continue to operate as a Westin under a long-term management agreement with Starwood Hotels, which currently manages the hotel and is not affiliated with Starwood Capital. CBRE will manage the office building.

August 5, 2013

5,530 SF DEVELOPMENT SITE SELLS FOR $23.5M IN NYC

by admin August 5, 2013

NEW YORK CITY — Art collector and real estate developer Michael Shvo, president and CEO of SHVO, and his partner Victor Homes, have closed on the purchase of a 5,530-square-foot residential development site in Manhattan for $23.5 million. The price per buildable square foot was $850, the highest amount ever paid for a residential development site in New York City, according to Shvo. The site, 239 Tenth Avenue, is located in Manhattan’s West Chelsea arts district and includes 78 feet of frontage on Tenth Avenue and an additional 70 feet on West 24th Street. Shvo plans to develop a luxury residential property on the parcel.

August 5, 2013

Multifamily Northeast

LOVE FUNDING SECURES $18.7M LOAN FOR BELLA VISTA

by admin August 5, 2013

UNION CITY, N.J. — Love Funding has arranged an $18.7 million loan for the refinancing of Bella Vista Apartments, a 231-unit apartment building in Union City. Bella Vista Apartments is an age-restricted development for residents 62 and older. Orlando Partners LLC owns and operates the property, which is managed by Goldberg Realty Associates. The refinancing will help fund repairs, including installing new energy-efficient windows to save on energy costs. The 35-year loan features a fixed interest rate of approximately 3 percent. Laura Saull-Smith, senior director at Love Funding, secured the loan through the HUD’s Section 223(f) loan insurance program.

August 5, 2013

Multifamily Northeast

103-UNIT APARTMENT BUILDING CHANGES HANDS FOR $16.2M

by admin August 5, 2013

NEW YORK CITY — Local investor 1-29 Bogardus Place LLC has purchased a seven-story, 103-unit multifamily building in Upper Manhattan for $16.2 million. The building, located at 1 Bogardus Place, was 95 percent occupied at the time of sale. R. Stuart Gross, Max Bryce and Scott Ellard of Eastern Consolidated represented the seller, Bogardus Property Owner LLC, and procured the buyer in the transaction. The property includes units ranging from 589-square-foot studios to 1,405-square-foot three-bedrooms units. Attorney Ilan Lerman of Winston & Strawn LLP represented the seller. Attorney Karen Scanna of Stroock & Stroock & Lavan LLP represented the buyer.

August 5, 2013

Market Reports New York Northeast Market Reports

NYC Retail Moves Full Speed Ahead As Economy Rebounds

by admin August 5, 2013

As a global player, New York City enjoys top-shelf retail advantages that continue to support the market as they always have — by keeping one foot on the gas pedal and one eye on the rearview mirror, as the recessionary cycle fades further out of view. From an economic perspective, New York City is recovering by leaps and bounds, posting 1.5 percent year-over-year growth between February 2012 and February 2013, and a liberal 4.3 percent rise in the professional and businesses services sector that includes 35,000 new jobs. Add to that the overall uptick in the global economy (read: consumer confidence) and the market’s inherent strength as an international tourist destination, and all bets are on New York to remain one of the tightest retail markets in the country for the next few years. New York City boasted an enviable 2.2 percent vacancy rate for all types of retail at the end of first quarter 2013 — an impressive figure when compared to the average U.S. first quarter vacancy rate of 6.8 percent. Quoted rents in New York’s five boroughs also rebounded 12.7 percent year-over-year to $50.90 per square foot on average. This is about three times higher than the …

August 5, 2013

Northeast Retail

NEC COMPLETES ROCK CLIMBING FACILITY IN METRO BOSTON

by admin August 2, 2013

SOMERVILLE, MASS. — New England Construction (NEC) has completed construction on Brooklyn Boulders Somerville, a 38,000-square-foot rock-climbing, bouldering and fitness facility in northwest Boston near Union Square. NEC began construction on the facility, which includes a 40-foot long, 22-foot tall bouldering wall, earlier this year. The tenant, Brooklyn Boulders, worked with climbing wall designer Vertical Solutions and architecture firm Arrowstreet, to design the facility. Additionally, some of the amenities of the new facility include meeting space atop the 22-foot tall bouldering wall, a glass-enclosed lounge with fireplace, 40-indoor bike parking spaces, cardio and fitness areas and locker rooms.

August 2, 2013

Multifamily Northeast

MASSEY KNAKAL ARRANGES $5M SALE OF MIXED-USE BUILDING

by admin August 2, 2013

NEW YORK CITY — Massey Knakal has arranged the sale of a 21,678-square-foot mixed-use building in Manhattan’s Harlem neighborhood, for $5 million in an all-cash transaction. The six-story, walk-up building is located at 203 W. 144th St. and includes 28 residential and two commercial units. Of the residential units, 18 are two-bedroom units and 10 are three-bedroom units. A church and a retail tenant occupy the two ground-floor units. Josh Lipton and Michael Amirkhanian of Massey Knakal represented the seller and buyer, private investors, in the transaction.

August 2, 2013

Multifamily Northeast

M&M ARRANGES SALE OF EIGHT-UNIT APARTMENT BUILDING IN NYC

by admin August 2, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $1.7 million sale of 693 Madison Street, a 9,036-square-foot apartment property in Brooklyn. The sales price of the eight-unit multifamily property represents approximately $215,000 per unit and $190 per square foot. Dan Greenblatt, Shaun Riney and Derek Bestreich, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor. Bestreich, Greenblatt and Riney also represented the buyer, a fund manager.

August 2, 2013

Northeast Office

BINSWANGER TO MARKET MEDICAL RESEARCH FACILITY IN CHAZY

by admin August 2, 2013

CHAZY, N.Y. — Northstar 41 LLC has hired Binswanger to sale and/or lease a 386,060-square-foot medical research facility in Chazy, located in northern New York near the Canadian border. Among the research and lab space, the facility also includes 17,000 square feet of warehouse space and 39,074 square feet of office space. The property is located one-half mile from I-87, approximately 14 miles from Plattsburgh and 50 miles from Montreal, Canada.

August 2, 2013

Multifamily Northeast

UC FUNDING PROVIDES $10.4M FOR PHILLY APT. RENOVATION

by admin August 1, 2013

PHILADELPHIA — UC Funding has provided $10.4 million for a project involving the acquisition and renovation of two older apartment buildings in northwest Philadelphia totaling 110 units. The borrower was identified as a life-long Philadelphia resident with more than 30 years of experience in commercial real estate and currently owns 14 apartment buildings and four office/retail properties in the Philadelphia area.

August 1, 2013

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