Northeast

PEARL PLACE II HOUSING IN MAINE ACHIEVES LEED-PLATINUM

by admin October 1, 2013

PORTLAND, MAINE — Pearl Place II, a 55,978-square-foot, 54-unit apartment complex at 184 Pearl St. in Portland, has achieved LEED-Platinum certification from the U.S. Green Building Council. Pearl II is the second of two phases of an affordable housing development in the Bayside neighborhood of Portland. Construction was completed earlier this year. Avesta Housing hired Thornton Tomasetti, an international engineering firm, as the LEED for Homes provider and sustainability consultant on the project. Wright-Ryan Construction was the contractor on the project; PDT Architects served as the architect; and Horizon Residential Energy Services provided EnergyStar services. Avesta Housing is a 501(c)(3) nonprofit organization that promotes and provides housing opportunities in southern Maine for residents in need.

October 1, 2013

33-BUILDING MULTIFAMILY PORTFOLIO IN NYC SELLS FOR $246M

by admin September 30, 2013

NEW YORK CITY — Rosewood Realty Group has arranged the $246 million sale of a 33-building multifamily portfolio in New York City’s Upper West Side. New Jersey-based real estate investment company, The Orbach Group, was the buyer. A joint venture between Heritage Real Estate Partners and Dune Real Estate Partners sold the properties. The portfolio includes 1,031 apartments and two retail spaces. Aaron Jungreis of Rosewood Realty Group represented The Orbach Group in the off-market transaction.

September 30, 2013

Multifamily Northeast

48-UNIT APARTMENT BUILDING IN MANHATTAN SELLS FOR $6.3M

by admin September 30, 2013

NEW YORK CITY — Cignature Realty Associates has arranged the $6.3 million sale of 547 W. 157th St., a six-story, 48-unit apartment building in Manhattan. The building sold for approximately 10.7 times the current rent roll. Built in 1912, the 52,896-square-foot building is located between Broadway and Amsterdam Avenue in the Hamilton Heights neighborhood. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the buyer, 547 West 157th Street Holdings LLC, a private investor from Florida, and the seller, 547 Associates Inc., a local real estate owner.

September 30, 2013

Northeast Office

NORTHWESTERN MUTUAL SIGNS 20,000 SF LEASE IN STAMFORD

by admin September 30, 2013

STAMFORD, CONN. — Northwestern Mutual-Stamford has signed a long-term lease for 20,000 square feet at 400 Atlantic St. in Stamford. The life insurance company is relocating from Westport to the 15-story, 500,000-square-foot Class A office tower. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Co. and its subsidiaries, which manages $1.4 trillion in life insurance policies. In August, 400 Atlantic St. achieved LEED-Silver certification from the U.S. Green Building Council for Existing Buildings.

September 30, 2013

Northeast Office

ECLC SIGNS 19,500 SF LEASE EXPANSION IN FLORHAM PARK, N.J.

by admin September 30, 2013

FLORHAM PARK, N.J. — Cushman & Wakefield has arranged a 19,500-square-foot, six-year lease extension and expansion for ECLC of New Jersey at 100 Passaic Ave. in Florham Park. ECLC of New Jersey, which provides lifelong services for persons with special needs, will use the location for its executive offices and its P.R.I.D.E. clients. ECLC had previously occupied 12,000 square feet at the location. Situated on 7.8 acres, 100 Passaic Ave. spans 59,000 square feet. Robert Donnelly and Jason Tenenbaum of Cushman & Wakefield’s Morristown office represented ECLC New Jersey. Geoff Schubert of CBRE, who is currently marketing the property for sale, represented the owner, Jefferson-Pilot Investments Inc., in the transaction. Chatham, N.J.-based ECLC operates two schools for young people with special needs. P.R.I.D.E., which stands for promoting responsibility, independence, decision-making and employability, provides day and evening programs for adult graduates of the two schools, with the goal of teaching life and employment skills.

September 30, 2013

Market Reports Massachusetts Northeast Market Reports

Boston Multifamily Market Benefits from Waterfront Redevelopment

by admin September 30, 2013

Boston's waterfront redevelopment is generating thousands of jobs and facilitating growth across several employment sectors. The construction industry, in particular, has benefited as workers build thousands of residential units along the waterfront. Pier 4, a mixed-use project located in the Seaport District, is underway and will consist of three buildings to contain apartments, ground-level retail, condos, and a hotel or office space. Additionally, developers are moving forward with plans to build two 22-story towers in the Seaport Square mixed-use development, adding 800 apartments and 300,000 square feet of retail and entertainment space. This would be the first major project at the 23-acre site, considered the key to connecting the surrounding Fort Point, Fan Pier, Pier 4 and Waterside Place developments into a 24/7 urban environment. The developments are successfully transforming the area from sizable parking lots to a center that will draw employers and young professionals seeking a live-work-play lifestyle. In addition, many builders are acquiring older assets in prime areas of Boston and deploying capital in order to increase rents or convert to condos as empty-nesters and young adults seek more affordable ownership opportunities in affluent neighborhoods. Developers in search of conversion opportunities are targeting larger units with nice …

September 30, 2013

Hospitality Northeast

CRONHEIM ARRANGES $25.2M LOAN FOR THREE HOTELS IN PENNSYLVANIA

by admin September 27, 2013

WILKES-BARRE AND WILLIAMSPORT, PA. — Cronheim Mortgage has arranged $25.2 million in refinancing for a 315-room, three-hotel portfolio in Wilkes-Barre and Williamsport, two cities in northern Pennsylvania. The sponsor is an entity affiliated with Chartwell Hotels, a full-service hotel development and management company, which operates full- and limited- service properties in the Northeast. Approximately $18.8 million of the loan was used for two hotel properties — a Holiday Inn and Holiday Inn Express — in Williamsport. The five-story hotels include 102 and 96 rooms, respectively. The 117-room Holiday Inn Express, also five stories, in Wilkes-Barre received $6.4 million in financing.

September 27, 2013

Industrial Northeast

HAMPSHIRE COS. BUYS INDUSTRIAL BUILDING IN CARTERET, N.J.

by admin September 27, 2013

CARTERET, N.J. — The Hampshire Co. has purchased 700 Blair Road, a 234,325-square-foot, single-tenant industrial building in Carteret, located about 15 miles south of Newark, for more than $10 million. Berjé Inc., a global distributor of essential oils and aromatic chemicals, fully occupies the property, which serves as its corporate headquarters. Michael Nachamkin, Jose Cruz, Kevin O’Hearn and Marc Duval led the HFF team representing the seller, GP 700 Blair Road LLC, and the buyer.

September 27, 2013

Multifamily Northeast

CONSTRUCTION BEGINS ON 126-UNIT LUXURY APARTMENT COMMUNITY

by admin September 27, 2013

HANOVER TOWNSHIP, N.J. — Woodmont Properties has started construction on Woodmont Knolls at Hanover, a 126-unit luxury apartment community in surburban Newark. The company broke ground on the 15-acre site off Cedar Knolls Road in Hanover Township last month. Woodmont Knolls at Hanover will feature one- and two-bedroom units with nine-foot ceilings, walk-in closets and private balconies. Amenities at the community will include a clubhouse, swimming pool, fitness center, sports bar and a game room with video games and pool tables. Pre-leasing for the community will begin this fall.

September 27, 2013

Northeast Office

ISPEN SIGNS 62,600 SF LEASE IN CAMBRIDGE, MASS.

by admin September 27, 2013

CAMBRIDGE, MASS. — Ipsen has signed a long-term lease for 62,600 square feet of laboratory and office space in Cambridge. The six-story, multi-tenant research facility is located at 650 E. Kendall St. in the heart of Kendall Square. BioMed Realty owns the 282,000-square-foot facility through a joint venture with Prudential Real Estate Investors on behalf of institutional investors. Ipsen is a specialty-driven pharmaceutical company, which focuses on healthcare solutions for debilitating diseases.

September 27, 2013

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