Northeast

10,068 SF APARTMENT BUILDING IN NEW YORK CITY SELLS FOR $8M

by admin March 21, 2013

NEW YORK CITY — Prime East Realty has sold an apartment building at 539 E. 87th St. in Manhattan’s Upper East Side neighborhood, for $8 million. Far East 87 LLC purchased the five-story, 10,068-square-foot building. Each of the 10 units include high ceilings, oversized doors, oak strip flooring, A/C window units, aluminum kitchen appliances, exposed brick walls and a washer and dryer. The apartments also feature marble windowsills, countertops and bathrooms, as well as recessed lighting. Thomas Gammino of Massey Knakal brokered the transaction.

March 21, 2013

EAGLEBRIDGE CAPITAL ARRANGES $4.8M LOAN FOR BOSTON CONDO CONSTRUCTION

by admin March 21, 2013

BOSTON — EagleBridge Capital has arranged $4.8 million in financing for three multifamily units in Boston on behalf of Neelon Properties. Ted Sidel and Brian Sheehan of EagleBridge arranged a $4 million mortgage for two units located at 251 Marlboro St. in the Back Bay neighborhood, plus an $820,000 mortgage for a unit located at 77 Worcester St. in the South End. The lenders were two leading financial institutions. The Marlboro Street units contain a total of 4,950 square feet on two floors. The two-story 77 Worcester Street is a 1,700-square-foot penthouse duplex. The interiors of Marlboro Street units and the Worcester Street unit are being completely rebuilt.

March 21, 2013

Northeast Office

VITECH SIGNS LONG-TERM RENEWAL, EXTENSION LEASE AT NYC OFFICE BUILDING

by admin March 21, 2013

NEW YORK CITY — Vitech Corp. has renewed and extended its 42,200-square-foot office lease at 401 Park Ave. South. Vitech Corp. signed a 10-year lease for two floors at the 12-story property. The corporation’s global headquarters are located in the 252,000-square-foot office building. Dennis Someck of Lee & Associates represented Vitech in the transaction, while Mark S. Stein and Jason Vacker of Meringoff Properties represented the building’s owner. Vitech is a worldwide provider of systems engineering and architecting software solutions.

March 21, 2013

Northeast Office

AMERICAN REALTY CAPITAL ACQUIRES BANK-OCCUPIED PROPERTY FOR $31M IN MAINE

by admin March 20, 2013

FALMOUTH, MAINE — American Realty Capital Properties Inc. has purchased an office building occupied by TD Bank in Falmouth, a suburb of Portland, for $31 million. The net-leased, 143,030-square-foot property is located at 200 U.S. Route 1. The three-story building was built in 2001. The estimated capitalization rate of the property is 8.9 percent. Paragon Commercial Real Estate represented the building’s seller, West Falmouth Development LLC, in the transaction.

March 20, 2013

Multifamily Northeast

CONSTRUCTION FOR $11.7M APARTMENTS IN EWING TOWNSHIP, N.J. IS UNDER WAY

by admin March 20, 2013

EWING TOWNSHIP, N.J. — Construction for The Gardens at Birmingham, an $11.7 million, 48-unit affordable housing community in Ewing Township, is under way and is slated for completion in early September. Located at 1460 Parkway Ave., the multifamily property includes a mix of one-, two- and three-bedroom units, ranging from 650 square feet to 1,360 square feet. Each apartment home includes Energy Star appliances, ceramic tile bathrooms and a washing machine and dryer. Lawrenceville, N.J.-based Community Investment Strategies Inc. is the developer, and Community Investment Strategies Management Inc. will provide management services for the property.

March 20, 2013

Northeast Retail

MARCUS & MILLICHAP ARRANGES SALE OF $1.7M SAVE-A-LOT PLAZA IN NEW JERSEY

by admin March 20, 2013

MILLVILLE, N.J. — Marcus & Millichap has arranged the sale of Save-A-Lot Plaza, a 33,705-square-foot, grocery-anchored shopping center in Millville, for $1.7 million. The shopping center is located at 622 N. Second St. and is co-anchored by a 17,205-square foot Save-A-Lot supermarket and an 8,100-square-foot Family Dollar. Other tenants include Little Caesars Pizza and a Chinese restaurant. At the time of the sale, the property was 82 percent occupied. Save-A-Lot Plaza was redeveloped in 2008 for its current anchor tenants. Brad Nathanson, senior director in Marcus & Millichap’s Philadelphia office, secured the buyer, a Pennsylvania-based limited partnership. New Vistas Corp. represented the seller, a New Jersey-based financial institution.

March 20, 2013

Industrial Northeast

PARSONS COMMERCIAL GROUP ARRANGES SALE OF INDUSTRIAL PROPERTY

by admin March 20, 2013

HAVERHILL, MASS. — Parsons Commercial Group Inc. has arranged the sale of 25 Avco Road, in Haverhill for $950,000. The 12,375-square-foot industrial building was built in 2008 and is located in the Ward Hill Industrial Park. Alex Berger, an associate at Parsons Commercial Group, procured the buyer and represented the seller, Avco Realty Trust.

March 20, 2013

Hospitality Northeast

CHESAPEAKE LODGING ACQUIRES HYATT PLACE NEW YORK MIDTOWN SOUTH FOR $76.2M

by admin March 19, 2013

NEW YORK CITY — Chesapeake Lodging Trust has acquired the newly developed 185-room Hyatt Place New York Midtown South, located at 52 W. 36th St. in New York City, for $76.2 million. The hotel, which opened last week, features 250 square feet of flexible, high-tech meeting/function space, a café and 24/7 Gallery Menu. Real Hospitality Group, the operator of Chesapeake’s other hotel in New York City located on 31st Street, will manage the hotel. Fairfield, N.J.-based Chesapeake funded the acquisition with available cash on hand, a credit at closing equal to the outstanding balance of a construction loan provided to the seller, and a $35 million advance under Chesapeake’s $60 million term loan obtained in July 2012.

March 19, 2013

Mixed-Use Northeast

PROCIDA CLOSES $8M LOAN FOR MIXED-USE HARLEM PROJECT

by admin March 19, 2013

NEW YORK CITY — Procida Funding & Advisors LLC, a New Jersey-based real estate investment bank, has provided an $8 million bridge loan to Ladera II for its development site at 300 W. 122nd St. in Harlem. The mixed-use project will feature a 13-story, 164-unit residential development with ground-floor retail shops. Procida funded the project in conjunction with Romspen Mortgage Investment Fund, a Canadian-based lender. Construction is scheduled to begin within the next year.

March 19, 2013

Mixed-Use Northeast

SOMERSET TO REDEVELOP FORMER BELL LABS PROPERTY IN HOLMDEL, N.J.

by admin March 19, 2013

HOLMDEL, N.J. — Holmdel Township has selected Somerset Development to redevelop the former Bell Laboratories property in Holmdel, located about 23 miles north of Staten Island, N.Y. The property includes a 2 million-square-foot building and 473 acres surrounding the facility. Somerset has spent the past several years working closely with the Holmdel community and officials to devise a plan for the adaptive reuse of the former Bell Labs building that will transform the structure into a vibrant, mixed-use town center. Somerset’s plan will transform the building’s existing atrium into a pedestrian-friendly public promenade and potentially include retail and shopping and dining options, a health and wellness center, skilled nursing facility, hotel and conference center, educational facilities, upscale spa and public facilities. Designed by Eero Saarinen, the former Bell Labs research complex was home to Bell Laboratories division of Bell Telephone, later known as AT&T, Lucent and today, Alcatel-Lucent. Somerset is currently under contract with Alcatel-Lucent to purchase the site.

March 19, 2013

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