Northeast

TWO CHELSEA MIXED-USE PROPERTIES SELL FOR $15.9M

by admin May 24, 2013

NEW YORK CITY — A privately held multifamily development company, 205 Eighth Ave. LLC, has paid $15.9 million to acquire two mixed-use properties in Manhattan’s Chelsea neighborhood from Francmen 205 LLC. The properties are located at 205 and 207 Eighth Ave. The buildings include a combined total of 21,800 square feet and 23 apartments. Deborah Gutoff and Paul Nigido of Eastern Consolidated represented the seller, while Gabriel Saffioti, also of Eastern Consolidated, procured the buyer in the transaction.

May 24, 2013

MILL CREEK RESIDENTIAL BREAKS GROUND ON APT. COMMUNITY

by admin May 23, 2013

MORRISTOWN, N.J. — Dallas-based Mill Creek Residential Trust has broken ground on the 268-unit first phase of Latitude, a luxury apartment development in Morristown. The building’s cost has not been disclosed. The 258,300-square-foot first phase will include studio and one-, two- and three-bedroom apartments and a 350-space parking garage incorporated into the structure. The project’s location, at Early Street and Speedwell Avenue, is walking distance from downtown Morristown. Apartments will feature nine-foot ceilings, walk-in closets, patios/balconies (in select residences), lofts (in select residences), washers and dryers, granite countertops and energy-efficient, stainless-steel appliances. Initial occupancy for Latitude is planned for next year.

May 23, 2013

Northeast Office

TKJ ASSOCIATES SELLS 50,000 SF OFFICE BUILDING IN BRANFORD

by admin May 23, 2013

BRANFORD, CONN. — TKJ Associates has sold a 50,000-square-foot Class A office building, located at 322 E. Main St. in Branford, to 322 East Main Street LLC. The buyer is an entity owned by a Connecticut-based real estate investor and affiliate of Stamford, Conn.-based SWC Office Furniture. Steven Inglese of New Haven Group represented the seller and procured the buyer in the transaction. The three-story office building was 38 percent leased prior to the time of sale. Coinciding with the purchase of the building, the buyer entered into leases with two new tenants for the entire first floor, bringing the building’s occupancy close to 70 percent. The new owner also has renovations planned for various common areas including the lobby entrance. The New Haven Group will continue marketing the building for lease on behalf of the new owner. The purchase price was undisclosed.

May 23, 2013

Northeast Retail

HIDROCK REALTY ACQUIRES 512 BROOME ST. IN NYC

by admin May 23, 2013

NEW YORK CITY — Manhattan-based commercial real estate owner Hidrock Realty has acquired 512 Broome St., a single occupancy retail building, for $2.8 million as part of a 1031 tax deferred exchange. The property, which is located off of West Broadway in New York City’s SoHo neighborhood, includes 1,100 square feet of ground-floor space and 1,000 square feet of basement space. Michael Rothstein and Eleas Mathios of Marcus & Millichap represented both Hidrock and the seller, RHS Ventures, in the transaction.

May 23, 2013

Northeast Office

LANDIS GROUP’S 400 ATLANTIC ST. ACHIEVES LEED SILVER

by admin May 23, 2013

STAMFORD, CONN. — The Landis Group’s Class A office tower, located at 400 Atlantic St. in Stamford, has achieved LEED Silver certification from the U.S. Green Building Council for Existing Buildings. In 2012, the management at 400 Atlantic assembled an in-house team to incorporate a variety of sustainable initiatives and cost-cutting strategies, including changes in electrical usage, fuel/gas consumption and hardscape management.

May 23, 2013

Multifamily Northeast

MEADOW PARTNERS RECEIVES $30M SENIOR LOAN

by admin May 22, 2013

NEW YORK CITY — Meadow Partners has received a $30 million senior loan from PCCP LLC for the recapitalization and conversion of a 98,000-square-foot, nine-story office/retail building into a multifamily/retail project. The building is located at 42-15 Crescent St. in Long Island City in Queens. The ownership plans to convert the property to a Class A multifamily/retail property, which will contain 124 units in the 10-story building. Constructed in 1953, the building is located across the East River from Midtown Manhattan. Meadow acquired the property in December 2012 in an off-market, all-cash transaction and has plans to complete pre-development in the next few months. The project is slated for completion in early 2015. Allen & Overy LLP represented PCCP LLC and Ackman-Ziff Real Estate Group LLC arranged the financing.

May 22, 2013

Multifamily Northeast

CASTELLAN REAL ESTATE BUYS 62-UNIT BUILDING FOR $6M

by admin May 22, 2013

NEW YORK CITY — Castellan Real Estate Partners has acquired a four-story, 62-unit multifamily building in the Flatbush section of Brooklyn for $6 million, or $98,000 per unit. The walk-up apartment building was built in 1926 and includes one 47,680-square-foot store. Yosef Katz of GFI Realty Services Inc. represented the seller, a local investor. Josh Orlander, also of GFI Realty Services, represented the buyer in the transaction. The building is located at 1084 New York Ave.

May 22, 2013

Multifamily Northeast

GEBROE-HAMMER ARRANGES $2.2M SALE OF WINDING WOODS

by admin May 22, 2013

EDISON, N.J. — Gebroe-Hammer Associates has arranged the $2.2 million sale of the 21-unit Winding Woods apartment community in Edison. Joseph Brecher of Gebro-Hammer Associates represented the seller, Winding Woods 1880 LLC, and identified the buyer in the transaction. Located at 1880 Woodbridge Ave., Winding Woods includes one- and two-bedroom units with amenities such as on-site parking and laundry facilities. Rents at the property range from about $725 to $1,375.

May 22, 2013

Northeast

CHAMBERS STREET BECOMES PUBLICLY TRADED COMPANY

by admin May 22, 2013

PRINCETON, N.J. — Chambers Street Properties has been authorized to list its common shares of beneficial interest on the New York Stock Exchange (NYSE) under the ticker symbol “CSG.” Trading began Tuesday and closed at $10 per share. “We believe this listing on the NYSE and becoming a publicly traded company enables us to continue to execute our asset management, portfolio growth and capital strategies designed to maximize shareholder value,” says Jack Cuneo, president and CEO of Chambers Street.

May 22, 2013

Hospitality Northeast

SILVERSTEIN SECURES FINANCING FOR $950M NYC HOTEL, CONDO

by admin May 21, 2013

NEW YORK CITY — Silverstein Properties has secured construction financing for a $950 million, 82-story Financial District tower in downtown Manhattan that will house a Four Seasons hotel and condominium. The Children’s Investment Fund Management LLP provided financing for the project with a loan up to $660 million to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. At 926 feet, the building, which will be located at 30 Park Place, will be one of the tallest residential buildings in lower Manhattan. The hotel will include a 185-room Four Seasons-operated luxury hotel, as well as 157 Four Seasons branded luxury private residences. Construction will begin on the tower this fall, with the grand opening set for 2016. Robert A.M. Stern Architects is the architect for the building. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is serving as construction manager on the project.

May 21, 2013

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