Northeast

MASSEY KNAKAL ARRANGES SALE OF MIXED-USE BUILDING FOR $4.3M IN NYC

by admin March 8, 2013

NEW YORK CITY — Massey Knakal has arranged the sale of 52 W. 21st St., a renovated mixed-use building, for $4.3 million. The five-story building, located on the south side of 21st Street between Fifth Avenue and Avenue of the Americas, includes ground-floor retail and four apartments above. Originally built in 1862, the building underwent a complete transformation that included façade work, gut rehabilitation of each floor and new mechanical systems. All units have individual gas boilers and hot water heaters with separate metering.

March 8, 2013

Northeast

VACANT LOT SELLS FOR $3.6M IN THE BRONX

by admin March 8, 2013

NEW YORK CITY — A vacant lot at 5959 Broadway in the Bronx has sold for $3.6 million. The property features 200 feet of frontage along Broadway and zoning allows for approximately 40,000 buildable square feet and 80,000 buildable square feet with a community use facility. Victor Sozio, Scot Hirschfield, Jesse Deutch and Jason Gold of Ariel Property Advisors represented the seller, a real estate investment firm, and the buyer, an affordable housing group, in the deal.

March 8, 2013

Northeast Office

ARGO TURBOSERVE CORP. EXPANDS OFFICE BY 15,000 SF IN LYNDHURST, N.J.

by admin March 8, 2013

LYNDHURST, N.J. — ARGO Turboserve Corp. has expanded its office at Cityview Corporate Center in Lyndhurst by 15,000 square feet to a total of 35,000 square feet. The 138,000-square-foot, three-story Cityview Corporate Center is situated on 8.4 acres at 160 Chubb Ave. in Lyndhurst. Curtis Foster of Cushman & Wakefield represented the building’s owner, a Boston-based pension fund advisor, in the deal. John Friedland of United Realty Advisors LLC represented ARGO Turboserve Corp.

March 8, 2013

Industrial Northeast

NAVY YARD BUILDING UNDERGOING $80M RENOVATION IN NYC

by admin March 7, 2013

NEW YORK CITY — Building 77, a 1 million-square-foot warehouse building at the Brooklyn Navy Yard, will undergo an $80 million renovation. The 16-story former ammunition depot will be transformed into a modern, sustainable hub for manufacturing and technology innovation. The reuse of the building will result in the creation of up to 1,500 new jobs at the Navy Yard during the next five years. Brooklyn Navy Yard Development Corp. will lease 240,000 square feet to Jack Basch, a Brooklyn-based developer and entrepreneur. Basch is the owner and CEO of Shiel Medical Laboratories. Shiel will occupy at least one floor, approximately 60,000 square feet. Basch will sub-lease the rest of the space to other high-tech industrial and medical-service companies. Construction is set to begin in spring 2013 and will last about 18 months.

March 7, 2013

Multifamily Northeast

EDR CLOSES FINANCING, BEGINS CONSTRUCTION ON $57.5M COMMONWEALTH HALL

by admin March 7, 2013

WEST CHESTER, PA. — EdR has closed financing and begun construction on a $57.5 million third-party student housing development on the campus of the West Chester University of Pennsylvania. The development continues the university's housing renewal initiative that began in 2001. The new housing — named Commonwealth Hall — will be complete by the summer of 2014. The property will have 653 beds in a variety of floor plans from single-occupancy apartments to shared-living suites for up to six residents. Amenities will include a fitness center, study lounges and a full residence life program. The university's student health services, counseling center and emergency medical services will be on the lower level of this eight-story building.

March 7, 2013

Northeast Retail

JONES LANG LASALLE CLOSES $32M SALE OF RED LION PLAZA IN PHILADELPHIA

by admin March 7, 2013

PHILADELPHIA — Jones Lang LaSalle has closed the $32 million sale of Red Lion Plaza for Onyx Equities and Invesco Real Estate. A private buyer purchased the 229,204-square-foot retail shopping center, which is 95 percent occupied. Best Buy, Staples, American Signature and Planet Fitness anchor the property. The shopping center is located at the intersection of Roosevelt Boulevard and Red Lion Road in Northeast Philadelphia. Joseph Garibaldi, Jim Galbally, Dave Wojciechowski and Doug Rodio of Jones Lang LaSalle arranged the deal.

March 7, 2013

Multifamily Northeast

HOULIHAN-PARNES REALTORS PLACES $1.3M LOAN FOR 3311 GILES PLACE IN NYC

by admin March 7, 2013

NEW YORK CITY — Houlihan-Parnes Realtors LLC has placed $1.3 million in financing for 3311 Giles Place, a 99-unit apartment building in Brooklyn. The seven-story multifamily property was constructed in 1962 and includes two self-service elevators, a marble lobby and terraces. The 10-year, fixed-rate loan has a 30-year amortization schedule and is through a local bank. Norman Himmelfarb of Himmelfarb & Sher LLP represented the borrower in the transaction.

March 7, 2013

Industrial Northeast

MANHATTES GROUP ARRANGES SALE OF 4,830 SF WAREHOUSE IN BROOKLYN

by admin March 7, 2013

NEW YORK CITY — A one story, 4,830-square-foot warehouse at 2460 Rowe St. in New York City has sold for $785,000. The building was constructed in 1969 and includes high ceilings and drive-in doors. Alan Shmaruk and Michael Sherman of Manhattes Group represented the seller and Ralph Tiseo of T and M Realty Group represented the buyer, which will operate a fuel business out of the warehouse.

March 7, 2013

Northeast Seniors Housing

BEECH STREET CLOSES $20.6M LOAN TO REFINANCE SKILLED NURSING FACILITY

by admin March 6, 2013

LAKEWOOD, N.J. — Beech Street Capital LLC has closed a $20.6 million FHA 232/223(f) loan to refinance Leisure Chateau Care & Rehabilitation Center, a 242-bed skilled nursing facility in Lakewood. Constructed three years ago, Leisure Chateau is situated 70 miles south of New York City and 70 miles east of Philadelphia. The first-time borrower plans to use the loan to refinance existing eligible debt, complete minor repairs and to establish a replacement reserve account. Joshua Rosen of Beech Street Capital originated the transaction.

March 6, 2013

Northeast

JOINT VENTURE AWARDED $20M CONSTRUCTION MANAGEMENT CONTRACT

by admin March 6, 2013

NEW YORK CITY — A joint venture between Hill International and The LiRo Group has been awarded a contract by the New York City School Construction Authority to provide construction management, professional staffing and consulting services. The two-year contract has an estimated value to the joint venture of up to $20 million. Hill and LiRo are equal partners in the joint venture.

March 6, 2013

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