PARAMUS, N.J. — Michael Fascitelli has resigned as Vornado Realty Trust’s president and chief executive officer, effective April 15. Fascitelli said he plans to take a break after which time he will pursue new challenges. He will continue to serve on Vornado's Board of Trustees. Fascitelli joined Vornado 16 years ago as president and trustee. In May 2009, he became chief executive officer. The board has appointed Steven Roth, the company's chairman, as the new chief executive officer. Vornado is one of the largest owners and managers of commercial real estate in the United States with a portfolio of more than 100 million square feet, primarily located in the New York and Washington, D.C. areas. The publicly traded real estate investment trust trades under the symbol VNO on the New York Stock Exchange.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of an office building portfolio for Yeshiva University for $87.5 million. The buildings are located in New York City and include: 920 Broadway, a 16-story office building located on the southeast corner of Broadway; and 9 East 38th Street, a 12-story office building located on the north side of East 38th Street, between Fifth Avenue and Madison Avenue. Bob Knakal and John Ciraulo of Massey Knakal handled the transaction.
SECAUCUS, N.J. — Hartz Mountain Real Estate has sold 2 Emerson Lane, a two story, 283,215-square-foot industrial facility in Secaucus for $18.4 million. CoreSite Realty Corp. purchased the property. The industrial building is situated on a 10-acre site and is close to the New Jersey Turnpike, Interstate 495, Newark Liberty Airport and Port Newark. It was purchased vacant and will be converted to a data center. The HFF investment sales team represented Hartz Mountain Real Estate in the deal.
NEW YORK CITY — NorthMarq Capital has arranged a $1.3 million mortgage refinancing for a 6,000-square-foot daycare center, located 2813 Farragut Road in Brooklyn. Bumble Bees R Us, an early childhood education facility, occupies the building. NorthMarq placed the 10-year, fixed-rate loan through a life insurance company. The loan has a 25-year amortization schedule.
NEW YORK CITY — Macy’s has renewed its 646,000-square-foot lease at Eleven Penn Plaza in Manhattan until 2035. Eleven Penn Plaza is a 1.1 million-square-foot office building in the Penn Plaza district where Vornado Realty Trust owns approximately 9 million square feet of office, retail and hotel space. The building was built in 1923 and has 23 floors. Macy’s, with corporate offices in Cincinnati and New York, is a national retailer with fiscal 2011 sales of $26.4 billion.
COLLINGSWOOD, N.J. — Ingerman has broken ground on the first phase of The Collings at The LumberYard, a $20 million apartment community in Collingswood, N.J. The first phase of the community will include 34 apartment homes in a mix of one-, two- and three-bedroom floor plans, including seven townhomes with private entrances. The Collings’ first phase, including the opening of a leasing center with a furnished model, is scheduled for completion this spring. The second phase will begin construction later this year and will include a five-story, mixed-use building featuring 70 apartments, as well as ground-floor commercial space. The commercial space will house Ingerman’s new corporate headquarters and 1,500 square feet of retail.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors LLC and Q10 Realty Advisors LLC have arranged financing for 170 Hamilton Ave. in White Plains for $6 million. The mixed-use property includes 60,000 square feet of office and retail space with 16 tenants and is managed and leased by GHP Office Realty. The five-year loan was placed with a local bank at an interest rate of 4.25 percent with a 30-year amortization schedule. Bryan and James Houlihan of Houlihan-Parnes Realtors arranged the loan. Michael Karger of Madison Abstract arranged the title. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower.
EXTON, PA. — Pennsylvania Real Estate Investment Trust has plans to establish an ambulatory-care facility at one of its shopping malls through a partnership with Main Line Health. Bryn Mawr-based Main Line Health will operate the 32,000-square-foot facility at the Exton Square Mall in Exton, located about 30 miles west of Philadelphia. The facility will have a broad range of diagnostic and treatment services including physicians, obstetric and gynecology specialists, oncologists, pediatricians and other specialty physician practices. The facility is scheduled to open later this year.
NEW YORK CITY — Massey Knakal has sold a development site, located at 950 Summit Ave., to 950 Summit LLC for $875,000 in Brooklyn. The site, which equates to approximately 57,190 buildable square feet, has 175 feet of frontage on Summit Avenue and 95 feet on West 162nd Street. 950 Summit LLC has plans to build a workforce housing on the site.
WESTBURY, N.Y.— Kalmon Dolgin Affiliates Inc. has arranged a 68,000-square-foot, long-term lease for Mr. Wu, a manufacturer of tofu and bean sprouts, at 750 Summa Ave. in Westbury. Linda Wong of Kalmon Dolgin represented Mr. Wu, while David Sargoy of Brown Harris Stevens represented the owner, 750 Summa Avenue LLC, in the deal. Mr. Wu will occupy the entire one-story warehouse, which includes 1,000 square feet of office space.