Northeast

WAYFAIR.COM SIGNS 105,000 SF LEASE IN BOSTON

by admin May 1, 2013

BOSTON — Wayfair.com has signed a 105,000-square-foot lease at Copley Place in Boston’s Back Bay area. The location will become Wayfair.com’s new corporate headquarters. The lease was signed with Simon Property Group Inc. (NYSE: SPG), landlord of Copley Place. The new space is 10 percent larger than Wayfair.com’s current offices at 177 Huntington Ave. and can be expanded as the company continues to grow. Wayfair.com is an online retailer of home goods. Michael Joyce, Jonathan Varholak and Thomas Ashe of Richards Barry Joyce & Partners represented Wayfair.com. Ogden White of CBRE New England represented Simon Property Group.

May 1, 2013

THREE NYC AREA PROPERTIES SELL FOR $26.6M

by admin May 1, 2013

NEW YORK CITY AND POMPTON LAKES, N.J. — Marcus & Millichap has arranged the sale of two retail properties in Manhattan’s West Village and one mixed-use property in Pompton Lakes, N.J. for $26.6 million. The buildings in New York City include 333 Sixth Avenue, a retail condominium that sold for $16.5 million and 192 Seventh Avenue South, a net-leased retail property that sold for $4.1 million. The property in Pompton Lakes, N.J., which includes four mixed-use assets, sold for $6.5 million and is located at 226-247 Wanaque Ave. Mark Gjonbala of Marcus & Millichap represented the buyer of the two Manhattan properties, The Jackson Group, and the sellers, Florida-based YMZ Realty LLC and Tilou Realty Corp. Gjonbalaj also advised the buyer of 226-247 Wanaque Avenue, Ocean Lake Realty LLC, a New Jersey-based investor. Barbara Dansker and Michael Lombardi of Marcus & Millichap represented the seller, Alrose Pompton LLC, in the New Jersey transaction.

May 1, 2013

Northeast Office

MACK-CALI SELLS NEW JERSEY PROPERTY FOR $72.3M

by admin April 30, 2013

BRIDGEWATER, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold its 55 Corporate Drive office building in Bridgewater for $72.3 million. The four-story, 205,439-square-foot Class A property was sold to a subsidiary of Cole Corporate Income Trust Inc., an entity managed by Cole Real Estate Investments. The building, which was developed by Mack-Cali as a build-to-suit for Sanofi-Aventis, was completed in early 2011. Adam Spies, Kevin Donner and Neill Wessell of Eastdil Secured LLC represented Mack-Cali in this transaction.

April 30, 2013

Civic Northeast

CONSTRUCTION OF $27.8M QUEENS LIBRARY IS UNDERWAY

by admin April 30, 2013

ELMHURST, N.Y. — New York City officials and employees from Stalco Construction Inc. celebrated a topping-out ceremony for the $27.8 million, 30,000-square-foot Queens Library at Elmhurst. The new four-story library, which is expected to open in 2014, will be double the size of the former library and feature separate library areas for adults, children and teens. Stalco Construction was the general contractor. Other project team members include architect Marpillero Pollak Architects, structural engineer Severud Associates, mechincal electrical and plumbing engineer Ads Engineers, lighting designer See/Arch and landscape architect Wallace Roberts & Todd.

April 30, 2013

Northeast Office

EMERGE212 OPENS TWO OFFICES IN NYC

by admin April 30, 2013

NEW YORK CITY — Emerge212, a Manhattan boutique office environment service provider, has celebrated the grand opening of two new workspace centers at 3 Columbus Circle (3CC) and 125 Park Avenue in Manhattan. The centers total 90,000 square feet of flex office space. The 60,000-square-foot office at 3CC, which has recently undergone a $175 million redevelopment program, is situated on the 15th and most of the 16th floors of the 26-story building. The 30,000-square-foot office at 125 Park Avenue occupies the top two floors, 25 and 26. David Silverman of New York City-based Loffredo Brooks Architects designed the interiors of 3CC and 125 Park Avenue. Features of the new offices include private phone booths, a water/coffee bar and oversized boardrooms. Approximately 50 percent of 3 Columbus Circle is preleased and about 25 percent is preleased at 125 Park Avenue. SL Green owns both properties.

April 30, 2013

Northeast Office

THE NAVIGATORS GROUP SIGNS 36,782 SF LEASE

by admin April 30, 2013

STAMFORD, CONN. —The Navigators Group Inc. has signed a long-term lease to occupy the entire eighth floor — totaling 36,782 square feet — at 400 Atlantic St. in Stamford. The international specialty insurance holding company will relocate its corporate headquarters from Rye Brook, N.Y., bringing with it an additional 200 jobs. Navigators joins a tenant roster at the 15-story, 500,000-square-foot Class-A office tower that includes corporations such as Charter Communications, UBS, American Express, The Santander Group and Harman Kardon. The Landis Group is the landlord at 400 Atlantic St.

April 30, 2013

Multifamily Northeast

UNITED REALTY TRUST BUYS $23M TILDEN HALL IN BROOKLYN

by admin April 29, 2013

NEW YORK CITY — United Realty Trust has purchased Tilden Hall, located at 2520 Tilden Ave. in Brooklyn, for $22.9 million. The sales price equates to a value of $195,726 per unit, or $266 price per square foot, and includes a capitalization rate of 9.8 percent. The nine-story multifamily building includes 117 units and spans 86,000 square feet. Highland Park Development leases the property, which signs biyearly service agreements with the city and its Department of HomelessServices to provide transitional housing, counseling and rehabilitation programs for families in need. Greg Corbin and Amit Doshi of Besen & Associates completed the transaction.

April 29, 2013

Multifamily Northeast

GAIA REAL ESTATE ACQUIRES 463-UNIT COMMUNITY

by admin April 29, 2013

PROVIDENCE, R.I. — Gaia Real Estate has acquired the 478-unit Winchester Park & Winchester Wood, one of the largest apartment complexes in Providence. The undisclosed price was approximately $115,000 per unit. The acquisition also includes 20 acres of land next to the complex in the neighborhood of Riverside in East Providence. Winchester Park & Winchester Wood includes 79 two-and three-story garden- and townhouse-style apartment buildings and one single-story clubhouse building. Gaia Property Management will manage the apartment community. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer.

April 29, 2013

Industrial Northeast

BEECH STREET CLOSES $8.4M LOAN FOR APARTMENTS

by admin April 29, 2013

ORANGE, N.J. — Beech Street Capital has closed an $8.4 million Fannie Mae conventional loan for the acquisition of South Orange Towers, a 108-unit mid-rise apartment building in Orange, a western suburb of New York City. The fixed-rate loan has a 10-year term, with 2.5 years of interest-only payments, seven-year yield maintenance and a 30-year amortization schedule. South Orange Towers is 99 percent occupied and includes a pool. The borrower plans to make substantial renovations, including replacing windows, renovating kitchens and retiling and refitting baths. Avi Weinstock and Josh Rhine of Meridian Capital Group LLC originated the transaction, which was financed by Beech Street Capital.

April 29, 2013

Industrial Northeast

INDUSTRIAL COMPLEX IN NEWTON SELLS FOR $1.4M

by admin April 29, 2013

NEWTON, N.J. — NAI James E. Hanson has arranged the sale of a 109,751-square-foot industrial complex at 75 Mill Street in Newton, located about 45 miles east of Newark, for $1.4 million. The seller was Newton Industrial Park LLC. The buyer, Darlington Heritage Properties LLC, intends to hold the site for investment purposes. The two-story property includes 21 units with ceiling heights totaling 15 feet, five tailgates and one drive-in door. Sig Schorr and Joseph Vindigni of NAI Hanson represented both parties in the transaction.

April 29, 2013

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