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.
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.
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.
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.
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.
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.
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.
WEST BRIDGEWATER, MASS. — Boston-based EagleBridge Capital has arranged $10 million in permanent mortgage financing for One United Drive, located in West Bridgewater, about 30 miles south of Boston. One United Drive is a 315,000-square-foot industrial building, which includes 30,000 square feet of office space and 285,000 square feet of manufacturing and distribution space on a 29.8-acre site. Campanelli Cos. originally developed the building in 1987 for United Liquors. Major tenants include Cheer Pack North America, which occupies 187,500 square feet, and Federal Express, which occupies 88,500 square feet. A Massachusetts-based financial institution provided the loan. Brian Sheehan and Ted Sidel of EagleBridge arranged the mortgage financing.
PRINCETON, N.J. — Cantor Commercial Real Estate has provided $8.2 million in financing for 5-13 Witherspoon St. in Princeton. Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield arranged the 10-year loan for Jeffrey Siegel and an affiliate of ML7. The 17,000-square-foot mixed-use property was renovated shortly after the current ownership purchased the property in 2010. Agricola Eatery, a farm-to-table restaurant, opened at the location in March.
NEW YORK CITY — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of an 8,800-square-foot property at 16-13 Stephen St. in the Ridgewood section of Queens for $1.3 million. Howard Darsi of KDA represented the buyer, Jack Pierson Studio, while Jean Cook, also of KDA, represented the seller, Stephen Street Realty LLC, in the transaction. Jack Pierson relocated to 16-13 Stephen Street from 70 Greenwich Ave. in Manhattan, and will use the location as a studio. Located between Cypress and Wyckoff avenues, the property provides easy access to Manhattan and Brooklyn via the L subway line.