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

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

Market Reports New Jersey Northeast Market Reports

Downtown New Jersey Retail Looks Beyond the Lunch Market

by admin April 29, 2013

What comes to mind when you say the name “Hoboken” today? A thriving downtown area filled with young, hip residents, high-class retail and 24/7 traffic that rivals areas of downtown Brooklyn. However, that wasn’t the case 10 years ago. National and regional tenants seeking space would first — and in most cases only — look to the suburban centers that were the heart of New Jersey life. Downtown retail areas were seen as lunch-driven areas boasting only five-day foot traffic and not enough parking. Now mainstays like Starbucks, Chipotle and Panera Bread have all made a home for themselves in Hoboken. What has brought about this change — which has seen Hoboken thrive but also brought about a new era of downtown retail that can be seen in the emerging neighborhoods of Newark and Jersey City? A prime factor in these areas’ rise to prominence has been the massive swell of development, not only in office towers but in entertainment centers and residential hubs. The opening of the Prudential Center in Newark four years ago revitalized the area with more than 200 events each year, including home games for the New Jersey Devils. The project was truly the first …

April 29, 2013

Northeast Retail

NEEDHAM STREET VILLAGE SHOPS COMING TO NEWTON

by admin April 26, 2013

NEWTON, MASS. — Bierbrier Development has received approval from Newton officials for Needham Street Village Shops, a 19,000-square-foot, small-shop development at located at 55 Needham St. The project is set to begin construction this summer and will be ready for tenant occupancy in late 2013, with a grand opening slated for March 2014. The Needham Street Village Shops site is a 1.5-acre assemblage of two properties previously occupied by International Bicycle and Skipjack’s Restaurant. Worcester, Mass.-based Commerce Bank provided construction and acquisition financing, which was arranged by Kyle Juszczyszyn and Carlos Febres of CBRE New England.

April 26, 2013

Multifamily Northeast

HFF CLOSES SALE OF NYC MULTIFAMILY PROPERTY

by admin April 26, 2013

NEW YORK CITY — HFF has closed the sale of 166 W. 75th Street, a 207-unit multifamily property with 3,425 square feet of ground-floor retail on Manhattan’s Upper West Side. HFF marketed the property exclusively on behalf of the seller. The 16-story building is located near the intersection of Amsterdam Avenue and 75th Street close to Central Park, Riverside Park, Lincoln Center and the 72nd Street Subway Station. Simon Development Group purchased the asset and intends to renovate the property. Jeff Julien, KC Patel, Andrew Scandalios, Jose Cruz and Kevin O’Hearn led the HFF team representing the seller. The sales price was undisclosed.

April 26, 2013

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