Northeast

SHER TREMONTE LLP SIGNS LEASE FOR 3,822 SF IN NEW YORK CITY

by admin March 25, 2013

NEW YORK CITY — Sher Tremonte LLP, a litigation firm, has signed an office lease at 80 Broad St. in New York City for 3,822 square feet. The firm will occupy the 13th floor of the office building for five years. Sher Tremonte specializes in commercial litigation as well as trust and estate litigation. Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Grubb Knight Frank represented the landlord, an affiliate of Savanna, while Seth Hecht of Colliers International represented the tenant in this transaction.

March 25, 2013

Signs Point to Retail Growth in Danbury

by admin March 25, 2013

Blessed by a favorable location and high quality of life standards, the Danbury, Conn., retail market has grown in the recent 18 months and should continue to expand in 2013. Key among growth indicators are: * Whole Foods is opening its first store in the Danbury market in 2013. * Panera Bread and Petco recently opened second stores in this market. * Toll Brothers is under way with a new 1,200-home community in anticipation of regional population growth and changing demographics. * Danbury has the lowest unemployment rate in the state (7.1 percent seasonally unadjusted as of January 2013, according to the Bureau of Labor Statistics). Location and Demographics Danbury is located in northern Fairfield County on the border of New York State and is approximately 50 miles north of New York City. (The Metro train to NYC takes just over an hour.) The population is approximately 80,000. Danbury serves Fairfield and Litchfield County in Connecticut as well as Westchester, Putnam and Dutchess counties in New York. Stamford, Conn.; White Plains, N.Y.; and Hartford, Conn., are each about an hour away. The relatively short commutes to these larger urban hubs entice real estate occupiers for office space and retail tenants …

March 25, 2013

Northeast Office

SL GREEN ARRANGES $925M ACQUISITION FINANCING FOR SONY BUILDING IN NYC

by admin March 22, 2013

NEW YORK CITY — SL Green Realty Corp. has arranged $925 million bridge acquisition financing for the Sony Building at 550 Madison Ave. in New York City. The building, which is currently Sony's U.S. headquarters, was purchased for $1.1 billion by a group led by real estate developer Chetrit Group, according to Reuters. The financing matures contemporaneously with the expiration of Sony’s leaseback of the property and consists of a $600 million senior loan originated by Bank of China; a $175 million senior mezzanine debt, which SL Green sold to a private investment manager; and a $150 million junior mezzanine debt originated by SL Green. Philip Johnson and John Burgee designed the 37-story, 852,830-square-foot tower. The building was originally built for AT&T. Ironhound Management was the advisor to the borrower.

March 22, 2013

Hospitality Northeast

HFF ARRANGES $38.9M ACQUISITION FINANCING FOR HANOVER MARRIOTT IN N.J.

by admin March 22, 2013

WHIPPANY, N.J. — HFF has arranged $38.9 million in acquisition financing for the Hanover Marriott, an eight-story, 353-room hotel in Whippany, located about 50 miles west of New York City. HFF worked on behalf of Clarion Partners to secure a six-year, fixed-rate loan through a national life insurance company. The Hanover Marriott is located at 1401 Mount Pleasant Ave. near Interstate 287. The property underwent a $15 million renovation in 2011, which included a redesign of its main restaurant and lobby, guestrooms, bathrooms and corridor renovations, pool and fitness center upgrades and building system improvements. Steven Klein and John Bourret of HFF represented the borrower in the transaction.

March 22, 2013

Multifamily Northeast

NYC INVESTORS SELL FIVE-STORY APARTMENT BUILDING FOR $1.1M

by admin March 22, 2013

NEW YORK CITY — A group of investors has sold 193 Buffalo Avenue, a five-story, 9,100-square-foot apartment building in Brooklyn, for $1.1 million. The 10-unit multifamily property was built in 1910 and has had the same owners for more than 20 years. Shlomo Antebi of GFI Realty Services Inc. represented the seller. Joseph Landau of GFI Realty Services represented the buyer, a local investor, in the transaction.

March 22, 2013

Northeast Office

WINSLOW, EVANS & CROCKER SIGNS 23,088 OFFICE LEASE IN BOSTON

by admin March 22, 2013

BOSTON — Winslow, Evans & Crocker Inc. has signed a 23,088-square-foot office lease for its corporate headquarters at 175 Federal St. in Boston’s Financial District. The financial advisory firm, which occupies 16,376 square feet on the sixth floor, has taken an additional 6,712 square feet on the eighth floor. The landlord of the Class A, 227,365-square-foot office building, Equity Office Properties, was represented by Britton Derkac and Ryan Enright of Cresa. Rick Lowe and Brandon Leitner of Cresa represented Winslow, Evans & Crocker Inc. in the transaction. Barry Dubé and Mike Labonte of Cresa will oversee management activities for the project, which is slated for completion by this May.

March 22, 2013

Industrial Northeast

EASTERN UNION ARRANGES $9.8M LOAN FOR INDUSTRIAL PROPERTY IN NYC

by admin March 21, 2013

NEW YORK CITY — Commercial mortgage brokerage firm Eastern Union Funding has arranged a $9.8 million acquisition loan for a 50,000-square-foot industrial property on Grand Street in Brooklyn. The 10-year loan includes an interest rate of 4 percent and a 15-year amortization schedule. Iselin, N.J.-based Investors Bank provided the financing. Ira Zlotowitz and Dov Zabrowsky of Eastern Union secured the loan.

March 21, 2013

Multifamily Northeast

10,068 SF APARTMENT BUILDING IN NEW YORK CITY SELLS FOR $8M

by admin March 21, 2013

NEW YORK CITY — Prime East Realty has sold an apartment building at 539 E. 87th St. in Manhattan’s Upper East Side neighborhood, for $8 million. Far East 87 LLC purchased the five-story, 10,068-square-foot building. Each of the 10 units include high ceilings, oversized doors, oak strip flooring, A/C window units, aluminum kitchen appliances, exposed brick walls and a washer and dryer. The apartments also feature marble windowsills, countertops and bathrooms, as well as recessed lighting. Thomas Gammino of Massey Knakal brokered the transaction.

March 21, 2013

Multifamily Northeast

EAGLEBRIDGE CAPITAL ARRANGES $4.8M LOAN FOR BOSTON CONDO CONSTRUCTION

by admin March 21, 2013

BOSTON — EagleBridge Capital has arranged $4.8 million in financing for three multifamily units in Boston on behalf of Neelon Properties. Ted Sidel and Brian Sheehan of EagleBridge arranged a $4 million mortgage for two units located at 251 Marlboro St. in the Back Bay neighborhood, plus an $820,000 mortgage for a unit located at 77 Worcester St. in the South End. The lenders were two leading financial institutions. The Marlboro Street units contain a total of 4,950 square feet on two floors. The two-story 77 Worcester Street is a 1,700-square-foot penthouse duplex. The interiors of Marlboro Street units and the Worcester Street unit are being completely rebuilt.

March 21, 2013

Northeast Office

VITECH SIGNS LONG-TERM RENEWAL, EXTENSION LEASE AT NYC OFFICE BUILDING

by admin March 21, 2013

NEW YORK CITY — Vitech Corp. has renewed and extended its 42,200-square-foot office lease at 401 Park Ave. South. Vitech Corp. signed a 10-year lease for two floors at the 12-story property. The corporation’s global headquarters are located in the 252,000-square-foot office building. Dennis Someck of Lee & Associates represented Vitech in the transaction, while Mark S. Stein and Jason Vacker of Meringoff Properties represented the building’s owner. Vitech is a worldwide provider of systems engineering and architecting software solutions.

March 21, 2013

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