NEW YORK CITY — The U.S. development arm of China-based Xinyuan Real Estate has acquired a parcel of land in Brooklyn's Williamsburg neighborhood for $54.2 million. The site contains 92,000 square feet on Kent Avenue and can accommodate 506,000 square feet of buildable residential development. The new owner plans to begin construction of a condominium in the first half of 2013. The seller was New York real estate investor Richard Kalikow, who also serves as president of Manchester Real Estate & Construction. The buyer was self-represented by Omer Ozden in the transaction.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has closed on its purchase of 2 Rector St. The property is a 464,000-square-foot, 26-story office building in Lower Manhattan, adjacent to the World Trade Center development. Savanna worked in partnership with Stellar Management to buy out Stellar's partners, including Lehman Brothers, to secure a controlling interest in the property. Savanna first became involved in the property in 2007, when it acquired part of the building's first mortgage for a reported $100 million. In 2010, Savanna recapitalized the property by providing a mezzanine loan. Stellar continues to own a minority interest in the property and will stay on as the property manager. Savanna is planning a mulit-million dollar capital improvement program to upgrade the building's lobby, elevators and building systems.
ELIZABETH, N.J. — Continental Terminals, the largest handler of specialty coffee in the U.S., has leased a 158,735-square-foot distribution facility in Elizabeth. The facility is located at 535 Dowd Ave. The company plans to use the space for distribution of import commodities. The space features 6,080 square feet of office space, 10 interior loading docks with levelers and one drive-in door. The property is located one mile from New Jersey ports and Exit 13A on the New Jersey Turnpike. Andrew Grabis and Marc Policarpo of Binswanger represented the landlord, Seagis Property Group, in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the $3.6 million sale of 1409-1451 St. Johns Place, two contiguous apartment buildings in the Crown Heights section of Brooklyn. The four-story buildings consist of 40 apartments and approximately 36,000 square feet. Shulem Paneth of GFI Realty Services represented the sellers, two local investors. Yosef Katz, also of GFI, represented the buyer, a local investor.
EXETER, N.H. — Vapotherm Inc. has signed a lease for 25,930 square feet of office and warehouse space at 22 Industrial Drive in Exeter. The company, which develops and manufactures respiratory devices, will share the building with Sea View Technologies. David Choate of Grubb & Ellis/Northern New England represented the landlord, DeCoto LLC, in the transaction. Michael Bergeron of the New Hampshire Department of Resources and Economic Development assisted the tenant.
FORT LEE, N.Y. — SJP Properties has broken ground on two 47-story apartment towers in Fort Lee, decades after the site near George Washington Bridge was first cleared for development. SJP is working in partnership with Prudential Real Estate Investors and Northwestern Mutual Life Insurance Co. on the $500 million project. The redevelopment, known as The Modern, will feature 900 luxury apartments and a public park with a 7,000-square-foot restaurant. SJP will also develop a 13,000-square-foot building to be donated to the Borough of Fort Lee, which will house a theater and museum. The buildings will be located at 100 and 800 Park Ave. and residents should be able to move in during the summer of 2014. PNC Bank and Wells Fargo are providing the construction financing.
MANHASSET, N.Y. — Nordstrom plans to open a new 32,000-square-foot Nordstorm Rack at Manhasset Center, which is owned and operated by Kimco Realty Corp. The store will be the retailer's third Nordstrom Rack location in Long Island and is scheduled to open in fall 2013. Nordstrom Rack is the off-price retail division of Nordstrom Inc. and carries merchandise from Nordstrom stores at 50 to 60 percent off original Nordstrom prices. The new two-level store will be located in the former Filene's Basement at Manhasset Center.
EAST RUTHERFORD, N.J. — Meridian Capital Group has arranged a $9 million mortgage loan for Station Square Apartments, an 84-unit apartment complex on Van Winkle Street in East Rutherford. Steven Tessler of Meridian arranged the five-year loan at an interest rate of 3.5 percent.
NEW YORK CITY — Ariel Property Advisors has arranged the $2.9 million sale of an apartment building at 505 W. 161st St. in Washington Heights. The 21,732-square-foot property features 30 units. Michael Tortorici, Victor Sozio, Jesse Deutch and Daniel Tropp of Ariel Property Advisors represented the the seller, an institutional investor, in the transaction. They also represented the buyer, a private investment group.
NEW YORK CITY — A joint venture between The Davis Cos. and Cayuga Capital Management has acquired a 12,444-square-foot development site in Brooklyn's Greenpoint neighborhood for $5.2 million. The property is located at the corner of Greenpoint Avenue and West Street. The buyers are planning to build a 32,500-square-foot, 50-unit multifamily building on the site. The building will include recreational space, a 25-car parking lot and a laundry facility. Peter Steier and Aaron Appel of Meridan Capital Group arranged the equity for the acquisition of the development site.