NEW YORK CITY — A joint venture between Witkoff Group, Maefield Development, Infinity Urban Century and New Valley LLC has completed the $430 million acquisition of a development site at 701 Seventh Ave. in Times Square. The companies plan to build a 340,000-square-foot multi-use complex that will include retail, a hotel and the nation's largest single LED screen. The $800 million project is expected to be operational within two years and fully complete in three years. Starwood Capital is providing $475 million in combined acquisition and construction financing for the project. An existing 11-story office building at the site will be partially demolished to make way for the complex.
NEW YORK CITY — Whole Foods Market has signed a lease for 39,000 square feet at 1551 Third Ave. on Manhattan's Upper East Side. The grocery store is expected to open in 2014 and will mark the company's eighth location in Manhattan. The three-level store will stretch along the entire block front between 87th and 88th streets. Gary Alterman of RKF represented the property owner, Milstein Properties, in the transaction. Chase Welles and Jacqueline Klinger of SCG Retail represented the tenant.
HICKSVILLE, N.Y. — Ivy Realty has acquired Station Plaza, a two-building, 420,000-square-foot office complex in Hicksville. The property is located at 100, 102 and 110 Duffy Ave., adjacent to the Hicksville LIRR train station. The five-story buildings are 36 percent leased to tenants such as New York Sports Club and Farmers Insurance Group. Andrew Scandalios, Jose Cruz, Kevin O'Hearn and Jeffrey Julien led the HFF team that represented the seller, Duffy HH LLC, in the transaction. HFF also arranged the acquisition financing through Aetena Life Insurance Co. on behalf of the buyer.
NEW YORK CITY — Beech Street Capital has arranged an$8.2 million Fannie Mae loan for the refinancing of a 74-unit apartment building on Fort Washington Avenue in Manhattan. Carol Selby of Meridian Capital Group originated the seven-year, fixed-rate loan. The borrowers have owned the property since 1999, which is located in Hudson Heights.
CRANBURY, N.J. — Matrix Development Group has sold 102 Melrich Road, a 103,350-square-foot distribution facility in Cranbury. In conjunction with the sale, Tris Pharma, a pharmaceutical company, has leased the property from the new owner. The single-story property is situated on eight acres, and is less than two miles from the Exit 8A interchange of the New Jersey Turnpike. The property was constructed in 1977 and expanded in 1987. David Zimmel of Zimmel and Associates represented the buyer in the transaction.
PORT WASHINGTON, N.Y. — A joint venture between Vastgood Properties and a fund managed by Prudential Real Estate Investors has acquired a portfolio of seven supermarket-anchored shopping centers for $104 million. The seller was Cedar Realty Trust Partnership. The properties total 561,000 square feet and six are anchored by Giant Food stores, with one anchored by Nell's Supermarket. The properties include: Aston Center in Aston, Pa.; Ayr Town Center in McConnellsburg, Pa.; Parkway Plaza in Mechanicsburg, Pa.; Pennsboro Commons in Pennsboro, Pa.; Scott Town Center in Bloomsburg, Pa.; Spring Meadow Shopping Center in Reading, Pa.; and Stonehedge Square in Carlisle, Pa. The properties are more than 95 percent occupied.
NEW YORK CITY — Premier Equities has acquired a retail condominium at 57-63 Greene St. in Manhattan's SoHo neighborhood for $17 million. The property is fully occupied by Cyrus Co. and Raul Carasso, two home furnishing companies, and Bang & Olufsen, the global audio systems retailer. A 53,725-square-foot loft building is located atop the retail space, which is scheduled for a condominium conversion. Peter Hauspurg, David Schechtman, Lipa Lieberman, Marion Jones and Gary Meese represented the seller, Aion Partners, in the transaction.
NEW YORK CITY — Johnson Capital and Better Commercial Mortgage have arranged a $9.5 million loan for the 128-room Wyndham Garden Hotel in the Long Island City section of Queens. The debt will be used to refinance an existing land and bridge loan. A Queens-based developer opened the select-service hotel in May, which is located at 44-29 9th St. Daniel Lisser of Johnson Capital and Better Commercial Mortgage jointly arranged the three-year loan through Hall Structured Finance, a private direct lender.
ST. CLAIR AND CRANBERRY TOWNSHIP, PA. — Dick's Sporting Goods is opening two news store in Pennsylvania today. The stores have opened at South Hills Village Mall, located at 301 South Hills Village Drive in Upper St. Clair, and Cranberry Crossing, located at 2021 Mackenzie Way in Cranberry Township. Additionally, a ribbon cutting ceremony will be held Friday, Oct. 19. At the Cranberry Township store, Friday's appearances will include Pittsburgh Steelers linebacker Larry Foote and University of Pittsburgh men's basketball coach Jamie Dixon. At the St. Clair store, Pittsburgh Steelers wide receiver Emmanuel Sanders and Pittsburgh Steeler Jerome Bettis will be present this Friday.
NEW YORK CITY — DelShah Capital has acquired the mortgage debt on 22 Renwick St., a 19-unit condominium with ground-floor commercial space in New York City. The price was not disclosed however, David Schectman and Alan Miller of Eastern Consolidated marketed the property for nearly $25 million. Originally developed by Orange Management, the building went into foreclosure during the economic downturn in 2008. DelShah will finance the remaining construction of the 24,000-square-foot property while investing in upgrades. OTL Enterprises will complete the property build-out.