NEW YORK CITY — A 410,000-square-foot industrial property at 385 Gerard Ave. in the Bronx has sold to a storage facility operator for $28.5 million. The former manufacturing building's floor plates make it suitable for conversion to office or continued light industrial and warehouse use. The building is also located between two major Bronx arteries, the Major Deegan and Grand Concourse. Bob Knakal and David Simone of Massey Knakal represented the seller in the transaction. Newmark Grubb Knight Frank represented the buyer.
FREDONIA, N.Y. — NorthMarq Capital has arranged an $8.2 million loan for the refinancing of Fredonia Place, an 84-unit assisted living facility at 50 Howard St. in Fredonia. Elliot Auerbacher of NorthMarq arranged the 37-year, fixed-rate loan through an FHA lender. The loan contains a 37-year amortization schedule.
TOMS RIVER, N.J. — Diversified Equities Corp. has acquired a triple net leased retail property at 1199 Route 37 E. in Toms River for $3.2 million. The 10,205-square-foot building is situated on 1.8 acres and is home to AAA Mid-Atlantic Car Care Center, which offers AAA member services and full-service auto repairs. Gregory Panayoti of The Goldstein Group represented the buyer in the transaction. Berkeley Capital Advisors represented the seller, HNM Toms River LLC.
NEW YORK CITY — DDG has acquired a 61,416-square-foot residential development site at 325 W. Broadway in Manhattan's SoHo neighborhood for $38.3 million. The development will be situated at 325-329 W. Broadway and 23-25 Wooster St. between Grand and Canal streets. The current development plan calls for a two-building, 24-unit condominium building with ground-floor retail. Andrew Scandalios, Jose Cruz, Jeff Julien and Kevin O'Hearn led the HFF team that represented the seller, a subsidiary of Lehman Brothers Holdings, in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $6.8 million sale of 3058 Hull Ave. and 353-359 Mosholu Parkway, a 68-unit apartment building in the Bronx. Marco Lala of Marcus & Millichap represented the seller, a private investor. He also represented the buyer.
ROCHESTER, N.H. — Grossman Development Group has started site work for the 330,000-square-foot Granite Ridge Marketplace, a 57-acre shopping center development in Rochester. The center will feature a mix of anchor retail, junior anchor retail, restaurants and entertainment. The project is located on Route 11, the gateway to the Lake Region of New Hampshire and close to the Maine border. The project is slated for completion in the spring of 2014.
NEW YORK CITY — Starwood Hotels & Resorts Worldwide and Host Hotels & Resorts have opened the Westin New York Grand Central. The property was converted from the former New York Helmsley Hotel following a $75 million renovation. Features of the new hotel include 774 guest rooms, 12,000 square feet of meeting space and a 3,000-square-foot WestinWorkout fitness studio. There will also be THE LCL: Bar & Kitchen NYC, the first bar and food concept from Gerber Group in the Westin property. The Westin New York Grand Central is located blocks away from both Grand Central Terminal and the United Nations.
HARRISON, N.J. — Advance Realty has broken ground on a 45,000-square-foot technology center for Panasonic Corp. in Harrison. The build-to-suit facility will house the company's engineering office, a lab and various testing facilities. The property will be adjacent to Red Bull Arena and occupancy is slated for the summer of 2013. The building is also less than a mile from Panasonic's future headquarters in Newark.
NEW YORK CITY — Paradysz Inc., an audience development agency, has signed a lease expansion at 5 Hanover Square for the 11th floor. The company now occupies 45,000 square feet of space on the 6th, 7th and 11th floors. Paradysz assists clients with understanding, targeting and acquiring customers using business intelligence and media research tools. Todd Korren of Savanna and Frank Cento of Cushman & Wakefield represented the landlord, Savanna, in the transaction. Brian Weld of Cassidy Turley represented the tenant.
SOUTH HACKENSACK, N.J. — High Quality Custom Design, which specializes in custom installations and offers automotive accessories, has signed a lease for 19,720 square feet of industrial space at 275 Huyler St. in South Hackensack. The property features 4,000 square feet of office space, one drive-in loading dock and ample parking. Jeffrey DeMagistris and Thomas Vetter of NAI Hanson represented the landlord in the transaction.