NEW YORK CITY — Ira Lifshutz, an active investor in New York real estate, has acquired a six-story commercial building in the Madison Park Historic District for $5.6 million. The new owner plans to reposition the 11,094-square-foot property into an office building. Ari Schwartz of Eastern Consolidated represented the seller, JYN LLC, in the transaction. Marcia Yawitz and Gabriel Saffioti of Eastern Consolidated represented the seller.
The Boston apartment market will remain in favor of landlords in the coming quarters as new developments surface and rents reach peak levels, although residents may seek more affordable living options. The improving employment picture and a severe shortage of supply within Route 128 have tightened vacancy below 3 percent. By year end, asking rents will reach new record highs, which has already ignited a building frenzy throughout Boston. Nearly 1,500 units are under way in Suffolk County. These units will come online by 2014 and may ease rent growth. Meanwhile, demand in outlying areas is gaining steam as young professionals are being priced out of the core. Families and empty nesters alike are also migrating to the suburbs, where newer developments offer a sense of connection to the community similar to urban settings at more affordable rates. Developers are capitalizing on this trend and transforming areas near major transit stations into densely packed, master-planned communities. The redevelopment of the South Weymouth Naval Air Station, known as Southfield, is one example of this trend. The first phase of the mixed-use project in Norfolk County was recently completed and added 225 apartments, townhomes and top-notch amenities to the area. By the …
GREENWICH, CONN. — Greenwich-based Starwood Capital Group has acquired a portfolio of nine office buildings, including a property in Pittsburgh, for $260.5 million. The portfolio totals 1.9 million square feet of Class A space in Orlando, Tampa, Charlotte, Winston-Salem, Pittsburgh and Salt Lake City. The buildings are 95 percent leased, excluding Salt Lake City, and the average year of completion is 1999. Wells REIT Real Investment Trust II was the seller.
SOUTH PORTLAND, MAINE — Nordstorm plans to open a 30,000-square-foot Nordstrom Rack this spring at the Maine Crossing Shopping Center in South Portland. The store, which will carry merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original prices, will be the retailer's first location in the state. The new Nordstrom Rack will join tenants such as Target, Bed Bath & Beyond and A.C. Moore.
NEW YORK CITY — Skanska USA, in a joint venture with Trevcon Construction, has secured a $181 million contract to build a new marine transfer facility in Manhattan. The New York City Department of Sanitation is developing the building along the East River, which will serve as a solid waste management facility. The property will have a capacity to process 4,290 tons of municipal solid waste per day. The project is scheduled for completion in March 2016.
NEW YORK CITY — CIM Group has acquired the retail portion of 225 Fifth Ave. in Manhattan's Flatiron District for a reported $80 million. The deal includes 40,079 square feet of retail space, which is fully leased to tenants such as JPMorgan Chase, 24 Hour Fitness, Verizon Wireless and the United States Postal Service. Located above the retail property is a 192-unit residential condominium building named The Grand Madison.
NEW YORK CITY — Transatlantic Reinsurance Co. has signed a lease for 134,000 square feet of office space at One Liberty Plaza in Lower Manhattan. Transatlantic, a holding company for a number of subsidiary organizations offering reinsurance products, will occupy three floors of the building for 15 years. With the new signing, the property is now 98.6 percent leased. Robert Lowe and John Cefaly of Cushman & Wakefield represented the tenant in the transaction. The landlord, Brookfield Office Properties, was self-represented by Duncan McCuaig.
NEW YORK CITY — Lehman Brothers Holding Inc. has secured an $80 million mortgage loan for the On The Ave Hotel near New York's Central Park. The 282-room boutique property is located on the corner of Broadway and 77th St. Lehman plans to begin a multi-million renovation project at the property, which will include upgrades to the guestrooms, corridors and the lobby. Jeffrey Davis, Mathew Comfort and Mike Huth of Jones Lang LaSalle arranged the loan.
NEW YORK CITY — A partnership between L3 Capital and ASB Capital Management has acquired 72-76 Greene St., a 38,000-square-foot mixed-use building in SoHo, for $41.5 million. The building is known as “The King of Greene Street” because of its French renaissance architectural styling. The property contains two retail spaces, three commercial units and three residential lofts. Adelaide Polsinelli of Eastern Consolidated represented the seller, BSJ SoHo, in the transaction. She also represented the buyer.
ABERDEEN, N.J. — AvalonBay Communities has sold Avalon at Aberdeen Station, a 290-unit apartment property in Aberdeen, for $66.2 million. MFREVF Aberdeen Urban Renewal was the buyer. Constructed in 2002, the four-story property is 96 percent leased and units average 1,021 square feet. Amenities include a clubhouse, fitness center, media room and heated outdoor pool. Jose Cruz, Andrew Scandalios, KEvin O'Hearn and Jeffrey Julien led the HFF team that represented the seller.