Northeast

SAVANNA ACQUIRES RETAIL CONDO IN SOHO HISTORIC DISTRICT FOR $57M

by admin August 7, 2012

NEW YORK CITY — Savanna has acquired 14,000 square feet of retail space in the luxury apartment building known as 40 Mercer Street in New York City for $57 million. The building was designed by renowned architect Jean Nouvel and is located at 465 Broadway in the SoHo Historic District. The sale consists of 9,400 square feet of at-grade retail space and 4,700 square feet of below-grade space. The steet-level space is fully leased to Bose, Wells Fargo, Dermalogica and Vivienne Tam. Woody Heller, Will Silverman and Eric Negrin of Studley represented the seller, GLL Real Estate Partners, in the transaction. They also represented Savanna.

August 7, 2012

Northeast

EDR ENTERS OPTION TO PURCHASE PENN STATE ASSET

by admin August 7, 2012

STATE COLLEGE, PA — EdR has completed a $3 million mezzanine investment and an option-to-purchase agreement for a student housing development near the Penn State campus. The Retreat at State College will house 578 beds and will be located about 1.2 miles off campus. Amenities will include a clubhouse, resort-style pool, volleyball court, bocce ball courts and a grilling area. The development is scheduled to open in the summer of 2013. EdR has had a presence in State College since 2005, when it developed and opened The Pointe, an off-campus community that has been fully occupied for the past six years.

August 7, 2012

Northeast Retail

RITE AID PROPERTY NETS $5.9M IN CONNECTICUT

by admin August 7, 2012

EAST HARTFORD, CONN. — Acorn II has purchased a retail property in East Hartford for $5.9 million. The single-tenant property is leased to Rite Aid Corp. Steven Calcagni and Lisa Whitney of Calcagni Associates Real Estate represented the buyer in the transaction. The seller is RA East Hartford.

August 7, 2012

Northeast Office

RIDGE ROAD BUYS 378,000-SQUARE-FOOT RESEARCH FACILITY

by admin August 7, 2012

MONMOUTH JUNCTION, N.J. — Ridge Road Properties has acquired Pfizer Inc.'s 378,000-square-foot research facility at 865 Ridge Road in Monmouth Junction. Ridge Road — which purchased the property with plans to develop the adjacent acreage — will make the building available for lease or sale. The Class A building includes 128,000 square feet of laboratory space, a 60,000-square-foot vivarium and 70,000 square feet of office space. The building was constructed in the 1950s and then expanded in the 1980s and 1990s. Joseph Nitti and John Kainer of Colliers International New Jersey represented the buyer in the transaction.

August 7, 2012

Northeast Office

HFZ MOVES AHEAD WITH PLANS TO CONVERT NYC OFFICE BUILDING

by admin August 7, 2012

NEW YORK CITY — HFZ Capital Group is moving forward with plans to convert a 122,000-square-foot office building at 11 Beach St. in New York City into a luxury condominium. The company has partnered with Joy Construction and New Valley on the redevelopment. HFZ acquired the property in July for a reported $62 million. HFZ has started pre-development planning for the proposed project.

August 7, 2012

Northeast

UMH CLOSES PURCHASE OF 11 MANUFACTURED HOME COMMUNITIES

by admin August 6, 2012

FREEHOLD, N.J. — UMH Properties has closed on the acquisition of 11 manufactured home communities, 10 of which are located in Pennsylvania and one in New York, for $28.2 million. The 11 communities total 968 sites situated on 200 acres. The average occupancy for these communities is approximately 92 percent. With this closing, Freehold-based UMH owns 53 communities consisting of 10,100 developed homesites.

August 6, 2012

Multifamily Northeast

STEVENSON TOWERS IN THE BRONX NET $14M

by admin August 6, 2012

NEW YORK CITY — Stevenson Towers in the Bronx, a 122-unit apartment building at 831 Bartholdi St., has sold to a local private investor for $14 million. The 127,629-square-foot property was built in 1973. More than $2.5 million in renovations have recently been completed. The building features indoor and outdoor parking, a laundry room, playground area and onsite security. Matthew Slonin of Besen & Associates represented the seller. Alex Frants of Besen procured the buyer.

August 6, 2012

Multifamily Northeast

MARCUS & MILLICHAP SELLS TWO BROOKLYN APT. PROPERTIES

by admin August 6, 2012

NEW YORK CITY — Marcus & Millichap has arranged the $12.3 million sale of two, 16-unit apartment buildings in Brooklyn's Park Slope neighborhood. The properties at 719-723 8th Ave. total 31,100 square feet and are located one block from Prospect Park. Matthew Fotis of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a local private investment fund.

August 6, 2012

Mixed-Use Northeast

BAKER PROPERTIES ACQUIRES 184,000 SF MIXED-USE BUILDING IN ENFIELD

by admin August 6, 2012

ENFIELD, CONN. — Baker Properties has purchased 1559 King St., a 184,000-square-foot office, warehouse and retail building in Enfield for $5.2 million. The building is situated on 17 acres at Exit 46 along I-91. Jay Morris and Colleen Sheridan of O,R&L Commercial represented both parties in the transaction.

August 6, 2012

Multifamily Northeast

UPPER WEST SIDE APARTMENT BUILDING COLLECTS $3.1M

by admin August 6, 2012

NEW YORK CITY — A four-story apartment building at 310 West 90th St. in Manhattan's Upper West Side has sold to a private investor for $3.1 million. The building is 5,780 square feet and is currently configured as nine apartment units, of which, one is rent controlled and eight are rent stabilized. Hall Oster and Paul Smadbeck of Massey Knakal represented both parties in the transaction.

August 6, 2012

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