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.
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.
