Northeast

PARTNERSHIP ACQUIRES HELL'S KITCHEN DEVELOPMENT SITE FOR $25.5M

by admin June 1, 2012

NEW YORK CITY — A 100,716-square-foot residential development site in Midtown Manhattan has sold for $23.5 million. The site is located between Tenth and Eleventh avenues, two blocks from the Intrepid Sea, Air and Space Museum. The property consists of 545-551 W. 48th St. and 534-542 W. 49th St. The site currently includes a parking garage, a parking lot and a repair garage. The buyer was comprised of a partnership between The Listokin family, veteran builders and Fortis Property Group which developed The Hudson, a ground-up residential condominium about 12 blocks further north. Alan Miller and David Schechtman of Eastern Consolidated represented the seller and procured the buyer in the transaction.

June 1, 2012

First quarter shows improving fundamentals.

by admin June 1, 2012

Overall, the first quarter of 2012 brought improving market trends to the office sector in Philadelphia and Delaware. The number of tenants in the market has increased, although this has not translated into a significant increase in occupancy. Some tenants are growing, but it is still common for companies to make lateral space moves or take smaller, more efficient offices. In CBD Philadelphia, occupancy decreased slightly during the first quarter from 88.6 percent to 88.4 percent. The main reason for the loss in occupancy during the first quarter was due to banking sector tenants Citizens and Wells Fargo consolidating space in the Market East submarket. The Lehigh Valley also had a decrease in occupancy, mainly due to the closing of a 100,000-square-foot T-Mobile call center. On the other hand, the Pennsylvania suburbs, Southern New Jersey and Northern Delaware all registered low, but positive absorption for the first quarter. Numerous large tenants are looking in the market. However, many of these leases are likely to be renewals or moves without significant additional occupancy. With the exception of a rumored 145,000-square-foot Capital One lease in Wilmington, Delaware, which is a new requirement, none of the deals in the market are anticipated to …

June 1, 2012

Multifamily Northeast

DEVELOPMENT SITE IN CLINTON HILL SELLS

by admin May 31, 2012

NEW YORK CITY — The Pratt Institute has purchased a development site at 131-137 Emerson Place, located off Myrtle Avenue in Brooklyn's Clinton Hill neighborhood, for $13 million. The property contains 176,600 buildable square feet. Approximately 88,300 square feet can be applied toward residential use and 88,300 square feet can be used for a community facility. Stephen Palmese and Winfield Clifford of Massey Knakal represented the buyer and seller in the transaction.

May 31, 2012

Healthcare Northeast

EASTERN THORNDALE PARTNERS BUYS MEDICAL OFFICE BUILDING IN PA

by admin May 31, 2012

THORNDALE, PA. — Eastern Thorndale Partners has acquired a 10,840-square-foot medical office building at 3025 C.G. Zinn Rd. in Thorndale for $1.3 million. Constructed in 1994, the two-story building includes exam rooms, X-ray rooms and administrative offices. The building layout is conducive to usage by multiple tenants. Scott Williams of Binswanger represented the landlord, HMBT Realty Associates, in the transaction.

May 31, 2012

Northeast Retail

PAVILION TO BE REBUILT AT FIRE ISLAND PINES

by admin May 31, 2012

FIRE ISLAND, N.Y. — The owners of Fire Island Pines Pavilion plan to rebuild following a fire last November. FIP Ventures hired Manhattan-based architect Hollowich Kushner to design the new nightclub, which is scheduled for completion in 2013. The design includes storefronts and wide staircases. The entrance forms a set of bleachers that act as a viewing platform, stage, wedding chapel and extended dance floor. The welcome bar on the first floor, the high-tea terrace and the Pavilion Club are all connected by an internal loop of stairs. The fire also damaged FIP Ventures' canteen building, pool deck, bulkhead and board walk, all of which have been fully repaired.

May 31, 2012

Northeast Office

NIRVANA INKS NEW LEASE AT 80 BROAD ST. IN NYC

by admin May 31, 2012

NEW YORK CITY — Nirvana Solutions, a New York-based financial software company, has signed a 3,515-square-foot lease at 80 Broad St. The company will occupy the 18th floor for the next 7 years. Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Knight Frank represented the landlord, an affiliate of Savanna. Eli Someck of Redwood Property Group represented the tenant in the transaction.

May 31, 2012

Civic Northeast

FORMER DISTRIBUTION CENTER TO BE CONVERTED INTO SPORTS COMPLEX

by admin May 30, 2012

LANCASTER, PA. — Sports Complex LP, an entity headed by former Auntie Anne's pretzels owner Sam Beiler, has purchased 2913 Spooky Nook Rd. in Lancaster. The 549,000-square-foot industrial facility was previously occupied by Armstrong Industries, which used the space as a distribution center for flooring products. The new owner plans to convert the property into a regional, youth-oriented sports complex. Gerard Blinebury, Leah Balerno, Pat McBride and Adam Cambell of Cushman & Wakefield represented the seller in the transaction. Tim Shreiner of Prudential H.S.G. Real Estate represented the buyer.

May 30, 2012

Multifamily Northeast

TRYKO BUYS GALILEE VILLAGE APARTMENTS IN PA.

by admin May 30, 2012

LEVITTOWN, PA. — Brick, N.J.-based Tryko Partners has acquired Galilee Village, a 170-unit apartment community at 17 Penn Valley Rd. in Levittown, which is within the Philadelphia metro area. The property is 98 percent occupied and provides HUD-subsidized apartment living for independent seniors. Congregation Beth El, which built the property, sold Galilee Village in an off-market transaction. Tryko plans to renovate kitchens and replace windows in each of the units and will upgrade sidewalks and parking lots.

May 30, 2012

Hospitality Northeast

NEW EXTENDED-STAY HOTEL TO OPEN IN ANDOVER

by admin May 30, 2012

ANDOVER, MASS. — A new extended-stay hotel brand will operate at 4 Tech Dr. in Andover. The hotel currently known as Staybridge Suites Boston-Andover will come under Sonesta International Hotels Corp. management July 25. The 133-room property will be renamed Sonesta ES Suites Andover. The hotel is located at the junction of Interstates 93 and 495, north of Boston. The property features a heated outdoor swimming pool, an exercise room and sports court.

May 30, 2012

Civic Northeast

TWO CHARTER SCHOOLS SET TO OPEN AT 570 BROAD STREET IN NEWARK

by admin May 30, 2012

NEWARK, N.J. — Two new charter schools, Newark Prep and Spirit Prep, are slated to open in September at 570 Broad St., a newly renovated landmark in downtown Newark. The schools will occupy four floors, totaling 60,000 square feet, in the 15-story building. Each school will combine rigorous college-prep and career readiness programs with online curriculum to serve the needs of Newark area students. The Berger Organization owns and manages the property.

May 30, 2012

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