NEW YORK CITY — Delshah Capital has purchased all of the senior liens on 55-57 Gansevoort St., a 26,000-square-foot mixed-use building in the Meatpacking District, from Capital One. The amount owed on the senior liens is approximately $30 million. DelShah has also restructured the lease with Villa Pacri LLC, a restaurant that occupies three floors of the building. The property is also home to the nightclub Gun Bar. About 10,363 square feet of commercial space is currently vacant.
NEW YORK CITY — Chun Po Trading, a restaurant and plastic supplier, has signed a 46,000-square-foot lease at 54-35 46th St. in the Maspeth section of Queens. The company formerly occupied 77 Commercial St. in Brooklyn, which has been sold to accommodate construction of a new residential development. Linda Wong of Kalmon Dolgin Affiliates represented the tenant in the transaction. Fred Rufrano, also of Kalmon Dolgin Afilliates, represented the owner.
BOSTON — Hersha Hospitality Trust has agreed to acquire the 80-room Bulfinch Hotel in Boston for $18.2 million, or $228,000 per hotel room. Hersha plans to invest $2.5 million in the hotel to upgrade guest rooms and improve the fitness and business amenities. The hotel is located in Boston's West End, within walking distance of Beacon Hill and the North End. The acquisition is expected to close later this month.
CHERRY HILL, N.J. — A partnership between Time Equities and Bergman Real Estate Group has purchased 51 Haddonfield Rd., a 100,000-square-foot office building in Cherry Hill, for $3.4 million. The property includes a glass atrium, cafe, fitness center and ample parking. The new owners plan to upgrade the property, including the parking lot and lobby. As part of TEI's Art in Buildings program, the company will create a rotating art gallery of work by local and national artists. The building offers space ranging from 1,200 square feet to 22,000 square feet for immediate lease.
PHILADELPHIA — Homewood Suites by Hilton has opened an 11-story hotel in Philadelphia's University City neighborhood. Campus Realty Properties-V owns the 136-suite hotel, which is managed by Hersha Hospitality. Amenities include fully equipped kitchens with refrigerators and high-speed Internet access. The hotel also features an outdoor pool, fitness center and nearby walking trails. Located at 4109 Walnut St., the hotel is near the University of Pennsylvania campus.
NEW YORK CITY — Women's retailer DKNY has renewed its 17,776-square-foot lease for the company's flagship store at 655 Madison Ave. in New York City. The retailer will remain at the location through 2024. Andrew Roos and Michael Cohen of Colliers International represented the building owner, Plaza Associates, in the transactions. Laura Pomerantz and John Brod of PBS Real Estate represented DKNY. 655 Madison, which also houses tenants such as Orianne Collins Jewelry and Jones New York, recently underwent a comprehensive renovation.
The multifamily market in New York City picked up steam in 2011 and is continuing to thrive during the first quarter. Multifamily building sales citywide jumped 33 percent in 2011 compared to 2010 as institutional investors drove the year-over-year jump in dollar volume up by 43 percent. Our company’s research report, the Multifamily Year in Review: New York City 2011, shows that citywide there were 436 multifamily transactions in 2011 consisting of 589 buildings totaling $4.23 billion in gross consideration, compared to 2010, which had 392 multifamily transactions with 442 buildings totaling $2.949 billion in gross consideration. Manhattan south of 96th Street and Brooklyn posted the strongest gains in 2011 versus 2010. Each saw a 25 percent increase in multifamily transaction volume and around 50 percent increase in building sales. Year-over-year multifamily building sales in Northern Manhattan and the Bronx rose 25 percent and 23 percent, respectively, but declined 7 percent in Queens. The pricing environment has shifted dramatically in favor of sellers and prices are ticking up as a result of several fundamental value drivers. Rents have now recovered to pre-financial crisis levels and tenant concessions have all but disappeared. Interest rates for cash-flowing multifamily assets have hit all-time …
PLAINSBORO, N.J. — Grandbridge Real Estate Capital has arranged a $61 million first mortgage loan for Ravens Crest Apartments, a 704-unit community in Plainsboro. Mike Ortlip of Grandbridge originated the acquisition financing through Fannie Mae. Built in 1985, the apartment community includes 37 buildings on 40 acres. Amenities include an outdoor swimming pool, playground, tennis courts and a jogging trail.
NORTON, MASS. — Bodek & Rhodes, an apparel company, has signed a 209,000-square-foot lease expansion at 176 S. Washington St. in Norton. The company also extended its lease by seven years. Located within Norton Commerce Center, 176 S. Washington St. is a warehouse, distribution and office building with 28-foot clear height ceilings and access from I-495. Catherin Minnerly and Ovar Osvold of NAI Hunneman represented the landlord, Paradigm Properties, in the transaction. Rick Schuhwerk and Anthony Coskren of Jones Lang LaSalle represented the tenant.
NEW YORK CITY — Real estate private equity firm Savanna has acquired 576 Fifth Ave., a 72,000-square-foot boutique office building on the corner of Fifth Avenue and 47th Street in Midtown. Savanna initially acquired the defaulted first mortgage and subsequently took control of the leasehold interest in the property in a consensual transaction with the former leasehold owner. Savanna plans to begin a multi-million renovation of the property. The project will include upgrades to the elevators, a roof replacement and a facade restoration. Cushman & Wakefield will manage the property while Todd Korren and Tal Masica of Savanna will be responsible for leasing.