HAPPAUGE, N.Y. — Stalco Construction has completed work on the U.S. headquarters of Genometrica Research Inc., which designs and makes molecular biology and DNA sequencing equipment, in Happauge. Crews have updated the office space into a state-of-the-art research, product development and engineering laboratory. The 4,500-square-foot project included the renovation of a laboratory, 10 private offices, an administrative area and boardroom.
NEW YORK CITY — Lennox Hill Hospital has purchased a mixed-use property at 111 East 77th St. between Lexington and Park avenues on Manhattan's Upper East Side for $6.1 million. The 13,000-square-foot property is currently configured as a residential duplex above a medical office space. The office space occupies the ground floor and the majority of the finished basement. Lennox Hill owns two adjacent buildings to the east of the property, as well as a hospital across the street. Thomas Gammino of Massey Knakal represented the seller in the transaction.
NEW YORK CITY — NorthMarq Capital has arranged a $15 million loan for the refinancing of Cinema 123 at 1001-1007 Third Ave. in New York City. The 15,800-square-foot property is a three-screen theater. Robert Hervey and Ernest DesRochers of NorthMarq Capital arranged the one-year loan through a regional bank.
NEW YORK CITY — A $12 million renovation of the Parkhill Affordable Housing Complex at 260 Park Hill Ave. is complete. Parkhill, located between Park Hill and Osgood avenues, comprises eight buildings and is the largest affordable housing complex in Staten Island. It is home to 3,000 low-income residents. From 1998 to 2002, the owners completed $10 million in upgrades to the property utilizing funding from HUD and Freddie Mac's affordable housing program. Unithree, the new owner, then invested $12 million in a second round of renovations undertaken in two phases. The renovations include the installation of new kitchens, the construction of the Barack Obama Computer Center, upgrades to the apartment interiors and common areas and window replacements.
NEW YORK CITY — Madison Realty Capital has taken ownership of 224 Richmond Terrace, a 60,000-square-foot apartment and retail property in Staten Island. Madison previously purchased the non performing first mortgage for $8.4 million from Bank of New York Mellon and has now taken title by completing foreclosure proceedings. The 40-unit property, known as “The View,” stands 11 stories tall and features views of the Manhattan skyline and Statue of Liberty. The original owner planned to develop the property as a condominium, but defaulted on its construction financing in 2009. The original lender subsequently filed a foreclosure action. Today, construction is nearly complete with only some interior installations and cosmetic detailing remain. Casandra Properties is the leasing agent for the residential and retail portions of the property.
BOONTON, N.J. — First Environment has signed a 17,750-square-foot lease extension at 91 Fulton St. in Boonton, where the firm will continue to operate its corporate headquarters. Established in 1977, the environmental engineering firm specializes in climate change planning and greenhouse gas reduction. The single-story, industrial/flex property is located seven miles north of Morristown. Eric Witmondt and John Cunningham of Colliers International represented the tenant in the transaction. James Correll of American Properties Realty represented the landlord, Kapalua LLC.
WILMINGTON, DEL. — Developers have broken ground on the $37 million Westin hotel at the Wilmington waterfront. The 10-story hotel will be connected to the 87,000-square-foot Chase Center on the Riverfront and will be Wilmington's first full-service hotel in more than 20 years. The Westin will feature 180 rooms, a restaurant and bar, meeting space, a fitness center and a law center. Wilmington-based The Buccini/Pollin Group is developing the hotel, which is expected to open in 2014. Pollin Miller Hospitality Strategies will manage the hotel.
PHILADELPHIA — Cozen O'Conner, one of the nation's largest law firms, is moving its Philadelphia offices to One Liberty Place, where the firm will occupy nine floors. Cozen O'Conner signed a 17-year lease for 200,000 square feet on floors 21 through 28, as well as part of the 7th floor of the building. The firm's current headquarters is located at 1900 Market St. Cozen O'Conner expects to move into the new space by 2015. Peter Soens and Michael Kennedy of SSH Real Estate represented Cozen O'Conner in the transaction. Metropolis Investment Holdings is the landlord.
ARCADE AND CHEEKTOWAGA, N.Y. —The Hampshire Cos. has sold two industrial properties in western New York. The sale includes an 85,135-square-foot facility at 91 N. St. in Arcade and a 171,893-square-foot facility at 277 Walden Ave. in Cheektowaga. West Hartford, Conn.-based Freemont Group was the buyer. Both facilities are leased to API Heat Transfer, which designs and makes a variety of heat-transfer technologies serving industrial markets. Andrew Sandquist of CBRE Group represented both parties in the transaction.
ROSLYN, N.Y. — Akash Hotels has purchased The Roslyn Claremont Hotel at 1221 Old Northern Blvd. in Roslyn for $10.5 million. The hotel includes 76 rooms, an upscale restaurant, more than 4,800 square feet of meeting space and a ballroom that can seat up to 200 guests. Askash is planning to invest $2 million to upgrade both rooms and common areas. Michael Vitale of Brown, Harris, Stevens represented the buyer in the transaction. Coldwell Banker Commercial Rosner & Associates represented the seller, the Claremont Group.
