NEW YORK CITY — Equity One has been selected to redevelop an 80,000-square-foot site along the Broadway retail corridor in the Bronx. The firm will spend $54 million to construct a new, 133,000-square-foot retail development and parking facility on the site in the Kingsbridge area. Equity One plans to look for four national retail tenants for the space. The developer will purchase the site from the city for $7.5 million, with construction expected to begin in early 2013 and be completed within two years. Equity One was selected as developer after responding to a request for a proposal from the New York Economic Development Corp. in August 2011.
Northeast
NEW YORK CITY — The Texas-based Alamo Drafthouse theater chain is opening its first location in New York. Alamo Drafthouse will own and operate the five-screen theater, which will be located on the Upper West Side, occupying the former Metro Theater at 2626 Broadway. Like all Alamo Drafthouse theaters, the Alamo Drafthouse at the Metro will provide food and drink service to movie-goers' seats and uphold its famously strict no-talking policy. The new theater is scheduled to open in 2013.
COLLEGEVILLE, PA. — Trappe Strip Center, a 10,664-square-foot retail property in Collegeville, has sold for $1.6 million. The center is located at 430 W. Main St. and was fully occupied at the time of sale. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, a Norristown, Pa.-based private family. He also procured the buyer, a Reading, Pa.-based, privately held real estate company.
BOSTON — Linear Properties has acquired five retail condominiums at 346-354 Congress St. in Boston for $4.8 million. The condos are located within a seven-story property, known as FP3. The acquisition includes 15,711 square feet of space within the five retail condos on the first two floors of the building. Jonathan Dutch of Boston Urban Partners represented the seller, 346 Congress Street LLC, in the transaction. He also procured the buyer. The purchase price was undisclosed.
NEW YORK CITY — Massey Knakal Realty Services has arranged the $11 million sale of a four-story warehouse and storage facility in Brooklyn's Crown Heights. The 140,000-square-foot building is located at 1000 Dean St. The first floor includes loading docks, a storage area and several offices. The remaining three floors are used for storage and are accessible by two freight elevators and two staircases. Michael Amirkhanian and John F. Ciraulo of Massey Knakal represented the buyer and seller in the deal.
NEW YORK CITY — A new residential condominium property has opened in Staten Island, located at 155 Bay St. The Pointe includes 57 one- and two-bedroom units and is priced in the low $300,000s. Condos range in size from 962 to 1,255 square feet and each unit includes a private outdoor space. The six-story building is owned by Meadow Partners.
SPRINGFIELD, MASS. — Suffolk Construction has completed the first phase of its Baystate Medical Center expansion and facility-replacement project in Springfield. The $296 million new, clinical facility houses a heart and vascular center as well as critical-care and inpatient rooms. Designed by Steffian Bradley Architects, the building totals 641,000 square feet. The construction is part of a 15-year master plan for the hospital — the largest medical facility in Western Massachusetts. Suffolk has started work on the second phase, a new emergency department, which will triple the size of Baystate's existing emergency room.
78 REALTY BUYS RIVERDALE APARTMENT COMPLEX FOR $17.4M NEW YORK CITY — 78 Realty LLC has purchased a 103,400-square-foot apartment building in Bronx's Riverdale neighborhood for $17.4 million. The 84-unit propery is located at 530 W. 236th St. Marcia Rose Yawitz and Benjamin Tapper of Eastern Consolidated represented the buyer in the transaction. The building also includes 19 garage spaces. Benjamin Spaiser was the seller.
BURLINGTON, MASS. — Dyax Corp. has opened its new corporate headquarters at 55 Network Dr. in Burlington. Dyax moved from 300 Technology Square in Cambridge, and is Burlington's first biopharmaceutical company. The 45,000-square-foot facility includes laboratory, office and conference space. Jones Lang LaSalle served as the construction manager for the interior build-out.
BROOKLYN — Marcus & Millichap Real Estate Investment Services has arranged the $800,000 sale of 236 New York Ave., an 8-unit apartment building in Brooklyn. Shaun Riney and Derek Bestreich of Marcus & Millichap's Brooklyn office represented the seller, a private investor. They also secured the buyer, a private investor.