NEW YORK CITY — Beech Street Capital has arranged a $16.8 million Fannie Mae loan for the refinancing of Allerton Avenue, a 144-unit apartment complex in the Bronx. Allerton Avenue consists of three separate parcels in the Bronxdale neighborhood. The property is 96 percent occupied. David Hayum of Meridian Capital Group originated the fixed-rate, 7-year loan, which has a 30-year amortization schedule.
DEDHAM, MASS. — Lucy Dedham LLC has purchased a CVS/pharmacy site at 945-947 Providence Highway in Dedham for $14 million. The property includes a newly constructed, 12,900-square-foot CVS/pharmacy, along with a Sovereign Bank branch. David Ross of NAI Hunneman represented the buyer in the transaction. Craig Barker of Boston Real Estate Advisors represented the seller, Nissan Realty.
NEW YORK CITY — SL Green Corp. has agreed to acquire 304 Park Ave. South, a 215,000-square-foot, mixed-use building in New York City, for $135 million, or $628 per square foot. A partnership headed by David Berley, chairman of Walter & Samuels Inc., was the seller. The office and retail building is located on the southwest corner of Park Avenue South and 23rd Street, directly across the street from SL Green's One Madison Avenue. The property is 95 percent leased and the lead tenant is IMG Models. Retail tenants include H&R Block, Bath & Body Works and Time Warner Entertainment. Walter & Samuels represented the seller.
PHILADELPHIA — Le Crillon Philadelphia, a 16-unit apartment building with seven retail spaces, has sold for $14.8 million. The 41,757-square-foot property is located at 105 S. 18th St., one block from Rittenhouse Square, one of Philadelphia's five original parks. The rental units are approximately $3,900 per month. Ken Wellar, Corey Lonberger and Christopher Munley of Marcus & Millichap represented the seller, a local, third-generation owner. Munley, Wellar, Londberger and Dean Zang of Marcus & Millichap also procured the buyer, a Manhattan-based retail property investor.
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.
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 …
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.
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.
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.
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.
