NEW YORK CITY — A local real estate developer has purchased three properties on adjoining lots for $2.8 million. The properties are located at 284, 286 and 288 Atlantic Ave. in Brooklyn. The first site includes a 3,600-square-foot mixed-use building, the second is a vacant lot and the last site is a mixed-use property with six apartments and one retail tenant. The new owner plans to renovate the existing buildings and develop the vacant land. Brian Leary, Scott Burk, Andre Sigourney, Sean Kelly, Cengiz Sendogdular and Matthew Dzbanek of CPEX Real Estate represented the seller in the transaction. They also procured the buyer.
HOLDEN, MASS. — Margulies Peruzzi Architects and Cutler Associates have been selected to design and construct and new medical office building in Holden. The companies will develop a 36,000-square-foot building at the entry to the Boyden Road Campus for Oriol Health Care. The facility will house a family medical practice and other healthcare providers. The project is expected to be complete by the end of this year or early 2013.
BOSTON — Skanska USA Commercial Development and Twining Properties have purchased a 1-acre parcel for a reported $18.6 million. The companies plan to develop Watermark Seaport, a planned residential tower with more than 300 apartments and 25,000 square feet of retail space. The project will be located on the southeast corner of Seaport Boulevard and Boston Wharf Square. The development will be contained within the 25-acre Seaport Square, which calls for 6.3 million square feet of residential, office, retail, hotel and civic space upon completion. Cushman & Wakefield Sonnenblick Goldman served as an advisor to Twining in the transaction. MS Boston Seaport was the seller.
WEST POINT, N.Y. — EwingCole has completed the second phase of a $98 million campus development project for the U.S. Military Academy Preparatory School. The school has relocated from Fort Monmouth, N.J. to the grounds of the U.S. Military Academy at West Point. The first phase was completed last summer, and the second phase was completed in January. The campus includes 73,000 square feet of classrooms and administrative buildings, a 246-bed student quarters and three athletic fields. The final phase of the project, which includes an athletic building, will be completed this spring.
NEW YORK CITY — JMC Holdings purchased retail space at 156-168 Bleecker St. in Greenwich Village for $30.6 million, with plans to upgrade the retail and take advantage of New York University's expansion plans less than one block away. JMC acquired the 27,000-square-foot building in a joint venture partnership with RWN Real Estate Partners, a New York-based real estate private equity fund. Sovereign Bank financed part of the acquisition with an $18.5 million first-mortgage loan. The property is fully leased to seven tenants, including CVS Pharmacy, Chase Bank and nightclub Le Poisson Rouge. The new owners are planning a $1.8 million renovation to the site. Berko & Associates represented the seller, NTD Building LLC. JMC Holdings was self-represented.
NEW YORK CITY — New York-based Vantage Properties has sold the 7-building Broadway West portfolio in the Hamilton Heights and Washington Heights sections of Manhattan for $62 million. The portfolio includes 361 residential units and 28 commercial units for a total of 434,605 square feet. The properties consist of 3421 Broadway; 610 W. 157th St.; 3851 Broadway; 559 W. 164th St.; 4141 Broadway; 4151 Broadway and 4180 Broadway. Robert Knakal and Robert Shapiro represented Vantage in the transaction. They also represented the buyer, a private family.
NEW YORK CITY — The Pearl Theatre Co., an off-Broadway company, has signed a 20-year lease for space on the north side of West 42nd Street, between 10th and 11th avenues in New York City. The tenant will take possession of the 160-seat theater this July, which was formerly occupied by Signature Theatre company. Matthew Gorman and Joshua Gettler of New Street Realty Advisors represented the owner, Massachusetts Mutual Life, in the transaction. Stephen Powers of Denham Wolf represented the tenant.
PHILADELPHIA — Hersha Hospitality Trust has purchased the 111-room Rittenhouse Hotel in downtown Philadelphia. Hersha, which owns 67 hotels in major U.S. markets, paid $42 million for the hotel, 44,000 square feet of office and retail space and an adjacent parking garage. Including the anticipated renovation costs, the hotel portion of the deal is valued at $23.9 million. The hotel includes the Lacroix Restaurant, an indoor pool, meeting space and underground parking. Rittenhouse Development Corp was the seller.
EDISON, N. J. — Angelo, Gordon & Co. has acquired a 99,000-square-foot office building on behalf of the $560 million AG Net Lease Realty Fund II. It is one of a series of net-lease investment funds managed by the firm. The Edison property sold for $16.5 million. Fully occupied by Revlon and utilized as the consumer product giant's main research and development center, the building is part of the Edison Towne Corporate Center. Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmer of Cushman & Wakefield represented the seller, The Morris Cos., in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $5.2 million sale of a six-unit apartment building, located at 170 E. 75th St. in New York City. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap's Manhattan office represented the seller, a local owner. The buyer, a private investor, plans to convert the building into a single-family residence.