LAKE SUCCESS, N.Y. — Hain Celestial, a natural and organic food group, plans to expand its corporate headquarters in New York. The company leased 86,000 square feet in Lake Success and plans to invest $10 million in relocating and expanding its main office. Hain's move from Melville, N.Y. is supported by an incentive package from Empire State Development that provides $4.5 million in tax credits. The company will relocate its existing 250 Long Island-based employees and create more than 100 new jobs during the next 10 years.
BROOKLYN — A 16-unit apartment building at 5122 Snyder Ave. in Brooklyn has sold for $1.2 million to a private investor. Matthew Fotis and Shaun Riney of Marcus & Millichap represented the seller, a private investor, in the transaction. They also represented the buyer.
UNIONDALE, N.Y. — Developers BF Development and Basser-Kaufman have broken ground on a Walgreens drugstore at 585 Uniondale Ave. in Uniondale. The 13,000-square-foot store will include a drive-through window and will be situated on a 1.3-acre site. The store represents a departure from Walgreens' prototype, which is approximately 14,820 square feet. The project required developers to assemble five contiguous parcels owed by five separate owners in order to obtain the necessary acreage for the store. The developers have a triple-net lease with Walgreens for the site and the project is expected to be complete this winter.
NEW YORK CITY — Daniel Hilpert of Mortgage Equicap has arranged a $2.2 million ground-up construction loan for a condominium development in the East Village. Mortgage Equicap placed the loan with a conventional lender on behalf of the borrower, a foreign developer. The loan was structured with limited recourse.
NEW YORK CITY — A Century 21 store will be the anchor tenant for the second phase of Brooklyn's City Point, a 1.3 million-square-foot, mixed-use development in the center of downtown Brooklyn. The second phase includes two apartment buildings to be built atop a five-story retail podium. BFC Partners has been selected to develop Tower I, which will include 250 mixed-income rental units. The building will be financed through the NYC Housing Development Corp. and Mayor Bloomberg's New Housing Marketplace plan. The Brodsky Organization will develop Tower 2, which will contain 440 apartments. The second phase is expected to be complete in 2015. Acadia Realty Trust and Washington Square Partners are the master developers for the project.
AMHERST, N.Y. — Ellicott Development has started work on a new $28 million mixed-use development in Amherst. The 122,000-square-foot building will include a 120-room Wyndham Garden Hotel & Suites, 33 apartments and 3,500 square feet of ground-floor retail space. Trautman Associates Architects and Tedo Engineers of Buffalo, N.Y. designed the hotel. Concept Construction Corp. is the project's general contractor.
BOSTON — Synergy Investment & Development has purchased the parking garage below the Intercontinental Hotel & Residences in Boston for $15 million. HFF marketed the property as part of a court-mandated federal receivership and procured the buyer. HFF also arranged a $9.7 million, seven-year acquisition loan through Webster Bank on behalf of the buyer. The 376-space garage is part of a mixed-use development that was completed in 2006 and is located between Rose Fitzgerald Kennedy Greenway and the Fort Point Channel.
NEW YORK CITY — Marcus & Millichap has arranged the $23.6 million sale of 680 Saint Nicholas Ave., a mixed-use building in Manhattan. The property includes 117 apartment units, five retail tenants and a cell phone antenna. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented both the buyer and seller in the transaction.
NEWINGTON, CONN. — The Davison Co., a specialty food distributor, has signed a long-term lease for 120,500 square feet of warehouse and office space in the Newington Business Park. The company will relocate from its current operation in Wallingford, Conn., and expand. Ed Godin of Matthews Commercial Properties represented the tenant in the transaction. Chris Metcalfe and Bill Bronson of CBRE represented the landlord, The Hampshire Cos.
NEW YORK CITY — In a joint venture, Crown Acquisitions and Olympic Tower Associates have purchased a 49.9 percent stake in the Olympic Tower complex on Fifth Avenue. The partnership acquired the stake from an affiliate of the Alexander S. Onassis Public Benefit Foundation. The building is located across the street from Rockerfeller Center and is comprised of four buildings: Olympic tower at 645 Fifth Ave.; the Versace Building at 647 Fifth Ave.; the Cartier Building at 653 Fifth Ave.; and 10 E. 52nd St. The 51-story Olympic Tower is a mixed-use high-rise with 225 apartments and 500,000 square feet of office and retail below. Harry Seherr-Thoss and Robert Freedman of Colliers International arranged the deal.