NEW HYDE PARK, N.Y. —Computer Add Ons has purchased a 15,000 square foot industrial warehouse property at 89-90 Denton Ave. in New Hyde Park for $1.4 million. The consumer electronics distributor is moving and expanding its business from Flushing, Queens. Gary Mayzlin of Kalmon Dolgin Affiliates represented the seller, Fischer Real Estate, in the transaction. He also represented the buyer.
NEW YORK CITY — Arcadia Strategic Opportunity III LLC and an unaffiliated joint venture partner have acquired 640 Broadway, a nine-story loft building, for $32.5 million. Built in 1897, the property was known as the original Empire State Building. The 63,094-square-foot building includes 12 commercial units and 21 residential units. 640 Broadway is located between Broadway and Crosby streets in the heart of NoHo.
MANCHESTER, N.H. — Real estate development company Brady Sullivan has purchased 300 Bedford St., a six-story mill building in Manchester, for an undisclosed amount. The Manchester Planning Board has approved the space for 110 multifamily units and 64,450 square feet of commercial space. Terry Scott of ARA New England represented the seller, Philadelphia Management Co. in the transaction.
NEW YORK CITY — Brookfield Office Properties broke ground Feb. 13 on the second phase of its $250 million upgrade of the Winter Garden, the retail complex at the 8 million-square-foot World Financial Center across from the Ground Zero site in lower Manhattan. Phase II includes the construction of a glass pavilion on West Street, which will link the center to new transit hubs and serve as the main entranceway to the complex. The third phase of the project will begin later this year, and the renovation is slated for completion in 2013.
NEW YORK CITY — TreeTop Development and Latus Partners have jointly acquired four properties in New York City, consisting of more than 80 apartment homes and eleven retail spaces totaling 10,000 square feet. The properties are located at 1917 7th Ave.; 110 St. Nicholas Ave.; 110 W. 116th St.; and 120 W. 116th St. Shimon Shkury and Victor Sozio of Ariel Property Advisors represented the buyer and undisclosed seller in the transaction. TreeTop plans to renovate the properties, including upgrading the building systems and renovating apartment interiors.
PHILADELPHIA —Pennsylvania Real Estate Investment Trust has signed an agreement to launch a Mercy Health System consumer health and wellness facility at Plymouth Meeting Mall in Philadelphia this September. The health system is aligned with Mercy Suburban Hospital. The 23,000-square-foot outpatient ambulatory healthcare facility will include primary care physicians and specialist offices, physical therapy and non-invasive procedure suits, imaging facilities and a walk-in clinic. The space will be accessible from both inside and outside the mall.
NEW YORK CITY — PCCP has arranged a $65 million loan for the acquisition and repositioning of Cassa Hotel, on behalf of China-based HNA Property Holding Group. The 165-room luxury hotel is located at 70 W. 45th St. in New York City. The loan is secured by the lower 24 stories and basement levels of a 45-story tower, with floors 25 to 45 consisting of residential condo units that are not collateral for the loan. In addition to the hotel rooms, the property includes 11,000 square feet of restaurant space leased to BLT Restaurant and 1,100 square feet of meeting space. HNA plans to renovate and rebrand the hotel, which Viceroy Hotel Group will manage.
NEW YORK CITY — A partnership between hotel investment firm Chartres Lodging Group and Apollo Global Real Estate Management has completed the purchase of Novotel New York Times Square, a 480-room hotel on 52nd Street and Broadway. The seller was a subsidiary of Accor Business and Leisure Management, which will continue to operate the hotel under the Novotel flag. The partnership plans to renovate the property by adding meeting rooms, a new fitness center and renovating the guest rooms and Terrace Bar overlooking Times Square. The purchase price was undisclosed.
BOSTON — Suffolk Construction will oversee the renovation of 50 Post Office Square, an 18-story art deco tower in Boston. Formerly 185 Franklin Street, the building will be open to the public for the first time in 60 years after the 12-month project is complete. The property was originally the headquarters for New England Telephone and Telegraph Co., followed by Verizon Communications Inc. Commonwealth Ventures purchased the property for $192 million in 2008. The renovation will include upgrades to the building's lobby, common areas and commercial space. It also includes the addition of 21,000 square feet of retail space and 110 new underground parking spaces. The project is slated to be completed in 2013.
YONKERS, N.Y. — The $24 million Westchester Center for Independent and Assisted Living has opened to Medicaid recipients this month. The facility is located at 78 Stratton St. South. in Yonkers and includes luxury apartments, an in-house movie theater, beauty salon and billiard room. Center Management Group financed the project with tax incentives from the Yonkers Industrial Development Agency.