Northeast

RBH BREAKS GROUND ON $149M TEACHERS VILLAGE

by admin February 10, 2012

NEW YORK CITY — Manhattan-based RBH Group has broken ground on Teachers Village, a $149 million retail, educational and residential development in downtown Newark. The Richard Meijer-designed complex will house three new schools, a daycare center and provide rental apartments for more than 200 Newark teachers. It will also include 70,000 square feet of retail space. Retail tenants are expected to open in the summer of 2013, and the the first residents are slated to occupy apartments in the fall of 2013.

February 10, 2012

MAR-MART SELLS 10-STORY APARTMENT BUILDING IN NYC

by admin February 10, 2012

NEW YORK CITY — Mar-Mart Realty Co. has sold 12 Fifth Ave., a 33-unit apartment building for $12.5 million. The 19,545-square-foot property is located between 8th and 9th streets in central Greenwich Village. John Stewart of the Manhattan office of Marcus & Millichap represented Mar-Mart in the transaction. He also represented the buyer, a New York City-based real estate investor. Built in 1906 as a hotel, the property was converted into apartments in the 1940s.

February 10, 2012

Multifamily Northeast

BEECH ARRANGES $11.3M LOAN FOR BALTIMORE APARTMENT ACQUISITION

by admin February 10, 2012

BALTIMORE, MD. — Beech Street Capital has provided an $11.3 million Fannie Mae loan for the acquisition of Henderson House, a 120-unit apartment property in Baltimore. Jacob Katz of Meridian Capital Group originated the loan for the undisclosed borrower. The property includes two contiguous buildings: a nine-story building with 94 units and a 10-story building containing 56 units. The 10-year, fixed-rate loan has a 30-year amortization schedule.

February 10, 2012

Mixed-Use Northeast

HOULIHAN-PARNES ARRANGES $2.1M LOAN FOR TWO NEW YORK PROPERTIES

by admin February 10, 2012

MT. VERNON, YONKERS, N.Y. — Jerry Houlihan of Houlihan-Parnes Realtors has arranged $2.1 million loan for the refinancing of two properties, located at 6-8 E. Sydney Ave. in Mount Vernon and 829 Midland Ave. in Yonkers. The loans each have a five-year term.

February 10, 2012

Market Reports New York Northeast Market Reports

Upstate New York in a renaissance period

by admin February 10, 2012

Upstate New York is currently in a renaissance period as the major initiative of the high technology industry creates momentum for local communities. Centered at the University at Albany, the College of Nanoscale Science and Engineering has been a leader in developing more than $6 billion of infrastructure and research and development focused around the semi-conductor industry, and most recently the solar energy industry. The relocation of Sematech International’s world headquarters from Austin, Texas, to the edge of the University’s campus in Albany, New York, has established a partnership program focusing the world’s leading semi-conductor makers and related industries in a collaborative effort to develop and manufacture the next generation of chips that power our lives. The College’s most recent announcement of a partnership involving IBM, Intel, Samsung, Global Foundries and TSMC focused on a $4.8 billion deal that is largely funded privately, will result in substantial job growth in categories not previously significant in numbers. This most recent announcement in September 2011 also spreads the benefits throughout the state in Buffalo, Rochester, Utica, and into the Hudson Valley as new jobs are created in these communities that result from supporting and related industries. The office sector should begin to …

February 10, 2012

Market Reports New York Northeast Market Reports

Increase in demand causes uptick in development activity.

by admin February 10, 2012

New York’s Capital District is ranked 11 out of the top 25 metro markets in the Northeast (according to REIS), but the area is most certainly making noise in the world of multifamily construction projects. A huge demand in the apartment sector, stemming from technology-based job growth, has forced the hands of local and regional developers to get off the sidelines and start tackling sources for much-needed construction financing to meet the demand. To name of few active developers, Tri City Management, Prime Companies, Capital City Properties, and Albany Partners LLC have a total of more than 1,000 units recently built, under construction, or funded and ready to build in the next 16 months. Permit filings were up more than 30 percent from 2009 to 2010, indicating a solid trend for new development slated through 2012. Major projects have been popping up all over the region. The Woods, a 60-unit luxury community in suburban Troy, leased up its first few units in May and had 48 of the 60 units rented long before the grand opening in November. One- and two-bedroom unit rents range from $1,100 to $1,490 for 882 to 1194 square feet, averaging roughly $1.50 per square foot …

February 10, 2012

Market Reports Northeast Market Reports Pennsylvania

Market thrives with strong demand and continued optimism.

by admin February 10, 2012

These are exciting times for Pittsburgh’s Central Business District’s (CBD) office market. Pittsburgh’s CBD Class A office market is experiencing a very favorable vacancy rate of 7 percent. The high levels of occupancy have been driven by strong growth within the banking, medical, energy and technology sectors, along with nearby abundant natural resources such as Marcellus Shale. PNC Corporation is breaking ground for its second $400 million office building in recent years, which is touted to become the “greenest building in the world.” PNC’s new building will be a true complement to the historic and evolving Market Square District, which has undergone a major landscape renovation, creating a beautiful area for outdoor dining, music and green space for people to enjoy. Accompanying PNC’s new office buildings, Millcraft Industry has begun the transformation of the former State Office building into a 218-unit luxury apartment building. This is their second major CBD project in recent years, having completed and leased a 180,000-square-foot office building known as Piatt Place. Plans are currently evolving within Pittsburgh’s development community to retrofit the historic Henry W. Oliver Building. Additional CBD developments include a mixed-use project comprising a 175-room Hilton Garden Inn, 100,000 square feet of new …

February 10, 2012

Northeast Office

JONES LANG SECURES $32M IN PERMANENT FINANCING FOR CLASS A OFFICE BUILDING

by admin February 9, 2012

WAREN, N.J. — Jones Lang LaSalle Capital Markets has arranged $32 million in permanent financing for 30 Independence Blvd. on behalf of an affiliate of Beacon Capital Partners. The 210,524-square-foot Class A office building in Warren is fully leased to Verizon Wireless. Wes Boatwright, Jon Goldstein, Mike Yavinksy and Dustin Stolly of Jones Lang LaSalle led the team that secured the loan through Sovereign Bank.

February 9, 2012

Northeast Office

SAVANNA RELAUNCHES 80 BROAD ST. IN MANHATTAN

by admin February 9, 2012

NEW YORK CITY — The $19 million renovation of 80 Broad St. in Manhattan's Financial District is complete and owner Savanna has put the property back on the market. The 417,000-square-foot, multi-tenant office building includes a renovated lobby with enhanced lighting and modernized elevators. Savanna acquired the property in September 2011, but took it off the market to begin the capital improvement project. About 150,000 square feet of office space is currently available.

February 9, 2012

Northeast Retail

ALSIDE OPENS 100TH U.S. STORE IN PITTSBURGH

by admin February 9, 2012

EXPORT, PA. — Alside, a manufacturer and distributor of exterior residential building products, has opened its 100th supply center in the U.S. and second location in the Pittsburgh area. The new 37,000-square-foot center opened Jan. 2 at 3003 Venture Court in Export. The center includes Alside-manufactured products such as vinyl siding, as well as garage doors, stone, fencing and decking products.

February 9, 2012

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