PITTSBURGH — RLJ Lodging Trust has completed three hotel conversions for $24 million, including a hotel in Pittsburgh. The 202-room Hilton Garden Inn Pittsburgh University Place was converted from a Wyndham hotel Jan. 1, 2012. The $9 million renovation upgraded guest rooms, transformed the lobby and freshened up the exterior. The projects also included an $8 million renovation at the 175-room Hilton Garden Inn Durham and a $7 million renovation at the 194-room Embassy Suites West Palm Beach-Central. All three hotels remained open while under renovation.
CEDAR KNOLLS, N.J. — Liberty Bank of Middletown, Conn. has closed a $7.4 million commercial mortgage financing transaction with 197 Riverdale Ave. LLC for the purchase and renovation of the medical office building at 197 Ridgedale Ave. in Cedar Knolls. The 80,600-square-foot property is owned by Commercial Realty Group of Morris Plains, a group of local physicians.
NEW YORK CITY — Construction is complete on Vicinitas Hall, a new 68-unit supportive housing development in the Bronx for low-income young adults and those who have aged out of foster care. The 41,000-square-foot property was built on the site of a parking lot for $15.9 million, with $7 million in federal funds issued by the city in addition to stimulus money, state housing funds and tax credits. Vicinitas includes recreation rooms, a landscaped rear yard and offices for case management staff. The building was designed by OCV Architects and constructed by Bayview Real Estate Consultants. Vicinitas will be operated by the Lantern Group, a Manhattan-based nonprofit.
NEW YORK CITY — Ariel Property Advisors has closed the $1.2 million sale of a Brooklyn industrial property, located at 79-85 Georgia Ave. The 15,000-square-foot property is currently being used as a garage. Jonathan Berman and Jesse Deutch of Ariel represented the seller in the transaction. The buyer was a building tenant.
NEW YORK CITY — Marcus & Millichap has arranged the $8.6 million sale of a five-story, 144-unit apartment building, located at 330-332 W. 51st St. in New York City. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap's Manhattan office represented the seller, a limited liability company. They also secured the buyer, a developer.
NEW YORK CITY — Endurance Reinsurance Corp. of America has signed a 10-year sublease for 40,500 square feet and a 10-year direct lease for 16,864 square feet at 750 Third Ave. in New York City. The Class A office building, also known as Grand Central Square, is owned by SL Green Realty. Ryan Masiello and Peter Riguardi of Jones Lang LaSalle represented Endurance in the transaction. SL Green was represented in-house by David Kaufman and David Amsterdam.
NEW YORK CITY — A six-story, 51,914-square-foot apartment building has sold for $5.1 million in the Flatbush section of Brooklyn. The 59-unit property is located at 130 Lenox Road. Yosef Katz of GFI Realty Services represented the seller, Patrick James. Erik Yankelovich of GFI represented the buyer, a local Brooklyn investor. The buyer plans to rehab the property and renovate the apartments.
The Boston apartment market is on fire. As a result there is a vast amount of equity, developer interest, and investor interest focused on the Greater Boston Market. What does this mean for the future of the Greater Boston Apartment market? First a matter of definition, the metro Boston market encompasses all towns within Interstate 495 (Boston’s second beltway) and inwards and, therefore, does not include Central and Western Massachusetts, New Hampshire nor Rhode Island. The overall vacancy was 4.2 percent in second quarter 2011 (REIS: Metro Boston submarket). Class A property has seen the greatest rent growth, 1.5 percent in Q2 2011, alone. However, Class B property has maintained a lower vacancy at 4.5 percent during Q2 2011, dropping from 5.9 percent. The city of Boston has exhibited the most rental growth of any submarket of all the Greater Boston submarkets. In the city, rent is up 6.5 percent over the first half of 2011 with rents exceeding $4 per square foot and an average rent of $4,400 per unit based on a recent ARA Class A Survey. These rents are attracting developers and capital. The most recent development start is the 187-unit Avalon Exeter Apartments at the Prudential …
LAKE GROVE, N.Y. — Shopping center developer Regency Centers has closed on its $72.5 million purchase of the 141,382-square-foot Lake Grove Commons in Lake Grove, with its co-investment partner First Washington Realty Inc. Lake Grove, a Class A property, is anchored by Whole Foods. Jeffrey Dunne and David Gavin of CBRE represented the seller, Lake Grove Enterprises LLC in the transaction.
SADDLEBROOK, N.J. — JA Cosmetics, which manufactures the e.l.f. line of beauty products, is moving from its Patterson, N.J. facility to a 132,000-square-foot industrial site at 45 Mayhill St. in Saddlebrook. The new unit includes an 18-foot ceiling height and 116-car parking. Jeffrey DeMagistris and Thomas Vetter of NAI Hanson represented the landlord, Jos Muscarelle, in the transaction.