Northeast

SOHO MIXED-USE BUILDING SELLS FOR $4.3M

by admin February 16, 2012

NEW YORK CITY — A mixed-use building at 37 Crosby St. in Manhattan has sold for $4.3 million. The seven-story building includes ground-floor retail space and 12 apartment units. Due to a fire on the top floor apartment, the entire building is currently vacant and in need of renovation. Two tenants plan to return to the building when construction is complete. Robert Burton of Massey Knakal Realty Services represented the buyers, Todd Cohen and Terrence Lowenberg of Icon Realty Management. They also represented the seller, Bob Kahn.

February 16, 2012

JOINT VENTURE ACQUIRES LOGISTICS CENTER IN CLINTON

by admin February 16, 2012

CLINTON, N.J. — Woodmont Industrial Partners and AEW Capital Management have jointly acquired the I-78 Logistics Center in Clinton for an undisclosed sum. The venture plans to convert the property, located at 111 Cokesbury Rd., into a regional distribution center. This is the first of what the venture anticipates will be a number of strategic acquisitions of industrial properties in seaport markets in the eastern U.S. Woodmont and AEW plan to acquire $250 million of assets under this investment program.

February 16, 2012

Civic Northeast

ARC RENOVATES OFFICES AT BOSTON COLLEGE

by admin February 15, 2012

CAMBRIDGE — ARC/Architectural Resources Cambridge has completed a renovation and expansion project for Boston College at 2121 Commonwealth Ave. on the college's Brighton campus. The project called for the conversion of a vacant property into an administrative office and added 70,000 square feet of space. The new building is called the Boston College Alumni Center.

February 15, 2012

Mixed-Use Northeast

RETAIL, OFFICE CENTER FETCHES $10.1M IN CONNECTICUT

by admin February 15, 2012

ROCKY HILL, CONN. — A 109,000-square-foot office and retail center has sold for $10.1 million at 30 Waterchase Dr. in Rocky Hill. The property is 83 percent occupied and anchored by Porter and Chester Institute, a technical school. Joseph French of Marcus & Millichap's White Plains, N.Y. office represented the seller, a private investor based in Florida. The buyer was a private firm located in Trumbull, Conn.

February 15, 2012

Multifamily Northeast

BEECH PROVIDES $12.5M LOAN TO REFINANCE NEW JERSEY APARTMENT PROPERTY

by admin February 15, 2012

WEEKHAWKEN, N.J. — Beech Street has provided a $12.5 million Fannie Mae loan to refinance The Simone, a new, ground-up construction apartment building in Weehawken. The 50-unit apartment building is located across from the Hudson River and is fully leased. Meridian Capital Group originated the 10-year loan, which has a 30-year amortization schedule.

February 15, 2012

Northeast Office

LINCOLN NATIONAL LIFE INKS LEASE AT MELVILLE CORPORATE CENTER

by admin February 15, 2012

MELVILLE, N.Y. — Lincoln National Life Insurance Co., a division of Fort Wayne, Ind.-based Lincoln Financial Group, has leased 11,000 square feet of office space at the Melville Corporate Center I in Melville. Neal Marchesano of Corporate National Realty represented Lincoln in the deal. The landlord, T. Weiss Realty, was represented in-house by Craig Weiss.

February 15, 2012

Industrial Northeast

ELECTRONICS DISTRIBUTOR MOVES TO NEW HYDE PARK

by admin February 15, 2012

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.

February 15, 2012

Multifamily Northeast

ARCADIA BUYS ORIGINAL EMPIRE STATE BUILDING FOR $32.5M

by admin February 14, 2012

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.

February 14, 2012

Multifamily Northeast

BRADY SULLIVAN ACQUIRES 1840 MILL BUILDING IN MANCHESTER

by admin February 14, 2012

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.

February 14, 2012

Northeast Retail

SECOND PHASE OF $250M RETAIL PROJECT BEGINS IN NYC

by admin February 14, 2012

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.

February 14, 2012

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