Northeast

THE OPEN SOCIETY FOUNDATIONS SIGNS LEASE IN NYC'S ARGONAUT BUILDING

by admin September 9, 2011

NEW YORK CITY — The Open Society Foundations, founded by billionaire George Soros, has signed a lease with M1 Real Estate for 160,000 square feet of office space inside the Argonaut Building at 224 W. 57th St. in New York City. The Open Society Foundations will occupy its new headquarters in the third quarter of 2012. Colliers International's Brian Given, Michael Cohen, Robert Bakst and Robert Sass represented the landlord, M1 Real Estate, in the transaction, while James Coleman and Steve Kaufman of Hanley Advisors and CB Richard Ellis' Eric Deutsch represented the Foundations. More than $25 million has been spent in renovations to the Argonaut Building, which is LEED Gold certified. The Foundations has joined General Motors and The Hearst Corporation as being one of three tenants to occupy the space since the Argonaut's construction in 1909, according to M1 Real Estate.

September 9, 2011

MORRIS CORPORATE CENTER III TRADES FOR $110M

by admin September 8, 2011

PARSIPPANY, N.J. — Institutional investors advised by J.P. Morgan Asset Management have purchased Morris Corporate Center III, a 526,641-square-foot office property at 400 Interpace Pkwy. in Parsippany, for approximately $110 million. Morris Corporate Center features a full-service cafe, a fitness center, covered parking, fountains and walking trails. The center was 85 percent leased at the time of the sale to tenants such as Ogilvy Commonhealth and Watson Pharmaceutical. CB Richard Ellis' Jeffrey Dunne, Kevin Welsh, Brian Schulz and Sam Buckley represented the seller, TIAA-CREF, and procured the buyer.

September 8, 2011

Multifamily Northeast

PRG AND PARTNERS ACQUIRE APARTMENT COMMUNITY FOR $44M

by admin September 8, 2011

JACKSON TOWNSHIP, N.J. — Phoenix Realty Group (PRG) has teamed with Gaia Real Estate Holdings and Harel Insurance Investments and Financial Services of Israel to purchase the Regency Club Apartments, a 372-unit apartment complex spanning 31 buildings at 330 S. New Prospect Rd. in Jackson Township. Regency Club features a swimming pool, tot lot and tennis courts, and the complex is expected to receive interior and exterior renovations through a planned $2 million improvement program. PRG assumed a $32.2 million Fannie Mae loan with a 5.9 percent interest rate. The seller is an affiliate of Morgan Management. PRG handled the transaction in house.

September 8, 2011

Multifamily Northeast

ADJACENT APARTMENT BUILDINGS IN NYC SELL FOR $6.35M

by admin September 8, 2011

NEW YORK CITY — Two adjacent buildings at 506 and 510 W. 150th St. in New York City have sold for $6.35 million. The walkup buildings have a combined 100 feet of frontage and contain a total of 61 units, 37 of which have been recently renovated. Massey Knakal's Robert Shapiro handled the transaction exclusively.

September 8, 2011

Multifamily Northeast

FGL CONVERTS NJ CONDOS TO RENTAL PROPERTIES

by admin September 8, 2011

UNION CITY, N.J. — Fidelity & Guaranty Life Insurance Co. (FGL), through a $3.6 million commercial mortgage loan provided by Procida Funding, will acquire and finish construction on a partially built 28-unit condominium development in Union City. The loan allows FGL to convert the distressed property from a for-sale development to a rental property.

September 8, 2011

Northeast Retail

RETAIL PROPERTY IN HARLEM SELLS FOR $7.1M

by admin September 7, 2011

NEW YORK CITY — Massey Knakal has brokered the $7.1 million purchase of three retail units at 64-68 W. 125th St. in New York City's Harlem neighborhood. The units are single story and comprise approximately 7,659 square feet. Massey Knakal's Jeffrey Shalom and Lev Kimyagarov handled the transaction.

September 7, 2011

Mixed-Use Northeast

HUDSON REALTY CAPITAL FUNDS MIXED-USE BUILDING'S CONSTRUCTION LOAN

by admin September 7, 2011

NEW YORK CITY — Hudson Realty Capital LLC, a New York City-based real estate fund manager, has funded a $10.2 million construction loan for site demolition and construction of a 23,306-square-foot mixed-use building in New York City's SoHo neighborhood. The property on Greenwich Street will feature eight stories of luxury residential space, ground floor retail space, a gymnasium, laundry facilities and a bicycle room. Construction is slated for mid-2012 completion.

September 7, 2011

Mixed-Use Northeast

MIXED-USE BUILDING IN PITTSBURGH SUBURB SELLS

by admin September 7, 2011

SEWICKLEY, PA. — GKK Sewickley, LP has purchased 501 Beaver St., an 8,357-square-foot retail/office building in Sewickley, a northwest suburb of Pittsburgh, for $1.23 million. Citizens Bank is a tenant and leases approximately 4,000 square feet of office and retail space. Michael Sell and Robert Geiger of Pittsburgh-based Grant Street Associates Investment Services Group, a member of the Cushman & Wakefield Alliance, brokered the transaction.

September 7, 2011

Multifamily Northeast

NORTHMARQ ARRANGES MORTGAGE FOR VILLAGE PATH TOWNHOMES

by admin September 7, 2011

WEBSTER, N.Y. — NorthMarq Capital has arranged $2.18 million in first mortgage financing for Village Path Townhomes, a 21-unit multifamily property in Webster. Sam Berns of NorthMarq's upstate New York office arranged the financing based on a 10-year term and a 20-year amortization schedule.

September 7, 2011

Mixed-Use Northeast

MIXED-USE PROPERTY IN NYC SELLS FOR $9.13M

by admin September 6, 2011

NEW YORK CITY — A mixed-use condominium property at 1356 First Ave. on the corner of First Avenue and East 73rd Street has been sold for $9.13 million. The five-story property totals 19,840 square feet. Massey Knakal's Guthrie Garvin and Joan McLaughlin of The Corcoran Group handled the transaction. The commercial condominium is currently occupied by a restaurant, while the property's other condominiums are residential.

September 6, 2011

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