NEW YORK CITY — Broad Street Development (BSD) has acquired the two-building parcel, located at 209-219 Sullivan Street in New York City, for $33 million from The Children's Aid Society. BSD has planned a redevelopment resulting in approximately 60,000 square feet of condominium residences. Helen Hwang of Cushman & Wakefield's NY Capital Markets Group was the sole broker in the transaction.
Northeast
HOBOKEN, N. J. — Cushman & Wakefield's Metropolitan Area Capital Markets Group has brokered the sale of the 214-unit 800 Madison, located at 800 Madison St. in Hoboken, from Tarragon Corp. to CB Richard Ellis Investors. Cushman & Wakefield initially marketed the property for sale during its construction but the asset was taken off the market in 2009 when Tarragon filed for bankruptcy. The developer emerged from Chapter 11 in July 2010 and Cushman & Wakefield brought the community to the market again.
LANCASTER, PA. — Daniel Berger of NAI Commercial Partners' Lancaster office has closed two sales in Lancaster. First, 36,540 square feet of industrial space, located at 66-126 Keller Ave., to #B Lancaster L.P. Berger represented both parties. Susquehanna Valley Emergency Medical Services was the buyer. Berger also represented Manufacturers and Traders Trust Company in the sale of 47,808 square feet of office space, located at 2250-2270 Erin Ct. William Rothman of RSR Realtors represented the buyer, County of Lancaster.
NEW YORK CITY — Morgans Hotel Group has sold the 114-room Morgans Hotel and the 168-room Royalton Hotel to FelCor Lodging Trust for $140 million. Morgans Hotel underwent a $10.8 million renovation in 2008 and Royalton Hotel has completed more than $22 million in renovations in the last 3 years. Jeffrey Davis and Gilda Perez-Alvarado of Jones Lang LaSalle Hotel's New York office represented the seller in the transaction.
SYRACUSE, N.Y. — Scott Allyn, owner of a 19th-century manufacturing facility located at 219 S. West St. in Syracuse, has selected New York-based Fiedler Marciano Architecture to create a new 19,200-square-foot, multi-use art complex adjacent to Red House Arts Center. The three-story building will be anchored by SubCat Studios, a recoding studio on the basement and first floor, as well as a lobby, lounge and cafe that will be shared with Red House.
NORWALK, CT. — Clarion Partners, on behalf of one of its pension fund clients, has acquired the minority interest of its partner of more than 15 years, Fairfield Investors, in the 1.4 million-square-foot, Class A office complex Merritt 7 Corporate Park, located at the intersection of Merritt Parkway and Route 7 in Norfolk. Additionally, Clarion Partners has formed a strategic venture with Marcus Partners to assume property management and leasing services.
SOMERS POINT, N.J. — Joshua Lipsey of Marcus & Millichap Capital Corp.'s New Jersey office secured a $7.5 million refinancing loan for a 214-unit multifamily property in Somers Point. The 10-year loan has a fixed-interest rate and a 30-year amortization.
BRONX, N.Y. — The 56-unit, six-story Fordham Village, located at 355 East 194th St. in the Bronx, is now open. The affordable housing development is for veterans who are homeless or at a risk of homelessness. Amenities include a glass-walled community room, garden, computer center and access to trained staff who will provide professional counseling services. This is the first phase in The Jericho Project's Veterans Initiative that will eventually serve 200 veterans. The NYC Department of Housing Preservation and Development provided $7.84 million through it's Supportive Housing Loan Program and an additional $6 million through Low-Income Housing Tax Credit Equity. The New York State Energy Research and Development Authority provided $106,000, and $118,000 in developer equity was provided by Jericho.
BOSTON — Boston-based Synergy Investment & Development has sold the 50,673-square-foot Church Green Building, located at 101 Summer St. in Boston, to a Synergy/Independencia joint venture for $11.5 million. Bill Crean, Kevin Kennedy and Andrea Matteson of CB Richard Ellis' Boston office arranged the repositioning.
COATESVILLE, PA. — A 14,000-square-foot ground lease, located at 800 East Lincoln Highway in Coatesville, has been sold for $2.81 million in an off-market transaction. Walgreens Pharmacy recently signed a 25-year ground lease for the site and the previously existing 14,000-square-foot building has been demolished to make way for the construction of the pharmacy. The buyer, a charitable trust from the Western U.S. acquired the property in a cash transaction. Chris Datz and Anthony Sembello of Pintzuk Brown Realty Group assisted the seller, a partnership lead by Scott Homel, also of Pintzuk Brown Realty Group.