Northeast

EASTERN CONSOLIDATED BROKERS TWO MANHATTAN DEALS FOR $17 MILLION

by admin July 30, 2010

NEW YORK CITY — Eastern Consolidated has brokered two Manhattan deals. First, the 8,426-square-foot retail component of Devonshire House, a condo tower located at 28 E. 10th St. in Greenwich Village, traded for $10.35 million. The street-level retail spaces average 605 square feet each, and the property includes 3,584 square feet of cellar space shared by six of the units. Occupancy was 100 percent at the time of closing. The Eastern Consolidated team of Ronald Solarz, Eric Anton, Brian Ezratty and Deborah Gutoff represented the seller, Devonshire Associates LLC, and procured the undisclosed buyer. In the second transaction, a six-story, 48-unit residential building located in West Harlem at 315 W. 115th St. traded for $6.7 million. The property is rent stabilized and fully occupied. Peter Carillo and Lipa Lieberman of Easter Consolidated represented the seller, West 115th Realty LLC, and procured the buyer, West 115 11-13 Associates LLC.

July 30, 2010

NFL SIGNS LEASE FOR NEW HEADQUARTERS

by admin July 29, 2010

NEW YORK CITY — The National Football League (NFL) has signed a lease that will move its headquarters to 345 Park Ave. in Manhattan. It will occupy all of floors five through seven of the 44-story tower as well as 30,000 square feet of below-grade space. The NFL plans to relocate from its current headquarters at 280 Park Ave. during the third quarter of 2011. The lease carries a 20-year term. Petter Hennessy and Daoud Awad of Jones Lang LaSalle partnered with Franklin Speyer and Lou D'Avanzo of Cushman & Wakefield to represent the NFL. Tom Keating of Rudin Management Co. provided in-house representation for the landlord, the Rudin Family.

July 29, 2010

Industrial Northeast

SOMERSET TECHNOLOGY CENTER TRADES IN N.J.

by admin July 29, 2010

WARREN, N.J. — The Hampshire Companies has acquired Somerset Technology Center from Archon Group. The two-building, 129,000-square-foot complex is situated on 15.7 acres at 150 Mount Bethel Road in Warren. Prior to the sale, Archon had received approvals to redevelop and expand the site up to 172,000 square feet, but Hampshire's future plans for the property were not disclosed. Cushman & Wakefield's Metropolitan Area Capital Markets Group arranged the deal. The team's members include David Bernhaut, Andrew Merin, Gary Gabriel and Robert Donnelly, Jr.

July 29, 2010

Northeast Seniors Housing

GROUNDBREAKING HELD FOR N.Y. SENIOR COMMUNITY

by admin July 29, 2010

WHEATFIELD, N.Y. — The groundbreaking has occurred for a new senior housing community in Wheatfield. Eagle Crest Senior Village will be developed by Calamar on 23 acres of land on Weiss Avenue in Wheatfield. The two-story building will contain 90 one- and two-bedroom units specifically for residents age 55 and older. Amenities will include a community room, a fitness center and a lounge/library. Calamar plans to donate 16 of the property's acres to create a park. Completion is slated for summer 2011.

July 29, 2010

Industrial Northeast

LNK ACQUIRES VACANT LONG ISLAND INDUSTRIAL BUILDING

by admin July 28, 2010

HAUPPAUGE, N.Y. — LNK International has acquired a 93,000-square-foot industrial building located at 55 Arkay Drive in Hauppauge for approximately $8 million. The vacant facility was formerly leased to Corwood Laboratories, which ceased business in December following a Chapter 7 bankruptcy filing. LNK plans to use the building to expand its manufacturing and warehousing operations. The property features 40,000 square feet of air-conditioned manufacturing space, 3,000 square feet of office space, ceiling heights that range from 20 to 40 feet and five loading docks. Richard Cohen of Ashlind Properties represented LNK as well as the seller, Lori-Lynn Realty LLC, which is affiliated with Corwood.

July 28, 2010

Northeast Office

LEGO TO EXPAND NORTH AMERICAN HEADQUARTERS IN CONN.

by admin July 28, 2010

ENFIELD, CONN. — LEGO plans to expand its North American headquarters in Enfield. The Danish toy maker will build an additional 80,000 square feet within Enfield Business Park that will house direct-to-consumer retail operations, finance operations, consumer services and facilities management. The new space will also feature an indoor atrium/garden and a gathering place for meals, meetings and social functions. Construction will begin in the coming weeks and be complete by March 2011. LEGO has used Enfield Business Park as its North American headquarters for the past 35 years. Up until a few years ago, the park also housed the company's manufacturing and distribution operations, which have since moved overseas.

July 28, 2010

Hospitality Northeast

SPRINGHILL SUITES TO BE BUILT IN LATROBE

by admin July 28, 2010

LATROBE, PA. — A joint venture between Palmer Hospitality, Concord Hospitality and Keith McGraw has announced plans to develop a new Springhill Suites hotel in Latrobe. The four-story building will have 109 suites and will be located near the intersection of routes 30 and 981. It is directly across from Kennametal Inc., the area's largest employer, and within a short distance from Latrobe Country Club, the home course of Palmer's Hospitality's owner, Arnold Palmer. The building is being designed for LEED certification. Construction will begin in December, and completion is expected by the end of 2011.

July 28, 2010

Mixed-Use Northeast

75 WALL STREET RECEIVES EXTENSION FOR $263 MILLION CONSTRUCTION LOAN

by admin July 27, 2010

NEW YORK CITY — A joint venture between The Hakimian Organization, Peykar Brothers Realty and Gorjian Properties has closed on an extension for its construction loan for the 75 Wall Street mixed-use project in New York City. The extension for the $263 million loan is for a 2-year period with an additional 1-year extension option. The hotel portion of the tower, which is operated as Hyatt's new Andaz brand, opened in January. It contains 253 guestrooms and suites as well as the restaurant Wall & Water and Bar Seven Five. The top 24 floors of the 42-story tower contains 346 luxury residential condominiums. Amenities include a residents-only area on the 18th floor containing a fitness center, a media room and a game room. The building's rooftop lounge contains a solarium, a lounge and a hot tub. The building's ground-floor retail space is leased by KitptonART as gallery space.

July 27, 2010

Multifamily Northeast

PEMBROOK CAPITAL RECAPITALIZES MANHATTAN CONDO PROJECT

by admin July 27, 2010

NEW YORK CITY — Pembrook Capital Management has provided $47.1 million for the recapitalization of a residential condominium project located in Manhattan's Chelsea neighborhood. The loan carries a 2-year term and a fixed interest rate. Construction for the 54-unit project, which is located at 100 11th Ave., is complete and 26 of the units have been sold. Pembrook's Jonathan Schurgin originated the loan. Assistance was provided by Meridian Capital.

July 27, 2010

Northeast Retail

MARCUS & MILLICHAP BROKERS $3.19 MILLION TRACTOR SUPPLY SALE IN PA.

by admin July 27, 2010

LEHIGHTON, PA. — Marcus & Millichap has brokered the sale of a Tractor Supply Co. retail location in Lehighton for $3.19 million. The freestanding, 19,097-square-foot building is situated on 5.3 acres along Blakeslee Boulevard. The tenant signed a 15-year, double-net lease in May 2009 that has 10 percent rent increases every 5 years. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, a North Carolina-based limited liability company. Jamie Harrison of Touchstone Commercial Partners represented the buyer, SS Realty.

July 27, 2010

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