HOBOKEN, N.J. — Advance Realty has commenced the environmental remediation for its first development project in Hoboken. Willow14 will be a seven-story, 140-unit luxury apartment building that will feature 22,000 square feet of retail space and 376 below-grade parking spaces. The 1-acre site, which is located at the corner of Willow and 14th streets, had previously been used for gas manufacturing and as a auto repair shop. The project, which will begin vertical construction later this year and be ready for occupancy by the end of 2013, will be seeking LEED certification.
PHILADELPHIA — Construction is complete for the new headquarters and distribution center for Penn Jersey. The 255,336-square-foot building is located on 30 acres at 9355 Blue Grass Road in Philadelphia. A joint venture between Dermody Partners and Great Point Investors developed the project as a build-to-suit for Penn Jersey, which is leasing it for a 15-year term. The building has been submitted for LEED-Silver certification. Blue Rock Construction was the project's general contractor. The CB Richard Ellis team of Steve Marzullo, Patrick Green and Michael Mullen represent Penn Jersey in the lease arrangement.
YONKERS, N.Y. — The groundbreaking has been held for a new affordable housing project in downtown Yonkers. The $32 million project, which will be located at 49 N. Broadway, will include the construction of a 12-story tower containing 92 studio through three-bedroom units. There will be 98 dedicated parking spaces in the 300-space Larkin Plaza parking facility that is being constructed nearby at 10 Woodworth Ave. A joint venture between L+M and Greyston is developing the project in partnership with the City of Yonkers and the Yonkers Industrial Development Agency.
NEW YORK CITY — Savanna and Monday Properties have commenced a $30 million capital improvements plan for 386 Park Avenue South, a 20-story, 260,000-square-foot office building located in Manhattan's Midtown South submarket. Construction will include a revitalized lobby, new windows, new elevator cabs, new common corridors, renovated restrooms and a new HVAC system. The owners procured a $58 million loan from PCCP LLC to finance the construction as well as a new leasing program. Monday Properties is handling leasing and marketing for the property.
NEW YORK CITY — Time Equities Inc. has procured a total of $17 million for two of its New York City multifamily properties. In the first deal, a $9 million loan was secured for a 50-unit building located at the intersection of 96th Street and Broadway. The loan carries a 12-year term with a 4.75 percent fixed interest rate for the first 7 years and a reset thereafter. In the second deal, an $8 million loan was secured for a 39-unit property located two blocks south of Wall Street. The loan carries a 7-year term with interest-only payments for the entire term and a 60 percent loan to value ratio. Stuart Bruck of Time Equities represented his company in the deals. The lender was not disclosed.
NEW YORK CITY — British Airways has signed a lease for the entire 11th floor of 2 Park Avenue in Manhattan. The airline will relocate to the 46,198-square-foot space from the Bulova Building in Queens. The Cushman & Wakefield team of Tara Stacom, David Green, Mitchell Arkin and Whitten Morris represented the landlord, an affiliate of Morgan Stanley. Joan Meixner and Brad Needleman of CB Richard Ellis represented the tenant. 2 Park Avenue is a 29-story, 1 million-square-foot office building that is also occupied by tenants such as the United Way of New York, Coty and Herrick Feinstein.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of two four-story buildings located at 252-254 Tenth Ave. in Manhattan's West Chelsea neighborhood. The buildings contain a total of four vacant retail spaces and six free-market, floor-through apartments for a total of 7,584 square feet. The Massey Knakal team of Brock Emmetsberger and James Nelson arranged the deal.
WRENTHAM, MASS. — Macy's has announced plans to open a new Bloomingdale's Outlet location within the Wrentham Village Premium Outlets shopping center in Wrentham. The 24,000-square-foot store will open this October. Since launching the concept in fall 2010, four Bloomingdale's Outlet stores have opened including one in Paramus, N.J. Additional stores will open this fall in Florida and Illinois.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 4,125-square-foot mixed-use building located at 213 Himrod St. in Brooklyn. The property was vacant at the time of the sale. Naomi Shu of Marcus & Millichap's Manhattan office represented the buyer and the seller, both private investors.
BURLINGTON, VT. — Construction has commenced for a new on-campus student housing community at the University of Vermont in Burlington. Redstone Lofts will provide 403 beds of housing in 144 loft-style units. Local developer Redstone Commercial Group will develop, own and operate the community. It is leasing the land on a long-term basis from the university. Redstone Lofts will be open to upperclassmen and graduate students. Completion is expected in fall 2012.