Northeast

PRG LEASES 220,000 SQUARE FEET OF FLEX SPACE IN SECAUCUS

by admin July 19, 2010

SECAUCUS, N.J. — Production Resource Group (PRG) has signed a lease for 220,000 square feet of office and warehouse space at 915 Secaucus Rd. in Secaucus. The tenant is consolidating and expanding its existing facilities in Mt. Vernon, N.Y., and North Bergen, N.J., into the new space, which will serve as its new Northeast headquarters. Stan Danzig and Stephen Elman of Cushman & Wakefield represented the tenant in lease negotiations. The landlord, Hartz Mountain Industries, represented itself in-house with Charles Reese.

July 19, 2010

NYCIRB SIGNS 45,000-SQUARE-FOOT LEASE IN NYC

by admin July 19, 2010

NEW YORK CITY — The New York Compensation Insurance Rating Board (NYCIRB) has signed a 15-year lease for approximately 45,000 square feet at 733 3rd Ave. in New York City. The tenant will be expanding from its previous offices, which are located at 655 3rd Ave. The Durst Organization is the landlord of both properties and will be marketing the space at 655 3rd Ave., since NYCIRB has 2 years remaining on its lease there. The space at 733 3rd Ave. will be ready for occupancy by the end of the year. James Gross of Williamson Picket Gross represented NYCIRB in lease negotiations. Durst provided in-house representation. Stroock & Stroock & Lavan LLP provided legal representation on behalf of NYCIRB, and Patterson Belknap represented Durst.

July 19, 2010

Northeast Office

AMERICAN STOCK TRANSFER BUILDING TO RECEIVE GREEN RENOVATION

by admin July 16, 2010

NEW YORK CITY — Construction is currently under way for the headquarters building of American Stock Transfer & Trust in Brooklyn, New York City. The project will focus on making the 145,600-square-foot building more sustainable. Energy-efficient mechanical, electrical and HVAC systems will be installed. The four-story building will also make better use of natural light. Other renovations will include a redesign of the building's façade, a new main entrance and new office layouts. W. Lerman Architects is designing the project. Completion is slated for the fourth quarter.

July 16, 2010

Multifamily Northeast

CENTERLINE SECURES $10.6 MILLION LOAN FOR BOSTON-AREA APT PROJECT

by admin July 16, 2010

LAWRENCE, MASS. — Centerline Capital Group has secured $10.6 million in Freddie Mac financing for a new multifamily project located in the Boston suburb of Lawrence. Legacy Park contains a total of 104 townhome and apartment units. It was completed in March of this year. The loan carries a 10-year term. Steven Cox, Joshua Messier and Ian Monk of Centerline's newly opened Boston office arranged the deal.

July 16, 2010

Northeast Office

ARAGON COMPLETING TENANT BUILD OUT AT ROCKEFELLER CENTER IN NYC

by admin July 16, 2010

NEW YORK CITY — Aragon Construction has begun the tenant build-out for European Investor's new office at Rockefeller Center in New York City. The tenant will occupy 20,000 square feet on the eighth floor of the building, which is located at 640 Fifth Ave. Ted Moudis Associates is serving as project architect. European Investors is currently located at 717 Fifth Ave. and will take occupancy upon completion of the build-out in September. Rockefeller Center stands 22 stories tall and houses tenants such as H&M, Citibank and Fidelity Investments.

July 16, 2010

Northeast Retail

ALDI BUYS LAND FOR NEW STORE IN MASS.

by admin July 15, 2010

HADLEY, MASS. — Supermarket chain ALDI has acquired a 2-acre land parcel within Hadley Corner Shopping Center in Hadley for the construction of a new location. Construction has already commenced, with the grand opening expected in late fall. Matt Halprin of New England Retail Properties represented the seller, Gator Pearson LLC, in the land deal. Tim McNamara of Sullivan Hayes Cos. represented ALDI. Hadley Corner Shopping Center is situated along Route 9. It contains 49 acres of retail space and is anchored by The Home Depot.

July 15, 2010

Mixed-Use Northeast

NORTHPORT COMMONS COMPLETE

by admin July 15, 2010

NORTHPORT, N.Y. — Construction is complete for Northport Commons, a 19,000-square-foot multi-use center located in Northport. Situated at the intersection of Fort Salonga and Rinaldo roads, the two-story project contains 9,000 square feet of retail space on the first floor. Tenants include Subway, La Casa Pizza, Happy Farms Fruit, a yoga center, a coffee shop and a convenience store. The 10,000-square-foot top level of the building is leased to chid care center The Learning Experience. The project architect for Northport Commons was Livingston, N.J.-based Jarmel Kizel Architects & Engineers.

July 15, 2010

Multifamily Northeast

GFI BROKERS BROOKLYN 1031 SALE

by admin July 15, 2010

NEW YORK CITY — GFI Realty Services has brokered the sale of a Brooklyn apartment building for $2.29 million. The four-story, walk-up property is located at 1202 66th St. in the borough's Bensonhurst neighborhood. It contains 19 units, all of which are rent stabilized. Rick Helfand of GFI represented the seller, and Erik Yankelovich, also of GFI, represented the buyer. The deal was completed as part of a 1031 exchange.

July 15, 2010

Northeast Office

REALTY USA ACQUIRES 20,000-SQUARE-FOOT OFFICE BUILDING IN N.Y.

by admin July 14, 2010

MANLIUS, N.Y. — Realty USA has acquired a 20,000-square-foot, Class A office building in Manlius for $1.72 million. Located at 102 W. Seneca Turnpike, the building houses medical and professional office space. The lead tenant is Internist Associates of Central New York. Realty USA plans to occupy the building's vacant 5,000 square feet of space. Peter Finn of CB Richard Ellis/Syracuse represented the seller, a Syracuse, N.Y.-based investment group. Louie Fournier of Sutton Real Estate assisted in the deal.

July 14, 2010

Northeast Office

ASHWORTH ARRANGES $14.7 MILLION FOR OFFICE, INDUSTRIAL PORTFOLIO

by admin July 14, 2010

RANDOLPH, MASS., AND ROCHESTER, N.H. — Newton, Mass.-based Ashworth Mortgage Corp. has arranged $14.7 million in first-mortgage financing for a New England office and industrial portfolio. The first part of the portfolio includes two office buildings totaling 102,367 square feet that are located at 14 and 15 Pacella Drive in Randolph. The second part of the portfolio includes a two-building, 211,092-square-foot industrial complex located at 7 Amarosa Drive in Rochester. The loans carry fixed interest rates, a 10-year term, a 25-year amortization schedule and rate resets at the end of the fifth year. The borrower was undisclosed, and the lender was a banking institution.

July 14, 2010

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