With a strong economic foundation based upon the education, healthcare and pharmaceutical industries, the greater Philadelphia market has long been revered as one of the most stable markets in the United Statesthat isunaffected by the manic swings often experienced by other major markets. Even at the height of the recession, savvy retailers remained relatively active in top-tier, well-positioned segments of the market. In fact, several used the recession to position themselves more strategically and affordably in tough-to-penetrate areas, minus the frenzied competition they faced before the downturn. The black eye created by the closures of Circuit City and Linens ‘N Things, two of the most high-profile retail bankruptcies of the recession, has seemingly healed faster here than elsewhere,as many of the junior anchor spaces they vacated are getting absorbed by several electronics retailers. hhgregg, which had 12 simultaneous openings in the region on May 20, 6th Avenue Electronics and P.C. Richard & Sons are the most conspicuous of said retailers. hhgregg is making its first retail foray into the Northeast while the more regionally oriented 6th Avenue Electronics and P.C. Richard & Sons found themselves conveniently based in the New York metropolitan area and able to take advantage of these …
MAMARONECK, N.Y. — A joint venture between Westport Capital Partners and New World Realty Advisors has acquired Hampshire Country Club for $12.1 million. Situated on appeoximately 116 acres at 1107 Cove Road in Mamaroneck, the property contains an 18-hole golf course, a driving range, chipping and putting greens, seven tennis courts, a heated pool, a children's payground, a fitness center and dining rooms. The property was renovated in 2006. William Cuddy, Jr., and Budd Wiesenberg of CB Richard Ellis' Westchester, N.Y., office represented the seller.
ORANGE AND EAST ORANGE, N.J. — Gebroe-Hammer Associates has completed four multifamily transactions totaling more than $6.75 million. In the first transaction, a 47-unit property located at 466 Highland Ave. in Orange sold for $3.25 million. The seller was 466 Realty Management LLC. In addition, three transactions closed in East Orange. The first was the $1.4 million sale of a 30-unit property at 69 N. Arlington Ave. The second was the $1.2 million sale of 40-unit property at 68-78 Elmwood Ave. The third was the $900,000 sale of a 23-unit property at 38 Winans St. Gebroe-Hammer's David Oropeza led the brokerage teams in each transaction. Gebroe-Hammer's David Jarvis assisted him in the Highland Avenue deal, and Steven Tenenbaum, also of the firm, assisted with the Arlington Avenue deal.
NEW YORK CITY — Atlantic Development Group has opened two new apartment buildings in Manhattan. The first is 2 Cooper, a 15-story building located at the intersection of East 4th Street and The Bowery in Cooper Square. Amenities for residents include a 6,500-square-foot, landscaped roof that has an outdoor pool, a bar area and barbecue pits. Other amenities include The Coopers Den, which contains a fitness center, a lounge, a game room and a private screening room. The second building is Port 10, a 13-story, 89-unit community located near High Line Park in Chelsea. Community amenities include a rooftop deck with a bar, barbecue areas and an outdoor cinema; a fitness center; a lounge; and 24-hour concierge service.
NEW HYDE PARK, N.Y. — CCSI Continental Concessions has acquired a 95,000-square-foot distribution center in New Hyde Park. The single-story building is located at 20 Pulaski St. Raymond Musalo of Greiner-Maltz represented the undisclosed seller. Ian Grusd of Sperry Van Ness represented CCSI. The acquisition price was not disclosed.
BOSTON — The recent expansion of the Tufts University School of Dental Medicine has been certified LEED-Silver by the U.S. Green Building Council. The project added five stories and 95,000 square feet to the existing 10-story building, which is located at One Kneeland St. in Boston's Chinatown neighborhood. Sustainable features of the project include a high-performance building envelope, a design that promotes the use of daylighting, and state-of-the-art mechanical and plumbing systems. The measures will help the building use 20 to 30 percent less energy and 30 to 45 percent less water. ARC/Architectural Resources Cambridge was the project architect, and Shawmut Design & Construction was the general contractor. The building opened late last year.
BOSTON — Massport has selected Skanska USA to complete a $48 million expansion and renovation of Terminal C at Logan Airport in Boston. The project will include the construction of a consolidated baggage check point, the construction of expansion shell space, the replacement of the main ticketing hall, and the replacement of mechanical and electrical systems, including a new HVAC system. Construction will begin THIS MONTH and is expected to take 18 months to complete.
SYRACUSE, N.Y. — A joint venture between Ritchfield Hospitality and Shelbourne Falcon Investors has signed an agreement to acquire the Renaissance Syracuse Hotel in Syracuse. The 20-story hotel contains 279 rooms and suites. The joint venture plans to complete a $5 million renovation to the property that will include converting it to the Crowne Plaza brand. Ritchfield will operate the hotel once the deal closes, which is expected in July.
NEW YORK CITY — GFI Realty Services has completed the sale of two apartment buildings in Brooklyn's Park Slope neighborhood for $10.71 million. The buildings contain a total of 45 units and are located at 477 3rd St. and 225 13th St. Yanni Simantov and Shulem Paneth of GFI represented the seller, Sheldon Gold. Roni Aboudi, also of GFI, represented the undisclosed buyer.
SOMERSET, N.J. — Core Services Corp. has acquired a high-tech/flex building in Somerset for its new headquarters and data center. The 50,000-square-foot property is located on 5 acres at 130 Belmont Drive. Mary Ryan of Cushman & Wakefield's Edison, N.J., office represented the buyer. CB Richard Ellis represented the seller, a major Wall Street Bank. The acquisition price was not disclosed.