Northeast

PRG AND PARTNERS ACQUIRE APARTMENT COMMUNITY FOR $44M

by admin September 8, 2011

JACKSON TOWNSHIP, N.J. — Phoenix Realty Group (PRG) has teamed with Gaia Real Estate Holdings and Harel Insurance Investments and Financial Services of Israel to purchase the Regency Club Apartments, a 372-unit apartment complex spanning 31 buildings at 330 S. New Prospect Rd. in Jackson Township. Regency Club features a swimming pool, tot lot and tennis courts, and the complex is expected to receive interior and exterior renovations through a planned $2 million improvement program. PRG assumed a $32.2 million Fannie Mae loan with a 5.9 percent interest rate. The seller is an affiliate of Morgan Management. PRG handled the transaction in house.

September 8, 2011

ADJACENT APARTMENT BUILDINGS IN NYC SELL FOR $6.35M

by admin September 8, 2011

NEW YORK CITY — Two adjacent buildings at 506 and 510 W. 150th St. in New York City have sold for $6.35 million. The walkup buildings have a combined 100 feet of frontage and contain a total of 61 units, 37 of which have been recently renovated. Massey Knakal's Robert Shapiro handled the transaction exclusively.

September 8, 2011

Multifamily Northeast

FGL CONVERTS NJ CONDOS TO RENTAL PROPERTIES

by admin September 8, 2011

UNION CITY, N.J. — Fidelity & Guaranty Life Insurance Co. (FGL), through a $3.6 million commercial mortgage loan provided by Procida Funding, will acquire and finish construction on a partially built 28-unit condominium development in Union City. The loan allows FGL to convert the distressed property from a for-sale development to a rental property.

September 8, 2011

Northeast Retail

RETAIL PROPERTY IN HARLEM SELLS FOR $7.1M

by admin September 7, 2011

NEW YORK CITY — Massey Knakal has brokered the $7.1 million purchase of three retail units at 64-68 W. 125th St. in New York City's Harlem neighborhood. The units are single story and comprise approximately 7,659 square feet. Massey Knakal's Jeffrey Shalom and Lev Kimyagarov handled the transaction.

September 7, 2011

Mixed-Use Northeast

HUDSON REALTY CAPITAL FUNDS MIXED-USE BUILDING'S CONSTRUCTION LOAN

by admin September 7, 2011

NEW YORK CITY — Hudson Realty Capital LLC, a New York City-based real estate fund manager, has funded a $10.2 million construction loan for site demolition and construction of a 23,306-square-foot mixed-use building in New York City's SoHo neighborhood. The property on Greenwich Street will feature eight stories of luxury residential space, ground floor retail space, a gymnasium, laundry facilities and a bicycle room. Construction is slated for mid-2012 completion.

September 7, 2011

Mixed-Use Northeast

MIXED-USE BUILDING IN PITTSBURGH SUBURB SELLS

by admin September 7, 2011

SEWICKLEY, PA. — GKK Sewickley, LP has purchased 501 Beaver St., an 8,357-square-foot retail/office building in Sewickley, a northwest suburb of Pittsburgh, for $1.23 million. Citizens Bank is a tenant and leases approximately 4,000 square feet of office and retail space. Michael Sell and Robert Geiger of Pittsburgh-based Grant Street Associates Investment Services Group, a member of the Cushman & Wakefield Alliance, brokered the transaction.

September 7, 2011

Multifamily Northeast

NORTHMARQ ARRANGES MORTGAGE FOR VILLAGE PATH TOWNHOMES

by admin September 7, 2011

WEBSTER, N.Y. — NorthMarq Capital has arranged $2.18 million in first mortgage financing for Village Path Townhomes, a 21-unit multifamily property in Webster. Sam Berns of NorthMarq's upstate New York office arranged the financing based on a 10-year term and a 20-year amortization schedule.

September 7, 2011

Mixed-Use Northeast

MIXED-USE PROPERTY IN NYC SELLS FOR $9.13M

by admin September 6, 2011

NEW YORK CITY — A mixed-use condominium property at 1356 First Ave. on the corner of First Avenue and East 73rd Street has been sold for $9.13 million. The five-story property totals 19,840 square feet. Massey Knakal's Guthrie Garvin and Joan McLaughlin of The Corcoran Group handled the transaction. The commercial condominium is currently occupied by a restaurant, while the property's other condominiums are residential.

September 6, 2011

Healthcare Northeast

CONSTRUCTION ON HOSPITAL'S NEW EMERGENCY CENTER COMPLETE

by admin September 6, 2011

METHUEN, MASS. — Boston-based Suffolk Construction has delivered Steward Holy Family Hospital's emergency center, a 24,000-square-foot, $14.1 million medical facility, in Methuen. The facility includes 32 private treatment rooms, a two-bay cardiac room, a double trauma room and a rapid medical evaluation area in the lobby. The new facility doubles the hospital's emergency center capacity. RFWalsh Collaborative served as the center's project manager, while S/L/A/M Collaborative designed the center.

September 6, 2011

Multifamily Northeast

CPC PROVIDES $10.15M IN GREEN FINANCING TO REHAB LONG ISLAND APARTMENTS

by admin September 6, 2011

NEW YORK CITY — The Community Preservation Corporation (CPC) has provided a $10.15 million construction loan in compliance with its Green Financing Initiative to rehabilitate the Cow Bay apartment complex in New York City's Long Island. Cow Bay is located at 2 Bay Green Ln. in Long Island's Port Washington hamlet, and consists of seven two-story garden apartment buildings housing a total 88 residential units. CPC's loan will go to replacing three boilers, new roof installation and reinforcing a retaining wall around the perimeter of the complex. The loan will also go to refinancing Cow Bay's outstanding loan on the property. Apollon Group LLC is the contractor for the complex's rehabilitation.

September 6, 2011

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