Northeast

MELTZER/MANDL TO DESIGN BRONX AFFORDABLE HOUSING DEVELOPMENT

by admin May 4, 2010

NEW YORK CITY — Meltzer/Mandl has been selected to design an affordable housing project in the Hunts Point neighborhood of the Bronx. The eight-story building will be located at 920 Westchester Ave. It will contain 108 two- and three-bedroom apartments, 11,000 square feet of ground-floor retail space, a small medical/ambulatory space and a below-grade parking garage. The project will also be applying for LEED certification. Construction is expected to begin later this year and be complete by 2012. Westrock Development is the developer.

May 4, 2010

EASTERN CONSOLIDATED BROKERS $10.15 MILLION NYC APARTMENT SALE

by admin May 3, 2010

NEW YORK CITY — Eastern Consolidated has brokered the sale of two elevator-served apartment buildings located in Manhattan's East Village neighborhood for $10.15 million. The six-story buildings are located at 409 and 411-413 W. Sixth St. They contain a total of 48 units, which comprise 17 free-market units, 29 rent-stabilized units and two rent-controlled units. The properties had been recently renovated. Ronda Rogovin and Inbal Himelblau, both of Eastern Consolidated, represented the seller, 409-411 Sixth Street LLC, and the buyer, July 15 Real Estate LLC.

May 3, 2010

Multifamily Northeast

SIONI & PARTNERS COMPLETES $3.75 MILLION BRONX MULTIFAMILY SALE

by admin May 3, 2010

NEW YORK CITY — Sioni & Partners has completed the sale of a six-story, elevator-served apartment building in the Bronx for $3.75 million. The property is located at 1860 Billingsley Terrace. It contains 58 residences in a mix of one-, two- and three-bedrooms. Moses Sioni of Sioni & Partners brokered the deal between the seller, Terrace Arms Corp., and the buyer, The Morgan Group. The property traded for an 8 percent capitalization rate.

May 3, 2010

Industrial Northeast

LONG ISLAND FLEX BUILDING SELLS FOR $5.7 MILLION

by admin May 3, 2010

HAUPPAUGE, N.Y. — Perfume wholesaler FragranceX.com has acquired an 80,319-square-foot flex building located on Long Island for $5.7 million. The building is located at 5 Plant Ave. in Hauppauge. It contains 18-foot ceilings and six loading docks. The buyer plans to use the property for its Internet sales and distribution operations. Richard Cohen of Ashlind Properties represented the buyer. Tom Attivisimo of Greiner Maltz Co. represented the seller.

May 3, 2010

Hospitality Northeast

HEI ACQUIRES LE MERIDIEN HOTEL

by admin April 30, 2010

PHILADELPHIA — HEI Hotels & Resorts has acquired Le Méridien, a 202-room hotel located in the Center City district of Philadelphia. The 10-story hotel, located at 1421 Arch St., was developed by Memphis, Tenn.-based Development Services Group as an adaptive reuse of the former YMCA building. The hotel features 5,330 square feet of meeting space, a bar, a gourmet restaurant and a fitness center. HEI plans to operate the hotel as well once it opens in May.

April 30, 2010

Northeast

MASSEY KNAKAL BROKERS $3.4 MILLION NASSAU COUNTY COMMERCIAL SALE

by admin April 30, 2010

WANTAGH, N.Y. — Massey Knakal Realty Services has brokered the sale of two commercial properties located in Wantagh for $3.4 million. The first building is a 6,000-square-foot commercial building occupied by OTB. The second building is a car wash situated on a 45,185-square-foot lot. The buildings are located at 4812 Sunrise Highway. Lev Kimyagarov of Massey Knakal handled the transaction.

April 30, 2010

Multifamily Northeast

CBRE CAPITAL MARKETS ARRANGES $80 MILLION APARTMENT ACQUISITION LOAN

by admin April 29, 2010

NEW ROCHELLE, N.Y. — CB Richard Ellis (CBRE) Capital Markets has arranged $80 million in mortgage financing for the acquisition of a luxury apartment tower in New Rochelle. Avalon on the Sound is a 24-story, Class A building located at 255 Huguenot St. It contains 412 apartment units as well as 5,400 square fee of ground-floor retail space leased to a dry cleaner, a spa and a coffee shop. Amenities include a gym, a basketball court, an outdoor swimming pool and an adjacent six-story parking garage. James Gunning and Donna Falzarano of CBRE Capital Markets secured the financing on behalf off the borrower, a subsidiary of Hartz Mountain Industries, through Freddie Mac. Jeffrey Dunne of CBRE's Tri-State Investment Properties Group sourced the investment opportunity on behalf of Hartz Mountain.

April 29, 2010

Mixed-Use Northeast

PA DEVELOPERS TO DEVELOP BROOKLYN NAVY YARD

by admin April 29, 2010

NEW YORK CITY — Brooklyn Navy Yard Development Corp. has selected PA Developers to develop the Brooklyn Navy Yard project in New York City. One of the developer's first assignments will involve the construction of a 55,000-square-foot Shoprite supermarket at the site. In addition, 30,000 square feet of neighborhood retail space and 125,000 square feet of industrial space will be built as part of the initial phase of development. Construction will begin by 2012. Formerly known as Admirals Row, the Brooklyn Navy Yard project will consist of the mixed-use redevelopment of 300 acres at the shipyard.

April 29, 2010

Multifamily Northeast

MASSEY KNAKAL BROKERS $3.2 MILLION MANHATTAN RESIDENTIAL SALE

by admin April 29, 2010

NEW YORK CITY — Massey Knakal has brokered the sale of a four-story, walk-up apartment building located in Manhattan's Design District for $3.2 million. Situated at 236 E. 60th St., the building contains retail space on the first two floors with four residential units above. It was vacant at the time of closing. Clint Olsen and Robert Knakal of Massey Knakal arranged the deal.

April 29, 2010

Northeast Retail

HHGREGG OPENS NEW PA. LOCATION

by admin April 28, 2010

DICKSON CITY, PA. — Appliance and electronics retailer hhgregg has opened a new location in Dickson City. The 27,943-square-foot store is located within the Dickson City Crossings shopping center on Scranton Carbondale Highway. Centro Properties Group is the shopping center's owner and was represented in-house by Suzanne Cadden-Christman in lease negotiations.

April 28, 2010

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