BOSTON — Bethesda, Md.-based Pebblebrook Hotel Trust has acquired the 235-room W Boston hotel for $89.5 million from Starwood. The hotel is located in the Theatre District and features 5,000 square feet of meeting space, a spa and fitness center. Also in the hotel are two restaurants, Market and W Lounge, with a third, Descent Theme Bar, scheduled to open in July. Starwood Hotels and Resorts will continue to manage the property. No brokers were used in the transaction.
Northeast
NEW YORK CITY — The 176-room Aloft New York Brooklyn, located at 216 Duffield St. in Brooklyn, New York City, has opened. The hotel features a two-story lobby atrium, the w xyz bar, a roof terrace bar, a lobby lounge, a fitness center and an indoor pool. Aloft is owned by Starwood Hotels & Resorts. This is the second Aloft for New York City, with the other located in Harlem.
ASBURY PARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of a two-building, 23-unit apartment complex located at 510-512 5th Ave. in Asbury Park. Steven Follman represented the seller, 510-512 Fifth Avenue Apartments, Inc., and procured the undisclosed buyer.
NEW YORK CITY — Colliers International has arranged a 20-year, 34,170-square-foot lease at 215 W. 125th St. in New York City on behalf of EmblemHealth Co. HIP Health Plan of New York for retail and office space. Brian Given, Steve Jaray and Sheena Gohil of the firm's New York City office represented the tenant. The landlord, Cogswell Realty, was self-represented by Ross Jacobs, Eric Sarner, Anthony Stapleton and Sheila Naysan.
YONKERS, N.Y. — Empire City Casino at Yonkers Raceway has planned a $40 million expansion that would create a new 60,000-square-foot east wing. Of the 60,000 square feet, 30,000 square feet will be gaming space, 20,000 square feet will be food and beverage space and 10,000 square feet will be office and storage space, as well as mechanical rooms. 350 Video Lottery Terminals would be relocated from existing space and 400 new gaming tables would be added. Yonkers Industrial Development Agency recently approved a resolution to move forward with a public hearing and to negotiate an economic development package for the casino.
PALMER TOWNSHIP, PA. — The 216-unit Woodmont Place at Palmer, located at 100 Woodmont Circle in Palmer Township, is now open. The 19-acre property offers one- and two-bedroom floor plans, a fitness center, clubhouse, walking trails, picnic areas and dog runs. Woodmont Properties developed the property.
SPOTSWOOD, N.J. — Iselin, N.J.-based Sperry Van Ness | Richter Grusd has closed the sale of an 80,000-square-foot industrial building, located at 192 Summerhill Rd. in Spotswood, for $3.5 million. Iris Borger, Doug Richter and Ian Grusd of the firm represented the buyer, Dart Seasonal Products, and Kyle Eaton and Tom Kirczow of Grubb & Ellis' Edison, N.J., office represented the seller, Greif, in the transaction.
NEW YORK CITY — New York City-based Massey Knakal have brokered the sale of two mixed-use buildings located at 405-407 Atlantic Ave. in Brooklyn, New York City, for $1.87 million. The properties, which total 4,500 square feet, each contain a retail unit on the ground floor and two apartments above. Stephen Palmese and Winfield Clifford of Massey Knakal represented both the buyer and the seller.
NEW YORK CITY — Net-A-Porter has signed a 32,144-square-foot lease at 100-104 Fifth Ave. in New York City. This is the first United States location for the U.K.-based company. Grant Greenspan, Michael Kaufman and Elliot Warren of New York City-based The Kaufman Organization represented the landlord, and Owen Hane of Cushman & Wakefield's New York City Midtown office represented the tenant.
PHILADELPHIA — Ground has broken on the four-story, 205,000-square-foot Five Crescent Drive, a new office building located at the Navy Yard Corporate Center in Philadelphia. Liberty Property Trust and Synterra Partners are the developer on the project and Robert A.M. Stern is the architect. GlaxoSmithKline has signed a 15.5-year lease for the building.