NEW YORK CITY — John Ciraulo, Robert Burton and Craig Waggner of New York City-based Massay Knakal recently represented the seller of a 20-unit, walk-up apartment building, located at 245 Mulberry St. in Manhattan, for $7.25 million. Recent renovations to the property includes hardwood floors, marble tile, new appliances and washers and dryers in every unit.
Northeast
EAST WINDSOR, N.J. — GHP Office Realty has sold the 66,000-square-foot 104 Windsor Center, located in East Windsor, N.J., on behalf of the seller, a group of private investors. Thomas Romano of Newmark Knight Frank's Princeton, N.J., office represented the buyer, a New York City-based private investor who owns several other Princeton area properties.
MANCHESTER, N.H. — Danais Realty Group has purchased the 12-lot, 126-acre Phase I of the Northwest Business Park at Hackett Hill from the City of Manchester for $2.8 million. Danais plans to build up to 1.2 million square feet of office, R&D, manufacturing, warehouse and distribution space on the currently undeveloped site. CB Richard Ellis is the listing agent for the Northwest Business Park.
NEW YORK CITY — Broad Street Development (BSD) has acquired the two-building parcel, located at 209-219 Sullivan Street in New York City, for $33 million from The Children's Aid Society. BSD has planned a redevelopment resulting in approximately 60,000 square feet of condominium residences. Helen Hwang of Cushman & Wakefield's NY Capital Markets Group was the sole broker in the transaction.
HOBOKEN, N. J. — Cushman & Wakefield's Metropolitan Area Capital Markets Group has brokered the sale of the 214-unit 800 Madison, located at 800 Madison St. in Hoboken, from Tarragon Corp. to CB Richard Ellis Investors. Cushman & Wakefield initially marketed the property for sale during its construction but the asset was taken off the market in 2009 when Tarragon filed for bankruptcy. The developer emerged from Chapter 11 in July 2010 and Cushman & Wakefield brought the community to the market again.
LANCASTER, PA. — Daniel Berger of NAI Commercial Partners' Lancaster office has closed two sales in Lancaster. First, 36,540 square feet of industrial space, located at 66-126 Keller Ave., to #B Lancaster L.P. Berger represented both parties. Susquehanna Valley Emergency Medical Services was the buyer. Berger also represented Manufacturers and Traders Trust Company in the sale of 47,808 square feet of office space, located at 2250-2270 Erin Ct. William Rothman of RSR Realtors represented the buyer, County of Lancaster.
NEW YORK CITY — Morgans Hotel Group has sold the 114-room Morgans Hotel and the 168-room Royalton Hotel to FelCor Lodging Trust for $140 million. Morgans Hotel underwent a $10.8 million renovation in 2008 and Royalton Hotel has completed more than $22 million in renovations in the last 3 years. Jeffrey Davis and Gilda Perez-Alvarado of Jones Lang LaSalle Hotel's New York office represented the seller in the transaction.
SYRACUSE, N.Y. — Scott Allyn, owner of a 19th-century manufacturing facility located at 219 S. West St. in Syracuse, has selected New York-based Fiedler Marciano Architecture to create a new 19,200-square-foot, multi-use art complex adjacent to Red House Arts Center. The three-story building will be anchored by SubCat Studios, a recoding studio on the basement and first floor, as well as a lobby, lounge and cafe that will be shared with Red House.
NORWALK, CT. — Clarion Partners, on behalf of one of its pension fund clients, has acquired the minority interest of its partner of more than 15 years, Fairfield Investors, in the 1.4 million-square-foot, Class A office complex Merritt 7 Corporate Park, located at the intersection of Merritt Parkway and Route 7 in Norfolk. Additionally, Clarion Partners has formed a strategic venture with Marcus Partners to assume property management and leasing services.
SOMERS POINT, N.J. — Joshua Lipsey of Marcus & Millichap Capital Corp.'s New Jersey office secured a $7.5 million refinancing loan for a 214-unit multifamily property in Somers Point. The 10-year loan has a fixed-interest rate and a 30-year amortization.