NEW YORK CITY — Construction is under way for an $27 million affordable housing community located in the Bronx. The Rev. Dr. Fletcher C. Crawford Apartments will consist of an eight-story building located at the corner of Hoe Avenue and East 172nd Street. In addition to providing 84 units housing for low-income families, the building will also contain units for people with mobility and visual impairments. The project will provide 5,300 square feet of outdoor recreation space and an indoor community room. It is the first phase of a three-phase project that is being developed by a joint venture between Union Grove Baptist Church and Macquesten Development. Completion of Crawford Apartments is slated for July 2012.
WALTHAM, MASS. — The Boston office of Grubb & Ellis has arranged the sale of a 22,000-square-foot, Class B office building for $3.5 million. The property is located at 330 Bear Hill Road in Waltham. Tom Aitken of Grubb & Ellis' Boston office represented the seller, BMEK Bear LLC. Steve Moskowitz of Heritage Corp. represented the buyer, Bear Hill Road 330 Realty Trust.
CHELMSFORD, MASS. — Integrated Builder has been selected to complete an interior office build-out at 150 Apollo Drive in Chelmsford. The contractor will build out 80,000 square feet on behalf of Harris Corp., a communications and information technology company. The project is slated for a May completion and is being designed by IA Interior Architects. Integrated recently completed or is nearing completion for three interior build-outs at neighboring 300 Apollo Drive.
NEW YORK CITY — Eastern Consolidated has completed the sale of a 7,293-square-foot development parcel located at the corner of Lexington Avenue and East 56th Street in Midtown Manhattan. The site presently contains seven two-, three- and four-story buildings situated at 678-684 Lexington Ave. Ronald Solarz and Eric Anton of Eastern Consolidated represented both undisclosed parties. The site contains flexible zoning, the buyer has revealed intentions to redevelop the parcel for another use, most likely a hotel.
PITTSBURGH — Pittsburgh-based Grant Street Associates has brokered the sale of a 24-unit apartment property located at 131 Edgewood Ave. in Pittsburgh for $750,000. The six-building property was 85 percent occupied at the time of closing. Michael Sell of Grant Street represented the seller, RSME Holdings. Ned Shekels of Pennsylvania Commercial represented the buyer, Cambridge Court Associates.
NEW YORK CITY — The Jericho Project has received $10.6 million in federal stimulus funding for the construction of a new supportive housing community for veterans in the Bronx. Residence at Kingsbridge will feature 76 units. The community will also provide professional counseling services for returning veterans as well as employment assistance and family reunification services. The building is applying for LEED certification and should be complete in the next 18 months. It will mark The Jericho Project's fifth Veterans Residence community, which are located in the Bronx and Harlem. Additional funding for the Kingsbridge project is coming from the New York City Department of Housing Preservation and Development, Bronx Borough President Ruben Diaz, Jr., and private donations.
NEW YORK CITY — Massey Knakal Realty Services has completed the $3.12 million sale of a residential building located on the Lower East Side of Manhattan. The six-story building contains ground-floor retail space and 22 rent-stabilized apartments above. Apartment occupancy was 40 percent at the time of closing, and the retail space was occupied under a short-term lease. Michael DeCheser of Massey Knakal handled the all-cash deal between the two undisclosed parties.
CONCORD, N.H. — Marcus & Millichap has brokered the sale of a 5,800-square-foot TGI Friday's located at 221 Loudon Road in Concord. The restaurant traded for $1.62 million at a 8.06 percent cap rate. TGI Friday's currently has 7.5 years remaining on a 10-year lease, which includes four 5-year renewal options with rent escalations. The Marcus & Millichap team of Robert Horvath, Adam Mancinone, Todd Tremblay and Blake Barbarisi represented the seller, Connecticut-based Crown Point Real Estate Investors. Emily McGranaghan of Boston Condo Group procured the buyer, Massachusetts-based 571-575 Broadway LLC.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged $5.25 million for an apartment building located in the Bronx, New York City. The six-story property features 78 rent-stabilized units, 90 percent of which are occupied. The loan carries a 1-year, interest-only term followed by a 30-year amortization schedule. Max Herzog and Michael Diaz of CBRE Capital Markets' Debt & Equity Finance Group arranged the loan on behalf of the undisclosed borrower through a local bank.
WATERVLIET, N.Y. — Groundbreaking has occurred for an $18 million renovation of Van Rensselaer Village, a 12-building, 100-unit affordable housing community located in Watervliet. Construction will include substantial interior renovations that will reduce the unit count to 80 and add energy-efficient appliances and systems to units and buildings. Windows and insulation will be replaced, central air conditioning will be installed and the exteriors of the buildings will receive new siding and roofs. Omni Housing Development is completing the project on behalf of the Watervliet Housing Authority. The project architect is CK Dennis Architects.