Northeast

NYIT AUDITORIUM RENOVATION COMPLETE IN NYC

by admin March 9, 2010

NEW YORK CITY — Construction is complete for the renovation of the former Clearview Cinema building at 1871 Broadway in New York City. The $3 million project was undertaken by the New York Institute of Technology (NYIT), which will use the facility as a lecture hall. The auditorium's seating capacity was enlarged for up to 260 students. In addition, the building's egress plan was redesigned, as was the caf, and the projector room was refurbished with state-of-the-art audio/visual equipment. The project architect was locally based Gerner, Kronick + Valcarcel Architects.

March 9, 2010

NAI FRIEDLAND BROKERS BRONX DEVELOPMENT SALE

by admin March 9, 2010

NEW YORK CITY — NAI Friedland Realty has brokered the sale of a 20,000-square-foot development site located at 4339 White Plains Road in the Bronx, New York City. The buyer, Praxis Housing Initiatives, paid $1.26 million. It plans to develop a 40,000-square-foot building on the site that will provide permanent supportive housing for homeless people with special needs. The project is expected to cost $20 million. Rick Stassa of NAI Friedland negotiated the transaction. The seller was 4339 White Plains Associates LLC.

March 9, 2010

Northeast Office

MTA LEASES 112,940 SQUARE FEET AT 333 WEST 34TH

by admin March 8, 2010

NEW YORK CITY — The Metropolitan Transit Authority (MTA) has signed a 10-year lease for 112,940 square feet of office space at 333 West 34th Street in New York City. It will occupy floors seven through 10 of the building. Josh Kuriloff and Rob Lowe of Cushman & Wakefield represented the tenant in lease negotiations. The landlord, SL Green Realty Corp., was represented in-house by Steve Durels, who was joined by the Cushman & Wakefield team of Paul Glickman, Tara Stacom, Mitti Liebersohn, Doug Dolgoff and Diana Biasotti. SL Green recently completed a major redevelopment of the property following Citigroup's vacancy of the building, where it had been the sole tenant. In addition to the MTA's lease, The Segal Company recently signed a 156,000-square-foot lease and will occupy floors two through five. Occupancy is presently more than 81 percent.

March 8, 2010

Industrial Northeast

COLLIERS DOW & CONDON NEGOTIATES $1.1 MILLION DISTRIBUTION SALE IN CONN.

by admin March 8, 2010

ROCKY HILL, CONN. — Colliers Dow & Condon has negotiated the sale of a 19,550-square-foot distribution building located in Rocky Hill for $1.1 million. The building is situated on 2.7 acres at 41 Hammer Mill Road. C.S.B. International Products is the buyer and plans to use the site for its distribution operations. David Richard of Colliers represented the buyer. Mark Duclos of Sentry Commercial represented the seller, Bussman Associates.

March 8, 2010

Northeast

GKC BROKERS TWO MASSACHUSETTS COMMERCIAL SALES

by admin March 8, 2010

WORCESTER AND SOUTHBRIDGE, MASS. — Glickman Kovago & Co. (GKC) has brokered two Massachusetts sales. In the first deal, GKC's David Cohen represented both parties in the sale of the former Malo Auto Body in Worcester. The 9,617-square-foot auto repair shop is located at 73 W. Boylston Drive. It traded for $370,000. The seller was Malo Auto Body and the buyer was 290 Auto Body, which will be relocating to the property from its current West Boylston Drive location. In the second deal, Cohen and Jeffrey Borus, also of GKC, negotiated the sale of a 23,600-square-foot office and industrial building located at 79 North St. in Southbridge for $240,000. The seller was Savers Bank and the buyer was Fromm Development. The building will be occupied by Precision Testing Laboratories.

March 8, 2010

Civic Northeast

DPM TO MANAGE HOLYOKE LIBRARY EXPANSION

by admin March 8, 2010

HOLYOKE, MASS. — Newton, Mass.-based Diversified Project Management has been selected to provide construction management services for the expansion of the Holyoke Public Library. The project will include the expansion of the building, which will bring it to approximately 40,000 square feet in size, as well as the restoration of a significant portion of the historic structure. The estimated project cost is between $14 and $17 million. The final design of the project is expected to be approved by June.

March 8, 2010

Healthcare Northeast

SWEETWATER COMPLETES MALO CLINIC

by admin March 5, 2010

RUTHERFORD, N.J. — Construction is complete for the first MALO CLINIC facility in North America. The 50,000-square-foot facility is located at 201 Route 17 North in Rutherford. It houses an ambulatory surgery center, a dental implant center and medical offices. The facility also has the capacity for future expansion. The general contractor was Cranbury, N.J.-based Sweetwater Construction Corp., and the project architect was West Orange, N.J.-based Posen Architects. The project was completed on behalf of MALO Consulting NJ, the North American affiliate of the Lisbon, Portugal-based oral rehabilitation services provider.

March 5, 2010

Northeast Office

HAMPSHIRE BREAKS GROUND FOR FIRST BUILDING AT N.J. BUSINESS PARK

by admin March 5, 2010

WOODBRIDGE, N.J. — Morristown, N.J.-based The Hampshire Companies has broken ground for the first building at CENTRA, its new 19-acre business park located in Woodbridge. The project consists of the redevelopment of an existing 98,500-square-foot building located at 186 Wood Avenue South. The building will be taken down to its structural steel, redeveloped into Class A office space and expanded by approximately 8,000 square feet. Completion is slated for late 2010. The project will be applying for LEED certification. The general contractor is Tishman Construction, and the project architect is Kohn Pederson Fox Associates PC. Cushman & Wakefield is handling leasing for the building. At full build-out, CENTRA could contain as much as 640,000 square feet of space.

March 5, 2010

Multifamily Northeast

NORTHMARQ SECURES THREE N.J. LOANS TOTALING $17.15 MILLION

by admin March 5, 2010

FORT LEE AND MORRIS COUNTY, N.J. — NorthMarq Capital has secured a total of $17.15 million in financing for three New Jersey properties. In the first transaction, NorthMarq arranged $8.9 million in permanent Fannie Mae DUS funds for Hampshire House, a 205-unit, luxury co-op property located at 1590 Anderson Ave. in Fort Lee. The borrower, which consists of trustees, will use the 20-year, self-liquidating loan to retire an existing loan on the property held by an insurance company. Greg Nalbandian of NorthMarq's New Jersey office arranged the transaction through Amerisphere Multifamily Finance. In the second transaction, Nalbandian worked on behalf of an undisclosed party to refinance the loans on two flex properties located in Morris County. The loans are for $4.125 million each and both carry 75 percent loan-to-value ratios. The properties total 173,000 square feet. The lender was a regional bank.

March 5, 2010

Industrial Northeast

NAI EMORY HILL BROKERS 20,000-SQUARE-FOOT INDUSTRIAL SALE IN DELAWARE

by admin March 5, 2010

NEW CASTLE, DEL. — New Castle-based NAI Emory Hill has brokered the sale of a 20,000-square-foot industrial building in New Castle. The building is situated on 3.77 acres at 40 McCullough Drive, within Southgate Industrial Park. It will serve as the new headquarters for the TMI Group of Companies, formerly located in Ronkonkoma, N.Y. Jim O'Hara, Jr., and Jim O'Hara, III, of NAI Emory Hill represented the seller, J&J Holding Co. Mitch Berkowitz of Deaton McCue represented the buyer, TMI Realty. The acquisition price was more than $1 million.

March 5, 2010

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