Northeast

KANE BROKERS SALE OF FORMER CAR DEALERSHIP FOR $1.1 MILLION

by admin January 21, 2010

PORTSMOUTH, N.H. — The Kane Company has brokered the sale of a former Toyota dealership located in Portsmouth for $1.1 million. The property consists of an 18,000-square-foot building situated on 6.7 acres. The buyer, Regernation Realty Trust, plans to redevelop the property into retail and office space. Two tenants, biomaterials firm MatMarket and software company Mesh 01, have already signed on for the new project. The construction timetable was not released. Jean Kane and Jody Skaff of Kane represented the seller. Lisa Kane, also of The Kane Company, represented the buyer.

January 21, 2010

ROCKROSE ACQUIRES CONTROLLING INTEREST IN 300 PARK AVENUE SOUTH

by admin January 20, 2010

NEW YORK CITY — Rockrose Development Corp. has agreed to acquired the controlling interest in 300 Park Avenue South, a 15-story, 180,000-square-foot office building located in New York City. The owner of Rockrose, Henry Elghanayan, previously owned the property jointly with his two brothers, Tom and Fred Elghanayan, who recently branched off to form TF Cornerstone. Rockrose's immediate plans for the property included attempting to renew the property's existing leases, all of which expire at the beginning of 2011, while initiating a capital improvements program. Major tenants at the building include Interpublic, Wilhelmina Models and Rizzoli Publishing. The Cushman & Wakefield team of Andrew Peretz, John Peters and Mikael Nahimas has been retained to lease the property.

January 20, 2010

Hospitality Northeast

GEMINI ACQUIRES THREE PERFORMING NYC HOTEL LOANS

by admin January 20, 2010

NEW YORK CITY — Gemini Real Estate Advisors has acquired the notes to three hotels located in Midtown Manhattan, New York City. The performing loans have a combined par value of $43 million. The underlying hotels are select service and boutique properties that contain a total of 173 rooms. They are located in close proximity to Rockefeller Center, Broadway and Times Square. The acquisition price and the seller's name were undisclosed.

January 20, 2010

Industrial Northeast

BROOKLYN INDUSTRIAL BUILDING SELLS

by admin January 20, 2010

NEW YORK CITY — New York City-based Terra CRG has brokered the sale of a five-story, 24,000-square-foot, loft industrial building located in Brooklyn, New York City. The property is situated at 25-27 Lexington Ave. within the borough's Clinton Hill neighborhood. The buyer, 802 LLC, plans to initially use the vacant property for an import/export business, with the possibility of converting to mixed-use or residential use in the future. The building's seller, ABP Realty LLC, had preliminary plans to convert the building into 24 apartments. The acquisition price was not disclosed.

January 20, 2010

Northeast Office

AURORA BUYS MASTER LEASE TO FOUR FLOORS OF 483 BROADWAY

by admin January 19, 2010

NEW YORK CITY — Aurora Capital Associates has acquired a 49-year master lease to four floors of 483 Broadway, an office building located in New York City, for approximately $150 million. The lease consists of 40,000 square feet of space comprising the building's sub-basement, selling lower level, ground floor and second floor. Currently, retailer Yellow Rat Bastard occupies the lower three floors, and the second floor is vacant. Aurora's immediate plans include leasing the second floor as office space, and its long-term plans include turning all four floors into a major flagship retail space. The third through fifth floors of 483 Broadway, which are occupied by media and fashion companies, were not affected by the transaction. Bobby Cayre and Alex Adjmi of Aurora provided in-house representation for their company. The seller, 483 Broadway Realty Corp., was represented by its in-house consultant, Bruce Kaye of AKB Realty Group.

January 19, 2010

Multifamily Northeast

MARCUS & MILLICHAP COMPLETES 42-UNIT MULTIFAMILY SALE

by admin January 19, 2010

NEW BRUNSWICK, N.J. — Marcus & Millichap has completed the sale of a 42-unit apartment property located in New Brunswick for $4.68 million. Constructed in 1999, the community contains 27 studios, 11 one-bedroom units and four commercial units. It is situated just outside the campus of Rutgers University. Maz Radwan of Marcus & Millichap's New Jersey office represented the seller, a New Jersey-based developer, and secured the buyer, a New York-based private investor completing a 1031 exchange. The acquisition price was not disclosed.

January 19, 2010

Multifamily Northeast

NORTHMARQ ARRANGES $20.82 MILLION FANNIE MAE LOAN

by admin January 19, 2010

WEBSTER, N.Y. — NorthMarq Capital has arranged $20.82 million in first-mortgage financing for Webster Green, a 192-unit multifamily community located in Webster. The loan, which was provided by Amerisphere Multifamily Finance through the Fannie Mae DUS program, carries a 10-year term and a 30-year amortization schedule. Sam Berns of NorthMarq's Upstate New York office secured the funds on behalf of the undisclosed borrower.

January 19, 2010

Multifamily Northeast

MASSEY KNAKAL BROKERS $26.9 MILLION MULTIFAMILY PORTFOLIO SALE

by admin January 18, 2010

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a nine-building affordable housing portfolio located in East Harlem, New York City, for $26.9 million. The properties are known as Met Paca I and Met Paca II. They contain a total of 229 units of Section 8 housing as well as ground-level retail space. Shimon Shkury represented the seller, affiliates of Seattle-based Security Properties. The buyer was an affiliate of Pacific Housing Advisors.

January 18, 2010

Multifamily Northeast

CHARLESVIEW APARTMENTS RELOCATION APPROVED IN BOSTON

by admin January 18, 2010

BOSTON — The Community Builders and Charlesview Inc. have received approval from the Boston Zoning Commission to relocate the Charlesview Residences mixed-income housing community in Boston. The project would include the relocation of the current Charlesview Residences, a 213-unit community located at the intersection of North Harvard Street and Western Avenue in the city's Allston neighborhood, to an existing parking lot further down Western Avenue. A larger structure will be built containing 240 units of moderate and workforce rental housing units and 100 ownership units. The old building will be demolished and utilized by Harvard University, which completed a land swap with the joint venture, for future expansion. CBT is the project architect for the new Charlesview Residences. Groundbreaking is scheduled for spring.

January 18, 2010

Healthcare Northeast

NAI FRIEDLAND COMPLETES $4.5 MILLION FLEX SALE

by admin January 18, 2010

NEW YORK CITY — NAI Friedland Realty has completed the sale of the former Our Lady of Mercy Medical Center located at 4217 Vireo Ave. in the Bronx, New York City, for $4.5 million. The 34,500-square-foot building contains a two-story office component and a single-story warehouse component. The buyer, Christ Alive Christian Center, plans to initially occupy 20,000 square feet of the building and will lease out the remaining space. Rick Stassa of NAI represented Christ Alive as well as the seller, Glastonbury Capital Partners, which is the secured creditor of Our Lady of Mercy, which is currently in bankruptcy.

January 18, 2010

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