BROOKLYN, N.Y. — The 104-unit, 550 Watkins St. in Brooklyn is now open. The $28.5 million project was co-developed by CPC Resources, Inc., the for-profit development arm of the Community Preservation Corp. and East Brooklyn Congregations, a local development corporation. The property was developed under Mayor Michael R. Bloomberg's New Housing Marketplace Plan, an $8.5 billion initiative to finance 165,000 units of affordable housing for 500,000 New York residents by 2014.
Northeast
CRANBERRY TOWNSHIP, PA. — Butler Promenade, LP., has broken ground on the first phase of the 218,000-square-foot Cranberry Promenade, located at the intersection of Route 19 and Ogle View Road in Cranberry Township. Phase I will include an 18,500-square-foot ALDI, a bank with drive-through service and other unnamed tenants. Construction is scheduled for completion in the second quarter of 2012, with Phase II construction to begin subsquently. Jared Imperatore and J. R. Yocco of Grant Street Associates are the leasing agents for the development.
NEW YORK CITY — Washington Management Realty has sold the 20-unit apartment building located at 507 West 179th St. in New York City for $2.2 million. Moses Sioni of New York City-based Sioni & Partners represented the seller.
EDISON, N.J. — Vaswani, Inc., has signed a 76,708-square-foot lease to relocate its corporate headquarters to 75 Carter Dr. in Edison. The space will be used for general office space, warehousing, manufacturing and distribution. Jason Barton of Jones Lang LaSalle's Metropark, N.J., office represented the tenant and Lou Belfer and Scott Belfer of CB Richard Ellis' East Brusnkwick, N.J., office represented the landlord, Caro Associates II.
WESTBOROUGH, MASS. — Jones Lang LaSalle has brokered the $20.1 million sale of 25 and 29 Research Drive in Westborough, a 320,912-square-foot office campus with up to 500,000 square feet of expansion potential. Scott Jamieson, Michael Smith, Phil DeSimone, John Duffy and Brandon Dickason of the firm's Boston office represented the seller and procured the buyers, National Development and Charles River Realty Investors.
WEST HAVEN, CONN. — Oyster River Realty has purchased a 28,890-square-foot office building, located at 560 Saw Mill Rd. in West Haven, for $1.5 million from Smart Technologies. Alan M. Fischer of Orange, Conn.-based Fischer Real Estate represented the seller and Michael Freda of North Haven, Conn.-based Connecticut Realty Partners represented the buyer.
WAKEFIELD, MASS. — Digital Realty Trust has completed Phase I of a major capital improvements program at 200 Quannapowitt Pkwy. in Wakefield. The 210,000-square-foot office space has been redeveloped into a state-of-the-art data center. The building is part of 100 & 200 Quannapowitt Pkwy., a 387,000-square-foot office and technology center. Tamie Thompson and Greg Zais of Jones Lang LaSalle's Boston office are the leasing agents for the property.
WESTCHESTER COUNTY & BRONX, N.Y. — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has recently secured $25.1 million in two transactions in New York. A 10-year, $20.5 million loan was arranged for a 160,000-square-foot, Class A office complex in Westchester County by Meyer Perlman, Mark Silbersher and Abe Katz of Deerwood. Also, a 10-year, $4.65 million loan was closed for A 33,300-square-foot grocery-anchored shopping center in the Bronx. Deerwood's Igor Goldenberg negotiated the financing.
PRINCETON, N.J. — Phase I has been completed at The Residences at Palmer Square in Princeton, consisting of 11 town homes and 16 condominium residences. Construction is being executed in three phases, with the entire community scheduled for completion in 2012. Lambertville, N.J.-based Minno & Wasko Architects and Planners designed the property and construction is being completed by Princeton-based MOD Construction Services.
YONKERS, N.Y. — The 137-unit 330 Riverdale, a $54.4 million multifamily housing development located in Yonkers, has opened. The property was developed by L+M Development Partners and features on-site laundry, a children’s play room, a gym, and a community room. Bank of America Merrill Lynch provided $49.7 million of debt and equity financing.