NEW YORK CITY — An undisclosed party has acquired the deed and senior secured first mortgage for a development site located 1 block south of the World Trade Center site. The 6,160-square-foot site is situated at the corner of Greenwich and Thames streets at 133-135 Greenwich St. The seller is currently under Chapter 11 bankruptcy protection and disposed of the site while working with its principal creditor, US Bank. The parcel has previously been approved for a 156,000-square-foot residential/commercial building, which the buyer eventually plans to construct. The Eastern Consolidated tea of David Schectman, Marion Pavone and Lipa Lieberman represented the seller. Eric Anton and Ronald Solarz, also of Eastern Consolidated, procured the buyer.
LEHIGHTON, PA. — Optimum Hotel Brokerage has completed the sale of the first-mortgage note secured by the Hampton Inn Lehighton, a 79-room, select-service hotel located in Lehighton. The sale was completed for 90 percent of the mortgage balance. Joe McCann of Optimum brokered the sale between the seller, a New York-based regional bank, and the buyer, a Manhattan-based private real estate investment company.
NEW YORK CITY — New York City-based Savanna has acquired 1375 Broadway, a 513,401-square-foot office tower located in Manhattan, for $135 million. The private equity firm simultaneously purchased the fee ownership from Chedward Realty Corp. and the long-term net lease from Statecourt Enterprises, then collapsed the positions into a fee simple ownership following the closing. A $102 million mortgage was provided by Morgan Stanley. Savannah plans to launch a major capital improvements program in the near term.
NEW YORK CITY — A joint venture between Dallas-based Invesco Real Estate and New York City-based The Kaufman Organization has acquired an office property located at 100-104 Fifth Ave. in New York City for $93.5 million. The property is a 270,000-square-foot office condominium situated above the Mesa Grill. the property was purchased through a pre-petition bankruptcy auction. Woody Heller and Will Silverman of Studley represented the seller, Rock New York.
ENGLEWOOD CLIFFS, N.J. — LG Electronics has acquired an office complex in Englewood Cliffs from Piedmont Office Realty Trust for $55 million. The 27-acre property, which is located at 111 Sylvan Ave., consists of five interconnected buildings containing 410,000 square feet of office space. Citicorp North America currently occupies the campus under a short-term lease. LG did not release its immediate plans for the property but could possibly use it as an expansion of the company's U.S. headquarters. Jeffrey Dunne and Kevin Welsh of CB Richard Ellis' (CBRE) New York Institutional Group partnered with David Opper and Cheryl Hardt of CBRE's Saddlebrook, N.J., office to represent the seller. John Oh of CBRE's New York City office and Paul March of the firm's East Brunswick, N.J., office represented the buyer.
STAMFORD, CONN. — Lehman Brothers Holdings has selected L&L Holdings Co. to oversee the repositioning of a Stamford office building. The 580,000-square-foot building, located at 695 E. Main St., will be converted from single-tenant to multi-tenant use. In addition to the interior redesign, all operational systems will be upgraded. The project will be designed for LEED certification. Perkins Eastman is serving as project architect.
NEW YORK CITY — Paradigm Commercial Real Estate has arranged three loans in New York City for a total of $23.7 million. In the first transaction, a $12.5 million loan was secured for a mixed-use building on Elizabeth Street that contains 48 resident units and six retail spaces. In the second transaction, a $6.2 million loan was secured for a retail/industrial building located on Weschester in the Bronx. In the final transaction, a $5 million loan was secured for a 91-unit multifamily building located on East 16th Street in Brooklyn. The borrowers and lenders in all three deals were not released.
NEW YORK CITY — AECOM Technology Corp. has signed a 12-year lease for 108,631 square feet of office space at 100 Park Avenue in New York City. The company will consolidate several of its locattions into the fifth, sixth, 18th and 19th floors of the 36-story tower. The tower's landlord is SL Green Realty Corp. Joseph Simon of Tishman Real Estate Services and Adam Foster of CB Richard Ellis represented the tenant in lease negotiations. SL Green provided in-house representation.
NEW YORK CITY — A joint venture between New York City-based The Kaufman Organizaion and Dallas-based Invesco Real Estate has acquired 100-104 Fifth Avenue in New York City. The 17-story, 270,000-square-foot office building is located in Union Square. The joint venture plans to begin a $9 million capital improvements program to the building in the first quarter of 2011. The seller's name was undisclosed. Mark Fisher, Keith Braddish, Jason Gaccione and Michael Diaz of CBRE Capital Markets arranged $55 million in financing for the acquisition.
HEMPSTEAD, N.Y. — Conifer Realty has acquired a former Hofstra University student housing community from the school. Twin Oaks Apartments was vacant at the time of the sale, as it was replaced by new on-campus housing by the school. Conifer plans to redevelop the 94-unit property into affordable housing. David Leviton of Cushman & Wakefield's Melville, N.Y., office partnered with David Berhaut, Gary Gabriel and Jared Zimmel of the firm's East Rutherford, N.J., office to arrange the sale.