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.
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.
NEW YORK CITY — Studley has arranged the sale of the majority interest in 515 Madison, a 42-story, 340,000-square-foot office building located in the Plaza District of Manhattan, New York City. The sellers, the Malloy and Scheffer families, sold a majority interest of their fee and senior leasehold positions to a joint venture led by the Gural and Hemmerdinger families, which was the controlling party of the previously existing subordinate leaseholds. While the financial terms of the transaction were undisclosed, the agreement values the building at $150 million. Acquisition financing was provided by Wells Fargo. Occupancy was 96 percent at the time of closing.
TUCKERTON, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sale of Harbor View Plaza Apartments, a 72-unit multifamily community located at 334 E. Main St. in Tuckerton. The property contains a recently completed 21-unit expansion that is in the beginning stages of leasing. The original 51-unit section is fully occupied. GHA's Steven Follman represented the buyer, Harbor View Plaza Associates. Follman and Joseph Brecher, also of GHA, represented the seller, Milestone Properties.
SEAFORD, DEL. — Stan Johnson Co. (SJC) has brokered the sale of a 19,086-square-foot Tractor Supply Co. located in Seaford for $3.04 million. Gill Warner of SJC represented the seller, a private retail developer. Robert Rubin of NAI James E. Hanson represented the buyer, an individual investor.
TEANECK, N.J. — Alfred Anzari Enterprises has completed a $6 million renovation project at its Glenpointe mixed-use property in Teaneck. Construction primarily occurred on the office component of the property. Glenpointe Centre East received a redesign of the lobby's waterfall, the addition of wood-paneled walls and ceilings, new seating areas and lighting upgrades. Glenpointe Centre West received new granite flooring and an updated color scheme. Finally, The Atrium at Glenpointe received new carpeting and columns in the cafeteria, new ceilings and lighting throughout the building, and a new glass-walled WiFi lounge with a tropical fish tank. Glenpointe consists of approximately 650,000 square feet of office space, 164 residential condominiums, a hotel and a spa.
ENFIELD, CONN. — The Crowne Plaza Enfield Springfield, a 174-room, full service hotel located off of Interstate 91 in Enfield, has been sold. The hotel features an outdoor swimming pool, a restaurant and lounge, banquet and meeting space, and a business center. A California-based owner/user bought the property and plans to convert it into a Holiday Inn. Joe McCann of Philadelphia-based Optimum Hotel Brokerage represented the undisclosed seller in the transaction.
RYE BROOK, N.Y. — Freddie Mac has purchased a $46.8 million loan from PNC ARCS secured by Atria Rye Brook, an independent senior housing community located in Rye Brook. The 168-unit community contains a mix of studio, one- and two-bedroom residences. Amenities include a beauty parlor, a fitness center, activity rooms, dining rooms and a lounge. It was built in 2004. The transaction will allow the property's owner, an affiliate of Lazard Senior Housing Partners, the ability to refinance the property.
BRANFORD, CONN. — Branford,-based The Geenty Group, Realtors, has brokered the sale of a 10,000-square-foot warehouse located at 140 N. Branford Road in Branford for $800,000. Kristin Geenty and Kevin Geenty of The Geenty Group represented the buyer, Vigliotti Construction Co., as well as the seller, GHM, Inc. The buyer plans to renovate the facility and relocate its corporate offices to it.
CALDWELL, N.J. — Marcus & Millichap has negotiated the sale of a 6,175-square-foot retail property located in Caldwell for $1.25 million. Seth Pollack of Marcus & Millichap's New Jersey office represented the seller, a local retail developer. David Thurston, also of Marcus & Millichap, represented the buyer, a local investor participating in a 1031 exchange.