NEW YORK CITY — Time Equities Inc. has procured a total of $17 million for two of its New York City multifamily properties. In the first deal, a $9 million loan was secured for a 50-unit building located at the intersection of 96th Street and Broadway. The loan carries a 12-year term with a 4.75 percent fixed interest rate for the first 7 years and a reset thereafter. In the second deal, an $8 million loan was secured for a 39-unit property located two blocks south of Wall Street. The loan carries a 7-year term with interest-only payments for the entire term and a 60 percent loan to value ratio. Stuart Bruck of Time Equities represented his company in the deals. The lender was not disclosed.
NEW YORK CITY — British Airways has signed a lease for the entire 11th floor of 2 Park Avenue in Manhattan. The airline will relocate to the 46,198-square-foot space from the Bulova Building in Queens. The Cushman & Wakefield team of Tara Stacom, David Green, Mitchell Arkin and Whitten Morris represented the landlord, an affiliate of Morgan Stanley. Joan Meixner and Brad Needleman of CB Richard Ellis represented the tenant. 2 Park Avenue is a 29-story, 1 million-square-foot office building that is also occupied by tenants such as the United Way of New York, Coty and Herrick Feinstein.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of two four-story buildings located at 252-254 Tenth Ave. in Manhattan's West Chelsea neighborhood. The buildings contain a total of four vacant retail spaces and six free-market, floor-through apartments for a total of 7,584 square feet. The Massey Knakal team of Brock Emmetsberger and James Nelson arranged the deal.
WRENTHAM, MASS. — Macy's has announced plans to open a new Bloomingdale's Outlet location within the Wrentham Village Premium Outlets shopping center in Wrentham. The 24,000-square-foot store will open this October. Since launching the concept in fall 2010, four Bloomingdale's Outlet stores have opened including one in Paramus, N.J. Additional stores will open this fall in Florida and Illinois.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 4,125-square-foot mixed-use building located at 213 Himrod St. in Brooklyn. The property was vacant at the time of the sale. Naomi Shu of Marcus & Millichap's Manhattan office represented the buyer and the seller, both private investors.
BURLINGTON, VT. — Construction has commenced for a new on-campus student housing community at the University of Vermont in Burlington. Redstone Lofts will provide 403 beds of housing in 144 loft-style units. Local developer Redstone Commercial Group will develop, own and operate the community. It is leasing the land on a long-term basis from the university. Redstone Lofts will be open to upperclassmen and graduate students. Completion is expected in fall 2012.
BRIDGEPORT, CONN. — DeMattias Cos. has purchased the former Key Lincoln Mercury auto dealership located at 425 North Ave. in Bridgeport. The property contains a 23,000-square-foot showroom, warehouse and service facility on 1.5 acres. The buyer plans to use part of the building as warehouse space. Vidal/Wettenstein represented the undisclosed seller in the deal.
DELRAN, N.J. — Marcus & Millichap has brokered the sale of a 10,440-square-foot commercial property located in Delran. The building was constructed in 2008 as a build-to-suit for Kiddie Academy, which occupies it under a long-term, triple-net lease. Ben Sgambati and Alan Cafiero of Marcus & Millichap's New Jersey office represented the seller, a Midwest developer. Michael Lombardi, also of Marcus & Millichap represented the buyer, a local private investor.
CARLSTADT, N.J. — Total Office Planning Services has signed a sublease for 113,000 square feet of warehouse space at 333 Starke Road in Carlstadt. The company is relocating its operations from Long Island City, Queens. Stephen Elman and Robert Adams of Cushman & Wakefield's East Rutherford, N.J., office partnered with Frank Caccavo of the firm's Edison, N.J., office to represent both parties in the deal. The sublessor's name was not released.
CAMBRIDGE, MASS. — The Episcopal Divinity School (EDS) has sold portions of its Cambridge campus. Lesley University acquired seven buildings from EDS including residence halls and the dining facility. In addition, the two schools will share ownership of Sherrill Hall, which will be used for collaborative library services. Bill McCall and Sandy Tierney of Boston-based McCall & Almy represented EDS in the transaction. McCall & Almy also represented EDS in the subsequent sale of two additional campus buildings to the Lincoln Institute of Land Policy.