NEW YORK CITY — The Kaufman Organization has brokered a 5-year, 11,695-square-foot lease at 550 Seventh Avenue in Manhattan, New York City, for designer Eugene Fenasci. Michael Heaner of Kaufman Organization represented Bill Blass Licensing Co. in the transaction, while Glenn Roberts and Harriet Molk of Fenway Equities and Molk Associates represented the tenant. Although the terms of the lease were undisclosed, the asking rent for the space was $45 per square foot. 550 Seventh Avenue is a 24-story building completed in 1925 in Manhattan’s Garment District. The 250,000-square-foot building is home to several marquee names in the fashion industry, including Oscar De La Renta, Donna Karan, Cynthia Steffe, Jill Stuart, Polo Ralph Lauren, Lilly Pulitzer, Mavi Jeans, and Badgley Mischka.
Northeast
WOODBRIDGE, N.J. — The Shannon Rose Irish Pub has opened its doors at St. Georges Crossing in Woodbridge. The new establishment represents the second location for the authentic Irish restaurant/pub; the original eatery is located in Clifton, N.J. Levin Management Corp. is the property’s leasing and managing agent. As part of a larger renovation, Levin converted the space, a former movie theater, for multi-tenant retail use, updated the exterior and created a new landscaping plan. The restaurant’s inviting façade features bold colors and downtown Dublin charm. Located on US 1 and 9, at the intersection of heavily traveled Route 35, and long a key regional shopping destination, St. Georges Crossing is anchored by a 91,000-square-foot ShopRite supermarket. Other tenants include P.C. Richard & Son, PETsMART, Taco Bell, Bertucci's, Wine Country, Pier 1 Imports, Golf Galaxy and GameStop.
Although many believe that the economy is starting to pick up, the “wait and see attitude” of many investors and companies still persists in the commercial real estate marketplace. Many are simply waiting for things to get better or waiting to see if, instead, things get much worse. Frank Gunsberg of First Service Williams says, “The economy is showing signs of picking up, although there have been fits and starts. I'm hopeful that we'll see a rebound by the end of the year and into 2010.” The seemingly perpetual wait and see attitude is having its way with the New Jersey office market as well. Gunsberg notes that many office tenants are asking for short-term lease renewals and extensions. Whereas, under typical market conditions office leases ranged from 5 to 10 years, tenants are asking for 1 or 2 years. “They just are not sure what is going to be happening with the economy,” he explains. “People are reluctant to do things even though this is probably one of the best times to jump. Landlords are willing to make concessions they would not normally make. If you have a good balance sheet, you are an extremely desirable tenant.” Although landlords …
PLAINSBORO, N.J. — Vantage Mid-Atlantic, a division of New York-based Vantage Properties has acquired Fox Run Apartments, a 776-unit, garden-style apartment community located in Plainsboro. Amenities at the property include a fitness center, an outdoor swimming pool and tennis courts. This is the first acquisition made by Vantage Mid-Atlantic since it launched in the spring. In addition, the Fox Run Apartments, Vantage Properties currently owns and operates approximately 10,000 apartment units in approximately 150 buildings in New York City.
BOSTON — CWCapital, a subsidiary of CW Financial Services, has provided a $130 million loan for the refinancing of Church Park, a 12-story luxury apartment tower located in Boston. The property was developed in 1973 and is located at 221 Massachusetts Ave. It consists of 508 Class A apartments, 71,399 square feet of ground-floor retail space and a six-story parking garage. Apartment amenities include a penthouse community room with wireless Internet access, a fireplace, a baby grand piano and a rooftop terrace. Other amenities include 24-hour security and full concierge services. Tenants for the building’s retail component include Whole Foods Market. The building is currently 99 percent leased. Andrew Gnazzo and Michael Darling of CWCapital’s Boston office originated the loan through Freddie Mac’s Capital Markets Execution Program. Terms of the financing include a 10-year term and a 5.51 percent fixed interest rate. CAS Financial Advisory Services advised the borrower, Boston Residential Group.
WEST ORANGE, N.J. — The Hampshire Companies, in a joint venture with Paragon Realty, has leased 13,776 square feet of medical office space at 375 Mount Pleasant Avenue, located in West Orange. The tenant, The Urology Group of New Jersey, plans to take occupancy in November. The building, which totals 106,000 square feet and was formerly a research and development facility for Organon USA, is being converted into a building for hospital and medical office uses. The Hampshire/Paragon JV was represented by Frank Gunsberg of FirstService Williams. John Feeney of Studley represented the tenant. The property is part of Hampshire Partners Fund VII, one of the company’s institutional real estate investment funds.
WALTHAM, MASS. — R.W. Holmes Realty Co. has arranged a lease for 15,111 square feet at Watermill Center, located in Waltham. The space will be occupied by Providence, R.I.-based accounting firm Kahn, Litwin, Renza & Co. (KLR). The firm recently expanded its reach into the greater Boston area with the acquisition of Sullivan, Shuman & Freedberg, and will be relocating those operations to Watermill Center. Garry Holmes and Chip Setwiller of R.W. Holmes represented KLR in lease negotiations. Dave Campbell of Newmark Knight Frank represented the landlord, New Boston Fund. Watermill Center is a 206,722-square-foot, Class A office building located at 800 South St.
NEW YORK CITY — Meridian Capital Group has arranged a $151 million loan for The Ritz Plaza, a 43-story residential apartment building located in New York City’s Times Square. The building comprises 479 luxury units, as well as 30,000 square feet of retail and office space. Resident amenities include a fitness center, an indoor pool and a newly remodeled social center. The loan carries a 10-year term with a 5.34 percent fixed interest rate and 2 years of interest-only payments. Ralph Herzka and Abe Hirsch of Meridian secured the financing on behalf of the borrower, Stonehenge Management. The lender was Freddie Mac via the New York office of Walker & Dunlop.
QUINCY, MASS. — The Boston office of NorthMarq Capital has secured $5 million in mortgage financing for Bay Pointe Marina, a 271-slip marina located in Quincy. The facility features on-site winter boat storage, an indoor repair facility, an at-dock gas stations and a new marina clubhouse. The marina also contains Inn at Bay Pointe, a restaurant with banquet facilities and outdoor decking. Debbie Orloff arranged the loan on behalf of the owners of NorthMarq through The Bank of New England.
CHICOPEE, MASS. — Colliers Dow & Condon has completed a long-term lease for 56,000 square feet of warehouse space in Chicopee. The property is located at 77 Champion Dr. and is owned by Concord, Mass.-based Winstanley Enterprises. Valor One signed a lease for the property worth more than $1 million. Nicholas Morizio, Rich Abo, of Colliers Dow & Condon, along with Kevin Jennings of Springfield, Mass.-based Jennings Real Estate, represented the landlord in lease negotiations. The tenant was represented by John Reed of CB Richard Ellis.