Northeast

SHERWOOD EQUITIES COMPLETES $24 MILLION CAPITAL IMPROVEMENT

by admin July 1, 2009

NEW YORK CITY — Sherwood Equities has completed a $24 million capital improvement program at 370 Lexington Avenue in Manhattan, New York City. The 27-story, 307,000-square-foot office building, situated one block south of Grand Central Terminal, is designed for tenancies as small as 500 square feet and as large as 10,000 square feet. Currently about 93 percent occupied, 370 Lexington has both white-box and pre-built space available, with the pre-built units including pantries with granite countertops and stainless steel appliances. Sherwood has installed an on-site leasing and management team, and also has an in-house architect, construction team and attorney on hand to provide for tenant occupancy in as little as two weeks. Recently concluded improvements include new HVAC and sprinkler infrastructures, a modernized lobby with a new security desk and a more efficient visitor management system, an upgraded conference center that is free of charge to tenants, renovated restrooms and hallways, upgraded windows on several floors, and the creation of a basement storage space for tenants. The building exterior has been restored and boasts new signage, and retail storefronts have been upgraded for uniformity.

July 1, 2009

Albany industrial sector holding its own due to growth in tech sector.

by admin July 1, 2009

The Albany industrial market has become almost an incubation area for the nanotechnology industry, brining major tenants with large space needs to the area. Despite the recent downturn the industrial sector is still holding it own due to the growth and success of the technology industry. Cory M. Tyksinski, principal broker/manager of NAI Platform notes that there was an initial drop in business, but that is was more of a knee jerk reaction as the economy started to slow and then essentially skidded to a stop last year. The Upstate New York marketplace, and primarily Albany, is fairly insulated from the major downturns, and unfortunately, conversely the upswings in the marketplace,” notes Tyksinski. “That is primarily because we have the government seat here and we have a tremendous base in education, as well as in research and development and now technology.” Therefore, Tyksinski explains that once people got over the initial knee jerk reaction, the market picked back up again. “Actually, we have seen an upswing in the last 3 or 4 months,” he says. Overall the growth of the nanotechnology sector has been a real boon to the market. “We have seen a lot of what would be support …

July 1, 2009

Northeast Office

CONSTRUCTION BEGINS FOR UMASS DATA CENTER

by admin June 30, 2009

WORCESTER, MASS. — Construction has begun for a new data center for the University of Massachusetts Medical School. The facility will be located in Worcester. Construction will consist of the renovation of 30,000 square feet within an existing 225,000-square-foot facility. The suite will include 7,000 square feet of data center and support space for the medical school, as well as the office of the president of the university. Completion is scheduled for March 2010. The construction manager for the project is Tishman Construction Corp. and the owner is Worcester City Campus Corp.

June 30, 2009

Northeast Office

FOUR STATE AGENCIES LEASE 138,000 SQUARE FEET AT 1000 WASHINGTON

by admin June 30, 2009

BOSTON — Four Commonwealth of Massachusetts agencies have taken 138,000 square feet of office space at 1000 Washington Street, an 11-story, 242,000-square-foot office tower located in Boston’s South End that is owned by Nordic Properties. The agencies are all part of the Department of Consumer Affairs and include the Department of Telecommunications and Cable, the Division of Banks, the Division of Insurance and the Division of Professional Licensure. They will occupy floors six through 10, and will share IT facilities and public meeting spaces. The agencies are expected to take occupancy in December. Nordblom Development Co., the parent company of Nordic, will oversee the tenant build-out, and Nordblom Management Co. will oversee property management of the building. Formerly the world headquarters for Teradyne, 1000 Washington Street is situated on a 2-acre city block adjacent to the city’s Financial District and Chinatown. It features a brand new lobby reception area with two outdoor plazas, a top-floor café, a lower-level fitness center and an attached 310-space parking garage.

June 30, 2009

Industrial Northeast

CBRE SECURES $19 MILLION LOAN FOR TELEVISION PRODUCTION STUDIO

by admin June 30, 2009

SECAUCUS, N.J. — The Capital Markets Debt & Equity Group of CB Richard Ellis (CBRE) has secured $19 million for the refinancing of a 197,453-square-foot warehouse and office property located at 40 Hartz Way in Secaucus. The facility, which was originally constructed in 1973, has undergone significant renovations to accommodate its present anchor tenant, Major League Baseball’s MLB Network. The 142,000-square-foot space MLB Network occupies includes 24-foot clear ceilings, two broadcasting studios, 18 loading docks and broadcasting satellites. CBRE’s James Gunning and Donna Falzarano arranged the loan, which carries a 5-year term and a fixed interest rate. The borrower was Hartz Mountain Associates. The lender was a New England-based commercial bank.

June 30, 2009

Multifamily Northeast

HOULIHAN-PARNES ARRANGES $2.45 MILLION MULTIFAMILY LOAN

by admin June 30, 2009

BRIDGEPORT, CONN. — White Plains, N.Y.-based Houlihan-Parnes Realtors has arranged a $2.45 million first-mortgage loan for the refinancing of a multifamily property located in Bridgeport. The property consists of two three-story apartment buildings situated on a 1-acre lot on East Main Street. The buildings contain a total of 45 residential units; the property also includes 20 parking spaces and a vacant tract of land that could accommodate another building. Jerry Houlihan of Houlihan-Parnes arranged the loan, which includes a 10-year term with 5 years fixed and a 30-year amortization schedule. The lender was a New York-based savings bank and the borrower was undisclosed.

June 30, 2009

Multifamily Northeast

MARCUS & MILLICHAP ARRANGES $3.65 MILLION APARTMENT SALE

by admin June 29, 2009

NEW YORK CITY — Marcus & Millichap has arranged the sale of a 52-unit apartment community, located at 2411-2415 Prospect Ave. in the Bronx, New York City, for $3.65 million. The five-story building was built in 1916; it is situated near the Bronx Zoo and Fordham University. Sharone Sohayegh of Marcus & Millichap’s Manhattan office represented the seller, a limited liability company, and the buyer, a private investor.

June 29, 2009

Hospitality Northeast

ROCK COMMERCIAL COMPLETES THREE SALES

by admin June 29, 2009

HANOVER AND YORK, PA. — York-based ROCK Commercial Real Estate has completed three sales. In Hanover, Royal Farms purchased a 23,124-square-foot hotel located at 103-121 Carlisle St. ROCK represented the buyer. In York, Tekgard Inc. purchased a 21,863-square-foot light manufacturing facility located at 3390 Farmtrail Rd. ROCK again represented the buyer. Finally, 922 Loucks Road LLC purchased the 6,682-square-foot former Lone Star Steakhouse & Saloon building, located at 922 Loucks Rd. in York. ROCK represented the undisclosed seller in this transaction.

June 29, 2009

Civic Northeast

ROOSEVELT FOUR FREEDOMS PARK APPROVED

by admin June 29, 2009

NEW YORK CITY — Roosevelt Island Operating Corp. has granted approval for the construction of Franklin D. Roosevelt Four Freedoms Park. The public park, which was designed by Louis Kahn, will be located on the south end of Roosevelt Island in New York City. It will feature an open-air plaza surrounded by three granite columns that will have Franklin Roosevelt’s famous “Four Freedoms” speech carved on them. Funding for Phase I of the project has been secured and construction will begin this summer. The park is being built by Franklin D. Roosevelt Four Freedoms Park LLC. The design of the park was originally commissioned by former New York Governor Nelson Rockefeller in 1973, but only in the past 2 years have the city and state recommitted to building the park.

June 29, 2009

Multifamily Northeast

CBRE ARRANGES $1 MILLION MULTIFAMILY LOAN

by admin June 29, 2009

NEW YORK CITY — CB Richard Ellis Capital Markets (CBRE) has arranged $1 million in first-mortgage financing for 130 West 72nd Street, a five-story multifamily building located in the Upper West Side of Manhattan, New York City. The 8,800-square-foot building contains six one-bedroom rental apartments and two ground-floor retail spaces. Occupancy was 100 percent at the time of closing. CBRE’s Keith Braddish, Jason Gaccione and Rayna Karaivanov arranged the loan, which includes a 5-year term with a 25-year amortization schedule and a 5.87 percent fixed interest rate. Proceeds will be used to refinance the property. The borrower and lender were not disclosed.

June 29, 2009

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