Northeast

LNK ACQUIRES VACANT LONG ISLAND INDUSTRIAL BUILDING

by admin July 28, 2010

HAUPPAUGE, N.Y. — LNK International has acquired a 93,000-square-foot industrial building located at 55 Arkay Drive in Hauppauge for approximately $8 million. The vacant facility was formerly leased to Corwood Laboratories, which ceased business in December following a Chapter 7 bankruptcy filing. LNK plans to use the building to expand its manufacturing and warehousing operations. The property features 40,000 square feet of air-conditioned manufacturing space, 3,000 square feet of office space, ceiling heights that range from 20 to 40 feet and five loading docks. Richard Cohen of Ashlind Properties represented LNK as well as the seller, Lori-Lynn Realty LLC, which is affiliated with Corwood.

July 28, 2010

LEGO TO EXPAND NORTH AMERICAN HEADQUARTERS IN CONN.

by admin July 28, 2010

ENFIELD, CONN. — LEGO plans to expand its North American headquarters in Enfield. The Danish toy maker will build an additional 80,000 square feet within Enfield Business Park that will house direct-to-consumer retail operations, finance operations, consumer services and facilities management. The new space will also feature an indoor atrium/garden and a gathering place for meals, meetings and social functions. Construction will begin in the coming weeks and be complete by March 2011. LEGO has used Enfield Business Park as its North American headquarters for the past 35 years. Up until a few years ago, the park also housed the company's manufacturing and distribution operations, which have since moved overseas.

July 28, 2010

Hospitality Northeast

SPRINGHILL SUITES TO BE BUILT IN LATROBE

by admin July 28, 2010

LATROBE, PA. — A joint venture between Palmer Hospitality, Concord Hospitality and Keith McGraw has announced plans to develop a new Springhill Suites hotel in Latrobe. The four-story building will have 109 suites and will be located near the intersection of routes 30 and 981. It is directly across from Kennametal Inc., the area's largest employer, and within a short distance from Latrobe Country Club, the home course of Palmer's Hospitality's owner, Arnold Palmer. The building is being designed for LEED certification. Construction will begin in December, and completion is expected by the end of 2011.

July 28, 2010

Mixed-Use Northeast

75 WALL STREET RECEIVES EXTENSION FOR $263 MILLION CONSTRUCTION LOAN

by admin July 27, 2010

NEW YORK CITY — A joint venture between The Hakimian Organization, Peykar Brothers Realty and Gorjian Properties has closed on an extension for its construction loan for the 75 Wall Street mixed-use project in New York City. The extension for the $263 million loan is for a 2-year period with an additional 1-year extension option. The hotel portion of the tower, which is operated as Hyatt's new Andaz brand, opened in January. It contains 253 guestrooms and suites as well as the restaurant Wall & Water and Bar Seven Five. The top 24 floors of the 42-story tower contains 346 luxury residential condominiums. Amenities include a residents-only area on the 18th floor containing a fitness center, a media room and a game room. The building's rooftop lounge contains a solarium, a lounge and a hot tub. The building's ground-floor retail space is leased by KitptonART as gallery space.

July 27, 2010

Multifamily Northeast

PEMBROOK CAPITAL RECAPITALIZES MANHATTAN CONDO PROJECT

by admin July 27, 2010

NEW YORK CITY — Pembrook Capital Management has provided $47.1 million for the recapitalization of a residential condominium project located in Manhattan's Chelsea neighborhood. The loan carries a 2-year term and a fixed interest rate. Construction for the 54-unit project, which is located at 100 11th Ave., is complete and 26 of the units have been sold. Pembrook's Jonathan Schurgin originated the loan. Assistance was provided by Meridian Capital.

July 27, 2010

Northeast Retail

MARCUS & MILLICHAP BROKERS $3.19 MILLION TRACTOR SUPPLY SALE IN PA.

by admin July 27, 2010

LEHIGHTON, PA. — Marcus & Millichap has brokered the sale of a Tractor Supply Co. retail location in Lehighton for $3.19 million. The freestanding, 19,097-square-foot building is situated on 5.3 acres along Blakeslee Boulevard. The tenant signed a 15-year, double-net lease in May 2009 that has 10 percent rent increases every 5 years. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, a North Carolina-based limited liability company. Jamie Harrison of Touchstone Commercial Partners represented the buyer, SS Realty.

July 27, 2010

Multifamily Northeast

360 STATE STREET OPENS

by admin July 26, 2010

NEW HAVEN, CONN. — This week will mark the opening of 360 State Street, a $190 million residential project located in downtown New Haven. The 32-story, 700,000-square-foot tower features 500 rental apartments. Units range in size from studios to three bedrooms, and rents range from $1,165 to $4,409. Amenities include a landscaped, rooftop terrace with a pool and a sundeck; a fitness center and yoga studio; a resident lounge; a game room; a screening room; and a children's play room. The bottom of the building contains 28,000 square feet of retail space, including a 20,000-square-foot food co-op and a bike shop. A 500-car parking structure will feature a car sharing program and 200 bicycle parking spaces. The project is applying for LEED-Platinum certification under its Neighborhood Development pilot program. Among the project's many sustainable features is a 400 kilowatt fuel cell that will provide nearly all of the building's thermal energy. The building is also located directly across the street from the State Street train station. Becker + Becker is the developer of the project, and financing was provided by Multi-Employeer Property Trust. Bozzuto Management Co. is the property manager. The building is already 20 percent pre-leased.

July 26, 2010

Mixed-Use Northeast

DERMOT TO DEVELOP NEW MIXED-USE PROPERTY IN MANHATTAN

by admin July 26, 2010

NEW YORK CITY — The Dermot Company is planning to develop a new mixed-use property at 101 Avenue D on Manhattan's Lower East Side. The project will feature 78 mixed-income residences. Approximately half of the units will be set aside for low- and moderate-income residents. Amenities will include a fitness center, a rooftop deck and bike storage. The 12-story building will also house the new 30,000-square-foot headquarters for the Lower East Side Girls Club. Finally, the building will contain 4,700 square feet of retail space. The project is applying for LEED-Gold certification. Completion is slated for June 2012. Dermot's joint venture equity partner in the project is Grosvenor Investment Management. The general contractor is D7 Construction. Additional development partners include the New York City Department of Housing Preservation and Development and the NYC Housing Development Corp.

July 26, 2010

Multifamily Northeast

NORTHMARQ ARRANGES $5.5 MILLION FOR CONN. STUDENT HOUSING PROJECT

by admin July 26, 2010

DANBURY, CONN. — NorthMarq Capital has arranged $5.5 million in construction and permanent financing for a new student housing project in Danbury. The project will contain 36 units and will be located on a 3.5-acre site near the downtown campus of Western Connecticut State University. The loan carries a 10-year term and a 30-year amortization schedule. Ernest DesRochers of NorthMarq's New York Metro office arranged the financing on behalf of the undisclosed borrow through People's United Bank.

July 26, 2010

Northeast Office

HAMPSHIRE ACQUIRES 129,000-SQUARE-FOOT FLEX BUILDING

by admin July 23, 2010

WARREN, N.J. — The Hampshire Companies has acquired a 129,000-square-foot flex property in Warren for an undisclosed amount. The building is situated on 15 acres at 150 Mount Bethel Road. It contains 76,000 square feet of office space and 53,000 square feet of warehouse space. Anadigics is currently the building's only tenant, and it occupies 6,200 square feet of space. David Bernhaut of Cushman & Wakefield represented the undisclosed seller.

July 23, 2010

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