Northeast

BROAD STREET TO DEVELOP RETAIL PLAZA AT 55 BROADWAY IN NYC

by admin July 6, 2010

NEW YORK CITY — Broad Street Development has announced plans to create a retail plaza at the street level of 55 Broadway in Downtown Manhattan. The glass-enclosed plaza will contain a total of 11,300 square feet of retail space, consisting of 4,900 square feet of ground-floor space and 6,400 square feet of mezzanine space. It will feature 30 feet of frontage along Broadway and will be complete by fall 2011. Robert K. Futterman Associates will be leasing the space. 55 Broadway is a 32-story office tower that totals more than 330,000 square feet of Class A space. It is currently more than 97 percent occupied.

July 6, 2010

ARBOR ARRANGES $1.68 MILLION FANNIE MAE LOAN

by admin July 6, 2010

WORCESTER, MASS. — Arbor Commercial Funding has arranged $1.68 million in Fannie Mae DUS funds for the acquisition of William Street Apartments, a 30-unit community located in Worcester. The loan carries a 10-year term, a 30-year amortization schedule and a 6.09 percent interest rate. Edward Petti of Arbor's New York City office originated the loan. The borrower's name was not released.

July 6, 2010

Mixed-Use Northeast

NEW W HOTEL TO OPEN THIS MONTH

by admin July 2, 2010

NEW YORK CITY — The Moinian Group has received a temporary certificate of occupancy for the W New York – Downtown Hotel & Residences that will allow the hotel and restaurant portions of the mixed-use project to open later this month. Located at 123 Washington St. in Manhattan's Financial District, the 58-story tower contains a 217-room W Hotel, 223 residential condominiums, the BLT Bar & Grill and the Living Room Bar & Terrace lounge. Amenities of the project include a fitness center and a rooftop deck garden.

July 2, 2010

Multifamily Northeast

GEBROE-HAMMER BROKERS TWO N.J. APARTMENT SALES

by admin July 2, 2010

UNION CITY AND NORTH BERGEN, N.J. — Gebroe-Hammer Associates has brokered the sale of two multifamily properties for a total of $1.26 million. The first property was a 14-unit building located at 201 37th St. in Union City. The second property was an 11-unit building located at 1108 7th St. Gebroe-Hammer's Greg Pine and Scott Callahan represented the seller, IAK LLC, and procured both undisclosed buyers.

July 2, 2010

Northeast Office

HOULIHAN-PARNES SECURES $6.5 MILLION FOR WHITE PLAINS OFFICE BUILDING

by admin July 2, 2010

WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has secured a $6.5 million first-mortgage for a multi-tenant office building in White Plains. The property totals 70,000 square feet and is located at 7-11 S. Broadway. It was 83 percent occupied at the time of closing. The non-recourse financing carries a 6.25 percent interest rate for a 5-year term, a 30-year amortization schedule and a 5-year extension option. Mik O'Neill of Houlihan-Parnes places the loan and Elizabeth Smith of Goldberg Weprin represented the borrower in the transaction.

July 2, 2010

Northeast Office

CBRE REALTY TRUST PURCHASES 200,411-SQUARE-FOOT OFFICE BUILDING

by admin July 1, 2010

BURLINGTON, MASS. — CB Richard Ellis (CBRE) Realty Trust has acquired a Class A office building in Burlington. One Wayside Road totals 200,411 square feet over four stories. It serves as the corporate headquarters for Nuance Communications, which is leasing it through 2018. The building was expanded in 2008 when Nuance took occupancy; construction included the addition of a cafeteria and a fitness center. An in-house negotiations team led by Kim Adamek completed the deal on behalf of CBRE Realty Trust. The seller's name was not disclosed.

July 1, 2010

Industrial Northeast

MASSEY KNAKAL BROKERS $2.7 MILLION WAREHOUSE SALE IN BROOKLYN

by admin July 1, 2010

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of an industrial property in Brooklyn for $2.7 million. The property, located at 195 Bay 19th St. in the borough's Bensonhurst neighborhood, contains two connected warehouse buildings totaling approximately 29,000 square feet. Massey Knakal's Jeffrey Shalom negotiated the deal between the two undisclosed parties.

July 1, 2010

Multifamily Northeast

GFI COMPLETES $1.25 MILLION MULTIFAMILY SALE IN BROOKLYN

by admin July 1, 2010

NEW YORK CITY — GFI Realty Services has completed the sale of a walk-up apartment building in Brooklyn for $1.25 million. The four-story property contains 16 units and is located at 2574 Bedford Ave. GFI's Shulem Paneth represented both undisclosed parties in the deal. The new owner plans to upgrade the units and install security systems throughout the building.

July 1, 2010

Northeast Office

CBRE REALTY TRUST ACQUIRES 142,500-SQUARE-FOOT OFFICE BUILDING

by admin June 30, 2010

MONTVALE, N.J. — CB Richard Ellis Realty Trust (CBRE) has acquired a Class A office building located in Montvale. The two-story, 142,500-square-foot property is situated on 35 acres at 225 Summit Ave. It is currently occupied by Medco Health Services, which is subleasing the space from Barr Pharmaceuticals. The property was built in 1966 and underwent an $8.5 million renovation in 2007. Amenities include a 300-seat cafeteria and 480 parking spaces. The seller was a partnership between a fund managed by Urdang Capital Management, Ivy Equities and Paragon Realty. The Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel represented the partnership. The same team also procured the buyer.

June 30, 2010

Northeast Retail

LEVIN BEGINS RENOVATION OF HAMILTON PLAZA IN N.J.

by admin June 30, 2010

HAMILTON, N.J. — Levin Management Corp. has begun the renovation and expansion of Hamilton Plaza, a 184,272-square-foot shopping center located on Route 33 in Hamilton. The renovation will expand the center's current anchor, ShopRite, to 86,000 square feet. A portion of the building's front will be removed to add parking space, and additional square footage will be added in the building's rear. In addition, a 10,000-square-foot endcap space will be constructed. This expansion, when combined with two adjacent vacant parcels of 7,000 and 11,000 square feet, could create up to 28,000 continuous square feet for potential tenants. Two new pad sites will be added, ideally for a bank branch and a restaurant. Finally, several cosmetic improvements will be made, including new signage, a modernization of the building façade, redesigned landscaping and reconfigured parking.

June 30, 2010

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