Northeast

CBRE CAPITAL MARKETS ARRANGES $2 MILLION APARTMENT REFINANCE

by admin August 11, 2009

NEW YORK CITY — The New York City office of CB Richard Ellis (CBRE) Capital Markets has arranged a $2 million first mortgage for the refinancing of two residential buildings located on Manhattan’s Upper East Side. The first property is 1275 Third Avenue, a five-story building containing 9 apartments and a ground-floor retail space occupied by Scoop, which just signed a lease renewal. The second property is 314 E. 70th St., a five-story building containing 15 apartments and a ground-floor retail space occupied by restaurant Shabu-Shabu. The non-recourse loan carries a 5-year term with a 30-year amortization schedule and a 6.12 percent interest rate. It was arranged by CBRE’s Keith Kurland. The borrower and lender were not disclosed.

August 11, 2009

KAUFMAN BROKERS LEASE AT 1407 BROADWAY

by admin August 11, 2009

NEW YORK CITY — The Kaufman Organization has brokered a lease for 13,805 square feet at 1407 Broadway, a 42-story, 1.1 million-square-foot office building located in the Fashion District of Manhattan, New York City. Fashion company Franco Apparel will occupy the space, which consists of an entire tower floor. It will contain office and showroom space. Grant Greenspan of Kaufman represented the undisclosed landlord in lease negotiations. David Menaged of Intrepid Real Estate represented Franco Apparel. Lease terms were not disclosed but the asking price for the property was $42 per square foot.

August 11, 2009

Multifamily Northeast

FIRST MOVE-INS OCCURRING AT 77 HUDSON

by admin August 10, 2009

JERSEY CITY, N.J. — The first move-ins are occurring at 77 Hudson, a luxury residential condominium tower located on the Gold Coast in Jersey City. The 48-story tower contains 420 units in a mix of studio, one- two- and three-bedroom units. Sizes range from 525-square-foot studios to more than 2,000-square-foot penthouses. Approximately 75 percent of the residences feature Manhattan views. Amenities include a 14,200-square-foot spa and fitness center, a 30,000-square-foot outdoor plaza deck with a swimming pool and a hot tub, a rooftop park, and a lounge with a private dining room and a catering kitchen. Prices range from the $300,000s to more than $1 million. The project was developed by K. Hovnanian Homes and designed by CetraRuddy.

August 10, 2009

Industrial Northeast

MORRIS COS. LEASES 230,953-SQUARE-FOOT INDUSTRIAL PROPERTY

by admin August 10, 2009

CLIFTON, N.J. — The Morris Companies has leased a 230,953-square-foot industrial building, located at 261 River Rd. in Clifton, to a global manufacturer. The building features 193,593 square feet of warehouse/distribution space, 32,996 square feet of corporate office space and 4,364 square feet of warehouse office space. Amenities include 36-foot clear ceiling heights, 25 cross-docked tailgates and two drive-in doors. The tenant plans to consolidate three of its existing northern New Jersey facilities into the new location. Stan Danzig, Stephen Elman, Noah Balanoff and Robert Adams of Cushman & Wakefield represented the landlord, The Morris Companies. Thomas Carragher and Dan Foley of Studley represented the tenant. Terms of the lease were not disclosed.

August 10, 2009

Industrial Northeast

BINSWANGER BROKERS 33,000-SQUARE-FOOT INDUSTRIAL SALE

by admin August 10, 2009

PHILADELPHIA — Philadelphia-based Binswanger has brokered the sale of a 33,000-square-foot industrial building in Philadelphia. Located at 10049 Sandmeyer Lane, the property features crane service, 20-foot clear ceiling heights, four tailgate truck loading docks, four overhead drive-in doors and 10,000 square feet of office space. The buyer, Dixon Shane LLC dba R&S Northeast, acquired the property for $1.75 million and plans to use the facility as its corporate headquarters. Binswanger represented the seller, Collegeville, Pa.-based Monticello Granite Ltd.

August 10, 2009

Northeast Office

ARAGON COMPLETES 13,000-SQUARE-FOOT OFFICE BUILD-OUT

by admin August 10, 2009

NEW YORK CITY — New York-based Aragon Construction has completed a 13,000-square-foot office build-out for the non-profit Forward Association. The office encompasses much of the eighth floor of 125 Maiden Lane, a 17-story, 342,371-square-foot tower located in Manhattan, New York City. Construction included a new executive office wing with private offices, open department areas, conference rooms, informal meeting areas, a reception area, a broadcast space and a gallery/performance space. The project architect was Amie Gross Architects. The project also included the renovation of 5,000 square feet of office space for a sublease tenant or for the Forward Association’s future expansion.

August 10, 2009

Northeast Office

COLLIERS COMPLETES 9,500-SQUARE-FOOT OFFICE LEASE

by admin August 10, 2009

ENFIELD, CONN. — Two Colliers affiliates have completed the leasing of 9,500 square feet of office space at LAN Executive Center, located in Enfield. The Boston office of Colliers Meredith & Grew represented the tenant, Unum. Phil Gagnon of the Hartford, Conn., office of Colliers Dow & Condon represented the undisclosed landlord. Terms of the loan were undisclosed.

August 10, 2009

Industrial Northeast

CBRE REALTY TRUST ACQUIRES WAREHOUSE/DISTRIBUTION FACILITY

by admin August 7, 2009

BELLINGHAM, MASS. — CB Richard Ellis Realty Trust has purchased a 238,370-square-foot newly completed warehouse/distribution building in Bellingham. The distribution center, which is located at 140 Depot St., is situated between Boston and Providence off I-495 and provides excellent access to I-95, I-93, and I-90. It is expandable and features pre-cast concrete construction, cross-docking, a 36-foot clear height, ESFR sprinklers and excess trailer parking. The Class A build-to-suit facility is fully leased to Best Buy Stores on a long-term lease. The retailer will use this facility primarily as a regional distribution center for home delivery of large items, as well as hosting a small service/repair center and providing dispatching and scheduling. The purchase price was undisclosed.

August 7, 2009

Multifamily Northeast

CPC AND HPD PROVIDE $7.6 MILLION CONSTRUCTION LOAN

by admin August 7, 2009

NEW YORK CITY — The Community Preservation Corporation (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided a $7.6 million construction loan for the moderate renovation of two five- and six-story rental buildings in the Washington Heights section of Manhattan, New York City. The buildings, located at 75-89 Wadsworth Terrace between Fairview Avenue and 190th Street, contain 83 rental units comprising nine studios, 50 one-bedroom units, 13 two-bedroom units, nine three-bedroom units and two four-bedrooms units. CPC will provide approximately $3.4 million and HPD will provide $4.2 million for a renovation that will include upgrades to the plumbing system, electrical repairs, installation of a new roof, parapet wall repair, kitchen and bathroom replacement, new flooring, new windows and new boilers. The developer is 75-89 Associates, LLC, which is partially owned by Frank Anelante and Joseph Zitolo of Lemle and Wolff.

August 7, 2009

Northeast Retail

CBC BENNETT WILLIAMS BROKERS SALE OF THE SHOPS AT TECPORT

by admin August 7, 2009

HARRISBURG, PA. — Coldwell Banker Commercial Bennett Williams has completed the sale of the Shops at TecPort Shopping Center in Harrisburg. Located at 3950 TecPort Dr., the 18,996-square-foot retail center was acquired by 3950 TecPort Drive LP from Bui-Bui, LLC., for $1.65 million. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the seller in the transaction. The new property owners will continue to use Stine and Rohrbaugh’s services to the lease the remaining 8,100 square feet of available retail space. Current tenants of Shops at TecPort include EuroNails, Leading Edge Eye Care, Layne Careful Cleaners and La Piazza Restaurant, which anchors the center. The Shops at TecPort is located in the heart of TecPort Business Park just outside the Harrisburg Mall with visibility from Interstate 83. TecPort Business Park offers more than 1 million square feet of office space and several national hotel chains including Hilton and Homewood Suites.

August 7, 2009

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