MONTCLAIR, N.J. — Construction is nearing completion for a 165-unit residential development adjacent to Bay Street Station in Montclair. Montclair Residences, which was designed by DMR Architects, is a rental residential, transit-oriented development that features open, spacious floor plans and a variety of studio, one-bedroom and two-bedroom apartments. Amenities include a fitness center, an Internet café, a pool, a courtyard, a daycare center and a parking garage for residents. The project, which is being developed by Lincoln Properties, broke ground in 2007 and has remained on-track for completion in 2009.
Northeast
PLAINSBORO, N.J. — Sweetwater Construction Corp. has started construction for the New Merwick Care and Rehabilitation Center located in Plainsboro. The 105,000-square-foot project will consist of a cluster of buildings across 6 acres located at the new University Medical Center of Princeton, which is scheduled to open in 2011. The complex will contain 80 beds of sub-acute care and 120 beds of long-term care. The project will be replacing an existing 83-bed facility located at 79 Bayard Lane. Windsor Health Care will be developing the project and RMJM Architects will design it.
YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has finalized incentive packages for two development projects in the city. The first project consists of the renovation of the former Tyco building, a 50,000-square-foot industrial property located at 78 Fernbrook St. Upon completion, the building will house the manufacturing and warehousing operations of Hudson Scenic Studio, a stage production and design company that is currently located at 130 Fernbrook St. The project is expected to cost $2.66 million. Financial assistance from the city included bond issuance, a sales and usage tax exemption for construction materials and equipment, and a structured property tax agreement. The second project is the $47 million first phase of the renovation of Grant Park Apartments. The affordable housing project is situated on a 12-acre site that formerly contained the Mulford Gardens public housing development. Phase I of the project will include the construction of 100 units in a mix of one-, two-, and three-bedroom apartments and townhomes. Additional construction will include several pocket parks and two community buildings. Ultimately, the project will contain 240 units and is expected to cost approximately $109 million. The project is being undertaken by Richman Group Development Corp. and Landex Development …
HANOVER, PA — Marcus & Millichap has arranged the sale of two single tenant net leased properties in Hanover. The transaction included two outparcels at North Hanover Mall, a Panera Bread franchise and a People’s Bank branch office. Both properties are subject to 10-year absolute net ground leases with rent increases every 5 years. North Hanover Mall is a 365,216-square-foot mall anchored by Dick’s Sporting Goods, Sears, JC Penney and a new Boscov’s. The sales price of $1.95 million represents an 8.45 percent capitalization rate on existing income of both properties. Derrick Dougherty, Mark Taylor and Dean Zang of the Philadelphia office of Marcus & Millichap represented the buyer, Outer Banks L.P. The seller, Preit-Rubin OP, Inc and PR Financing, LP, was represented by Joseph Odom of Stan Johnson.
NEW YORK CITY — Colliers ABR has negotiated a lease renewal and expansion at 595 Madison Avenue in Manhattan, New York City. Levin Capital Strategies, LP, an investment advisory firm, renewed and expanded its lease, taking 18,967 square feet on the 16th and 17th floors. David Hoffman of Colliers ABR represented Levin Capital Strategies in the transaction, and the building owner, Vornado Realty Trust, was represented by Glen Weiss and Ronald Lo Russo.
NEW YORK CITY — Greiner-Maltz has brokered a 5-year, 10,000-square-foot sublease for office space located at 33-10 Queens Blvd. in Long Island City in Queens, New York City. The space was subleased by FJC Security Company, the largest privately owned security company in America. Arie Zilka of Greiner-Maltz represented FJC Security Company, and George Margaronis and Decio Baio, both also of Greiner-Maltz, represented United Envelope in the transaction.
NEW YORK CITY — Dallas/Fort Worth-based Realty Capital Partners recently made a preferred equity investment to help complete construction of 180 East 93rd Street, a luxury residential development consisting of seven full-floor units. The 20,743-square-foot project is located in Manhattan, New York City’s Upper East Side in the Carnegie Hill neighborhood. Greystone Property Development Corp., the developer, anticipates completing construction in approximately one year. Amenities are expected to include a fitness facility, doorman service, a children’s playroom, temperature-controlled wine storage, as well as sustainable building materials. In addition, individual units will feature open-air terraces or balconies, oak wood floors, Viking kitchen appliances, custom cabinetry and nearly 10-foot ceilings.
CRANBURY, N.J. — The Intent Group, a notebook computer wholesaler, has purchased a 10,000-square-foot condominium unit at the Matrix Corporate Campus in Cranbury. Owned by Matrix Development Group, the company recently acquired the campus from Preferred Unlimited, a Pennsylvania-based real estate investment firm. Located at Exit 8A of the New Jersey Turnpike, Matrix Corporate Campus contains more than 342,000 square feet of office, laboratory and flex space. Current tenants include the worldwide headquarters of Innophos Inc, a leading North American specialty phosphate producer.
BOSTON — Tishman Construction Corp. has completed the $17 million renovation of Copley Square Hotel, located in Boston’s Back Bay neighborhood. Construction to the hotel, which was first built in 1891, included full renovations to each of the 143 guestrooms. New finishes were installed and the bathrooms were also renovated. Guestrooms now include workstations and wireless Internet access. A new boiler was added to the hotel and a second elevator was installed as well. Amenities at Copley Square Hotel include a full-service concierge, a casual restaurant, a martini bar, a lounge and a nightclub. The project architect was Arrowstreet and the interior designer was Intra-Spec. The hotel’s owner is CapStar Copley LLC.
TEANECK, N.J. — Japan Tobacco International (JTI) has moved into its new U.S. headquarters, located within Glenpointe Center West in Teaneck. The new 12,000-square-foot office contains five executive offices, 15 offices, 32 workstations, a conference room and a café-style pantry with a 55-inch, flat-screen television. The approximately $1 million interior build-out was completed on behalf of JTI by Livingston, N.J.-based Jarmel Kizel Architects & Engineers. The landlord and construction company responsible for the building is Alfred Sanzari Enterprises.