Northeast

TRUMP SOHO NEW YORK OPENS

by admin April 9, 2010

NEW YORK CITY — The official opening and ribbon-cutting ceremony has taken place for Trump SoHo New York, a new hotel condominium tower located at 246 Spring St. in Manhattan's SoHo neighborhood. The 46-story tower contains 391 guestrooms in a mix of one-bedrooms, deluxe guestrooms that can be combined to create two-bedroom suites, spa suites and penthouse suites. Amenities at Trump SoHo include The Library lounge, a new location for famed Miami restaurant Quattro Gastronomia Italiana and cocktail lounge Kastel. The seventh floor of the building features a 6,000-square-foot pool deck with a swimming pool as well as Bar d'Eau. Located on the seventh and eighth floors is the 12,000-square-foot Spa at Trump. The building also contains more than 12,000 square feet of meeting space, occupying the entire third floor as well as 1,800 square feet of the top floor. Trump SoHo was developed as a joint venture between an affiliate of the Trump Organization, The Sapir Organization and Bayrock Group. Handel Architects served as project architect, with Rockwell Group and DiGiuseppe Architect providing interior design services.

April 9, 2010

PRICELINE.COM SIGNS HEADQUARTERS LEASE IN CONN.

by admin April 9, 2010

NORWALK, CONN. — Online travel service provider Priceline.com has signed a long-term lease for its new headquarters. The company will occupy 69,882-square-foot of office space within River Park, a 412,000-square-foot trophy property located at 800 Connecticut Ave. in Norwalk. David Block and Michael Siegel of CB Richard Ellis' Stamford, Conn., office represented the landlord, Carter & Associates A/A/F River Park Property Ownership LLC, in lease negotiations. Paul Kauffman of Cushman & Wakefield represented Priceline.

April 9, 2010

Northeast

BOSTON CAPITAL CLOSES $224.5 MILLION FUND

by admin April 9, 2010

BOSTON — Boston Capital has closed one of its investment funds. Boston Capital Tax Credit Fund XXXII totals $224.5 million and consists of 36 affordable apartment properties in 16 states. The properties, which were purchased by Corporate Fund XXXII, will add a total of 3,581 apartment units to Boston Capital's holdings, bringing it to 162,677 units. In addition, Boston Capital recently launched Fund XXXIII, a $275 million investment platform it expects to close in mid-2010.

April 9, 2010

Mixed-Use Northeast

PNC BANK SOLD FOR MIXED-USE REDEVELOPMENT

by admin April 8, 2010

EMERSON, N.J. — The Goldstein Group has brokered the sale of a former PNC Bank branch located at 55 Emerson Plaza East in Emerson for more than $740,000. The buyer, Grand Investments, plans to redevelop the site as a multi-use project featuring 18 units of residential housing over 3,000 square feet of retail space. C.J. Huter and Neil Goldstein of The Goldstein Group represented PNC Bank in the sale. Construction for the new project has already commenced. The Goldstein Group will be providing leasing services for the new project's retail component.

April 8, 2010

Multifamily Northeast

MASSEY KNAKAL COMPLETES $2.6 MILLION NYC MULTIFAMILY SALE

by admin April 8, 2010

NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a 5,687-square-foot residential building located in the Manhattan's Chelsea neighborhood for $2.6 million. The building, which is located at 333 W. 18th St., contains four residential units, consisting of an owner duplex, two free-market units and one rent-controlled unit. Brock Emmetsberger arranged the deal between the two undisclosed parties.

April 8, 2010

Northeast Restaurant

MARCUS & MILLICHAP BROKERS N.H. APPLEBEE'S SALE

by admin April 8, 2010

DERRY, N.H. — Marcus & Millichap has brokered the sale of a freestanding Applebee's Neighborhood Grill & Bar located in at 14 Manchester Road in Derry for $1.85 million. The restaurant currently has more than 18 years remaining on its lease, with four 5-year extension options. Robert Horvath, Todd Tremblay and Ethan Cole of Marcus & Millichap's Boston office procured the buyer, M Cohen Enterprises. The seller was New York City-based DBAPPLEF LLC.

April 8, 2010

Northeast Office

PINEBRIDGE INVESTMENTS LEASES 111,728 SQUARE FEET AT 399 PARK AVE.

by admin April 7, 2010

NEW YORK CITY — PineBridge Investments will lease 111,728 square feet of office space at the 399 Park Avenue trophy tower for its New York headquarters. The lease comprises all of the building's fourth floor and a portion of the sixth floor. PineBridge, which was formerly known as AIG Investments, will sublease 72,647 square feet from Legg Mason through September 2017, and the lease will convert to a direct lease with landlord Boston Properties after that. The remaining 39,081 square feet will be directly leased through Boston Properties for a 15-year term. PineBridge will consolidate is operations at 70 Pine St. and 277 Park Ave. to the new location and will take occupancy this summer. Mitchell Steir, Matthew Barlow and David Goldstein of Studley represented the tenant in lease negotiations. John Powers, Peter Turchin and Gregg Rothkin of CB Richard Ellis represented Boston Properties, with Ken Rapp and Christopher Mansfield, also of CB Richard Ellis, representing Legg Mason.

April 7, 2010

Civic Northeast

SKANSKA PICKED TO BUILD $29 MILLION SCHOOL IN MASS.

by admin April 7, 2010

BELMONT, MASS. — Skanska USA has been selected to construct the new Wellington Elementary School in Belmont. The $29 million project will include the demolition of the existing school and the construction of a new one, which will consist of two buildings connected by a one-story core. The project is being designed to meet Massachusetts High-Performance Green School Criteria, with sustainability features that include a geothermal HVAC system, high-efficiency mechanical systems and increased use of daylighting. Demolition of the existing school is already under way, and completion of the entire project is expected in July 2011. Jonathan Levi Architects is the lead architect for the project, and Burt Hill is the associated architect.

April 7, 2010

Northeast

CBRE ARRANGES $11.5 MILLION REFINANCING IN N.J.

by admin April 7, 2010

MILLBURN, N.J. — CB Richard Ellis (CBRE) has arranged an $11.5 million loan for the refinancing of 16 and 33 Bleeker St. in Millburn. The property totals 178,000 square feet; it was acquired by the current owner/user, Elie Tahari Ltd., in 2004 and was subsequently renovated, which added an office component to it and expanded the mezzanine area. The financing carries a 5-year term and a 60 percent loan-to-value ratio. The floating interest rate of the previous loan was converted to a 5.47 percent fixed rate. The lender was a large commercial bank. Keith Braddish, Jason Gaccione and Rayna Karaivonov of the New York City office of CBRE Capital Markets partnered with Jim Gunning and Donna Falzarano of CBRE's Saddle Brook, N.J., office to secure the financing package. Bruce Beegel, also of CBRE, assisted in the deal.

April 7, 2010

Northeast Retail

ASCOT PROPERTIES ACQUIRES RETAIL CONDO FOR $4.7 MILLION

by admin April 6, 2010

NEW YORK CITY — Ascot Properties has acquired a retail condominium in New York City for $4.7 million. The unit is the ground floor of 129-135 Lafayette Street, a 12-story mixed-use building located in Manhattan. Cathay Bank currently occupies the space. Salmon & Marshall partners Kevin Salmon and Matthew Marshall represented the seller, Tribeach Holdings, and procured the buyer.

April 6, 2010

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