YORK, PA. — Pennsylvania Industrial has acquired a 52,328-square-foot warehouse located in Manchester Township, York. The building is situated on 4.83 acres of land at 450 Grim Lane. ROCK Commercial Real Estate represented the undisclosed seller and CB Richard Ellis represented Pennsylvania Industrial. The acquisition price was not disclosed.
NEW YORK CITY — Cushman & Wakefield Sonnenblick Goldman has arranged a $43 million loan for the refinancing of the Courtyard Marriott Manhattan/Midtown East in New York City. Situated on Third Avenue between 52nd and 53rd streets. the hotel contains 312 rooms and was constructed in 1998. Mark Gordon, Jared Kelso and Alison Tan of Sonnenblick Goldman represented the borrower, DiamondRock Hospitality Co. Terms of the loan and the lender were undisclosed.
HARTFORD, CONN. — The Hartford office of Chozick Realty has brokered the sale of Trinity Place Apartments in Hartford. Located on Sherbrooke Avenue, the property consists of a four-story brick building containing 128 units in a mix of 100 one-bedroom, 20 two-bedroom and eight three-bedroom residences. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, Urban Developers, under the approval of the U.S. Bankruptcy Court. Trinity Place is a profitable property but had been pledged as collateral for a loan on another multifamily property in St. Louis that went bankrupt, forcing its sale by the owner. Trinity Place was purchased by TLK Properties, which plans to complete common area and unit upgrades to the community. The acquisition price was not disclosed.
NEW JERSEY — David Cronheim Mortgage Corp. has arranged $40 million in financing for a four-building industrial portfolio owned by Hartz Mountain Industries. The portfolio totals 1.13 million square feet; the buildings were built between 1977 and 1990 and are located in Secaucus and other northern New Jersey cities. The non-recourse loan contains a 5-year term with a 25-year amortization schedule and a 6.65 percent interest rate. The lender is one of Croheim's correspondent insurance companies.
HAUPPAUGE, N.Y. — Aeroflex Inc. has renewed its lease at Hauppauge Industrial Park. The company currently occupies an entire 50,489-square-foot building located at 350 Kennedy Dr. in Hauppauge. The new lease carries an additional 5-year term. Harry Stavro and Robert Stein of Rechler Equity Partners provided in-house representation for the landlord in direct negotiations with Aeroflex.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided approximately $2 million in construction and permanent financing for an affordable housing project located in Harlem, New York City. The property, which is located at 404 Lenox Ave. totals five stories. It presently contains 13 residential units and 1,080 square feet of ground-floor retail space. Construction will include a gut renovation that will change the unit configuration to five two-bedroom and four three-bedroom units. New plumbing. electrical and HVAC systems will be installed, the windows and roof will be replaced, and the exterior brickwork will be repointed. The property is owned by Neighborhood Restore, which plans to convey the building to a private developer for the project. The loan included $1.29 million in funds from HPD and a $735,000 loan from CPC.
NEW YORK CITY — DDG Partners has acquired a vacant development site located in the NoHo district of Manhattan, New York City. The purchase comprises two adjoining lots situated at 41-43 Bond St. DDG plans to construct a ten-story, luxury residential condominium tower on the property. Construction for the $35 million project will commence in early October. Details of the land transaction were not disclosed.
MERIDEN, CONN. — Cosmos Real Estate has sold half of its ownership interest in Comtech Business Park to Dominick DeMartino for $600,000. The 40,155-square-foot property is located at 470-476 Murdock Ave. in Meriden. The new ownership structure plans to complete capital improvements to the property in order to lease up its vacant space. Peter Shiue of Colliers Dow & Condon represented Cosmos in the deal, while Carl Berman and Robert Gaucher, also of Colliers, represented DeMartino.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged a 26,000-square-foot retail lease in Brooklyn, New York City, on behalf of grocer Olive Gourmet. The space is located within a three-story, 145,000-square-foot office building at 1630 E. 15th St. The lease contains a 25-year term, and the asking rental rate was $32.50 per square foot. Robert Klein, Grant Dolgin and Gary Mayzlin of KDA represented building ownership, Kingswood Partners.
BOHEMIA, N.Y. — Yale Associates has signed a 10-year lease at Airport Plaza in Bohemia. The company will occupy 23,328 square feet at 25 Orville Dr. Harry Stavro and Robert Stein of Rechler Equity Partners provided in-house representation for the landlord. Jeffrey Wax of Oxford & Simpson represented the tenant. Yale plans to take occupancy in November.