MAHWAH, N.J. — NAI James E. Hanson has negotiated a major land lease for the construction of a 111-room Hampton Hilton Hotel in Mahwah. Anthony Cassano of NAI James E. Hanson represented both the landlord, Barn Village Music, and the lessee, OTO Development / Palmetto Hospitality of Mahwah in the negotiations. The leased space is located at 280 D Route 17 South and sits on a 123,816-square-foot lot. NAI Hanson's Peter Cohen also assisted in the deal. Construction has already begun on the hotel.
RHAWNHURST, ORANGE, RAHWAY AND UNION CITY, N.J. — Gebroe-Hammer has closed multiple multifamily sales in New Jersey totaling $6.4 million. In Rhawnhurst, Eli Rosen of Gebroe-Hammer represented both the buyer and seller in the sale of Loretta Arms Apartments. Sold for $1.43 million, the two-and-a-half-story apartment complex features 30 units comprised of a mix of studio and one-bedroom units. David Oropeza, David Jarvis and Greg Pine of Gebroe-Hammer closed the $1.18 million sale of 245 Reynolds Terr. in Orange. Situated in close proximity to the Garden State Parkway, the 17-unit facility features 11 two-bedroom units and six one-bedroom units. In Rahway, Avi Oren and Steven Tenenbaum, also of Gebroe-Hammer, brokered the $600,000 sale of 1300 Fulton St. in Rahway. The new owner plans to upgrade the kitchens and bathrooms throughout the property. In addition, the firm closed three sales totaling $3.2 million in Union City. The sale comprised a combined total of 47 units.
NEW YORK CITY — Perkins + Will has expanded its lease at 215 Park Avenue South in Manhattan, New York City, to 40,260 square feet. The firm was operating from 16,500 square feet on the fourth floor with an additional 7,260 on the 18th floor. It has now subleased an additional 16,500 square feet on the entire sixth floor from immigration attorneys Binder & Binder until 2015 (following which it will become a direct lease), and extended its fourth floor lease to become co-terminus with the expiration of the sixth floor. Howard Tenenbaum and Gary Rosen represented both the landlord, SL Green, and Perkins + Will in the transaction. Situated in the heart of Union Square at 18th Street, 215 Park Avenue South is a 300,000-square-foot property that spans 20 stories.
NEW YORK CITY — Faris Lee Investments has opened a new office at 711 3rd Avenue in Manhattan, New York City. The expansion is a move to increase its presence on the East Coast and grow its market share. Richard Berlinghof will head up the new office as principal. In his new position, Berlinghof will help build relationships with financial institutions on the East Coast, as well as analyze and advise on distressed assets, portfolios and loans. Berlinghof has more than 23 years of commercial real estate experience encompassing lending, acquisitions, investment sales and mortgage banking.
JERSEY CITY, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has been selected for an interior rehabilitation project at Mercury, the second phase of the Beacon mixed-use project, located in Jersey City. DMR’s work at Mercury will convert the interior of the 17-story building into 25 live/work artist’s lofts. The luxury units will take up between a half floor and full floor of the building in sizes that range from 3,000 to 6,000 square feet. The exterior restoration work for Mercury has already been completed. In addition, DMR will provide design services for the adjacent Paramount building project. The 22-story building will include 208 residential units, a gym spanning the entire basement level of the building, and a historically preserved theater. Beacon consists of the historic redevelopment of the former Jersey City Medical Center. The project, which is being undertaken by New York City-based Metrovest Equities, will ultimately include 1,200 residential units, parks, retail shop space, screening rooms and a museum devoted to the former medical center.
NEW YORK CITY — San Francisco-based Shorenstein Properties has selected New York City-based Aragon Properties to complete nine pre-built office suites totaling 47,000 square feet at two of its midtown Manhattan office buildings. The majority of work will take place at 850 Third Avenue, Shorenstein’s 21-story office tower. Aragon will build out five units on the 16th floor that will total 23,400 square feet and range in size from 3,300 to 6,900 square feet. Completion is scheduled for July. In April, Shorenstein delivered three built-out suites on floors 10 and 21 of the same building. Each of the pre-built suites will feature a reception area, an open area for workstations, at least one conference room and a minimum of four private offices. The spaces are designed to appeal to a wide range of tenants and when leases are signed, Shorenstein will order modifications of the spaces to suit the tenant’s needs.
NEW YORK CITY — New York City-based Massey Knakal Realty Services has arranged the sale of a three-story multi-use building, located at 89-20 Northern Blvd. in New York City, for $1.19 million. The 4,920-square-foot building contains two three-bedroom apartments, two two-bedroom apartments and four street-level retail spaces. Massey Knakal’s Swain Weiner represented the undisclosed seller. The buyer was also not disclosed.
NEW YORK CITY — The Frameworks Group has completed 30 new beachfront condominiums at Bell Shores Condominium, a 78-unit luxury condominium community located in the Rockaway section of Queens, New York City. The single-level and duplex residences contain a mix of two and three bedrooms. They range in size from 967 to 1,897 square feet and feature up to 1,047 square feet of private outdoor space overlooking the Atlantic Ocean. The units are priced from the $500,000s and offer a 15-year tax abatement. Unit amenities include private storage and gated parking, hardwood flooring, high ceilings and walk-in closets. Some units also feature grand fireplaces.
PITTSBURGH — Renovation is underway on the C.I. Applegate Building, formerly known as 225 Ross Street, in Pittsburgh. After purchasing the building in February, developer Dominic Applegate of Applegate Snayd Industries, renamed the building and began an extensive renovation. The 26,000-square-foot building features six stories of office space and nearly 4,700 square feet of street-level retail. Jared Imperatore, the retail brokerage and leasing manager spearheading the property’s marketing and J.R. Yocco of Grant Street Associates have already executed lease agreements with Subway and Crazy Mocha Coffee Company for the building’s first-floor retail space. The renovation will include new signage, awnings, outdoor seating areas and a garage door that will open the Crazy Mocha location to the retail storefront on Third Avenue. Additional upgrades include power washing of the exterior brick and adding window flower boxes and large stationery flower pots near the entrances to each retail space. Crazy Mocha and Subway are slated to open in late summer.
BOSTON – Live Nation has entered into an agreement with an undisclosed party to divest three of its non-core venues located in Boston for approximately $22.5 million in cash plus an earnout at the Orpheum Theatre over the next 5 years. The venues include the Boston Opera House, Orpheum Theatre and Paradise. The transaction is set to close third quarter of this year. Live Nation will continue to promote non-theatrical shows at each venue.