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.
LIVINGSTON, N.J. — Adam Silver and Wayne Kasbar of Grubb & Ellis have negotiated a 153,030-square-foot lease on behalf of Verizon New Jersey. The company will be taking space at Eisenhower Corporate Campus, which is located at 290 West Mt. Pleasant Ave. in Livingston. To meet certain parking requirements, a 400-car parking garage was built by the owner, Eastman Companies, for Verizon at the new location. Furthermore, the building has access to public transportation and nearby amenities, which accomplished Verizon’s objectives.
WALTHAM, MASS. —Davis Marcus Partners, a venture between Marcus Partners and The Davis Companies, in partnership with Prudential Real Estate Investors, has completed a $30.9 million refinancing with Capital One for 117 West St. located on its Reservoir Woods East campus in Waltham. The refinancing includes both the 138,000-square-foot recently upgraded building and the adjacent 500,000 square feet of recently permitted, developable land. The building is fully leased to Verizon and houses its FiOS testing, design and engineering functions. Together, Reservoir Woods East and West provide a campus environment with 120-acres of wooded landscape in Waltham between the Massachusetts Turnpike and Route 2 at exit 27 off Rt. 128/US I95.
NEW ROCHELLE, N.Y. — Cooper-Horowitz has arranged $6.5 million in permanent financing for The Radisson Hotel of New Rochelle. Michael Moloff and Mark Waldman of Cooper-Horowitz negotiated the loan on behalf of the borrower, Brock Services Corporation. A 5-year mortgage was secured at a rate of 7 percent with a 5-year extension option. The Radisson Hotel consists of a 10-story, 135,000-square-foot full-service hotel and corporate office building. The property features 129 guestrooms, 12 office tenants and 225 parking spaces. The property is located 19 miles north of Manhattan off I-95, within walking distance to Metro North and Amtrak rail stations. It is the only full-service hotel in New Rochelle and has amenities including, an outdoor pool, a business center, a full-service restaurant, a lounge, and 6,400 square feet of banquet facilities.
NEW YORK CITY — A joint venture between The Durst Organization and Bank of America has completed the historic restoration of Henry Miller’s Theatre, located on West 43rd Street in New York City’s Times Square. The 50,000-square-foot theater contains 1,055 seats and is situated adjacent to the 55-story Bank of America Tower. The original façade of the theater, which was constructed in 1918, was preserved and restored, and many historic elements of the theater were used in the new construction. The theater was closed in 2004 due to the construction of the Bank of America Tower. The project also is applying for LEED-Gold certification and, upon receipt of the designation, would be the first LEED-certified theater in the city. An emphasis was placed on renewable and recycled construction materials. The building’s finishes use Forest Stewardship Council-certified wood; wall panels and baseboards contain high amounts of recycled content; and almost half of the foundation and superstructure’s cement was replaced with blast furnace slag, a byproduct of iron manufacturing. Other sustainable features include advanced air filtration systems, locally sourced construction materials, low-flow fixtures and a recycling program for demolition and construction waste. The construction manager for Henry Miller’s Theatre was Tishman Construction …
JERSEY CITY, N.J. — Groundbreaking has occurred for Margaret S. Herbermann Manor, a new affordable housing project located at the intersection of Secaucus Road and Summit Avenue in the Heights neighborhood of Jersey City. The five-story, elevator-served building will feature 45 units, comprising five low-income units, 10 moderate-income units and 30 workforce housing units. Each unit totals approximately 1,100 square feet and contains two bedrooms. Approximately half of the units are single-level, with the rest consisting of duplex units. In addition, the building will contain one floor of parking and two ground-floor retail spaces. Herbermann Manor will be applying for LEED-Silver certification. It is being developed by Franklin Development Group. Construction financing is being provided by M&T Bank, as well as the New Jersey Housing & Mortgage Financing Agency’s CHOICE program, which encourages the development of for-sale housing in Smart Growth areas throughout the state. Completion is scheduled for spring 2010.
BOSTON — Boston Capital has closed Boston Capital Tax Credit Fund XXXI, one of the company’s nationally diversified housing portfolios. Fund XXXI includes 30 affordable apartment properties in 12 states. The portfolio comprises 12 senior housing properties and 18 family housing properties. The total equity invested in the fund is $120 million. The properties in Fund XXXI will add 2,109 apartment units to Boston Capital’s holdings, which now total more than 170,000 units. In 2009, Boston Capital also expects to launch and close two multi-investor national funds totaling between $200 million and $250 million.
