NEW YORK CITY — New York-based Tribeca Associates LLC has opened The Smyth, a 14-story boutique hotel located at 85 West Broadway in the Tribeca neighborhood of Manhattan, New York City. The hotel features 100 rooms and the Jour et Nuit restaurant, as well as a separate bar and lounge. The hotel is operated by Thompson Hotel.
PISCATAWAY, N.J. — Woodbridge, N.J.-based The Schultz Organization has brokered the sale of an 87,701-square-foot warehouse located at 239 Old New Brunswick Rd. in Piscataway. Situated on approximately 5 acres, the building features 24-foot clear ceiling heights, one drive-in bay, seven loading docks, two floors of office space that total 15,584 square feet and a new roof. Steven Schultz and Tony Georgiev of The Schultz Organization represented the undisclosed seller. The buyer and the acquisition price were also not disclosed.
MONROE TOWNSHIP, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has completed a expansion and renovation project at Saint Peter’s Adult Day Center, located at 200 Overlook Pass in Monroe Township. The center was expanded from 5,000 to 8,200 square feet. Additional construction consisted of a new parlor with a fireplace, an activity room, a theater, food service facilities, two dining areas, a treatment room, a quiet room, offices, an employee lounge, a hair salon, a game room, and bathrooms. The project architect was Philadelphia-based Lighthouse Architecture. The project is part of Saint Peter’s Healthcare System; its purpose is to provide nursing and medical care in a home-like setting for people that are physically or cognitively challenged.
NEW YORK CITY — Interior design firm MKDA has relocated its offices to 12,500 square feet on the 17th floor of 902 Broadway, located in the Flatiron District of Manhattan, New York City. The firm had previously been located at 11 E. 26th St., also in Manhattan. The office, which was designed by MKDA, features a production area, an adjacent design room, a sample and reference library, a boardroom, a conference room, a lounge area, an executive pantry/food service bar that serves the main boardrooms and a communal lunchroom that features a food service bar and tables. The office was designed to meet LEED standards and utilizes sustainable wood materials, low-VOC upholstery, private offices with all-glass fronts to allow natural light into the main studio and a lighting system that adjusts electric lighting to compensate for natural light.
JOHNSTON, R.I. — Marcus & Millichap has completed the $15 million sale of a 144,187-square-foot distribution center in Johnston. Located at Lakeside Commerce Center, directly off Interstate 295, the facility was built-to-suit for FedEx Ground in 2008. Situated on 22+ acres, the facility can be expanded up to 27,720 square feet. Glen Kunofsky and Jason Kauffman of Marcus & Millichap’s Manhattan office represented both the buyer and seller in the transaction. Steve Witten of Marcus & Millichap assisted locally. The property’s double-net lease commenced on June 1, 2008 and has a 10-year term that is set to expire in May 2018. FedEx has the option of extended the lease with two 5-year renewal options. The closing cap rate for the sale was 7.5 percent.
MALVERN, PA. — Liberty Property Trust has closed six mortgages totaling $317 million for various properties. Five mortgages were secured for industrial properties and one for office properties. Approximately one-half of the mortgage proceeds are through 3-year floating rate loans, each of which has two 1-year renewal options. The other half of the mortgage proceeds are through fixed rate, 7-year loans. The weighted average interest rate is approximately 7.1 percent. The financing was secured through several major life insurance companies.
PITTSBURGH — Auditor General Jack Wagner will be reviewing the Pennsylvania’s Department of General Service’s agreement to sell the State Office Building for $4.6 million. According to Wagner, the sale price will put undue burden on the state’s taxpayers and since it will not produce enough of a profit to offset the costs of moving expenses and leasing fees for the new locations in downtown Pittsburgh. Situated on 1.3 acres in downtown Pittsburgh, the State Office Building features 274,000 square feet at the entrance of Point State Park. The 16-story structure is slated to be sold to River Vue Associates of Canonsburg, Pa.
LOWELL, MASS — Fantini & Gorga has arranged $3 million in permanent financing for Sutton Place, a multifamily property in Lowell. The property contains five three-story buildings with 12 units in each building. The units range from one to two bedrooms. The loan was made on behalf of Bicknell Associates and was used to pay off a local bank, which resulted in a long-term fixed rate accommodation. The lender was a national life insurance company.
NEW YORK CITY — New York-based Clipper Equity has completed an approximately $20 million renovation to Flatbush Gardens, a rent-stabilized apartment community located in the East Flatbush section of Brooklyn, New York City. Situated on 30 acres bounded by Newkirk, Nostrand, Farragut and Brooklyn avenues, Flatbush Gardens consists of 59 six-story brick buildings containing 2,469 units. The apartments range from studio to three-bedroom and rents range from $900 to $1,550 per month. Capital improvements to the property included new elevators in each building, updated boiler systems, new roofs for 40 percent of the buildings, repairs to the exterior masonry, the installation of a new laundry facility, the replacement of the mail room with a 24-hour center, new interior and exterior cameras, repairs to front-door intercoms, and the addition of a 24-hour, on-site security staff. In addition, a new courtyard designed by GreenbergFarrow will be complete this spring. Clipper Equity first acquired the community in 2005.
NEW YORK CITY — Massey Knakal Realty Services has completed two sales in New York City. First, the company negotiated the $1.35 million sale of a one-story, 8,315-square-foot industrial property located at 855 Humboldt St. in Brooklyn. The property is fully occupied by Calyer Street Metal, G.W. Works and Gate Master Corp. Massey Knakal’s Mark Lively represented the undisclosed seller. Massey Knakal also negotiated the $1.02 million sale of two six-unit apartment buildings located at 3520 and 3522 102nd St. in Corona, Queens. The units had been recently renovated. Massey Knakal’s Swain Weiner represented the undisclosed seller.
