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.
WILMINGTON, DEL. — The Pettinaro Company has leased the former Daniel L. Herrmann Courthouse, located at 10th and King streets in Wilmington, to law firm Young Conway Stargatt & Taylor. The law firm will occupy the entire 218,000-square-foot building, which will be renovated into Class A office space. The lease is for a term of 15 years; construction will begin in late 2009, with occupancy expected in February 2012.
CANONSBURG, PA. — A new Homewood Suites hotel has opened in Canonsburg. The Homewood Suites by Hilton Pittsburgh-Southpointe is a five-story hotel situated within Southpointe II Business Park at 3000 Horizon Vue Dr. It features 113 suites in a mix of studio, one- and two-bedroom units. Amenities include a business center, an indoor swimming pool, a whirlpool, a 24-hour pantry and 1,300 square feet of flexible meeting space. The hotel is owned by Southpointe II Hotel Associates under a licensing agreement with Hilton Hotels Corp. It is managed by Buffalo Lodging Associates.
NEW YORK CITY — Arbor Commercial Funding has arranged an $18.1 million loan for 2025 Seward, a 154-unit apartment property located in the Bronx, New York City. The loan carries a 10-year term with a 30-year amortization schedule and a 5.9 percent interest rate. It was secured under Fannie Mae's DUS program. Alexander Kaushansky of Arbor's New York City office originated the financing. The borrower was not disclosed.
NEW JERSEY — NorthMarq Capital has secured three permanent loans in New Jersey totaling $21.9 million. In the first transaction, NorthMarq arranged a $9.5 million loan for an 82-unit multifamily property located in Monmouth County. The loan, which was provided by a regional bank, carries a 10-year term over a 30-year amortization and a fixed interest rate. In the second transaction, NorthMarq arranged an $8 million loan for a 222-unit garden apartment complex located in Morris County. The self-liquidating loan carries a 15-year term, a 6.12 percent interest rate and was provided by a regional bank. Finally, NorthMarq arranged $4.4 million for 3 Century Drive, a 68,200-square-foot office building located in Parsippany. The loan carries a 10-year term with a 30-year amortization schedule. The borrower, S/K 3 Century Associates will use the proceeds to retire an existing loan. Mark Scott of NorthMarq's New Jersey office arranged the deal. The lender was a regional bank.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a four-story, mixed-use building located in the Greenwich Village neighborhood of Manhattan, New York City, for $3.4 million. The 3,788-square-foot property is located at 92 W. Houston St. It features a restaurant on the ground floor, a commercial space on the second floor, and two apartments on the third and fourth floors. The building's air rights were also included in the sale. The property was vacant at the time of closing. James Nelson, Brendan Gotch and Billy Simons and Massey Knakal arranged the deal between the two undisclosed parties.
CAMBRIDGE, MASS. — Construction management firm William A. Berry & Son has completed two new residence halls for Lesley University in Cambridge. Located at the intersection of Massachusetts Avenue and Wendell Street, the project includes a five-story building with retail space on part of the first floor and a three-story, wood frame building that complements the architectural character of Wendell Street. The two buildings are able to house 98 students. The project architect was local firm Brunner/Cott.