NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York Department of Housing Preservation & Development (HPD) have provided $1.69 million in construction in permanent financing for an apartment rehabilitation project in the East Harlem neighborhood of Manhattan, New York City. The property is a five-story rental building, located at 10 E. 132nd St. It presently consists of 15 two-bedroom units, two of which are occupied. Construction will consist of the gut renovation of the building and the conversion of the units into one studio unit and nine larger two-bedroom units. In addition, the building will receive plumbing and electrical upgrades, the installation of new kitchens and bathrooms, a new heating system and the replacement of the roof and joists. Financing for the project comprises a $554,210 construction and permanent loan from CPC and $1.14 million in funds provided by HPD. The borrower is Frederick Brown. During construction, the building’s two tenants will be relocated. Monthly rents for the new units have been set by HPD at $700 for the studio and $1,300 for the two-bedroom units.
NEW YORK CITY — New York City-based Massey Knakal Realty Services has brokered three transactions in Brooklyn. The first property is a two-story office building located at 2632 East 14th St. in the borough’s Sheepshead Bay district. The 7,250-square-foot building was purchased by Accord Business Administration for $1.77 million. The buyer plans to relocate its full-service healthcare management facility to the property. In the second transaction, a local user purchased a two-building industrial property, located at 3379-3381 Shore Parkway, for $1.67 million. The property contains two factory buildings totaling 7,144 square feet. The final transaction involved the sale of a three-story, vacant residential building located at 21 Greenpoint Ave. in the borough’s Greenpoint neighborhood. The 3,500-square-foot property contains two floor-through apartments, a garage and a third-floor unit in need of a gut renovation. The building, which traded for $1.32 million, was vacant at the time of the sale. The first two transactions were handled exclusively by Massey Knakal’s Brian Hanson. Mark Lively, also of Massy Knakal, handled the third transaction. The parties involved were not disclosed.
NEWARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of Oliver Place Apartments, a 58-unit multifamily community located in Newark, for $2.95 million. Oliver Place is a five-story, mid-rise building situated at 469 Elizabeth Ave. in the city’s Weequahic Park neighborhood. It contains a mix of one-, two- and three-bedroom units, and occupancy was 95 percent at the time of closing. Gebroe-Hammer’s David Jarvis represented the seller, Elizabeth Avenue Associates Corp., and procured the buyer, 469 Associates LLC.
PURCHASE, N.Y. — Westchester Medical Group (WMG) has signed a lease for 31,662 square feet of office space at 2700 Westchester Ave., located in Purchase. The company plans to move its headquarters into the new space, representing an expansion from its previous location. The move also allows WMG to be closer to its Westchester County offices, located in White Plains, Rye, Purchase, Scarsdale and Yonkers, as well as its two urgent care centers. Representing WMG in lease negotiations was Frank Tomasulo of the Westchester/Fairfield office of CB Richard Ellis. Terms of the lease were not disclosed.
DANVERS AND PLYMOUTH, MASS. — White Plains, N.Y.-based Northeast Community Bancorp has expanded its retail banking operations into Massachusetts. The company recently opened full-service branch offices at 87 Elm St. in Danvers, and 8 N. Park Ave. in Plymouth. Northeast Community Bancorp is the holding company for Northeast Community Bank, which operates seven full-service offices.
EATONTOWN, N.J. — Weichert Commercial Brokerage has completed a lease for approximately 29,000 square feet of office/flex space, located at 246 W. Industrial Way in Eatontown. Peter Ricker of Weichert represented the tenant, New Jersey-based Empire Technologies. The tenant will be relocating and expanding its operations into the new facility. It will occupy the space for a 5-year term with a 5-year renewal option. The landlord, Industrial Way Complex, represented itself in-house.
NEW YORK CITY — Construction has topped out for The Brooklyner, a 51-story residential rental tower located in Brooklyn, New York City. Developed by locally based The Clarett Group, The Brooklyner is located at 111 Lawrence St. Upon completion, it will feature 491 rental apartments in a mix of lofts, studios, and one- and two-bedroom units. First occupancies are slated for late 2009 or early 2010. Upon completion, The Brooklyner will be the tallest building in downtown Brooklyn. It was designed by locally based Gerner Kronick + Valcarcel Architects.
NEW YORK CITY —Itzhaki Properties has brokered the sale of three multifamily buildings located in New York City. The first property is an eight-story loft building located at 64-68 Wooster St. in Manhattan. The $13 million sale was arranged by Ivan Hakimian of Itzhaki. The second property is a four-story, 35-unit apartment building located at 84 Lawrence Ave. in Brooklyn. The $3.15 million sale was arranged by Hakimian, Shay Zach and Itai Akabi, all from Itzhaki. The final transaction comprised the $2.1 million sale of a four-story, 16-unit apartment building located at 37-67 64th St. in Woodside, Queens. Zach, as well as Itzhaki’s Tal Kashi and Aaron Kozhinoff, negotiated the sale. All parties were undisclosed.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of 121 Ludlow Street, a three-story commercial building located in Manhattan’s Lower East Side, for $3.45 million. The building consists of a vacant ground-floor unit equipped for a restaurant, a second-floor art studio with 12-foot ceilings and a third-floor hair salon with 10-foot ceilings. Massey Knakal’s Michael DeCheser negotiated the transaction. The property was acquired by a local investor at a 4.35 percent capitalization rate.
NEW YORK CITY — Sandpoint, Idaho-based women’s retailer Coldwater Creek has signed a lease for 23,000 square feet of office space at 575 Broadway, located in the Soho neighborhood of Manhattan, New York City. The retailer will use the space for creative and design purposes. The tenant was represented by Grant Greenspan of The Kaufman Organization. The landlord was represented by Fred Grand of 575 Broadway Associates LP. The lease carries a 10-year term; the rental rate was not disclosed, but the asking price was $50 per square foot. The 575 Broadway building is a six-story brick building located in Soho’s Cast Iron District. It contains more than 160,000 square feet of loft office space.