Northeast

CONSTRUCTION ADVANCING FOR HUDSON HILL CONDOMINIUM

by admin February 18, 2009

NEW YORK CITY — Manhattan, New York City-based Alchemy Properties is advancing construction for Hudson Hill Condominium, a 67-unit residential building currently under construction at 462 W 58th St. in New York City. Upon completion in June, the property will contain a mix of one-, two- and three-bedroom residences that range from 760 to 3,253 square feet in size and range from $805,000 to $2.98 million in price. Many of the homes feature terraces and balconies, and all five of the building’s penthouse units feature rooftop terraces. Building amenities include a 24-hour attended lobby, a video intercom system, a recreation room and an outdoor patio. The project was designed by FXFOWLE ARCHITECTS and is being developed by Alchemy. Sales have commenced for the residences and a model unit has been completed for prospective buyers.

February 18, 2009

VERIZON LEASES 153,000 SQUARE FEET AT EISENHOWER CAMPUS

by admin February 18, 2009

LIVINGSTON, N.J. — Telecommunications company Verizon has leased 153,000 square feet of Class A office space at Eisenhower Corporate Campus, a 33.5-acre, 385,000-square-foot office property located at 290 W. Mt. Pleasant Ave. in Livingston. The company will be consolidating two of its offices, located in Madison and Scotch Plains, N.J., into the new facility. Chatham, N.J.-based The Garibaldi Group represented the owner, a partnership between Eastman Cos. and The Sagner Companies. Grubb & Ellis represented Verizon. The interior fit-out is currently under way, with Verizon expecting to move into the new office by the second quarter. Construction is being completed by Eastman Construction Co., the general contracting division of Eastman Cos.

February 18, 2009

Multifamily Northeast

MERIDIAN CAPITAL GROUP ARRANGES $32 MILLION MULTIFAMILY LOAN

by admin February 18, 2009

NEW YORK CITY — Meridian Capital Group has arranged $32 million in first-mortgage financing for a 13-story luxury apartment building located at 222 W. 83rd St. in the Upper West Side of Manhattan, New York City. The building comprises 111 apartments and four commercial units. Avi Weinstock of Meridian negotiated the financing on behalf of the undisclosed borrower with a local lender. Terms of the financing include a 5.85 percent fixed interest rate with 5 years of interest-only payments.

February 18, 2009

Hospitality Northeast

PARAMOUNT LODGING ADVISORS BROKERS BEST WESTERN SALE

by admin February 18, 2009

LUDLOW, VT. — Chicago-based Paramount Lodging Advisors has brokered the sale of a 50-room Best Western hotel located in Ludlow. Stephen Mills and Philippus Miller III of Paramount negotiated the transaction between the undisclosed seller and the buyer, R.S.B. Ludlow Inc. The new owner will continue to operate the hotel under the Best Western brand. The acquisition price was not disclosed.

February 18, 2009

Northeast Office

ROCK COMMERCIAL COMPLETES 8,148-SQUARE-FOOT SALE

by admin February 18, 2009

YORK, PA. – York-based ROCK Commercial Real Estate has completed the sale of an 8,148-square-foot commercial property located on 2.82 acres at 2201 S. Queen St. in York. ROCK represented the seller, Easter Seals Central Pennsylvania, which sold the property to Paragon Properties Group for an undisclosed amount.

February 18, 2009

Northeast Retail

MARCUS & MILLICHAP ARRANGES $9.35 MILLION WALGREENS SALE

by admin February 17, 2009

LEOMINSTER, MASS. — Marcus & Millichap has arranged the sale of a newly constructed Walgreens pharmacy, located at 35 Central St. in Leominster, for $9.35 million. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented the buyer, a regional investor, as well as the seller, a regional developer. The property traded at a 6.36 percent capitalization rate.

February 17, 2009

Northeast Office

GALE COMPLETES 25,000-SQUARE-FOOT OFFICE BUILD-OUT

by admin February 17, 2009

SOUTH BRUNSWICK, N.J. — Roseland, N.J.-based The Gale Construction Company has completed a 25,000-square-foot office build-out on behalf of Sutman Princeton Associates. The project consisted of the offices of Theradex Systems, located at 4365 Route 1 South in South Brunswick. Gale renovated 5,000 square feet of space on the office’s first floor and 20,000 square feet on the third floor. The first floor contains a reception area, IT support, an employee lunch room and a business operations area. The third floor consists of an executive area with a library, conference rooms, 27 private offices, 45 workstations and various support rooms. Seth A. Leeb provided architectural services for the project. Theradex Systems’ new office houses approximately 80 employees consisting of administrative, research, executive and marketing staff.

February 17, 2009

Civic Northeast

ACELLA COMPLETES RENOVATION AT NORTHEASTERN UNIVERSITY

by admin February 17, 2009

BOSTON — Norwell, Mass.-based Acella Construction Corp. has completed a 4,500-square-foot renovation at Northeastern University in Boston. Construction consisted of the renovation of the Education Technology Center at the Snell Library. A new wall configuration was put in place, which created individual offices for the staff. The new space also contains a kitchenette, a training lab, a resource library, a digital media suite and a recording studio. In addition to this most recent project, Acella recently completed its seventh laboratory renovation at Northeastern University in the past 12 months.

February 17, 2009

Northeast Retail

FANTINI & GORGA ARRANGES $8 MILLION RETAIL LOAN

by admin February 16, 2009

MANSFIELD, MASS. —Fantini & Gorga has arranged $8 million in construction and permanent financing for Mansfield Marketplace, a 23,840-square-foot retail center that is being developed by Hecht Development near Route 140 in Mansfield. Construction will comprise two freestanding buildings; tenants already signed on include AT&T, Sleepy’s and Chipotle Mexican Grill. John Gorga and Joe Eddy of Fantini & Gorga originated the loan with a regional bank. Terms of the financing were not disclosed.

February 16, 2009

Northeast Office

TIME EQUITIES COMPLETES OFFICE CONDO SALE

by admin February 16, 2009

NEW YORK CITY — New York-based Time Equities has completed the sale of a 2,337-square-foot office condominium, located within Diplomat Centre at 820 Second Ave. in New York City, for $1.7 million. The condo was acquired by K&A Medical Management, which will locate to the sixth floor of the 19-story building. Other tenants include Dr. Barron Lonner, the Government of Croatia and the Republic of Angola, as well as several non-profit organizations and medical professionals. Michael Rudder of Time Equities represented the seller, Diplomat Centre LLC; Rudder is also heads the group of investors that comprise Diplomat Centre LLC. Acquisition financing was provided by Long Island Development Corp. and Banco Popular.

February 16, 2009

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