PATERSON, N.J. — Marcus & Millichap has brokered the $510,000 sale of Summer Street Apartments, a 10-unit apartment property located in Paterson. Summer Street Apartments, which was built in 1950, features 6,500 rentable square feet. Six of the 10 units have been renovated with new flooring, kitchen cabinets, bathroom vanities and appliances. Kevin McCrann and Thomas McConnell of Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a local investor/developer, was secured and represented by Urszula Zoltek and Greg Babaian, also of Marcus & Millichap.
New York City was the last major office market in the country to feel the effects of the national economic slowdown and a number of indicators already point to the market’s quick rebound. While demand for office space throughout the city was lackluster, over the past 2 months there have been signs of increased activity. For many space users, New York City is the most important business center in the world and a key location for their corporate headquarters. Also, tenants that had the luxury of sitting on the sidelines with a wait-and-see attitude are finally staring to kick the tires once again looking for quality space. In general, companies are shedding their doldrums and doing business again. Many of them now see more space opportunities than 2 or 3 years ago. Today, tenants are in an enviable position where they can negotiate favorable terms for space that best meet their current as well as future real estate space requirements. The healthcare industry has been one of the most active in terms leasing and buying commercial space. This market sector has traditionally been a strong player, defying economic downturns since people always need healthcare providers. Although this industry is not …
FISHKILL, N.Y. — LandWorks LLC is developing a new 37,000-square-foot office building called LandWorks Professional Center that will be located in Fishkill. The company will collaborate with Sweeny Sterling Finlayson & Co. Architects and Michael Gillespie & Associates to design the facility. It will feature sustainable initiatives such as a modern septic system, rainwater storage and stormwater management. The building will also feature a fully automated and integrated daylight harvesting system, shallow floor plates and a raised-floor system. This building will be the first LEED-Silver certified commercial building in New York’s Hudson Valley. LandWorks is a development company created by physicians Kenneth Hansraj and Marcia Griffin-Hansraj. The new facility will primarily house the practice of the two doctors.
NEW YORK CITY — Massey Knakal Realty Services has brokered two all-cash transactions in New York City that included a one-story garage located at 1341 Garrison Ave. and a 25,000-square-foot warehouse located at 585 Wales Ave. The garage sale was valued at $1.6 million and the warehouse sale was valued at $1.3 million. The garage is approximately 15,155 square feet and was renovated in the mid-1990s. It features 20-foot clear ceiling heights, two garage doors and 750 square feet of office space. The 25,000-square-foot warehouse contains five stories and a basement, which was formerly used as an office/warehouse space. Nick Burns of Massey Knakal was the sole broker in both transactions.
FLORHAM PARK, N.J. — NorthMarq Capital has closed $9 million in construction-to-permanent financing for a 55,000-square-foot medical office building located in Florham Park. NorthMarq was able to secure a 2-year term with a sub-5 percent interest rate, no floor and interest-only payments with minimal guarantees. At stabilization, the loan rolls into a 5-year term with a fixed rate. The borrower was undisclosed and the lender was a regional bank.
NEW YORK CITY – The Visionaire, a multifamily property located in New York City, has received the LEED-Platinum certification. It is the only one on the East Coast to receive this rating and is one of the greenest residential projects in the United States. Located in Manhattan’s Battery Park City, the 35-story condominium tower features a high-efficiency air filtration system that conditions, filters and supplies fresh air to each home; a water treatment system that recycles water and provides make-up water for the HVAC cooling system tower; and building-integrated solar panels that harvest a portion of the building’s electric load. The complex was completed in 2008 and contains 247 homes. The project architect was SLCE, and the design architect was Pelli Clarke Pelli. The developers for the project were The Albanese Organization and Starwood Capital.
RIDGEFIELD PARK, N.J. — KABR Real Estate Investment Partners has purchased a 235,000-square-foot office building in Ridgefield Park for an undisclosed price from AIG. Located at 85 Challenger Rd. the facility is part of the 60-acre Overpeck Centre, which sits at the junction of Route 46, I-80 and the New Jersey Turnpike. Other tenants within the park include Bank of America, Samsung and AGFA. KABR is a newly formed fund, founded by noted investment partners, which is dedicated to purchasing commercial and residential properties within 150 miles of the New York area.
TIVERTON, R.I. — EagleBridge Capital has arranged $5.4 million in acquisition and permanent mortgage financing for CVS Plaza located at 500 Main Rd. in Tiverton. A new free-standing 13,500-square-foot CVS pharmacy is slated to be constructed on the site, and a retail strip currently located on the site will be fully renovated. The existing retail strip contains 5,000 square feet of space and is being redeveloped for multi-tenant use. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing, which was provided by a multi-state commercial bank. Zachary Darrow, Esq., of DarrowEverett, represented the borrower in negotiating the lease with CVS and at the loan closing.
GARDEN CITY, N.Y. — The Treeline Companies has completed a lease with the U.S. Army corps of engineers for 12,805 square feet of space at Atria East. The six-story, 207,000-square-foot office building is located at 990 Stewart Ave. in Garden City. The new tenant will use the space for administrative and recruitment purposes, among other functions. Atria East is located near the Meadowbrook State Parkway and just minutes from the Long Island Expressway. The concrete and steel building features four high-capacity elevators, a cafeteria, a bi-level underground parking garage and street level parking accommodating nearly 750 vehicles, as well as ample loading facilities on the main level. The building was designed by architect Michael Harris Spector.
NEW YORK CITY – Plans are underway for a new Mandell School at 795 Columbus Ave. in Manhattan, New York City. 795 Columbus Avenue is a 15-story apartment building that is part of Columbus Square, a retail and residential community currently under development between 97th and 100th Streets. The entire project is slated to feature more than 320,000 square feet and is being developed by the Chetrit Group. Aragon Construction and JRS Architect have been tapped to lead the 50,000-square-foot build-out, which will comprise the building’s entire second floor and half of both the first floor and cellar. Numerous sustainable materials are being utilized in construction and in the long term Mandell School hopes to be LEED certified. For instance, the school will have rubber flooring, which is comprised of tire rubber and other recycled waste materials. Also, all classrooms will have high-efficiency lighting, using digital photo sensors and dimmers that comply with the Daylight Harvesting requirement. As well as renovating the cellar, first and second floors, Aragon will be building out an 8,000-square-foot outdoor terrace.