Northeast

TEKTON SELECTED FOR APARTMENT CONVERSION PROJECT

by admin February 12, 2009

NEWARK, N.J. — New Brunswick, N.J.-based Tekton Development Corp. has been selected as the general contractor for Richardson Building Lofts, an approximately $17 million apartment conversion project located at 50-60 Columbia St. in Newark. The building currently consists of a six-story, 66,000-square-foot structure originally constructed in 1912 as a jewelry factory. It will be converted into 67 loft-style apartment units. Sizes will range from 750 to 1,300 square feet, with some duplex units available. Building amenities will include a business center, two fitness rooms and cold storage space. A two-story addition will be added to the building, which will be capped by a green roof. Richardson Building Lofts is being developed by Newwork Real Estate and will apply for LEED-Silver certification. Completion is scheduled for September.

February 12, 2009

MARCUS & MILLICHAP BROKERS TWO MULTIFAMILY SALES

by admin February 12, 2009

WILMINGTON, DEL., AND NEW YORK CITY — Marcus & Millichap has completed two Northeast multifamily transactions for a total of $5.66 million. In the first transaction, Mark Thompson and Adam Simon of the firm’s Philadelphia office represented the buyer in the $3.42 million purchase of Courtyard Apartments. The 122-unit, garden-style property is located at 9 Courtyard Lane in Wilmington. It comprises two- and three-bedroom units. The buyer, a limited liability company, plans to invest approximately $2 million in capital improvements to the property. In the second transaction, Marcus & Millichap’s Peter Von Der Ahe and Matthew Barbaccia represented both parties in the $2.24 million sale of a two-property portfolio located in the Bronx, New York City. The two buildings are located at 1049 and 1153 Boynton Ave.; the former property contains 20 units and the latter contains 24 units. Both properties have undergone recent renovations and both include 3,693 square feet of developable air rights.

February 12, 2009

Northeast Office

BOSTON PROPERTIES SUSPENDS CONSTRUCTION FOR 250 WEST 55TH

by admin February 11, 2009

NEW YORK CITY — Boston Properties has announced plans to suspend construction for its new office development located at 250 W. 55th St. in New York City. The real estate investment trust stated in a press release that the decision stemmed from a lease agreement with a major law firm that fell through. The law firm had reached an agreement with the REIT last year, but recently informed Boston Properties that it could not proceed on those terms. Boston Properties states that the loss of this major tenant “render[ed] the project economically infeasible in today’s environment.” Current plans for the project include the construction of a 1 million square feet office building, which was originally slated for completion in 2011. Construction of the foundation is already under way, and Boston Properties plans to restart construction at a later date. As a result of this decision, the REIT expects to reduce its capital commitments through 2011 by approximately $450 million.

February 11, 2009

Multifamily Northeast

KISLAK BROKERS $27.5 MILLION MULTIFAMILY SALE

by admin February 11, 2009

NORTH BRUNSWICK, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of Northwood Estates, a 253-unit apartment community located at 500 Adams Lane in North Brunswick, for $27.5 million. In addition to the apartment units, the property includes 17 townhomes and six ranches. Occupancy was 93 percent at the time of closing. Kislak’s Barry Waisbrod represented the seller, an estate, and Jonathan Greenberg, also of Kislak, represented the buyer, a private investor.

February 11, 2009

Northeast Office

CBRE COMPLETES $13.9 MILLION SALE OF ERNEST SIMONS BUILDING

by admin February 11, 2009

PORT CHESTER, N.Y. — CB Richard Ellis (CBRE) has completed the sale of the Ernest Simons building, located at 181 Westchester Ave. in Port Chester, for $13.9 million. The 170,000-square-foot building was originally constructed in the late 1800s to house the Ernest Simons Manufacturing Co., but has recently been converted by the seller into a multi-tenant, loft-style office building. It features tenants spaces ranging from 300 to 13,000 square feet, as well as a retail component. Al Mirin and Silvia Pogosyan of CBRE’s Westchester, N.Y./Fairfield County, Conn., office and Michael Monahan of the firm’s Midtown Manhattan, New York City, office represented the seller, Ernest Simons Inc. The buyer was not disclosed.

February 11, 2009

Multifamily Northeast

GEBROE-HAMMER ARRANGES $11.12 MILLION MULTIFAMILY SALE

by admin February 10, 2009

HAMILTON TOWNSHIP, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of Miry Run, a 144-unit multifamily community located at 145 Brookwood Rd. in Hamilton Township, for $11.12 million. The garden-style apartment community comprises 108 one-bedroom and 36 two-bedroom units; it was 98 percent occupied at the time of closing. GHA’s Joseph Brecher and Joel Schwartz represented the seller, Tower Management, and procured the buyer, an undisclosed investor.

February 10, 2009

Northeast Retail

VIDAL WETTENSTEIN BROKERS $4.34 MILLION RETAIL SALE

by admin February 10, 2009

WESTPORT, CONN. — Westport-based Vidal Wettenstein has brokered the sale of an approximately 4,000-square-foot retail building, located at 139-141 Main St. in Westport, for $4.34 million. Robert Lewis of Vidal Wettenstein represented the seller, D&J Main Street LLC. The buyer, United Realty of Connecticut, was represented by Stephen Westerberg of First Service Williams.

February 10, 2009

Hospitality Northeast

CONCORD HOSPITALITY SECURES $13.4 MILLION FOR NEW HOTEL

by admin February 10, 2009

PITTSBURGH — Raleigh, N.C.-based Concord Hospitality Enterprises has received $13.4 million in financing for the construction of a 124-room Courtyard by Marriott hotel in Pittsburgh. Known as Courtyard by Marriott Settlers Ridge, the hotel will be located within the new Settlers Ridge retail development. Both are currently under construction, with completion of the hotel scheduled for spring 2010, in conjunction with the completion of Settlers Ridge. Financing was provided by S&T Bank. Terms of the loan were not disclosed.

February 10, 2009

Industrial Northeast

MATRIX SELLS 1 MILLION-SQUARE-FOOT DEVELOPMENT SITE

by admin February 10, 2009

OLDMANS TOWNSHIP, N.J. — Cranbury, N.J.-based Matrix Development Group has sold a 1 million-square-foot development parcel, located within Gateway Business Park in Oldmans Township, to National Freight Industries for the development of new industrial space for the logistics provider. Development plans were not released at the time of the sale. Gateway Business Park is being developed by Matrix as a public-private partnership. Upon completion, it will contain 3.5 million square feet of manufacturing, warehouse and distribution space. Tenants already located within the park include Goya Foods, JE Berkowitz Glass, Garden State Freezers and Manfredi Cold Storage. Three development parcels remain for sale at Gateway: one approved for 100,000 square feet of construction, a second approved for 263,000 square feet and a third approved for up to 705,901 square feet.

February 10, 2009

Industrial Northeast

MLB NETWORK STUDIOS OPENS

by admin February 10, 2009

SECAUCUS, N.J. — Major League Baseball has held the grand opening for its new television network studio in Secaucus. Known as the MLB Network, the all-baseball channel will operate out of MLB Network Studios, which is located within locally based Hartz Mountain Indutstries’ Harmon Cove industrial/flex development. The MLB leased 142,271 square feet from Hartz Mountain in 2008, and spent the year renovating the space to accommodate television production. Construction included two new studios and the conversion of the entire facility for hi-definition broadcasts. In addition, the street leading to the studio was recently designated MLB Network Plaza. The MLB Network officially launched on January 1 in 50 million homes.

February 10, 2009

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