LODI, N.J. — Marcus & Millichap has brokered the sale of Manorview Apartments in Lodi. The 21-unit property, which also contains one office space property, was sold for $2.2 million. Greg Babaian of Marcus & Millichap’s New Jersey office represented the seller, a partnership, in the transaction. Manorview Apartments was built on Main Street in 1950. It features a lot size of .24 acres, and a rentable square footage of 17,850 square feet.
NEW YORK CITY — Goulston & Storrs has expanded its New York office with the addition of David Rabinowitz. He joins the firm as the director of the real estate group. Prior to joining Goulston & Storss, Rabinowitz was a partner in Sutherland’s New York office where he was co-chair of the Retail Practice and led Sutherland’s Northeast Real Estate Team.
PORTLAND, MAINE — CB Richard Ellis/New England has negotiated the sale of the Holiday Inn by the Bay, located at 88 Spring Street in Portland. The 11-story hotel contains 239 rooms. It features more than 30,000 square feet of meeting space, an indoor swimming pool, a fitness center and an on-site restaurant. CBRE’s Dave McElroy and Scott Hutchinson represented the seller, Harper Hotels, and procured the buyer, Bangor, Maine-based Lafayette Hotels. The acquisition price was not disclosed.
NEW BRITAIN, CONN. — NorthMarq Capital has brokered the acquisition of Pebblebrook Apartments, a 486-unit multifamily community located in New Britain and arranged its acquisition financing. The property was purchased for $28.64 million and is secured by a $23.59 million loan. The financing carries a 10-year term with a 30-year amortization schedule and 1 year of interest-only payments. Robert Ranieri of NorthMarq’s Capital Services Group East and J. Jeffrey Robertson of the firm’s Miami regional office arranged the transaction and financing. The lender was Freddie Mac.
EASTON, PA. — Philadelphia-based Colliers Lanard & Axilbund (CLA) has completed the sale of the former Lincoln Textile site, located at the corner of Old Philadelphia Pike and St. John Street in Easton. One of the buyers, NIDI Group, plans to demolish the site and redevelop it into an 8,000-square-foot retail strip center. At the same location, CVS/pharmacy purchased a 12,900-square-foot pad site and plans to develop a new store that will anchor the retail development. Demolition has already begun and construction is expected to be complete in the fall. Derek Zerfass of CLA represented the seller, Philadelphia Road Development, as well as the two buyers.
NEW YORK CITY AND WEST LONG BRANCH, N.J. —Meridian Capital Group has arranged a total of $14.99 million in financing for to properties in New York and New Jersey. First, Zev Feder with Meridian’s New York office arranged $10.85 million in acquisition financing for four apartment buildings located on East 82nd Street on the Upper East Side of Manhattan. The six-story buildings contain a total of 106 residential units. Terms of the loan include a 5.62 percent fixed interest rate and a 9-year term. In West Long Branch, Max Beyderman and David Cohen of Meridian’s New Jersey office arranged $4.14 million in acquisition financing for a two-story, 57,500-square-foot medical office building located on Monmouth Road. Terms of the loan include a 6.5 percent fixed interest rate and a 5-year term.
WAYNE, N.J. — Colliers Houston & Co. brokered the sale of an 88,435-square-foot corporate headquarters facility located at 70 Demarest Dr. in Wayne. The facility sits on an 8-acre lot that provides parking for 140 cars with additional amenities including 25-foot ceiling heights, multiple tailgates and ground level loading. The site is less than 15 miles from Midtown Manhattan, 25 miles from Newark Liberty International Airport and 30 miles from LaGuardia Airport, as well as within close proximity to Routes 80, 46 and 23, as well as NJ Transit Bus and rail. Colliers Houston's Howard Weinberg represented the seller, Wachovia Bank, while SBWE represented the buyer, Electronics Expo, in the transaction.
NEW YORK CITY — SL Green Realty Corp. has completed a 10-year, 67,152-square-foot lease with accounting firm Marcum & Kliegman LLP at 750 Third Avenue in Manhattan, New York City. The transaction is the largest tenant relocation lease signed in Midtown Manhattan so far in 2009. The 34-story building, also known as Grand Central Square, features 857,354 square feet and interconnects with SL Green’s 485 Lexington Avenue building. The REIT will construct a turn-key installation for Marcum & Kliegman, building out the entire 11th and 12th floors to specifications agreed upon in advance of lease execution. Other tenants include Eisner, LLP, Fairchild Publications, Teachers Insurance and Annuity Association, Endurance Reinsurance Corp. and Schonbraun McCann Consulting Group. David Kaufman of SL Green represented the landlord, while Newmark Knight Frank’s Neal Golden, Ross Perlman and Lee Brodsky acted on behalf of the tenant. Noah Shapiro, Esq. of Paul Hastings was counsel for the landlord; Spenser Stein, Esq. of Goldfarb & Fleece represented the tenant.
JERSEY CITY, N.J. – Construction has been completed on Crystal Point, a 269-unit multifamily facility in Jersey City. Developed by Fisher Development Associates, the 42-story waterfront condominium community features one-, two- and three-bedroom residences ranging from 800 to 1,817 square feet. Designed by architectural firm Gruzen Samton, the building features a distinctive, crystalline-style glass exterior that allows for each unit to have water views. Amenities include the Crystal Spa, a yoga/aerobics room, a fitness center, a lounge with a catering kitchen and flat screen televisions, a game room with billiard and poker tables, a children’s playroom and a screening room within the Crystal Club. Other amenities include a lap pool, a hot tub, private cabanas and lounge chair seating, as well as a BBQ and dining area and fire pits with accompanying seating. The full-service building will also offer a professional concierge, and valet parking, while a lobby level restaurant will serve residents and the community at large. Residents will also benefit from free on-site parking. Prices start at the mid-$400,000s. The Marketing Directors is the exclusive marketing and sales agent for the property.
NEW YORK CITY — Marcus & Millichap has completed the $6.08 million sale of three properties in the Bronx in New York City. Marco Lala, Dave Raciti and Jack Lala of Marcus & Millichap’s Manhattan office exclusively represented the sellers and the buyers. The first property in the sale is 250 McLean Ave., a 36-unit multifamily building with eight studios, 20 one-bedroom units and eight two-bedroom apartments. The six-story, 30,328-square-foot building sold for $3.4 million. Situated between Carol Avenue and Coyle Place, the building features 10 garages and 18 parking spots and is within close proximity of downtown Yonkers and Riverdale. The second property is a 25-unit multifamily building with 16 one-bedroom units and nine two-bedroom apartments located at 2307 Beaumont Ave. The 20,920-square-foot, 5-story walk-up was sold for $1.6375 million. And the third property was 245 East Mosholu Pkwy. North, a 50-foot by 160-foot lot with approved and delivered plans for an 11-story apartment building with 29 one-bedroom units, five two-bedroom units and one studio apartment. The investor, Promesa Systems Inc., a not-for-profit Bronx real estate organization, received 100 percent financing from the New York City Affordable Housing Acquisition Loan Fund. The 34,250-square-foot lot sold for $1.05 million.