Northeast

URBAN OUTFITTERS LEASES METRO THEATER

by admin January 8, 2009

NEW YORK CITY — Winick Realty Group has completed a long-term lease for the vacant Metro movie theater, located at 2626 Broadway in Manhattan, New York City, to Urban Outfitters. The Philadelphia-based apparel retailer signed a 20-year net lease and plans to open at the location within 12 months. The Art Deco theater was constructed in 1932 and features 50-foot ceilings. It will go through an extensive renovation in preparation for Urban Outfitters’ occupancy, including the preservation of the building’s landmark exterior. Benjamin Fox and Joshua Singer of Winick represented the landlord, John R. Souto. Wade McDevitt from The McDevitt Company and Beth Rosen of Robert K. Futterman & Associates represented Urban Outfitters.

January 8, 2009

LA FITNESS TO OPEN AT HARMON MEADOW

by admin January 8, 2009

SECAUCUS, N.J. — Irvine, Calif.-based LA Fitness will open a 45,000-square-foot sports club at 450 Harmon Meadow Blvd. in Secaucus, within the Harmon Meadow mixed-use development. The property is located adjacent to a 1,000-space parking garage. The sports club will include full-length basketball courts, a three-lane lap pool, a whirlpool, locker rooms, and separate studios for aerobics, group exercise and stationary bikes. These amenities will surround an array of cardio and circuit training equipment, as well as free weight areas. The new LA Fitness will also offer classes and childcare services. The existing building on the property will be extensively renovated to make way for the new sports club, including the addition of a 3,500-square-foot mezzanine for cardio equipment. The grand opening is scheduled for late fall. It will mark New Jersey’s eighth LA Fitness and the first to be located in the Meadowlands area. Harmon Meadow is owned by locally based Hartz Mountain Industries. Constructed in 1984, the project has seen recent construction, including the renovation of the Plaza Courtyard, which was completed in August 2008, and the redevelopment of Mill Creek Mall.

January 8, 2009

Civic Northeast

HOK COMPLETES DESIGN FOR BP MUSIC CENTER

by admin January 8, 2009

NEW YORK CITY — The New York office of HOK has completed the pro-bono redesign of the former Engine Company 204 Firehouse, also known as the Degraw Street Firehouse, located in Brooklyn, New York City. The space will be converted into The BP Music Center, which will be used by the Brooklyn Philharmonic music ensemble, as well as Create!, a non-profit children’s arts education and training organization. Renovations will include the creation of a multi-purpose space for performances, meetings, lectures and other uses on the ground floor; offices for the Brooklyn Philharmonic and Create! on the second floor; and a music rehearsal room. Additionally, HOK will restore the building’s brick façade and design an all-glass entrance with a marquee. The construction timetable was not released.

January 8, 2009

Hospitality Northeast

NY SUPREME COURT UPHOLDS TRUMP SOHO DESIGNATION AS TRANSIENT HOTEL

by admin January 8, 2009

NEW YORK CITY — The New York Supreme Court has denied a petition submitted by Soho Alliance, Inc. that challenged the status of the new Trump SoHo project as a lawful hotel condominium. The ruling sustains an earlier resolution of the New York City Board of Standards and Appeals in May 2008 that upheld the New York City Department of Buildings’ approval of the construction of Trump SoHo as a “Use Group 5 transient hotel.” The project is currently scheduled for a fall completion. Rising 46 stories and 449 feet, Trump SoHo is being developed by a joint venture between The Trump Organization, Bayrock Group and The Sapir Organization. The building was designed by Rockwell Group, and will feature 400 hotel condominium units, including 10 penthouse suites and one Presidential suite on the top four floors. Other amenities include the restaurant Quattro, a luxury rooftop venue, a more than 11,000-square-foot luxury spa, a ground-level bar and 12,000 square feet of meeting space.

January 8, 2009

Industrial Northeast

JACKSON CROSS ARRANGES 110,000-SQUARE-FOOT INDUSTRIAL SALE

by admin January 7, 2009

MORRISVILLE, PA. — Jackson Cross Partners (JCP) has arranged the sale of a 35-acre industrial complex located at 21 S. Steel Rd. in Morrisville. The property contains six buildings totaling more than 110,000 square feet. It is rail served, and is located adjacent to the Keystone Industrial Port Complex, which provides barge service on the Delaware River. Jim Scott and Lou Battagliese of JCP represented the buyer, Liberty Coating Company, a tenant of the property. The seller was United States Steel Corp., which was represented by Rick Leighton of NAI. The acquisition price was not disclosed.

January 7, 2009

Multifamily Northeast

GEBROE-HAMMER BROKERS TWO MULTIFAMILY SALES FOR $3.9 MILLION

by admin January 7, 2009

JERSEY CITY, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered two Jersey City multifamily sales for a total of approximately $3.9 million. The first transaction involved the disposition of 168-170 Clinton Ave. and 205 Monticello Ave. for $2.93 million. The two properties contain a total of 34 units. The second transaction included the sale of a 16-unit property located at 170-172 Jewett Ave. for $975,000. The properties had a 95 percent combined occupancy at the time of closing. All feature brick façades, and a mix of one-, two- and three-bedroom units. In the first transaction, David Jarvis and Benjamin Greenstein of GHA procured the buyer, DKCS LLC, and represented the seller, a private, New Jersey-based corporation. In the second transaction, Greenstein and Alan Lieberman, also of GHA, negotiated the transaction between the seller, 170-172 Jewett LLC, and the buyer, an undisclosed private investor.

January 7, 2009

Industrial Northeast

NORTHMARQ ARRANGES $10.67 MILLION INDUSTRIAL LOAN

by admin January 7, 2009

YORK COUNTY, PA. — NorthMarq Capital has arranged $10.67 million in first-mortgage financing for a 452,000-square-foot, single-tenant manufacturing facility located in York County. The non-recourse loan includes a 70 percent loan-to-value ratio, and was originated by Greg Nalbandian of NorthMarq’s New Jersey office and Stephen Bye of the firm’s Denver office. The borrower was an undisclosed REIT and the lender was a regional bank.

January 7, 2009

Civic Northeast

GALE CONSTRUCTION COMPLETES FAR HILLS-BEDMINSTER FIREHOUSE

by admin January 7, 2009

BEDMINSTER, N.J. — Roseland, N.J.-based The Gale Construction Company has completed construction for a new fire station located at 100 Miller Lane in Bedminster. The 13,000-square-foot building will serve the communities of Far Hills and Bedminster; it features a standing seam metal roof, a brick façade, five fire truck bays with 19-foot clear ceiling heights, and a command tower with an operations center. The construction firm had previously built Bedminster’s municipal building in 2004. Gale Construction is a subsidiary of Mack-Cali Realty Corp.

January 7, 2009

Multifamily Northeast

MERIDIAN SECURES $5.43 MILLION MULTIFAMILY LOAN

by admin January 7, 2009

WEST HARTFORD, CONN. — Meridian Capital Group has secured $5.43 million in non-recourse financing for the acquisition of Boulevard Square Apartments, an 80-unit property located in West Hartford. The loan was originated by Avner Avesar and Noam Kaminetzky of Meridian’s Florida office. Terms of the financing include a 6.27 percent fixed interest rate and a 10-year term. The borrower, as well as the seller, was not disclosed.

January 7, 2009

Northeast Retail

PARAMOUNT ACQUIRES CHARTER OAK MARKETPLACE

by admin January 6, 2009

HARTFORD, CONN. — Lakewood, N.J.-based Paramount Realty has acquired Charter Oak Marketplace, a 300,000-square-foot shopping center located on Flatbush Avenue in Hartford. Constructed in 2005, the shopping center is anchored by a 150,000-square-foot Wal-Mart. Additional tenants include Marshall’s, PCX, Expressions, Dollar Tree, Payless Shoe Source, Sally’s Beauty Supply, Radio Shack, Sleepy’s, GameStop, AT&T Mobility, Dunkin Donuts, McDonald’s, Taco Bell, and recently opened stores Rainbow and Pollo Tropical. Charter Oak Marketplace is fully occupied except for a 5,000-square-foot pad site. Paramount acquired the property from Centro Properties, which was represented by Marcus & Millichap. The acquisition price was not disclosed.

January 6, 2009

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