PHILADELPHIA — Barneys New York CO-OP has opened its first Philadelphia location at 10 Rittenhouse Square. The retailer will showcase its wares in a nearly 10,000-square-foot space. Located at 1811-1813 Walnut Street, 10 Rittenhouse Square is a 33-story, 140 unit luxury condominium building.
NEW YORK CITY — The Community Preservation Corporation (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided an additional loan of $2.9 million for the renovation of two rental buildings in the Hamilton Heights section of Harlem in Manhattan, New York City. The two six-story buildings are located at 540-550 West 144th Street and contain 60 rental units. The original loan was $7.9 million, but CPC provided an additional $535,000 on its portion of the loan and HPD has provided an increase of $2,453,359 for the installation of a new elevator and new sheetrock, improvements not initially included in the scope of work. The developer is a Housing Development Fund Corporation, which is sponsored by the Urban Homesteading Assistance Board.
SARATOGA SPRINGS, N.Y. — Construction is advancing for the $18 million rehabilitation of Embury Apartments, an affordable senior housing community located in Saratoga Springs. Construction at the twin 14-story towers, which were built in 1972, will include the conversion of 32 studio units into 16 two-bedrooms units, bringing the community’s total to 192 units from 208. Additional improvements will include the removal and replacement of asbestos flooring, the replacement of all windows and interior insulation, the installation of handrails and ADA-approved bathrooms in common areas, and the addition of a wireless Internet hub. Embury Apartments is owned by The Wesley Community, with Omni Housing Development serving as co-developer for the rehab project. CK Dennis is providing design services, and MLB Construction Services is serving as general contractor. Completion is scheduled for summer 2010.
WORCESTER, MASS. — Boston-based NAI Hunneman has brokered the sale of Edgemere Gardens, a multifamily property located at 2 Pineland Ave. in Worcester, for $1.55 million. The property comprises a brick, walk-up apartment building containing 17 two-bedroom units and seven one-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Hogan Children’s Trust, and procured the buyer, Pineland Partners LLC.
TEWKSBURY, MASS. — BPG Properties has completed six leases at Highwood Office Park, a three-building office campus totaling 74,384 square feet that is located in Tewksbury. Tactical Communications Group signed a lease for 19,904 square feet; Edwards Vacuum signed a lease for 14,582 square feet; Cast Navigation signed a lease for 7,874 square feet; International Rectifier signed a lease for 5,068 square feet; Fairchild Semiconductor signed a lease for 3,285 square feet; and AARP Financial renewed and expanded its existing lease to 23,671 square feet. These most recent leases bring occupancy in the park to approximately 80 percent. The three buildings that comprise Highwood Office Park ranged from 82,193 to 104,445 square feet. The office park also features a full-service hotel. BPG acquired the property in 2005 and completed a major capital improvements program to it last year.
BILLERICA, MASS. — R.W. Holmes Realty Co. has brokered a 75,000-square-foot lease renewal at Forest Ridge Park, a three-building, 150,000-square-foot office park located at 85 Rangeway Rd. in Billerica. American Power Conversion will continue to occupy all of Building Two and half of Building Three at the property. Bill Sullivan of R.W. Holmes represented the landlord, K&L Realty. The tenant was represented by Jason Levendusky and David Connolly of CB Richard Ellis. Terms of the lease were not disclosed.
NEW YORK CITY – Aurora Capital Associates, headed by Bobby Cayre, together with its partner, Alex Adjmi have acquired control and redevelopment rights of 21-27 Ninth Avenue through a 49-year ground lease. The site is located at the southwest corner of Ninth Avenue and West 13th Street in the Gansevoort Market Historic District in Manhattan, New York City. The partnership plans to redevelop the parcel into a retail driven mixed-use building. The property currently contains four historic single-family, three-story row houses constructed between 1844 and 1846. Alf Naman and Michele Conforti of Alf Naman Real Estate represented the buyer, a Long Island family, in the transaction. Jared Epstein of Aurora Capital, who will be spearheading the marketing campaign for the project, represented the partnership in the deal.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has completed the $1.2 million sale of 180-02 Eastgate Plaza, a one-story, 7,000-square-foot commercial property located in the Springfield Gardens neighborhood of Queens, New York City. The facility includes 4,000 square feet of office space, 3,000 square feet of warehouse space, along with a drive-in door and an additional 3,500 square feet of parking. Dmitri Gourianov of KDA represented both the buyer, TNT Construction, and the seller, Eastgate Plaza LLC, in the transaction. Financing for the acquisition was provided by Community National Bank through an SBA loan.
CHELMSFORD, MASS. — Klemmer Associates has completed the $2.2 million sale of a 51,709-square-foot building in Chelmsford. Klemmer represented the seller, Whitewater Realty Trust in the sale. The facility, which is situated on 4.2 acres at 275 Billerica Rd., was purchased by Shaimas, LLC. O'Brien Commercial Real Estate represented the buyer in the transaction.
SUMMIT, N.J. — Construction is advancing for Claremont Corporate Center, a 46,576-square-foot, Class A office building located at 535 Springfield Ave. in Summit. The project utilizes the existing Risk Mansion, a turn-of-the-century stone building, and adds a modern office component to it. The project will feature a two-story main lobby with a glass curtain wall and a 20-foot stone wall façade. The building also includes 98 underground parking spaces and 40 surface spaces. Claremont Realty Group has already signed a lease to occupy the first floor of the historic portion of the building. Completion of Claremont Corporate Center is scheduled for the third quarter. The owner is Greenock Capital Management. Jeffrey Heller and William McCaffrey of CB Richard Ellis are undertaking leasing of the property.