Northeast

ASSA PROPERTIES ADVANCING GALERIE 515

by admin March 18, 2009

NEW YORK CITY — Assa Properties is advancing construction for Galerie 515 Hotel & Condominium Residences, a new hotel and residential building located at the corner of Ninth Avenue and 39th Street in Midtown Manhattan, New York City. Designed by Costas Kondylis, the building’s residential component includes 92 one- and two-bedroom condominiums priced from the high-$700s. Resident amenities include a 24-hour doorman and concierge, valet parking, a fitness center, and a rooftop sky lounge that features a wet bar, a whirlpool and a barbecue area. Residents will also have access to the hotel’s amenities, including housekeeping, business services, spa services provided by Cornelia Day Resort and 24-hour in-room dining provided by a premier restaurant. The hotel portion of the building will be operated by West Paces Hotel Group. The sales office for the condo component recently opened at 630 Ninth Ave. The completion date for the project was not released.

March 18, 2009

OFFICE CONDO SPACE PURCHASED AT 185 DEVONSHIRE

by admin March 18, 2009

BOSTON — Boston-based Suffolk Devonshire LLC has acquired 75 percent of the space within 185 Devonshire Street, an 80,000-square-foot office condo building located in Boston’s Financial District. The seller, Coral Gables, Fla.-based Bayview Financial, had already sold 25 percent of the space in the building as office condos prior to the transaction with Suffolk Devonshire. The buyer plans to lease the condos, which range from 1,000 to 6,000 square feet, to office users with the option to buy or sell them at up to 50 percent reduced prices. Suffolk Devonshire has selected NAI Hunneman Commercial to provide sales and leasing services for the building. Bayview Financial acquired the building in 2005 and recently completed an extensive renovation. The building was originally constructed in 1914.

March 18, 2009

Multifamily Northeast

JACKSON AVE VETERAN COMPLEX OPENS

by admin March 18, 2009

NEW YORK CITY — The grand opening has been held for Jackson Avenue Veteran Complex, an affordable housing community for formerly homeless veterans that is located in the Mott Haven neighborhood of the Bronx, New York City. The community consists of seven row houses containing a total of 21 units. The buildings will contain a mix of two- and three-bedroom units. In addition, residents will have access to social and educational services including job training and placement, legal assistance, educational assistance, financial counseling, and access to a wellness center and computer rooms. The project was developed by Inner City Development, which worked with ENPHRONT Veteran Services and the Community Preservation Corp.

March 18, 2009

Industrial Northeast

65,240-SQUARE-FOOT WAREHOUSE RECEIVES $1.5 MILLION LOAN

by admin March 18, 2009

NORWOOD, MASS. — Boston-based EagleBridge Capital has secured a $1.5 million mortgage for a 65,240-square-foot warehouse. The property is located at 340-346 Vanderbilt Ave. in Norwood’s Park Place Industrial Park. The warehouse is 100 percent occupied by Atlantic Technology, Prize Possessions, Tricrop Amusements, Hill-Rolm, Crown Clothing and Takara Belmont. EagleBridge’s Ted M. Sidel and Brian D. Sheehan arranged the loan.

March 18, 2009

Market Reports New York Northeast Market Reports

Demand for office space has diminished.

by admin March 18, 2009

Clearly, the demand for office space has significantly diminished since the end of last year. Office leasing is directly related to jobs and the expectation of future employment and, therefore, over-reliant on Wall Street. However, it does lag behind the stock market somewhat. Having said that, it is important to look at the Manhattan office space market with a broader perspective. The unique advantages of New York City include the diversity of businesses residing here and the transportation infrastructure that makes it easy for people to get to work. Other cities such as London, Seattle and Silicon Valley, California, are far more reliant on specific industries and their market tends to suffer more dramatically when those industries are in decline. Although the financial services and banking industry represents a large portion of the overall inventory of office space in Manhattan, industries such as healthcare, legal (with strong bankruptcy and litigation departments) and accounting have shown resilience — and in some cases growth — of their businesses. The subleasing of excess office space, although predominantly in the financial services sector, also includes retailers, law firms and pharmaceutical companies. Recent major leases include: Deutsche Bank, which renewed 150,000 square feet at 345 …

March 18, 2009

Multifamily Northeast

ONE BROOKLYN BRIDGE PARK COMPLETE

by admin March 17, 2009

NEW YORK CITY — New York-based Newmark Knight Frank Construction Services has completed One Brooklyn Bridge Park, a $175 million residential redevelopment project in Brooklyn, New York City. Construction consisted of the conversion of a 1.1 million-square-foot distribution center located at 360 Furman St. into luxury condominiums. The building was first constructed in 1929 and was formerly owned by Jehovah’s Witnesses before being acquired by RAL Companies & Affiliates, the developer of the project, in 2004 for $205 million. Two additional floors were built on top of the previously 12-story building, and the interior was reconfigured to include 438 residences. The units range in size from 588 to approximately 10,000 square feet and include loft apartments, townhomes and penthouses. Many units feature terraces cabanas and fireplaces. Building amenities include a residents-only recreation facility, 7,000 square feet of landscaped gardens, an indoor virtual golf driving range, and on-site valet and concierge services. The project also includes 70,000 square feet of retail space and a 500-space parking garage. The project architect was Creative Design Associates. One Brooklyn Bridge Park is situated within an 85-acre waterfront park that is currently under construction in the borough’s Brooklyn Heights neighborhood. Once complete later this year, …

March 17, 2009

Northeast Retail

REDEVELOPMENT OF PLYMOUTH MEETING MALL CONTINUES

by admin March 17, 2009

PLYMOUTH MEETING, PA. — Pennsylvania Real Estate Investment Trust (PREIT) is continuing its $100 million redevelopment of Plymouth Meeting Mall, located in Plymouth Meeting. New construction includes a new Whole Foods Market and Café, which is scheduled to open later this year. Also under construction is Plaza Shops, an open-air retail wing that will connect the Whole Foods to the existing enclosed mall. Plaza Shops will include a landscaped plaza with textured concrete, enhanced lighting and wrought-iron seating. Retailers Ann Taylor Loft, Coldwater Creek, Chico’s and Jos. A Bank have already signed leases for spaces within Plaza Shops. In addition, Benihana recently opened its new restaurant concept, joining California Pizza Kitchen, P.F. Chang’s China Bistro and Redstone American Grill, which all opened freestanding restaurants in 2008. Dave & Busters also opened a new location at the mall in 2008. Finally, this spring will see the opening of a two-story, 23,000-square-foot Krazy City children’s entertainment attraction.

March 17, 2009

Multifamily Northeast

CONSTRUCTION ADVANCING FOR THE PRESERVE AT MATAWAN

by admin March 17, 2009

MATAWAN, N.J. — Iselin, N.J.-based American Properties Realty is advancing construction for The Preserve at Matawan a 157-unit residential condominium project located in Matawan. The project comprises seven three-story buildings and one two-story building that all contain two-bedroom units. There are three models, ranging from 1,446 to 1,635 square feet, and prices start at approximately $269,000. The Preserve at Matawan also abuts a 10-acre nature preserve. The project’s interior designer is Atlanta-based Design Environments Inc. Model residences have recently opened for prospective buyers and Phase I of the project is already 40 percent sold. The construction timetable was not released.

March 17, 2009

Northeast Office

BINSWANGER BROKERS $3 MILLION SALE

by admin March 17, 2009

PAOLI, PA. — Philadelphia-based Binswanger has brokered the sale of an 8,800-square-foot commercial building, located at 522 King Rd. in Paoli, for approximately $3 million. The property was formerly the location of the restaurant Basil. It was sold by 54-1K LP, which is a partnership between Scott Morrison and Philadelphia-area restaurateur Martin Grims. The buyer, Citadel Federal Credit Union, plans to utilize the property as a bank and office building, and will take occupancy by the end of the year. The seller plans to focus its restaurant brand on alternative markets.

March 17, 2009

Civic Northeast

CONGREGATION BETH EL SELLS SYNAGOGUE FOR $5.05 MILLION

by admin March 16, 2009

CHERRY HILL, N.J. — Congregation Beth El has sold its 73,500-square-foot property, which encompasses a synagogue and a school campus, to Impacting Your World Ministries for $5.05 million. Congregation Beth El will move from the property, located at 2901 Chapel Ave. in Cherry Hill, to a new location in Voorhees, N.J. Jim Scott and Marc Isdaner of Philadelphia-based Colliers Lanard & Axilbund represented the seller. Mount Laurel, N.J.-based NAI Mertz’s Jeffrey Licht represented the buyer.

March 16, 2009

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