NEW YORK CITY — Walgreens has held the grand opening for its 16,000-square-foot flagship store at One Times Square in Manhattan, New York City. The store will be located on the first three levels of the building. The highlight of the location is a 341-foot tall Walgreens billboard that will rise above the store. The 17,000-square-foot, LED-powered billboard is the largest of its kind in the nation. Walgreens had been previously located in the same Time Square space from the 1930s through 1970. The new store marks the 11th Walgreens in Manhattan and the 53rd in New York City. The pharmacy plans to open 30 more New York area locations within the next 3 years.
NEW YORK CITY — CB Richard Ellis (CBRE) has arranged the renewal of Viacom International’s 1.35 million-square-foot headquarters lease at 1515 Broadway in Manhattan, New York City. The building, known as One Astor Plaza, rises 53 stories and totals 2 million square feet. Michael Laginestra, Scott Gottlieb and Andrew Sussman of CBRE represented Viacom in lease negotiations. The building’s owners, SL Green Realty Corp. and SITQ, were represented by Marc Holliday, Steve Durels, Neil Kessner and Kathy Crocco of SL Green. The transaction marks Manhattan’s third largest lease in history. Terms were not disclosed.
NEW YORK CITY — The Macerich Company has reached an agreement for a $130 million loan that will be used to refinance a portion of Queens Center in New York City. The loan is expected to close in early 2009, and it features a 7.5 percent fixed interest rate. It is co-terminus with a $214 million loan for expanded portions of the property that will mature in 2013. Upon closing of the new loan, an existing $89 million loan with a 7.11 percent effective interest rate will be paid off. The lenders are relationship life insurance companies and a pension fund.
NEW ROCHELLE, N.Y. — The NDR Group has completed Garito Manor at Union Square, a 102-unit affordable senior housing facility located at 180 Union Ave. in New Rochelle. The community consists of studio, one- and two-bedroom apartments. Community amenities include a fitness room, a beauty parlor and barber shop, a library, a lounge, an outdoor garden and sitting area, a kitchen, a multi-purpose room, a computer room and 24-hour security and concierge service. The income limits are approximately $35,500 to $42,500 for single seniors and approximately $40,750 to $48,750 for couples.
SICKLERVILLE, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has been selected to provide pre-construction and construction management services for the construction of the $3.5 million Winslow Animal Hospital, located in Sicklerville. Situated on approximately 3 acres at 640 Sicklerville Rd., the facility will comprise 10,500 square feet. It will feature 10 examination rooms, two surgical suites, two dental suites, a physical rehabilitation area, and a special procedure room for endoscopic procedures and diagnostic ultrasound. The animal hospital will include an expansive reception area, food prep and laundry areas, dog and cat wards, a pharmacy and laboratory, and an x-ray room. Groundbreaking is expected to begin in December. The project replaces a 2,000-square-foot facility currently located at 530 Berlin-Keys Road. When complete, it will be the largest animal hospital in a four-county area. It is being designed by Jeffrey Grogan of Conshohocken, Pa., and will be owned by Phillipe Coudrai.
HAMDEN, CONN. — Groundbreaking has occurred for Glen Terrace Commons, an 11,750-square-foot office building located at 1960-1978 Whitney Ave. in Hamden. Developed by Ken Ginsburg, the project will consist of multiple units that can be subdivided from 1,175 square feet to 9,400 square feet. Omnivision Eye Associates has already signed a lease to occupy 2,350 square feet of the new center. Omnivision is currently located in a building in front of the proposed new construction, which will bedemolished to make way for additional parking for Glen Terrace Commons. Completion is scheduled for spring 2009. Space in the center, which can accommodate retail, medical or office tenants, is leasing for $22 per square foot triple net. Locally based Press/Cuozzo Commercial Services is handling leasing at the center.
UNION CITY, N.J. — A joint venture between design firms HOK and RSC Architects has been selected to design a new high school for Union City at the site of the former Roosevelt Stadium. A highlight of the 366,550-square-foot facility is an outdoor athletic stadium that will be located on the roof of the building. The stadium will comprise a high-school regulation baseball field, a soccer and football field, and a grandstand area. The high school will also include 66 general classrooms, science and home economics labs, a gymnasium with locker rooms, weight rooms and a new media center that will serve as a library to the general public after school hours. Other features include a 980-seat auditorium, a small black-box performance space, a dance studio, music and choral studios, photography studios, a fashion classroom and a television production studio. The project is being developed by a partnership between the Union City Board of Education, Union City Redevelopment Agency, the city of Union City and the New Jersey Schools Development Authority.
NEW YORK CITY — Construction has begun for The Roscoe C. Brown, Jr. Apartments, a 279-unit affordable housing community located at 3952 Third Ave. in the Bathgate neighborhood of the South Bronx, New York City. Designed by Meltzer/Mandl Architects, the project will include studio, one-, two- and three-bedroom rental units, as well as 6,100 square feet of ground-level retail space, administrative offices and 34 on-site parking spaces. Of the 279 units, 20 percent will be reserved for applicants earning 40 percent or less of the area median income (AMI), with the remainder reserved for applicants earning 60 percent or less of the AMI. The community will include two large outdoor recreation areas with adjoining community rooms and kitchenettes. The lobby will be carved out of a large stone feature presently on the site, with most of the remaining building constructed above the feature. Completion is scheduled for 2010. The project is being sponsored by Phipps Houses.
NEW YORK CITY — Jones Lang LaSalle (JLL) has brokered the sale of a 35,000-square-foot building located at 406-416 E. 91st St. on the Upper East Side of Manhattan, New York City. The seller, Verizon Wireless, had been using the facility as a garage and service facility. The property was acquired by Convent of the Sacred Heart, which plans to convert the building into a multi-platform physical education facility for its school. Plans for the building could include a pool, a regulation-size gymnasium and other amenities. Peter Hennessy, Janet Woods and Larry Lazerwitz of JLL’s New York office represented the buyer. The seller was represented by David Noonan and Jennifer Schwartzman of Newmark Knight Frank. The acquisition price was not disclosed.
NEW YORK CITY — Cushman & Wakefield Sonnenblick Goldman has arranged a joint venture for the recapitalization of 31 West 52nd Street, a 776,849-square-foot office tower located in the Plaza District of Midtown Manhattan, New York City. The joint venture consists of Paramount Group, which acquired the tower last year, and a corporate pension trust advised by JPMorgan Asset Management. The property was designed by award-winning architect Kevin Roche of Kevin Roche John Dinkeloo & Associates. Tenants include law firm Clifford Chance, as well as several financial service companies. Details of the transaction were not released.