GREENPOINT, N.Y. — Charles Cotsalas and Ernest DesRochers of NorthMarq Capital’s Long Island Regional office have arranged first mortgage construction/permanent financing in the amount of $2 million for 760-764 Manhattan Ave. in Greenpoint. The property is a mixed-use multifamily property containing six two-bedroom units and three one-bedroom units, as well as six ground floor retail rental units. Construction financing was for 18 months with an option to convert to a fixed-rate permanent for 5 years with a 25-year term amortization schedule upon stabilization. The loan was arranged by NorthMarq through its relationship with a local savings bank.
WESTCHESTER COUNTY, N.Y. — Saks Fifth Avenue has signed a letter of intent to anchor Forest City Ratner Companies’ mixed-use development, Westchester's Ridge Hill. The anchor will occupy space on two floors encompassing 80,000 square feet. Currently under construction, Westchester's Ridge Hill will feature 1.2 million square feet of retail and entertainment space. Other tenants include Whole Foods, Banana Republic, L.L.Bean, Cinema De Lux, a multiplex cinema by National Amusements, and dozens of other local and national retailers and restaurants. The mixed-use project will also include approximately 150,000 square feet of office and research facilities. The residential component will comprise up to 1,000 apartments, of which 200 will be for over-55 active adults and 135 will be affordable units. The center is located between the New York State Thruway and Sprain Brook Parkway.
NEW YORK CITY — Massey Knakal has completed the $5.13 million sale of two adjacent, mixed-use buildings located at 329 and 331 Lexington Ave. on the southeast corner of Lexington Avenue and East 39th Street in Manhattan’s Murray Hill neighborhood in New York City. 329 Lexington Ave. is a five-story building containing approximately 5,738 square feet. This walk-up building consists of six residential apartments and one retail space that is occupied by a lounge with approximately 5 years remaining on its lease. There are six apartments above the retail with one delivered vacant. The property is zoned R10, and has approximately 13,062 square feet of unused air rights. 331 Lexington Ave. is a seven-story corner building containing approximately 12,600 square feet. This elevatored building consists of 12 residential apartments with a restaurant and a delicatessen on the ground floor. The apartment mix is comprised of eight rent stabilized units and four vacant units. The property is zoned R10, and has approximately 6,600 square feet of unused air rights. The properties were purchased by United Prime LLC. The seller was the Estate of Titania Tarwid. In Flushing, Queens, Massey Knakal brokered the $1.83 million sale of 143-28 Cherry Ave., a corner …
NEW GALILEE, PA. — Grubb & Ellis Company has negotiated a 120,800-square-foot, long-term lease at Turnpike Distribution Center located at 1750 Shenango Rd. in New Galilee. The space was leased by YRC Logistics. The building features concrete panel construction, ESFR sprinkler system and fire-rated demising walls. Louis Oliva, of Grubb & Ellis’ Global Logistics Group, facilitated the transaction on behalf of the lessor, Turnpike Distribution LP. Turnpike Distribution LP is a joint venture of Pittsburgh-based developer Castlebrook Development, Cincinnati-based general contractor Al Neyer Inc. and Pittsburgh-based The Erect Fund, an investment fund that invests on behalf of local pension funds.
NEW YORK CITY — Two of the five buildings that make up Columbus Square, a high-rise mixed-use project located on the Upper West Side of Manhattan, New York City, are scheduled for completion next month. The two buildings include the 15-story 801 Amsterdam Avenue tower and the 29-story 808 Columbus Avenue tower. The other three buildings, 775, 795 and 805 Columbus Avenue, will be delivered throughout the rest of the year. All five buildings will feature green rooftops, including a 2-acre rooftop park at 808 Columbus Avenue. Sustainable features include the use of solar panels, energy-efficient lighting and HVAC systems, recycled construction materials and recycling facilities in the buildings. Upon completion, Columbus Square will contain 710 rental residential units and 300,000 square feet of retail space. The apartments will range from studios to four-bedroom penthouses. Retail tenants already announced include Whole Foods Market, Michaels, Modell’s Sporting Goods, Border’s Books & Music, TJ Maxx, Crumbs Bakery, Chase and Bank of America. SLCE Architects designed 801 Amsterdam Avenue, with Costas Kondylis & Partners serving as project architect for the other five buildings. The project is being developed by the Chetrit Group and Stellar Management.
HAMILTON AND GLOUCESTER TOWNSHIP, N.J. — Columbus, Ohio-based Stanbery Development is wrapping up construction for two New Jersey shopping centers. This month will mark the grand opening of The Shoppes at Hamilton, a 155,000-square-foot center located along Route 130 in Hamilton. In August, Stanbery will open The Shoppes at Cross Keys, a 121,087-square-foot center located at the intersection of Berlin-Cross Keys Road and the Atlantic City Expressway. Both shopping centers will feature locations from Ann Taylor Loft, Anytime Fitness, Banana Republic, Bensi Restaurant Italiano, Chico’s, Coldwater Creek, Gallery Direct, Jos. A. Bank, Justice – Just For Girls, Lane Bryant, New York & Co., Rack Room Shoes, Sleep Number, Spa San Marco and White House|Black Market. Once both properties are open, Stanbery will own six shopping centers in New Jersey.
HAWTHORNE, N.J. — Chatham, N.J.-based David Cronheim Mortgage Corp. has arranged $15 million in permanent financing for Hawthorne Discount Plaza, a retail property located in Hawthorne. The center comprises 110,285 square feet and is situated on 7.7 acres at 111 Wagarow Rd. It is anchored by Value Village; additional tenants include CVS/pharmacy, Dollar Tree, Ace Hardware, Payless Shoesource and Mandee’s. The loan carries a 10-year term and a 30-year amortization schedule. It was arranged by Cronheim’s Anna McGivaren and Andrew Stewart on behalf of the undisclosed borrower. The lender was also not released.
WARREN, N.J. — Edison, N.J.-based Mack-Cali Realty Corp. has leased 93,376 square feet of office space within Somerset Hills Corporate Center, to Virgin Mobile USA. The wireless equipment and services provider will occupy the space, which is located at 10 Independence Blvd., for a 5-year term ending in 2016. The company currently occupies subleased space within the building, which contains 120,528 square feet of Class A office space. Occupancy is 100 percent.
NORTH KINGSTOWN, R.I. — Grocer Dave’s Marketplace has held its grand opening at The Gateway at Quonset, a 72.5-acre mixed-use project located in North Kingstown. The locally based company will occupy approximately 25,000 square feet within the center. The opening of Dave’s Marketplace follows the recent openings of Lowe’s Home Improvement Warehouse, which opened at The Gateway at Quonset in January, as well as Kohl’s, which opened in October 2008. The Gateway at Quonset is a $144 million project that is being developed by New Boston Fund. It is situated at the entrance to Quonset Business Park and features an open-air retail center, restaurants, office space and a hotel.
HULL, MASS. — Flynn / Boston Realty Advisors has arranged the sale by auction of seven residential condominium units at Oceania, a newly constructed condo property located in Hull, for a combined $4.5 million. Oceania contains 16 units in a mix of two- and three-bedroom units. Many of the units include offices/dens, as well as large balconies overlooking Cape Cod Bay and the Boston skyline. Winning bids ranged from $530,000 for a 2,882-square-foot unit to $875,000 for a 2,798-square-foot penthouse unit that features its own roof deck. These units were originally priced at $1.22 million and $1.42 million, respectively. Oceania is owned by Weymouth, Mass.-based Seven Hills LLC.