EASTON, PA. — Philadelphia-based Colliers Lanard & Axilbund (CLA) has completed the sale of the former Lincoln Textile site, located at the corner of Old Philadelphia Pike and St. John Street in Easton. One of the buyers, NIDI Group, plans to demolish the site and redevelop it into an 8,000-square-foot retail strip center. At the same location, CVS/pharmacy purchased a 12,900-square-foot pad site and plans to develop a new store that will anchor the retail development. Demolition has already begun and construction is expected to be complete in the fall. Derek Zerfass of CLA represented the seller, Philadelphia Road Development, as well as the two buyers.
NEW YORK CITY AND WEST LONG BRANCH, N.J. —Meridian Capital Group has arranged a total of $14.99 million in financing for to properties in New York and New Jersey. First, Zev Feder with Meridian’s New York office arranged $10.85 million in acquisition financing for four apartment buildings located on East 82nd Street on the Upper East Side of Manhattan. The six-story buildings contain a total of 106 residential units. Terms of the loan include a 5.62 percent fixed interest rate and a 9-year term. In West Long Branch, Max Beyderman and David Cohen of Meridian’s New Jersey office arranged $4.14 million in acquisition financing for a two-story, 57,500-square-foot medical office building located on Monmouth Road. Terms of the loan include a 6.5 percent fixed interest rate and a 5-year term.
WAYNE, N.J. — Colliers Houston & Co. brokered the sale of an 88,435-square-foot corporate headquarters facility located at 70 Demarest Dr. in Wayne. The facility sits on an 8-acre lot that provides parking for 140 cars with additional amenities including 25-foot ceiling heights, multiple tailgates and ground level loading. The site is less than 15 miles from Midtown Manhattan, 25 miles from Newark Liberty International Airport and 30 miles from LaGuardia Airport, as well as within close proximity to Routes 80, 46 and 23, as well as NJ Transit Bus and rail. Colliers Houston's Howard Weinberg represented the seller, Wachovia Bank, while SBWE represented the buyer, Electronics Expo, in the transaction.
NEW YORK CITY — SL Green Realty Corp. has completed a 10-year, 67,152-square-foot lease with accounting firm Marcum & Kliegman LLP at 750 Third Avenue in Manhattan, New York City. The transaction is the largest tenant relocation lease signed in Midtown Manhattan so far in 2009. The 34-story building, also known as Grand Central Square, features 857,354 square feet and interconnects with SL Green’s 485 Lexington Avenue building. The REIT will construct a turn-key installation for Marcum & Kliegman, building out the entire 11th and 12th floors to specifications agreed upon in advance of lease execution. Other tenants include Eisner, LLP, Fairchild Publications, Teachers Insurance and Annuity Association, Endurance Reinsurance Corp. and Schonbraun McCann Consulting Group. David Kaufman of SL Green represented the landlord, while Newmark Knight Frank’s Neal Golden, Ross Perlman and Lee Brodsky acted on behalf of the tenant. Noah Shapiro, Esq. of Paul Hastings was counsel for the landlord; Spenser Stein, Esq. of Goldfarb & Fleece represented the tenant.
JERSEY CITY, N.J. – Construction has been completed on Crystal Point, a 269-unit multifamily facility in Jersey City. Developed by Fisher Development Associates, the 42-story waterfront condominium community features one-, two- and three-bedroom residences ranging from 800 to 1,817 square feet. Designed by architectural firm Gruzen Samton, the building features a distinctive, crystalline-style glass exterior that allows for each unit to have water views. Amenities include the Crystal Spa, a yoga/aerobics room, a fitness center, a lounge with a catering kitchen and flat screen televisions, a game room with billiard and poker tables, a children’s playroom and a screening room within the Crystal Club. Other amenities include a lap pool, a hot tub, private cabanas and lounge chair seating, as well as a BBQ and dining area and fire pits with accompanying seating. The full-service building will also offer a professional concierge, and valet parking, while a lobby level restaurant will serve residents and the community at large. Residents will also benefit from free on-site parking. Prices start at the mid-$400,000s. The Marketing Directors is the exclusive marketing and sales agent for the property.
NEW YORK CITY — Marcus & Millichap has completed the $6.08 million sale of three properties in the Bronx in New York City. Marco Lala, Dave Raciti and Jack Lala of Marcus & Millichap’s Manhattan office exclusively represented the sellers and the buyers. The first property in the sale is 250 McLean Ave., a 36-unit multifamily building with eight studios, 20 one-bedroom units and eight two-bedroom apartments. The six-story, 30,328-square-foot building sold for $3.4 million. Situated between Carol Avenue and Coyle Place, the building features 10 garages and 18 parking spots and is within close proximity of downtown Yonkers and Riverdale. The second property is a 25-unit multifamily building with 16 one-bedroom units and nine two-bedroom apartments located at 2307 Beaumont Ave. The 20,920-square-foot, 5-story walk-up was sold for $1.6375 million. And the third property was 245 East Mosholu Pkwy. North, a 50-foot by 160-foot lot with approved and delivered plans for an 11-story apartment building with 29 one-bedroom units, five two-bedroom units and one studio apartment. The investor, Promesa Systems Inc., a not-for-profit Bronx real estate organization, received 100 percent financing from the New York City Affordable Housing Acquisition Loan Fund. The 34,250-square-foot lot sold for $1.05 million.
While the meltdown of the housing market originally benefited the multifamily sector — as more homeowners transitioned to renters — the current recession and its rising unemployment has started to affect activity. “Right now, it is all about the economy,” says Kevin Wolfgang, president of New Castle-based Evergreen Realty and recently elected president of the Delaware Apartment Association. “Our industry is directly affected by the job market, so the increased amount of unemployment has created significant operation challenges.” Multifamily owners in Delaware are weathering the storm by focusing on the operation of the properties — trying to find ways to make them as efficient as possible. This has slowed down sales considerably. Owners who are still receiving a steady cash flow are seeing no reason to sell for less money. “Most investors are very cautious right now,” Wolfgang says. “No one is chasing deals, and there is nothing that I have seen as having a major impact on the market right now.” Evergreen Realty’s main activity has been its purchase and upcoming redevelopment of Hampston Walk Apartments, a 370-unit community located in New Castle. The company purchased the blighted property in mid-2008 and is repositioning it with renovations to unit …
TREVOSE, PA. — The grand opening has been held for the first building at Horizon Corporate Center in Trevose. Horizon II is a Class A office building located at 3800 Horizon Blvd. It is one of five buildings that will ultimately be built at the park, which will contain more than 1 million square feet of development. The building is also LEED-certified, as will be the rest of Horizon Corporate Center. Upon full build-out, it will be the largest LEED-certified corporate campus in the greater Philadelphia area. The project is being developed by King of Prussia, Pa.-based O’Neill Properties. The LEED architect is Cubellis.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged a $5 million loan for the refinancing of a 44-unit apartment building located in the Union Square neighborhood of Manhattan, New York City. In addition to the multifamily units, the building also contains four retail spaces. Sean Mooney of Marcus & Millichap’s Brooklyn office arranged the loan, which includes a 5.75 percent interest rate, non-recourse. The loan carries a 10-year term with a 30-year amortization schedule and a 65 percent loan-to-value ratio. The borrower and lender were not disclosed.
ISELIN, N.J. — The New Jersey office of FirstService Williams (FSW) has completed four major leases at Woodbridge Corporate Plaza, a six-building office campus located in Iselin. Drew Persson of FSW represented the landlord, KBS Realty Advisors, in each transaction. EPCOS signed a 10-year lease for 18,500 square feet. Ed Duenas and Lauren Rufino of Cushman & Wakefield represented the tenant. H&M Transportation signed a 7-year lease for 15,000 square feet. Grubb & Ellis’ Frank Loprioni and John Donnelly represented the tenant. Concentra Health signed a 5-year lease for 15,000 square feet. Matt Saker of CB Richard Ellis represented the tenant. Bank of Tokyo signed a 10-year lease for 10,500 square feet. In addition, Persson signed 11 additional leases totaling 75,000 square feet within the office campus, bringing the total square footage of space leased to 135,000 square feet.