Northeast

$11 MILLION SPEC OFFICE NEARING COMPLETION

by admin September 29, 2008

BEVERLY, MASS. — Completion is nearing for an $11 million speculative office building located at 138 Conant St. in Beverly. Developed by locally based Connolly Brothers Construction, the four-story building features a cafeteria, a fitness room, and surface and underground parking. The project began construction last October, and completion is slated for next month. In addition, Winchester, Mass.-based Klemmer Associates has brokered the lease for the first 12,500 square feet of office space at the building to Wachovia Securities. The tenant was represented by DTZ FHO Partners in lease negotiations.

September 29, 2008

NDR COMPLETES REHAB OF MACLEAY APARTMENTS

by admin September 29, 2008

NEW ROCHELLE, N.Y. — The NDR Group has completed the $4 million rehabilitation of the MacLeay Apartments public housing community, located on Fifth Avenue in New Rochelle. NDR, formerly known as the New Rochelle Revitalization Corp., acquired the property from the state of New York in 1986 with the goal of privatizing the public housing community, while maintaining its status as affordable housing. Renovations to the three-building, 180-unit complex include a new parking plan, a reconfigured central plaza with site amenities, and the total renovation of all apartments, hallway and stairwells. It was also renamed Parkside Place. Layered financing for the project included a Community Block Grant, a Housing Development Action Grant, Mortgage Revenue Bonds and municipal bonds. NDR also provided financing for a community center that is primarily used as an after-school facility.

September 29, 2008

Northeast Retail

U.S. REALTY CAPITAL SECURES $10 MILLION RETAIL CONSTRUCTION LOAN

by admin September 29, 2008

WARWICK, N.Y. — Pittsford, N.Y.-based U.S. Realty Capital has secured approximately $10 million in construction financing for the development of a retail center in Warwick. Construction will consist of a 56,000-square-foot Price Chopper supermarket and a 3,600-square-footy pad site. The financing included a $9.3 million construction loan and a $730,000 land loan. The supermarket is being constructed to obtain LEED-Silver certification. It will be Warwick’s second supermarket. Terms of the financing include a 4.5 percent floating interest rate, an 80 percent loan-to-value ratio and an 18-month term. Rob Pisanelli of U.S. Realty Capital structured the loan on behalf of the undisclosed borrower. The lender also was not released.

September 29, 2008

Delaware Market Reports Northeast Market Reports

Deals are still being made.

by admin September 29, 2008

Despite being just south of Philadelphia, Delaware continues to maintain its presence in the New England market and its own identity. After a very active period from 2005 to 2007, office development in Wilmington’s central business district (CBD) is now taking a breather. The last project finished, the Renaissance Center at 4th and King streets, still has significant vacancies. The suburban market has also slowed, and new developers are taking a wait-and-see approach before speculatively breaking ground on new projects. This current slowdown in market activity is attributable partly to the market and partly to the usual summer slump. The slowdown has brought overall vacancy rates to 17.1 percent for Class A and B office product, including sublease space. The Wilmington CBD comes in with the highest rate at 20.5 percent (Class A and B, including subleases), while western New Castle County posts a rate of 6.2 percent, an anomaly compared to the other submarkets that lean more towards the CBD’s rate. Currently, rents for Class A space in the CBD can run from the low $20s to low $30s per square foot. Suburban rents for Class A space are equivalent, ranging from the low to high $20s. Leasing may …

September 29, 2008

Civic Northeast

BROOKLYN CHILDREN’S MUSEUM EXPANSION COMPLETE

by admin September 26, 2008

NEW YORK CITY — Construction is complete for the $49 million expansion of the Brooklyn Children’s Museum located in Brooklyn, New York City. The two-story expansion contains new exhibits, a new café, a new gift ship, a coat check and additional restrooms. The project has also been LEED certified by the U.S. Green Building Council; sustainable elements include flooring and display cases made from recycled content; a geothermal heating and cooling system, photovoltaic panels and waterless urinals. The 51,000-square-foot expansion constitutes a doubling in size of the current museum. The project was designed by Rafael Viñoly. In addition to the $48 million provided by the city of New York and the $1 million provided by the state of New York, the museum raised a total of $19.5 million for new exhibits, programs and endowments, as well as $11.5 million for future phases of its master plan. Founded in 1899, the Brooklyn Children’s Museum was the world’s first museum created specifically for children.

September 26, 2008

Civic Northeast

GROUNDBREAKING HELD FOR WPU EXPANSION

by admin September 26, 2008

WAYNE, N.J. — Groundbreaking has occurred for the expansion and modernization of William Paterson University’s Science Hall in Wayne. Construction at the 141,800-square-foot facility will include an approximately 67,600-square-foot addition, as well as the modernization of labs, classrooms, assembly spaces, administrative offices, and core facilities. The building’s infrastructure will also be enhanced. The project is scheduled for completion by the end of 2011. The project is being designed by the New York office of HOK.

September 26, 2008

Northeast Office

CUSHMAN & WAKEFIELD NEGOTIATES 144,000-SQUARE-FOOT OFFICE SALE

by admin September 26, 2008

BOXBOROUGH, MASS. — Cushman & Wakefield has negotiated the sale of two office / research and development buildings located at 60 and 70 Codman Hill Rd. in Boxborough. The two properties total 144,000 square feet of space. They are 100 percent leased to Interactive Data Corp. and Intertek Testing Services. Robert Griffin, David Pergola, Chris Griffin, Rick Putprush and Brian Doherty of the Capital Markets Group of Cushman & Wakefield represented the seller, Winstanley Enterprises, and procured the buyer, Atlantic Tambone Real Estate Developers. Acquisition financing was provided by Westerly, Rhode Island-based The Washington Trust Company.

September 26, 2008

Multifamily Northeast

CONSTRUCTION ADVANCING FOR ALEXANDER PLAZA

by admin September 25, 2008

NEW YORK CITY — Construction is advancing for Alexander Plaza, a 25-story residential tower located at 315 E. 46th St. on the east side of Midtown Manhattan, New York City. The building will contain 52 residences in a mix of one-, two and three-bedroom units. Designed by Sydness Architects, the building features a chevron shape incorporating a triangular entry plaza; front and back glass façades that fold vertically inward; and a three-story, v-shaped crown. Residences feature floor-to-ceiling windows, and more than 11-foot tall ceilings; the penthouse unit features a rooftop terrace screened by a glass curtain wall that rises one story in the center and three stories at both sides. The building also features underground garage parking, a fitness center, storage space and a residents' lounge off of the lobby. Alexander Plaza is being developed by Continental Finance Corp. Completion is scheduled for 2010.

September 25, 2008

Multifamily Northeast

ANBAU ENTERPRISES ACQUIRES DEVELOPMENT SITE FOR CONDO TOWER

by admin September 25, 2008

NEW YORK CITY — New York City-based Anbau Enterprises has acquired a 55,000-square-foot development site, located at 124 W. 23rd St. in New York City, for $19 million. The developer plans to build a 16-story residential condominium tower on the property. Initial plans call for 34 residences ranging in size from 600-square-foot studios to 2,400-square-foot penthouses. The building will feature a 24-hour doorman and concierge, a community garden, a recreation area, storage facilities and 4,000 square feet of ground-floor retail space. Anbau also plans to develop the project with sustainability in mind, going beyond the current LEED points system. BKSK Architects has been selected to design the building, with Andres Escobar & Associates serving as interior designer. The developer has secured acquisition and construction financing through The Bank of New York Mellon. A construction timetable was not released.

September 25, 2008

Hospitality Northeast

BEST WESTERN REGENCY HOUSE HOTEL OPENS

by admin September 25, 2008

POMPTON PLAINS, N.J. — Best Western International has held the grand opening for the new Best Western Regency House Hotel, a 104-room, full-service hotel located at 140 Route 23 North in Pompton Plains. Owned by Ami and Rajesh Sopariwata, the hotel features rooms equipped with a hot tub and a 32-inch, flat panel television; business plus suites that feature two flat panel televisions and a living area with a pull-out sofa; honeymoon and bridal suites with canopy beds and double hot tubs; family suites; and extended stay suites with complete kitchenettes. The hotel also includes a fitness facility, a business center, and 14,000 square feet of banquet and meeting space. Nightly rates start at $119.

September 25, 2008

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