NEW YORK CITY — New York City-based Philips International has acquired 110 E. 40th St., a nine-story building located at 40th Street and Park Avenue in New York City. The company plans to convert the building into Grand Park, a 99,368-square-foot office condominium project. Multi-million renovations will include a new lobby, elevator upgrades and energy-efficient windows. Condos will range in size from 2,364 square feet to 11,093-square-foot, full-floor units. Marketing efforts are being undertaken by Newmark Knight Frank.
ORANGE, N.J. — Weichert Commercial Brokerage (WCB) has completed the sale of a 64,000-square-foot warehouse located in Orange. The facility is situated on 1.92 acres at 225 Scotland Rd. WCB was the sole broker in the transaction. The warehouse was acquired by 161 Properties LLC for an undisclosed amount.
WALLKILL, N.Y. — Pittsford, N.Y.-based U.S. Realty Capital has arranged $2.88 million in permanent financing for a 17,000-square-foot office building located in Wallkill. The property was fully occupied at the time of closing. The loan carries a 10-year term with a 6.36 percent fixed interest rate, an 80 percent loan-to-value ratio and a 25-year amortization schedule. Rob Pisanelli of U.S. Realty Capital originated the funding.
EAST RUTHERFORD, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has completed a new Homewood Suites by Hilton, located at 125 Route 17 South in East Rutherford. The seven-story hotel features 126 suites in a mix of studio, one-bedroom and two-bedroom units. Six of the suites are equipped with Jacuzzis; other room amenities include wireless Internet access, satellite television, fully equipped kitchens and 37-inch, hi-definition LCD televisions. Hotel amenities include an executive business center, a 24-hour pantry, an indoor swimming pool, a sports court, a fitness center, a sauna and more than 4,000 square feet of meeting space. The hotel is located within the New Jersey Meadowlands, close to the Meadowlands Sports Complex. The hotel is owned by East Rutherford Hotel LLC and managed by Allentown, Pa.-based HMB Management. The project architect was River Vale, N.J.-based Michels & Waldron Associates.
NEW YORK CITY — Winick Realty Group has completed a long-term lease for the vacant Metro movie theater, located at 2626 Broadway in Manhattan, New York City, to Urban Outfitters. The Philadelphia-based apparel retailer signed a 20-year net lease and plans to open at the location within 12 months. The Art Deco theater was constructed in 1932 and features 50-foot ceilings. It will go through an extensive renovation in preparation for Urban Outfitters’ occupancy, including the preservation of the building’s landmark exterior. Benjamin Fox and Joshua Singer of Winick represented the landlord, John R. Souto. Wade McDevitt from The McDevitt Company and Beth Rosen of Robert K. Futterman & Associates represented Urban Outfitters.
SECAUCUS, N.J. — Irvine, Calif.-based LA Fitness will open a 45,000-square-foot sports club at 450 Harmon Meadow Blvd. in Secaucus, within the Harmon Meadow mixed-use development. The property is located adjacent to a 1,000-space parking garage. The sports club will include full-length basketball courts, a three-lane lap pool, a whirlpool, locker rooms, and separate studios for aerobics, group exercise and stationary bikes. These amenities will surround an array of cardio and circuit training equipment, as well as free weight areas. The new LA Fitness will also offer classes and childcare services. The existing building on the property will be extensively renovated to make way for the new sports club, including the addition of a 3,500-square-foot mezzanine for cardio equipment. The grand opening is scheduled for late fall. It will mark New Jersey’s eighth LA Fitness and the first to be located in the Meadowlands area. Harmon Meadow is owned by locally based Hartz Mountain Industries. Constructed in 1984, the project has seen recent construction, including the renovation of the Plaza Courtyard, which was completed in August 2008, and the redevelopment of Mill Creek Mall.
NEW YORK CITY — The New York office of HOK has completed the pro-bono redesign of the former Engine Company 204 Firehouse, also known as the Degraw Street Firehouse, located in Brooklyn, New York City. The space will be converted into The BP Music Center, which will be used by the Brooklyn Philharmonic music ensemble, as well as Create!, a non-profit children’s arts education and training organization. Renovations will include the creation of a multi-purpose space for performances, meetings, lectures and other uses on the ground floor; offices for the Brooklyn Philharmonic and Create! on the second floor; and a music rehearsal room. Additionally, HOK will restore the building’s brick façade and design an all-glass entrance with a marquee. The construction timetable was not released.
NEW YORK CITY — The New York Supreme Court has denied a petition submitted by Soho Alliance, Inc. that challenged the status of the new Trump SoHo project as a lawful hotel condominium. The ruling sustains an earlier resolution of the New York City Board of Standards and Appeals in May 2008 that upheld the New York City Department of Buildings’ approval of the construction of Trump SoHo as a “Use Group 5 transient hotel.” The project is currently scheduled for a fall completion. Rising 46 stories and 449 feet, Trump SoHo is being developed by a joint venture between The Trump Organization, Bayrock Group and The Sapir Organization. The building was designed by Rockwell Group, and will feature 400 hotel condominium units, including 10 penthouse suites and one Presidential suite on the top four floors. Other amenities include the restaurant Quattro, a luxury rooftop venue, a more than 11,000-square-foot luxury spa, a ground-level bar and 12,000 square feet of meeting space.
MORRISVILLE, PA. — Jackson Cross Partners (JCP) has arranged the sale of a 35-acre industrial complex located at 21 S. Steel Rd. in Morrisville. The property contains six buildings totaling more than 110,000 square feet. It is rail served, and is located adjacent to the Keystone Industrial Port Complex, which provides barge service on the Delaware River. Jim Scott and Lou Battagliese of JCP represented the buyer, Liberty Coating Company, a tenant of the property. The seller was United States Steel Corp., which was represented by Rick Leighton of NAI. The acquisition price was not disclosed.
JERSEY CITY, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered two Jersey City multifamily sales for a total of approximately $3.9 million. The first transaction involved the disposition of 168-170 Clinton Ave. and 205 Monticello Ave. for $2.93 million. The two properties contain a total of 34 units. The second transaction included the sale of a 16-unit property located at 170-172 Jewett Ave. for $975,000. The properties had a 95 percent combined occupancy at the time of closing. All feature brick façades, and a mix of one-, two- and three-bedroom units. In the first transaction, David Jarvis and Benjamin Greenstein of GHA procured the buyer, DKCS LLC, and represented the seller, a private, New Jersey-based corporation. In the second transaction, Greenstein and Alan Lieberman, also of GHA, negotiated the transaction between the seller, 170-172 Jewett LLC, and the buyer, an undisclosed private investor.