Northeast

MOINIAN GROUP LAUNCHES $15 MILLION RENOVATION OF OFFICE TOWER

by admin September 4, 2008

NEW YORK CITY — The Moinian Group has launched a $15 million capital improvement program for 295 Madison Avenue, a 47-story, 330,000-square-foot office tower located in Manhattan, New York City. Renovations will include a new grand lobby featuring Italian travertine stone flooring and walls, mirrored glass elevator walls, new digital turnstiles and elevator cabs. A new steel canopy will be built at the building’s entrance with the building’s signage prominently displayed in lights. The buildings ornate cast iron façade will be restored, and the exterior limestone surfaces will be power washed. The building will also see 2,000 new tilt-and-turn windows throughout the building. Finally, high-end retail space will be constructed along the building’s Madison Avenue front, and extending 180 feet along 41st Street. Gensler Architecture has been selected to design the retail space and the new grand lobby. Mitch Konsker, Matthew Astrachan, Mitchell Arkin and Mikael Nahmias of Cushman & Wakefield are serving as leasing agents for the property. Completion is scheduled for the first quarter of 2009.

September 4, 2008

UBP ACQUIRES $10.3 MILLION SHOPPING CENTER

by admin September 4, 2008

NEW MILFORD, CONN. — Greenwich, Conn.-based Urstadt Biddle Properties has acquired Veteran’s Plaza Shopping Center, located in New Milford, for $10.3 million. The fully occupied property totals 78,609 square feet, and is anchored by a 50,650-square-foot Big Y Supermarket. Additional tenants include Rite Aid, Blockbuster Video and Danbury Savings Bank. Urstadt Biddle purchase the property from a family-owned investment fund. The company also assumed an existing $3.6 million first mortgage in conjunction with the purchase.

September 4, 2008

Multifamily Northeast

ITZHAKI PROPERTIES NEGOTIATES $5.41 MILLION MULTIFAMILY SALE

by admin September 4, 2008

NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a five-story residential building, located at 424 W. 57th St. in New York City, for $5.41 million. The elevator-served building contains 20 units totaling 9,310 square feet. Also included in the sale was an additional 5,798 square feet of air rights. Donna Padula of Itzhaki represented the seller, Lee Family of California, and the buyer, Michael Sacchetti.

September 4, 2008

Northeast Office

BROAD STREET SELLS OFFICE BUILDING FOR $155 MILLION

by admin September 3, 2008

NEW YORK CITY — New York City-based Broad Street Development has sold 370 Lexington Avenue, a 27-story, 305,000-square-foot office property located in Midtown Manhattan, New York City. The property was acquired by Sherwood Equities and JPMorgan Chase for $155 million. Broad Street first acquired the property in 2006 for $97.2 million. The company has since completed a capital improvements plan that included a major lobby renovation, the addition of pre-built and build-to-suit office spaces, and numerous infrastructure improvements. The repositioning has brought occupancy to more than 90 percent as of closing.

September 3, 2008

Multifamily Northeast

CONSTRUCTION TOPS OUT FOR $45 MILLION RESIDENTIAL BUILDING

by admin September 3, 2008

NEW YORK CITY — Construction has topped out for 34 Leonard, a residential building located at the corner of Leonard Street and West Broadway in the Tribeca neighborhood of Manhattan, New York City. The building will feature 16 loft-style residences with industrial-scale windows, 10-foot ceilings and open layouts. Building amenities will include a hand-crafted, climate-controlled wine cellar; a landscaped roof deck with a grill and bar/prep area; a sunbathing area with an outdoor shower; a fitness center; a pet spa; and a 24-hour doorman. The $45 million project is being developed by R Squared Real Estate Partners.

September 3, 2008

Industrial Northeast

HAMPSHIRE ACQUIRES THREE PROPERTIES FOR FUND

by admin September 3, 2008

SOUTH HACKENSACK, SOMERSET AND NEW PROVIDENCE, N.J. — Morristown, N.J.-based The Hampshire Companies has acquired three New Jersey properties on behalf of Hampshire Partners Fund VII, the company’s institutional real estate investment fund. In South Hackensack, Hampshire acquired a 107,730-square-foot industrial building located at 490 Huyler St. The seller was Huyler Realty. Stuart Alpert of Keller Realty represented Hampshire in the transaction. In Somerset, Hampshire acquired an 85,000-square-foot office building located at 19 Schoolhouse Rd. The sellers were Provident Partners and Provident Sunnyside NJ. Finally, in New Providence, Hampshire acquired a 51,000-square-foot industrial building in a joint venture with Tulfra Realty Co. The property is situated on more than 2 acres at 705 Central Ave. The seller was the borough of New Providence. The acquisition prices in all three transactions were undisclosed.

September 3, 2008

Northeast Office

CPN BROKERS 49,000-SQUARE-FOOT OFFICE SALE

by admin September 3, 2008

WEST WINDSOR, N.J. — Princeton-based Commercial Property Network (CPN) has negotiated the sale of a 49,000-square-foot office building located at 693 Alexander Rd. in West Windsor. The property was acquired by The Trustees of Princeton University for $8.42 million. Princeton is also preparing to move into another nearby building that totals approximately 120,000 square feet and is currently under construction. William Barish of CPN represented the undisclosed seller. Representing the buyer was Peter Dodds of Morford & Dodds.

September 3, 2008

Civic Northeast

CITY’S FIRST GREEN PUBLIC SCHOOL COMPLETE

by admin September 2, 2008

NEW YORK CITY — A partnership between The World-Wide Group and the Educational Construction Fund branch of the New York City Board of Education has completed Manhattan’s first green public school. Located at 213 E. 63rd St., the building features classrooms, science labs, common learning areas, a full-sized gymnasium and a rooftop play area. It is certified by the School Construction Authority under the NYC Green Schools Rating System, which is modeled after the U.S. Green Building Council’s LEED program. Sustainable features include an ultra-efficient HVAC system, windows glazed with low E coating and the use of steam for heat. The building was designed by Ehrenkrantz & Kuhn Architects, and will serve as the temporary home of Public School 59. The temporary location for the school is part of a larger project World-Wide is currently developing at 57th Street and Second Avenue, where the former PS 59 was located. Once the project is complete, PS 59 will return to its original address and the school on 63rd Street will become a new neighborhood school for the city.

September 2, 2008

Northeast Retail

MARCUS & MILLICHAP BROKERS $2.8 MILLION RETAIL SALE

by admin September 2, 2008

KING OF PRUSSIA, PA. — Marcus & Millichap has brokered the sale of a 13,910-square-foot retail property, located on Dekalb Pike in King Of Prussia, for $2.8 million. Situated adjacent to a shopping center anchored by Acme Grocery, the property is net leased to electronics store Tweeter. Brad Nathanson and Jordan Muchnick of Marcus & Millichap’s Philadelphia office listed the property on behalf of the seller, a locally based family trust. The pair also represented the out-of-state buyer.

September 2, 2008

Multifamily Northeast

KEYBANK ARRANGES $19 MILLION IN FANNIE, FREDDIE FINANCING

by admin September 2, 2008

LEXINGTON AND REVERE, MASS. — KeyBank Real Estate Capital has arranged two Boston-area multifamily loans totaling approximately $19 million. The first loan totals $10.6 million and is secured by Captain Parker Arms, a 94-unit, Class B property located in Lexington. The lender was Freddie Mac. The second loan totals $8.8 million and will provide for the refinancing of Point of Pines Apartments, a 72-unit, Class A property located in Revere. The lender is Fannie Mae; the borrower is 190 North Shore Road LLC.

September 2, 2008

Newer Posts

Older Posts