LAKEWOOD, N.J. — Construction is underway for the Special Children’s Center, which is located at 501 Prospect St. in Lakewood. The $1.5 million, state-of-the-art facility is designed to initially house 28 children with special needs who are currently enrolled in the Special Children’s Center respite and support programs. Designed pro-bono by Lloyd Rosenberg of DMR Architects, the 10,000-square-foot facility will feature five state-of-the-art classrooms, therapy rooms, bathing facilities, administrative offices, an indoor playground and an auditorium. Once complete, the center will assist people from ages 3 to 21 who have cerebral palsy, Down syndrome, autism and other special needs. The facility was developed in conjunction with Ralph Zucker of Somerset Development, the building committee chairman for the center. Completion is slated for January 2009.
NEW YORK CITY — California-based The Walking Company, a national shoe retailer, has leased 3,135 square feet of retail space at 551 Madison Ave. in New York for its Manhattan flagship store. The company signed a 15-year lease for the ground level of the building, which is located between 55th and 56th streets in Manhattan’s Plaza District. The space, which was previously occupied by Allen-Edmonds, offers 30 feet of frontage on Madison Avenue. Retail neighbors include Robert Marc, Geox, Lacoste, Links of London and Thomas Pink. Kenneth Hochhauser of Newmark Knight Frank represented The Walking Company; Steven Soutendijk and Nick Madden of Cushman & Wakefield Retail Services represented the landlord, LaSalle Investment Management, in the lease negotiations.
COMMACK AND NEW YORK, NEW YORK — New York City-based Massey Knakal Realty Services has completed two sales valued at $3.18 million. In the Long Island city of Commack, Massey Knakal brokered the sale of a 29,185-square-foot office building, for $1.91 million. The building is located at 6143 Jericho Turnpike and includes approximately 45 parking spaces. Nalini Chugh and Jonathan Berman of Massey Knakal represented the undisclosed seller. The buyer utilized in-house representation. In the Brooklyn, New York City, neighborhood of Bay Ridge, Massey Knakal arranged the $1.27 million sale of a residential building located at 8612 Third Ave. The building comprises a 2,000-square-foot, four-bedroom duplex and a Carvel/Cinnabon restaurant on the ground floor. Stephen Palmese of Massey Knakal represented the undisclosed seller; the buyer, a Brooklyn investor, utilized in-house representation. The property traded at a price of $350 per square foot.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a 26-unit multifamily property located at 199 Bay 17th St. in Brooklyn, New York City, for $2.77 million. Matthew Fotis and Dolly Amigon of the firm’s Brooklyn office represented the seller and secured the buyer; both parties were undisclosed. The property traded at a price of $126 per square foot and a 5.25 percent capitalization rate.
CENTER VALLEY, PA. — Discount grocery chain ALDI has launched efforts to expand its presence in the Philadelphia, New Jersey and New York markets, including the New York City boroughs of Brooklyn, Bronx, Long Island, Queens, and Staten Island. A typical ALDI location averages 17,000 square feet. The grocer opened more than 100 locations across the United States in 2008; it plans to expand into Rhode Island and Florida this year. New stores in Philadelphia, New Jersey and New York would begin construction in 2009, based upon market activity. The regional headquarters of ALDI is in Center Valley.
NEW YORK CITY — The Community Preservation Corporation and the New York Department of Housing Preservation & Development (HPD) have provided a $4.7 million construction loan for the rehabilitation of three residential buildings located in the Flatbush neighborhood of Brooklyn, New York City. Two of the properties are vacant and the third is partially occupied. They comprise 2516 Newkirk Ave., 561 Rogers Ave. and 2506 Albemarle Rd. Once the renovations are complete, the three buildings will provide 25 rental apartments for low-to-moderate income families. The buildings will contain one one-bedroom apartment, 18 two-bedroom apartments and six three-bedroom apartments; rents will range from $1,000 to $1,100 per month. The developer, Nayelli Partners, acquired the properties for $50,000 under HPD’s Third-Party Transfer Program.
NEW LONDON AND GROTON, CONN. — Marcus & Millichap has completed the sale of a two-property, 327-unit multifamily portfolio for $21.65 million. Squire One Apartments is a 171-unit community located at 11 Anthony Rd. in New London. It comprises 11 buildings situated on 8.79 acres. Willow Pond Apartments is a 156-unit community located at 45 South Rd. in Groton. Situated on 10.15 acres, the property consists of six buildings. Both communities feature private patios or balconies, barbecue and picnic facilities, and a recreation area and playground. Steve Witten and Victor Nolletti of Marcus & Millichap’s New Haven, Conn., office represented the sellers, Squire One Associates LP and Prescott Square LP, as well as the buyer, Landings Capital & Development. Acquisition financing was placed with Freddie Mac. The portfolio traded at a per-unit price of $66,208.
NEW YORK CITY — New York City-based Eastern Consolidated has brokered the sale of The Century, a portfolio of 15 residential condominiums located in Manhattan, New York City, for $14.25 million. The condos are located at 25 Central Park West, above the fourth floor of the Art Deco building. They total 22,989 square feet. Eric Anton and Ronald Solarz of Eastern Consolidated represented the seller, Madison Century Realty. Deborah Gutoff, also of Eastern Consolidated, represented the buyer, 25 CPW LLC.
NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a 6,672-square-foot residential property located at 6834 Forest Ave. in Queens, New York City, for $1.75 million. The building comprises four retail stores on the ground floor and five apartments. Ami Efrati of Itzhaki represented the buyer, Kei Kei Enterprise, and Ohad Meishar, also of Itzhaki, represented the seller, Beth Page Realty. The property traded at a capitalization rate of 6.7 percent.
MONTGOMERY AND DELAWARE COUNTY, PA. — GPX Realty Partners has completed a $3.6 million capital improvements program to its Stillwell Apartment portfolio. The portfolio comprises five multifamily communities located in Pennsylvania’s Montgomery and Delaware counties. They include Concord Court in Aston; Livingstone, Wellington and Oak Terrace in Hatboro; and Longford in Ambler. Improvements included upgraded unit interiors, refreshed building exteriors, new community signage, extensive landscaping, new roofing, parking lot and driveway repairs, and electrical work.