Northeast

CONSTRUCTION RESUMES FOR 76-STORY RESIDENTIAL TOWER

by admin July 7, 2008

NEW YORK CITY — Construction has resumed for Beekman Tower, a 76-story residential building located in Manhattan, New York City, following the closing of a $680 million construction loan to the developer, Forest City Ratner Cos. Upon completion in 2010, Beekman Tower will be the tallest residential building in Manhattan. It will include 903 market-rate apartments, a 100,000-square-foot public school, a 21,000-square-foot ambulatory center for New York Downtown Hospital, and retail and parking facilities. The project was designed by Frank Gehry. Excavation and foundation work at the site has already been completed.

July 7, 2008

CONSTRUCTION ADVANCING FOR DAFINA

by admin July 7, 2008

NEW YORK CITY — Construction is advancing for Dafina, a 46-unit residential co-op building located at the corner of Adam Clayton Powell Jr. Boulevard and 127th Street in New York City’s Harlem neighborhood. The building comprises studio, one-, two- and three-bedroom units ranging in size from 533 to 1,508 square feet. Individual units feature white and cherry wood cabinetry, granite countertops, stainless steel appliances, marble baths and Brazilian cherry hardwood flooring throughout the residence. Many units also feature balconies and terraces up to 813 square feet. Building amenities include a lobby with concierge service, a fitness center, storage areas, a landscaped roof deck, a clubroom and an enclosed parking garage. Residences are priced from $314,000; initial occupancies are scheduled for December.

July 7, 2008

Industrial Northeast

CBRE BROKERS 33,421-SQUARE-FOOT INDUSTRIAL SALE

by admin July 7, 2008

SOUTHAMPTON, PA. — The Greater Philadelphia office of CB Richard Ellis (CBRE) has brokered the sale of a 33,421-square-foot warehouse/distribution facility located at 99 Buck Rd. in Southampton. Situated on more than 3 acres at the entrance to Veit Industrial Park, the facility features 3,000 square feet of office and showroom space, 16- to 18-foot clear ceiling heights, three tailgates, two drive-in doors, and a fenced yard for additional storage. Christopher Kutzler of CBRE represented the former owner/occupier, ABC Supply Co., which plans to relocate to a new facility in Souderton. Len Redeyoff and Paul Touhey, also of CBRE, represented the buyer, Hubbard Street Realty Trust (HSRT). A subsidiary of HSRT named Harvey Industries will be the new tenant at the facility. The acquisition price was not disclosed.

July 7, 2008

Northeast Office

SAVANNA SECURES $45.75 MILLION OFFICE LOAN

by admin July 7, 2008

NEW YORK CITY — New York City-based Savanna, along with a locally based hedge fund, has originated a $45.75 million full-recourse senior loan for a 150,622-square-foot office building located at 63 W. 38th St. in Midtown Manhattan, New York City. The loan for the 12-story, Class B property carries a 65 percent loan-to-value ratio. Meridian Capital Group advised the borrower, a private New Jersey-based investment firm.

July 7, 2008

Northeast Retail

JV ACQUIRES INTEREST IN FIFTH AVENUE RETAIL SPACE FOR $525 MILLION

by admin July 3, 2008

NEW YORK CITY — The Carlyle Group and Crown Acquisitions have acquired a controlling interest in the retail portion of 666 Fifth Avenue in New York City from Kushner Cos. for $525 million. The 90,000-square-foot property is positioned on Fifth between 52nd and 53rd streets, and contains 200 feet of uninterrupted retail frontage. Carlton Advisory Services negotiated the transaction, as well as the financing, which was provided by a lending syndicate that includes Barclays and SL Green. Prior to completion of the transaction, Abercrombie & Fitch leased 20,000 square feet of space at the property, where it will join the NBA Store and Hickey Freeman.

July 3, 2008

Multifamily Northeast

CHOZICK REALTY COMPLETES SALE OF WILLIAMSBURG APARTMENTS

by admin July 3, 2008

WINDSOR, CONN. — Chozick Realty has completed the sale of Williamsburg Apartments, a 140-unit multifamily community located in Windsor, for $19.22 million. Situated on 15.72 acres at 250 Bloomfield Ave., the property comprises 10 buildings in a mix of 32 one-bedroom units and 108 two-bedroom units. Property amenities include a clubhouse and a swimming pool. The community is 98 percent occupied. Rick Chozick of Chozick Realty represented the seller, Williamsburg Associates, as well as the buyer, Windsor Castle.

July 3, 2008

Healthcare Northeast

HAMPSHIRE ACQUIRES 33,000-SQUARE-FOOT MEDICAL OFFICE BUILDING

by admin July 3, 2008

WESTWOOD, N.J. — The Hampshire Companies has acquired a 33,000-square-foot medical office building located at 400 Old Hook Rd. in Westwood. Situated on 1.23 acres, the facility was 80 percent occupied at the time of closing. The building is located less than a mile from the former Pascack Valley Hospital, which is currently being converted into a medical school. Cushman & Wakefield represented Hampshire in the transaction. The property was acquired from Life Key Ventures on behalf of Hampshire Partners Fund VII, Hampshire’s institutional real estate investment fund. The acquisition price was not disclosed.

July 3, 2008

Multifamily Northeast

CORUS BANK SECURES $27.5 MILLION CONSTRUCTION LOAN FOR CONDO PROJECT

by admin July 3, 2008

NEW YORK CITY — Corus Bank has secured a $27.5 million construction loan for Irving Place, an 11-story luxury condominium building located in the Gramercy Park neighborhood of Manhattan, New York City. The project will comprise 9 residential units totaling approximately 31,000 square feet of residential space. The borrower was Madison Equities. Terms of the loan were not disclosed.

July 3, 2008

Northeast Office

SHORENSTEIN ACQUIRES CONTROLLING INTEREST IN TWO OFFICE TOWERS

by admin July 2, 2008

NEW YORK CITY — San Francisco-based Shorenstein Properties has acquired a 94 percent controlling interest in the entity that owns two Manhattan, New York City, high-rise towers. The first property is Park Avenue Tower, a 36-story office tower located at 65 E. 55th St. The building contains 615,857 square feet, and is currently 97 leased to a tenant roster that includes Paul Hastings, Davidson Kemper Capital Management, King Street Capital Management and Oak Hill Capital Management. The second property is 850 Third Avenue, a 21-story, 613,664-square-foot office tower. Major tenants at the building, which is 92 percent leased, include Discovery Communications, Shearman & Sterling and Citibank. Shorenstein acquired the interest for an undisclosed amount on behalf of its investment fund, Shorenstein Realty Investors Nine LP.

July 2, 2008

Mixed-Use Northeast

WOODMOUNT PROPERTIES BEGINS FINAL PHASE OF COMMERCE CENTER

by admin July 2, 2008

MORRIS COUNTY, N.J. — Parsippany, N.J.-based Woodmount Properties has commenced the final phase of development for the 75-acre Commerce Center mixed-use project in Morris County. Phase III construction will consist of The Offices at Commerce Center, a 59,000-square-foot medical office building. The property will be built as condominiums, offering tenants the opportunity to own or lease their space. Rotwein & Blake is serving as project architect. Clancey Realty Group will market the property. Commerce Property already contains a fully operational, 150,000-square-foot FedEx facility, as well as a 108-room Hilton Homewood Suites that is under construction and scheduled for completion in early 2009.

July 2, 2008

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