Northeast

FANTINI & GORGA ARRANGES $50.7 MILLION IN FINANCING FOR APARTMENT PROJECT

by admin July 2, 2008

BOSTON — Boston-based Fantini & Gorga has arranged $59.7 million in debt and preferred equity placement for 50 West Broadway, a 139-unit, transit-oriented multifamily project located in Boston. The rental apartment community will be located at the site of the former Cardinal Cushing Central High School; it will consist of 139 residential units, street-front retail space and structured parking. Buildings will range in height from two to six stories, and two courtyards will provide more than 9,000 square feet of open space. Twenty percent of the units will be positioned as affordable housing. A joint venture between John M. Corcoran & Co. (JMC) and The Brennan Group is developing the project. JMC will also be responsible for the leasing and management of the building. John Moriarty Associates will serve as general contractor. VMY Vitols Architects and Arrowstreet are serving as project architects. Completion is expected in the fourth quarter of 2009.

July 2, 2008

MARCUS & MILLICHAP COMPLETES STUDENT HOUSING SALE

by admin July 2, 2008

BLOOMSBURG, PA. — Marcus & Millichap has completed the sale of Warhurst Apartments, a 16-unit student housing community located in Bloomsburg, for $1.35 million. The property comprises four buildings, and was fully occupied at the time of closing. Joseph Elia of Marcus & Millichap’s Philadelphia office represented the undisclosed sellers; Hadjer Ahner and Christine Gordon of Keller Williams represented the buyer, Souderton, Pa.-based The Greystone Organization.

July 2, 2008

Northeast Retail

PSA SELECTED FOR AUTO DEALERSHIP RENOVATION

by admin July 2, 2008

RIDGEWOOD, N.J. — Ridgewood-based Poskanzer Skott Architects (PSA) has been selected to provide design services for the adaptive reuse of the former Fairway Dodge auto dealership located in Ridgewood. Once complete, the renovated building will contain 12,000 square feet of Class A retail space; half of the building will be occupied by Coldwell Banker’s local office, and the other half is still being marketed. David Hirschman Realty Co. is serving as the owner’s representative and broker for the project.

July 2, 2008

Northeast Retail

AMC DELANEY GROUP SELLS EDISON COMMONS FOR $28.35 MILLION

by admin July 1, 2008

EDISON, N.J. — Philadelphia-based AMC Delaney Group had sold Edison Commons, a 150,000-square-foot shopping center located in Edison, for $28.35 million. The property is situated on Lincoln Highway near the New Jersey Turnpike. The property was acquired by a subsidiary of MCC Realty Investments. Metro Commercial Real Estate and CB Richard Ellis brokered the transaction.

July 1, 2008

Hospitality Northeast

GE PROVIDES $62 MILLION HOTEL LOAN

by admin July 1, 2008

NEW YORK CITY — GE Real Estate has provided $62 million in fixed-rate financing for the 226-room Marriott Courtyard located near the corner of 92nd Street and 1st Avenue in the Upper East Side of Manhattan, New York City. The hotel features an indoor swimming pool and whirlpool, a health club, and a business center. The borrower was Madison 92nd Street Associates, an affiliate of Madison Equities and NYRE Management. Cooper Horowitz and Wall Street Realty Capital brokered the deal. Terms of the loan were not disclosed.

July 1, 2008

Northeast Retail

DAVID G. WHITE ARRANGES GROUND LEASE FOR LOWE’S

by admin July 1, 2008

ESSEX, VT. — David G. White & Associates has arranged a ground lease on behalf of Lowe’s Cos. for the 18-acre Essex Town Plaza Shopping Center located on Susie Wilson Road in Essex. The vacant shopping center, which was formerly occupied by an Ames department store and a Grand Union supermarket, will be demolished to make way for a new 154,000-square-foot Lowe’s Home Improvement Warehouse. Construction is set to begin in July. The new store will mark Lowe’s second location in the state. Tim Burke of David G. White & Associates represented Lowe’s in the ground lease transaction. Don Mace of KeyPoint Partners represented the landlord, Cobloka Trust.

July 1, 2008

Northeast Retail

VORNADO ACQUIRES TWO OFFICE BUILDINGS

by admin July 1, 2008

NEW YORK CITY — Vornado Realty Trust has acquired two adjacent retail/office properties located at 148-150 Spring St. in the Soho neighborhood of Manhattan, New York City. The properties total 11,621 square feet; the ground-floor retail space at 148 Spring St. is occupied by Italian watchmaker Breil, and the retail space at 150 Spring St. is occupied by Treetorn Sneakers. Eric Anton, Ronald Solarz and Jared Toothman of Eastern Consolidated represented the seller, Cape Advisors. The group also represented the undisclosed buyer.

July 1, 2008

Hospitality Northeast

GROUNDBREAKING OCCURS FOR $600 MILLION RESIDENTIAL/HOTEL TOWER

by admin June 30, 2008

NEW YORK CITY — Groundbreaking has occurred for 50 West Street, a 65-story residential and hotel tower located in Lower Manhattan, New York City. Developed by New York-based Time Equities, the $600 million project will feature 280 residential units, and 155 hotel and retail units totaling 580,000 square feet. The project is expected to achieve LEED-Gold certification, with sustainable features including a green roof, an energy-efficient glass façade, sustainable and rapidly renewable construction materials, the recycling of demolition waste, water-efficient fixtures, and automated blinds and energy control systems. Completion is scheduled for 2011. The tower was designed by Helmut Jahn, with New York-based Gruzen Sampton serving as architect of record.

June 30, 2008

Multifamily Northeast

385 WEST 12TH STREET TOPS OUT

by admin June 30, 2008

NEW YORK CITY — Manhattan, New York City-based FLAnk has topped out construction of 385 West 12th Street, a seven-story condominium tower located between Washington and West streets in the West Village neighborhood of Manhattan. The building will contain 12 residences, seven of which are already under contract. The remaining five comprise two penthouse units and three triplex townhomes, which are priced from $8.3 million to $13.5 million. Each unit features 10- to 18-foot ceilings, luxury finishes and a home automation system to control the unit’s lighting and temperature. Building amenities include a 2,700-square-foot, two-tier rooftop common area; it features a 50-foot, outdoor heated lap pool, an oversized hot tub and an outdoor shower on the upper tier, as well as a built-in dining area with two gas grills and a refrigeration unit, an exercise area, and a meditation deck on the lower tier. The building also contains a 24-hour concierge, a dedicated storage area for residents and cellar storage units. Completion is scheduled for early 2009.

June 30, 2008

Northeast Office

SHORENSTEIN PROPERTIES ACQUIRES $250 MILLION MEZZANINE LOAN

by admin June 30, 2008

NEW YORK CITY — Shorenstein Properties has acquired a $250 million senior mezzanine loan back by 450 Lexington Ave., a 910,000-square-foot office building located in the Grand Central neighborhood of Manhattan, New York City. The purchase was made by Shorenstein on behalf of Shorenstein Realty Investors Nine, the firm’s private, commingled fund. It was part of a 5-year, fixed-rate package made to Lexington Operating Partners, the building’s owner, in August 2007. The property is currently fully occupied, with major tenants including Davis Polk & Wardwell, Warburg Pincus and Citigroup.

June 30, 2008

Newer Posts

Older Posts