PATERSON, N.J. — Mercury Development Group is nearing completion for Silk City Lofts, a 48-unit residential loft building located at 175 Broadway in Paterson. The project comprises the conversion of a five-story former silk mill into residences. Building amenities include 11-foot windows, on-site parking, natural oak flooring, granite countertops, a fitness center and a lobby concierge. Completion is scheduled for this summer. Ridgewood, N.J.-based Poskanzer Skott Architects served as project architect for the redevelopment.
BAYPORT, N.Y. — The Long Island, New York, office of CB Richard Ellis (CBRE) has brokered the sale of a 23,000-square-foot industrial facility, located at 500 Church St. in Bayport, for approximately $2 million. The single-story structure features 24-foot clear ceiling heights, and 3,050 square feet of finished office and showroom space. Robert Godfrey and David Godfrey of CBRE represented the buyer, Winona Realty Ventures, as well as the seller, Pedrini International. Winona subsequently signed CBRE as the exclusive leasing agent for the property.
LEWISTON, N.Y. — Buffalo, N.Y.-based The Rose Hill Group (RHG) has arranged $3.66 million in construction financing for Legacy at Lewiston, a 120-unit multifamily community located in the Niagara Falls, N.Y., suburb of Lewiston. The project will comprise 40 for-sale condominiums and 80 for-rent apartments on approximately 23 acres. Thomas Grzebinski of RHG arranged the financing for the undisclosed borrower through a regional bank. Construction for the project is set to begin this month.
NEW CASTLE, DEL. — Marcus & Millichap has brokered the sale of Hampton Walk, a 370-unit multifamily community located at 1627 New Jersey Ave. in New Castle, for $17.25 million, at a price of $46,622 per unit. Situated on 16.65 acres, Hampton Walk comprises 133 one-bedroom units and 237 two-bedroom units in 94 two-story buildings. Donald MacLaren and Clark Talone of the Philadelphia office of Marcus & Millichap represented the seller, MPI Hampton Walk LLC. The property was acquired by Evergreen Realty.
NEW YORK CITY — Construction is advancing for The Viridian, six-story apartment building located at 110 Green St. in the Greenpoint neighborhood of Brooklyn, New York City. The project will feature 130 units, ranging in size from 650-square-foot, one-bedroom residences to 1,877-square-foot, three-bedroom residences. Units will feature up to 9-foot ceilings, with 16-foot ceilings for penthouse units, as well as hardwood floors, floor-to-ceiling windows, wireless Internet access, security systems and rooftop cabanas at an additional cost. Building amenities include a sauna, a billiards room, a screening room, an indoor children’s play room, an indoor swimming pool and a gym. Residents will also have access to a reading room, a rooftop putting green and a garden. The Viridian was designed by Meltzer/Mandi Architects, with Hadas Design providing interior design services. The Developers Group is serving as marketing and leasing agent for the property. First occupancies are scheduled for the beginning of 2009.
BRIDGEPORT, CONN. — Orange, Conn.-based Fischer Real Estate has negotiated the sale of two apartment buildings located in Bridgeport for a total of $2.4 million. The first building contains 24 one-bedroom units, and is located at 299 Berkshire Ave. It was sold by New York-based Berkshire Barnum Management Realty. The second building contains 22 one-bedroom apartments and two commercial units, and is located at 798-810 Howard Ave. It was sold by Bridgeport Holdings. Both properties were acquired by Tara Holdings. Cynthia Tsolkalas of Fischer Real Estate represented all parties in the transaction.
ENDICOTT, N.Y. — Sperry Van Ness (SVN) has arranged the sale of a self-storage property located at 1400 Campville Rd. in Endicott for $2.25 million. The property features 298 rental units and approximately 36,130 square feet of additional space. It was 93 percent leased at the time of closing. Thomas Rithven and Nicholas Malagisi of SVN represented the buyer, a New York-based self-storage management group. The seller was undisclosed.
NEW YORK CITY — CB Richard Ellis (CBRE) has completed lease a for 109,000 square feet at 40 W. 57th St. in New York City. The lessee, Highbridge Capital Management, will occupy the top five floors of the building; asking rents for the office space were $130 per square foot on the 30th through 32nd floors and $140 per square foot for the 33rd and 34th floors. Howard Fiddle, Sloane Rhulen and Zach Freeman of CBRE arranged the 10-year lease on behalf of the landlord, LeFrak Organization. Franklin Speyer and Louis D’Avanzo of Cushman & Wakefield represented the tenant.
HIGHSTOWN, N.J. — Skanska USA Building has broken ground for the $38 million expansion and renovation of the Ian H. Graham Athletic Center in Highstown. Additions to the 112,000-square-foot building will include a new natatorium with a 35-meter pool, spectator seating, lockers and mechanical space. Once the new pool is complete, the existing pool will be modified to contain a new fitness center, a multi-purpose area, and training and sports medicine areas. The existing fitness area, locker rooms, laundry area and training areas will be renovated. Finally, a new outdoor turf field and parking lot will be built, along with improvements to the entry road. Completion is scheduled for 2010. RMJM Hillier is serving as project architect.
HOBOKEN, N.J. — Construction is advancing for Vesta Hoboken, a six-story condominium project located at 609 Observer Highway in Hoboken. The building will contain 16 residences; two-bedroom units will range in size from 1,142 to 1,492 square feet, and three- and four-bedroom penthouse units will range in size from 2,213 to 2,351 square feet. Prices will range from $690,000 to $1.47 million. Building amenities will include on-site parking, a private gym, a lounge, a Video Doorman system and individual storage units. Two-bedroom units will feature floor-to-ceiling windows, wide-planked oak flooring, terraces in select units, a video intercom system and high-end finishes. Penthouse units also include large terraces and fireplaces. Dean Marchetto Architects is designing the building, and The Marketing Directors is serving as the project’s sales and marketing agent.