BOOTHWYN, PA. — CB Richard Ellis (CBRE) has completed the sale of two office condominium units at Garnett Plaza, a new flex business park in Boothwyn. The units total 9,120 square feet and are located in the first building constructed within the park. Steve Italiano of CBRE represented the seller, Wood Duck Real Estate, and the buyer, 3060 LP, in the disposition. The sale price was undisclosed.
NEW YORK CITY — Cushman & Wakefield has negotiated an approximately 163,000-square-foot lease for Newsweek at 395 Hudson Street in Manhattan, New York City. The 600,000-square-foot Class A office building is owned by the New York City District of Carpenters Pension Fund. Josh Kuriloff, Gus Field and Melissa Bazar of Cushman & Wakefield represented Newsweek, and Jonathan Serko, Barry Zeller and David Malawer, also of Cushman & Wakefield, represented the building owner in the negotiations. American Realty Advisors’ Christina Hill is the asset manager advising the pension fund. Peter Bassano of Blealley, Platt & Schmidt LLP acted on behalf of the pension fund.
NEW YORK CITY — Marcus & Millichap has completed the $2.1 million sale of an 8-unit multifamily property in Brooklyn, New York City. Located at 9 St. Marks Ave., the facility was sold as part of a larger portfolio of properties located throughout Park Slope and Brooklyn Heights. Matthew Fotis, Daniel O’Brien and Matthew Rosenzweig of Marcus & Millichap represented the undisclosed seller, and Fotis procured the undisclosed buyer in the transaction.
NEW YORK CITY — Dmitri Gourianov of Kalmon Dolgin Affiliates has completed the $1.9 million sale of an industrial facility in the Queens Village neighborhood of Queens, New York City. The 15,000-square-foot property is located at 212-20/24 99th Ave. The property features a 10,000-square-foot industrial building and a 5,000-square-foot lot that contains a single-family home. The building features multiple drive-in doors, high ceilings and offices on the second floor. Gourianov represented the buyer, Public Utilities Maintenance, and George Kines of Kaplon-Belo represented the seller, Albert Abney, in the transaction.
JERSEY CITY, N.J. — Toll Brothers City Living is set to begin construction on Provost Square within the Powerhouse Arts District in Jersey City. Bordered by Warren Street and Marin Boulevard, the mixed-use project will feature condominiums that will contain 32 units of workforce housing; a performing arts center with a 550-seat theater, exhibition space and 16,000 square feet of classrooms, studios and rehearsal space; a 25,000-square-foot arts-oriented public plaza; and 50,000 square feet of retail space that will include shops, cafes, galleries, other art-oriented uses and the entrance to the Performing Arts Center. Provost Square was designed by Carol R. Johnson Associates.
NEW YORK CITY — Savanna is currently converting the 1897 Merchant Bank Building at Fifth Avenue and W. 21st St. in Manhattan, New York City, into luxury condominiums. Known as 141 Fifth Avenue, the 14-story building will feature 38 loft condominiums and four penthouse units. The conversion and interior design of the landmark building is being completed by Cetra/Ruddy, and CORE Group Marketing is handling the sales of the facilities, which are more than 85 percent sold. Occupancy is slated for late 2008.
BATH, N.Y. — A 67-room Microtel Inn & Suites has opened in Bath at 370 W. Morris St. Located just off I-86 in the Finger Lakes region, the economy hotel is within close proximity to the region’s local wineries and is just 80 miles from the Rochester International Airport. The three-story hotel is owned and operated by Indus Mehta Properties.
HILTON AND PENFIELD, N.Y. — NorthMarq Capital has arranged $14.9 million in financing for two multifamily properties in Upstate New York. The Hilton Village Apartments in Hilton features 234 units, and the White Oaks Apartment complex in Penfield contains 72 units. Sam Berns of NorthMarq arranged the financing on a 10-year term with an aspect of interest only followed by a 30-year amortization schedule. The loan was placed for the undisclosed borrower through AmeriSphere Multifamily Finance, a wholly owned subsidiary of NorthMarq Capital that specializes in Fannie Mae DUS lending.
ROCHESTER, N.Y. — The Tryad Group and Alex Miltsch have announced the development of the Rochester Park Studios at the Rochester Technology Park in Rochester. The project will be constructed in two phases. The first phase of development will take place within Buildings 2 and 3 of the Tech Park and will include the development of permanent sound stages, planned back-lot locations, post-production facilities, dedicated production office space and mixed-use space to accommodate production industry vendors and support companies. The second phase of development will be the construction of an adjacent office building for filmmakers, production companies, musicians, creative professionals, ad agencies, production and support businesses and vendors, as well local businesses and academic institutions that serve as incubators for the local film industry. The Tryad Group owns the 5 million-square-foot Rochester Technology Park and Miltsch is the president and founder of Rochester Park Studios.
SCARBOROUGH AND PORTLAND, MAINE — Equity Residential has sold the Casco Bay Portfolio for $35 million to affiliates of the Philadelphia-based Resource Real Estate. The portfolio consists of Coach Lantern, a 90-unit townhouse community in the Prouts Neck area of Scarborough; Foxcroft, a 104-unit townhouse apartment community in Scarborough; and Tamarlane, 115-unit apartment community in the Back Cove district in Portland. Robert Griffin, Jr., Simon Butler and Biria St. John of Cushman & Wakefield represented the seller and procured the buyer in the disposition.
