NEW YORK CITY — A $157 million loan has been secured for Two Northside Piers, a residential development in Brooklyn, New York City. The 30-story facility will feature 270 studios, one-, two- and three-bedroom units. The facility is being developed by Toll Brothers City Living, RD Management and L&M Development Partners. The loan was funded by Citibank.
NEW YORK CITY — A new IKEA store is nearing completion in Brooklyn, New York City. The 346,000-square-foot store is situated on 22 acres along the Erie Basin waterfront in Red Hook, south of the BQE/Gowanus Expressway and southeast of the Brooklyn-Battery Tunnel. The store will feature 50 different room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant. The project also features a 6.5-acre public waterfront esplanade. The store is slated to open this June.
NEW YORK CITY — Red Stone Partners has closed a $74 million tax-exempt financing and a $35 million direct equity placement for the preservation and rehabilitation of Linden Plaza, a low-income multifamily facility in Brooklyn, New York City. The facility contains five high-rise buildings with 1,527 rental units. The borrower, The DeMatteis Organization, plans to utilize approximately $52 million to renovate the property. Funding was provided by Wachovia Multifamily Capital and Freddie Mac. Red Stone provided first loss mezzanine credit enhancement and arranged for the direct placement of $35 million in tax credit equity with a single investor. The NYC Housing Development Corporation issued tax-exempt multifamily housing bonds for the facility.
NEW YORK CITY — Sam Schneider and Daniel Glaser of Eastern Consolidated have completed the $7 million sale of a four-story townhome in Manhattan’s Greenwich Village in New York City. Located at 129 Charles St., the property also includes 9,000 square feet of air rights. The new owner plans to restore the property for use as a residential facility. Schneider and Glaser represented the seller, Ed Friedman, and procured the undisclosed buyer in the sale.
NEW YORK CITY — iCap Realty Advisors of NY has arranged a $7.5 million loan for a 12-story commercial loft building in the Flatiron district in Manhattan, New York City. The facility comprises 45,000 square feet of space and it is currently 100 percent leased to a ground-floor retailer, residential loft tenants and a variety of office tenants. The permanent first mortgage loan was arranged by Harout Ghazarian of iCap for an undisclosed borrower.
NEW YORK CITY — Marcus & Millichap has brokered the $1.2 million sale of an 8-unit multifamily property in Brooklyn, New York City. Located at 217 St. John’s Place, the property was part of a larger portfolio of properties located throughout Park Slope and Brooklyn Heights. Matthew Fotis, Daniel O’Brien, Matthew Rosenzweig, Michael Frost and David Shorenstein of Marcus & Millichap represented the undisclosed seller, and Fotis also secured the undisclosed buyer in the transaction.
BURLINGTON TOWNSHIP, N.J. — Ivystone Properties is currently constructing the Burlington Professional Campus in Burlington Township. The campus will feature 58,000 square feet of space set within seven single-story, 6,800-square-foot buildings and two 5,200-square-foot buildings. The facility is located on Burlington-Mt. Holly Road with access to I-295, U.S. Route 130, the Pennsylvania Turnpike and the New Jersey Turnpike. Colliers Lanard & Axilbund have been appointed the exclusive leasing agents for the complex. Cooper Health System, The May Institute, Burlington Insurance Agency and Health Management Systems have all taken space in the campus.
NORWICH, CONN. — The Hampshire Companies has acquired One Winnenden Rd., a 76,657-square-foot industrial/warehouse facility in Norwich. Situated on more than 13 acres, the building features warehouse and manufacturing space and 15,000 square feet of office. It is currently fully leased by Gunther International. The building was purchased on behalf of The Hampshire Generational Fund. Daniel Barber of Northeast Property Group and Nick Morizio of Colliers Dow & Condon represented Hampshire in the sale. The sale price was undisclosed.
NEW YORK CITY — Rhodes NY and Vista Realty Partners are set to construct a 14,000-square-foot retail center in Brooklyn, New York City. Located at 3063 Cropsey Ave., the one-story facility will accommodate four retailers of 3,000 square feet each. The center is scheduled to be complete in June 2008.
CRANBERRY, PA. — The Silk and Stewart Development Group has purchased the Cranberry Corporate Center in Cranberry. The six-building flex office/warehouse complex is located on Executive Drive just north of Route 228 and directly west of Route 19. The sale price was undisclosed. Robert Blackmore and Richard Gasperini of CB Richard Ellis’ Pittsburgh office are the exclusive leasing agents for the center.