Northeast

GEBROE-HAMMER COMPLETES $14 MILLION APARTMENT PORTFOLIO BUY

by admin July 22, 2008

NEWARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associated has completed the acquisition of an eight-building multifamily portfolio in Newark for $14 million. The properties comprise 256 rental units, and cover a full city block between 624 and 784 Martin Luther King Blvd. David Oropeza and David Jurvis of Gebroe-Hammer represented the buyer, TreeTop Development. Meridian Capital Group arranged the acquisition financing through NY Community Bank and Signature Bank. The seller was undisclosed.

July 22, 2008

SL GREEN LAUNCHES $33 MILLION CAPITAL IMPROVEMENTS PROGRAM

by admin July 22, 2008

NEW YORK CITY — New York City-based SL Green Realty Corp. has begun multi-million dollar renovations to three of its New York City office properties. A $7 million renovation is currently underway at 711 Third Ave. in Manhattan. Renovations to the 20-story, 553,000-square-foot office building include an upgraded lobby and elevator cabs, a state-of-the-art security system, an expansion of the building’s Third Avenue entrance and the restoration of the mosaic mural that surrounds the elevator banks. TPG Architecture is managing the renovation process. Also in Manhattan, a $10 million improvement program is underway at 810 Seventh Ave. The 41-story, 694,000-square-foot property will receive renovations to the lobby, elevator cabs, fire alarm system, common corridors and bathrooms. A façade restoration and electrical system upgrade will also be completed. A+I Design is serving as the project’s design architect. Finally, a $16 million renovation is underway at 16 Court St., a 38-story, 284,000-square-foot office building located in Brooklyn. Renovations will include a new lobby and elevator cabs; a modernization of the elevator equipment; new windows; a façade restoration and upgrades to the restrooms and common corridors. TPG will also be overseeing this project.

July 22, 2008

Northeast Office

WINOKER REALTY BROKERS $2.9 MILLION OFFICE CONDO PURCHASE

by admin July 22, 2008

NEW YORK CITY — New York City-based Winoker Realty has arranged the acquisition of a 5,000-square-foot office condominium, located on the third floor of 134 West 29th Street in Midtown Manhattan, New York City, for $2.9 million. The condo was purchased by DNT Enterprises, which will be relocating from its previous office at 60 E. 42nd St. Jonata Dayan and Adam Ben-Dayan of Winoker represented DNT Enterprises. The owner, PADAM LLC, was represented by Dan Segal of Newmark Knight Frank and Russell Miller of Brown Harris Stevens.

July 22, 2008

Northeast Office

CBRE ARRANGES $9.8 MILLION BRIDGE LOAN FOR OFFICE

by admin July 22, 2008

BRANCHBURG, N.J. — The Debt & Equity Finance Group of CB Richard Ellis (CBRE) has arranged a $9.8 million bridge loan for Branchburg Centre, a 91,719-square-foot office building located at 3040 Route 22 West in Branchburg. The two-story property is currently 85 percent occupied by a tenant roster that includes Hewlett Packard and Ortho Biotech. James Gunning and Donna Falzarano of CBRE secured the loan on behalf of Normandy Realty Partners through a New England-based commercial bank.

July 22, 2008

Mixed-Use Northeast

JV ACQUIRES 830,000-SF GIRARD SQUARE

by admin July 21, 2008

PHILADELPHIA — Girard Square Partners LLC has entered into an agreement with TCA Girard LP to acquire the leasehold interest in Girard Square, an 830,000-square-foot mixed-use complex located in Philadelphia. The complex spans an entire city block, and is bounded by Market, Chestnut, 11th and 12th streets. It comprises four buildings and a parking garage that contains 721,279 square feet of office and retail space, and 500 spaces of parking, respectively. The four buildings include the 13-story Stephen Girard Building, located at 21 S. 12th St.; the two-story 1100 Market Street building; the eight-story 34 South 11th Street building; and the four-story 1101 Chestnut Street building. The interest was acquired from the estate of Stephen Girard for an undisclosed amount. Girard Square Partners is a private partnership between PJSC – Joss Real Estate Partners I LLC, Philadelphia-based Young Capital and Philadelphia-based SSH Real Estate. The property will be leased and managed by SSH.

July 21, 2008

Multifamily Northeast

EASTERN CONSOLIDATED ARRANGES $61 MILLION SALE OF TWO APARTMENT BUILDINGS

by admin July 21, 2008

NEW YORK CITY — Eastern Consolidated has arranged the sale of two apartment buildings located on the Upper West Side of Manhattan, New York City, for $61 million. Located at 201 W. 92nd St. and 200 W. 93rd St., the buildings contain 134 rental apartments and 11 retail stores that total more than 10,000 square feet of space. The property encompasses an entire block of Amsterdam Avenue frontage between 92nd and 93rd streets. The Manhattan-based buyer plans to upgrade and re-tenant the vacant apartments, and lease the eight vacant stores in the buildings. George Moss, Deborah Gutoff and Paul Nigido of Eastern Consolidated represented the seller, a partnership involving Kent Swig of Swig Equities. Brian Ezratty, also of Eastern Consolidated, procured the buyer and negotiated the acquisition financing in a separate transaction with iStar Financial.

July 21, 2008

Multifamily Northeast

KALMON DOLGIN BROKERS SALE OF DEVELOPMENT SITE

by admin July 21, 2008

NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin has brokered the sale of a 42,000-square-foot development site located along North 3rd Street in the Williamsburg neighborhood of Brooklyn for $22 million. The property consists of a block-long vacant parcel that encompasses the addresses 201 Berry St. to 248 Bedford Ave. The buyer, Henry Wollman of Quadriad Realty Partners, plans to develop the site into approximately 82,000 square feet of residential space with underground parking and a retail component. Joe Nicholas of Kalmon Dolgin represented Wollman, as well as the seller, Wydra Enterprises, in the transaction.

July 21, 2008

Northeast Office

CBRE BROKERS $15.15 MILLION OFFICE SALE

by admin July 18, 2008

GREENSBURG, PA. — CB Richard Ellis (CBRE) has brokered the sale of an 83,000-square-foot office building, located at 144 N. Main St. in Greensburg, for $15.15 million The property was constructed in 2007 as a build-to-suit for the Commonwealth of Pennsylvania Department of Labor and Industry, which currently occupies the entire building on a 15-year lease. Stephen Marzullo and Michael Blunt of CBRE’s Philadelphia office represented the seller, Hermitage, Pa.-based Hudson Holding Co. The buyer was undisclosed.

July 18, 2008

Civic Northeast

ECKMAN COMPLETES $4.3 MILLION PROJECT FOR PIERCE UNIVERSITY

by admin July 18, 2008

RINDGE, N.H. — Bedford, N.H.-based Eckman Construction has completed the new Attilio and Beverly Petrocelli Hall at Franklin Pierce College in Rindge. The $4.3 million project consisted of the construction of a 23,000-square-foot facility, which will house the college’s arts, humanities and social sciences programs. Petrocelli Hall contains classrooms, a computer lab, design studios, a darkroom, a conference room and faculty offices. It will be open in time for the start of the fall semester.

July 18, 2008

Northeast Retail

MARCUS & MILLICHAP BROKERS SALE OF GLENVIEW PLAZA

by admin July 18, 2008

PENNDEL, PA. — Marcus & Millichap has brokered the sale of Glenview Plaza, a 15,060-square-foot shopping center located in Penndel, for $1.5 million. Adam Simon of the Philadelphia office of Marcus & Millichap represented the seller, a locally based investment group, and procured the buyer, an individual investor from northern New Jersey. The buyer purchased the property as value-add opportunity and plans to re-tenant the vacant space.

July 18, 2008

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