NEW YORK, NEW JERSEY, CONNECTICUT — M. Robert Goldman & Co. (MRG) has arranged $105 million in financing for the acquisition of 22 industrial properties in New York, New Jersey and Connecticut. The portfolio totals 1.7 million square feet. Jonathan Goldman and John Robustello of MRG arranged the financing for the borrower, an affiliate of Lighthouse Real Estate Venture. Funding was secured through the firm’s relationship with John Hancock Life Insurance Co.
Northeast
NEW YORK CITY — Eastern Consolidated has completed the $12.3 million sale of a development parcel at 112-14 W. 31st St. in Manhattan, New York City. The parcel completes an assemblage of land that will be used to develop 855 Avenue of the Americas, a mixed-use development that will contain six stories of retail space and 200,000 square feet of condominiums. Marcia Rose Yawitz and Anna Maria Ronquillo of Eastern Consolidated represented the seller, Edward Eden of E&E Associates, and Alan Miller, Dan Glaser and Sam Schneider, also of Eastern Consolidated, represented the buyers, Yitzchak Tessler and Joe Chetrit of 855 Realty Owner LLC.
CLOSTER, N.J. — Greg Babaian, Ben Sgambati and Jin Lee of Marcus & Millichap have completed the $2.72 million sale of a mixed-use facility located at 214-218 Closter Dock Rd. in Closter. The facility comprises eight apartment units and five retail stores. Babaian represented the seller, Riverhead Construction, and Sgambati and Lee, represented the buyer MGS World, in the disposition.
CLIFTON, N.J. — ARC Properties has sold 26 retail properties that were held in ARC Corporate Realty Trust for $212 million. The properties were located in 10 states and included retailers such as Walgreen’s, Barnes & Noble, Bed Bath & Beyond, AT&T, CaraMont Health Systems, OfficeMax and United Technologies. ARC plans to pursue acquisitions and development in the New York to Washington, D.C. corridor with a focus on New Jersey.
NEW YORK CITY — Douglaston Development is currently constructing The Edge, a 1,085-unit luxury condominium in the Williamsburg neighborhood of Brooklyn, New York City. The project sits on a 7.5-acre waterfront site and will encompass three residential towers. Construction is currently underway on South Edge, a 30-story tower that will contain 370 units that range in size from 490-square-foot studios to 2,075-sqaure-foot three bedroom units; and North Edge, a 15-story tower that will house 205 residential units that range in size from 570-square-foot studios to 2,275-square-foot three bedrooms. The project will feature more than 60,000 square feet of retail, below-grade parking for 700 cars and 1.75 acres of open space. Prices for the units start at $420,000.
EAST ORANGE, N.J. — Construction is underway on Evergreen Crossing, a transit-oriented, mixed-use development in East Orange. Upon completion, the project will feature retail, office, residential and hotel components, as well as decked parking spaces. The retail component is slated to feature approximately 200,000 square feet of retail space. The project is located directly opposite of Brick Church Station, which provides Midtown Direct commuter service to New York City. Daniel Geller and Richard Schulz of CB Richard Ellis will head up the leasing efforts for the retail portion of the project.
NEW YORK CITY — Naomi Shu of Marcus & Millichap has completed the $6.4 million sale of a 13,515-square-foot retail property in Queens, New York City. The six-story property is situated on a 6,947-square-foot lot in Queen’s Elmhurst neighborhood between Roosevelt Avenue and 40th Road. Shu represented the seller, Slope Realty Co., and the buyer, 53-55 Hester LLC, in the 1031 exchange transaction.
HAVERHILL, MASS. — Fantini & Gorga has arranged $6.1 million in construction financing for Lafayette Crossing in Haverhill. The 12,000-square-foot, standalone CVS Pharmacy is situated on a 1.2-acre site at the intersection of Lafayette Square, which is the apex of five major streets in Haverhill. The borrower is Hecht Development.
NEW YORK CITY — Forest City Enterprises is set to construct Beekman, a 76-story tower in Lower Manhattan, New York City. The new tower will total 1.1 million square feet and feature 900 market-rate apartments, a pre-K through 8th grade school, an ambulatory care center for New York Downtown Hospital, ground-floor retail space and below-grade parking. The site is bounded by Beekman Street to the south, William Street to the east and Spruce Street to the north, and is adjacent to the New York Downtown Hospital. Forest City recently closed a $680 million construction loan for the development. The loan was funded by Eurohypo, NordLB, ING Real Estate Finance, Fifth Third Bank, National Electrical Benefit Fund and the New York Housing Development Corp.
DALLAS TOWNSHIP, PA. — Construction is set to begin in November on a 220,000-square-foot high school in the Dallas Township school district. Developed by Crabtree Rohrbaugh Associates, the school is set on approximately 100 acres and will serve 1,400 students. The $43 million project is slated for completion fall 2010. K&W Engineers and Consultants is providing the site/civil engineering services for the project.