Northeast

NEW YORK CITY — Red Apple Real Estate has broken ground for the first phase of its Myrtle Avenue residential development located in the Fort Greene neighborhood of Brooklyn, New York City. The first phase of the project will include approximately 85,000 square feet of residential apartments and approximately 22,000 square feet of retail space. Potential retail tenants include a pharmacy and a neighborhood grocery store. The project will ultimately contain three low-rise residential buildings bounded by Ashland Avenue and Prince Street, and one high-rise building between Prince Street and Flatbush Avenue.

GREECE AND WEBSTER, N.Y. — The Upstate New York office of NorthMarq Capital has arranged an $18 million loan for the refinancing of two New York apartment communities. The first is Holyoke Park, a 720-unit property located in Greece, and the second is Country Manor, a 328-unit property located in Webster. Terms of the loan include a 30-year amortization schedule and 5-year fixed interest rates averaging 4.83 percent. The borrower is The Farash Corporation and the lender is Freddie Mac.

NEW YORK CITY — Construction is underway for a nine-unit condominium building located at 180 E. 93rd St. in the Carnegie Hill neighborhood of Manhattan, New York City. Individual units will contain three or four bedrooms, and will feature an open-air terrace or balcony, a library or study, bay windows, a stone-surround fireplace, slate kitchen countertops, marble master bathrooms, and an integrated interface that controls the climate, entertainment, security and lighting of the entire condo. The property will also include sustainable features such as geothermal heating and cooling, rainwater irrigation for the property’s private garden, sustainable and recycled construction materials and efficient fixtures. Building amenities include a doorman service, a children’s playroom, temperature-controlled wine storage, outdoor space and a fitness facility. The property is being developed by Greystone Property Development, with Barry Rice Architects providing design services. First occupancies are scheduled for spring 2009.