NEW YORK CITY — New York City-based Eastern Consolidated has brokered the sale of The Century, a portfolio of 15 residential condominiums located in Manhattan, New York City, for $14.25 million. The condos are located at 25 Central Park West, above the fourth floor of the Art Deco building. They total 22,989 square feet. Eric Anton and Ronald Solarz of Eastern Consolidated represented the seller, Madison Century Realty. Deborah Gutoff, also of Eastern Consolidated, represented the buyer, 25 CPW LLC.
NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a 6,672-square-foot residential property located at 6834 Forest Ave. in Queens, New York City, for $1.75 million. The building comprises four retail stores on the ground floor and five apartments. Ami Efrati of Itzhaki represented the buyer, Kei Kei Enterprise, and Ohad Meishar, also of Itzhaki, represented the seller, Beth Page Realty. The property traded at a capitalization rate of 6.7 percent.
MONTGOMERY AND DELAWARE COUNTY, PA. — GPX Realty Partners has completed a $3.6 million capital improvements program to its Stillwell Apartment portfolio. The portfolio comprises five multifamily communities located in Pennsylvania’s Montgomery and Delaware counties. They include Concord Court in Aston; Livingstone, Wellington and Oak Terrace in Hatboro; and Longford in Ambler. Improvements included upgraded unit interiors, refreshed building exteriors, new community signage, extensive landscaping, new roofing, parking lot and driveway repairs, and electrical work.
WHITEHALL, PA. — Beacon Commercial Real Estate has brokered the sale of a 150,000-square-foot industrial building in Whitehall. Situated on 13.3 acres at 140 Mickley Rd., the facility was acquired by Horsham, Pa.-based Protica, which plans to relocate its manufacturing headquarters to the building in 2009. Joe O’Donnell of Beacon represented the seller, Saputo Cheese USA. The acquisition price was not disclosed.
ROCKVILLE CENTRE, N.Y. — Phase I has been completed for the $33 million renovation of Rockville Centre Apartments, a 154-unit, low-income apartment property located at 160 N. Centre Ave. in Rockville Centre. The community contains a mix of studio, one-, two-, three- and four-bedroom units in nine buildings. Two of the buildings were completed in the first phase — the roofs were replaced; new kitchens, baths and energy-efficient insulation were installed; and the windows and heating systems were replaced. Completion of all five phases is expected by September 2009. The renovation is being undertaken by Albany, N.Y.-based Omni Housing Development.
NORTH FAYETTE, PA. — CB Richard Ellis (CBRE) has completed the leasing of the entire 3000 Park Lane office building located in the Pittsburgh suburb of North Fayette. Intracorp, a subsidiary of CIGNA Corp., will occupy the five-story, 105,000-square-foot building until 2020. Gerry Dudley, Jamie Pivarnik and Robert Zwangler of CBRE’s Corporate Services Group represented the tenant. The landlord, Norcross, Ga.-based Wells Real Estate Funds, was represented by Dan Sliger, Jeremy Kronman and Tina McCall, also of CBRE.
NEWARK, N.J. — The Hampshire Companies, on behalf of Hampshire Partners Fund VII, has acquired a 25,000-square-foot industrial building located at 361-371 South St. in Newark. Situated on more than 4 acres, the property boasts easy access to the New Jersey coastal ports and Newark Liberty International Airport. Hampshire acquired the property from Polarome International, which subsequently entered into a lease with Hampshire for the property. Tom Monahan of Colliers Houston represented The Hampshire Companies in the transaction.
The Soho neighborhood in Manhattan, New York City, has become synonymous with shopping and entertainment. Bounded by Houston Street on the north, Layfayette Street in the east, Canal Street on the south and Sixth Avenue on the west, the growing popularity of the area has made it the place to be for retailers. Just in the last few years, the retail rental rates on Broadway in Soho have increased dramatically. Three years ago, retail rents on the first block on Broadway between Prince and Houston streets were around $200 per square foot, but today even small space on the first and second blocks of Broadway are ranging from $400 to $500 per square foot. Many high-end fashion retailers are clamoring to open stores in Soho not just for the opportunity for high retail sales, but to have a presence in one of Manhattan’s most sought after markets. Hugo Boss recently signed a substantial lease on Broadway between Prince and Spring streets, which in turn has prompted other major fashion retailers to seek space in the area. Many top European designers are also beginning to look for space in the Soho area. The Soho area is not just attracting small shop …
LOWER SALFORD, PA. — Groundbreaking has occurred for the new $100 million headquarters for biosciences company Almac Group. Situated on 40 acres in Lower Salford, construction will consist of a 240,000-square-foot building. Initially, the building will house two of the company’s divisions, Almac Clinical Services and Almac Clinical Technologies, but plans are already in place to expand other divisions at the site. Completion is scheduled for 2010.
MILFORD AND ROCKLAND, MASS. — Atlanta-based Hodges Ward Elliott (HWE) has negotiated the sale of two Massachusetts hotels. The first is the 173-room Milford Sheraton Hotel located in Milford, and the second is the 127-room Rockland Radisson Hotel in Rockland. Linchris Hotel Corp. acquired both of the properties from Ashford Hospitality Trust, with HWE negotiating the transaction. The acquisition price was not disclosed.