Northeast

NEW YORK CITY — Roe Development has begun construction on Star Tower, a 25-story residential condominium located in the Long Island City area of Queens, New York City. The 180-unit tower, which is located at 28-02 42nd Rd., will offer one- and two-bedroom residences ranging from 617 to 1,213 square feet. Amenities include The SkyDeck, a 2,700-square-foot residents-only rooftop deck; and The SkyLounge, a 1,000-square-foot club room. The project will also include the Great Lawn, a 7,500-square-foot mezzanine-level lawn. Prices for the units range from $425,000 to more than $1 million.

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EAST HARTFORD, CONN. — The Urban Strategy America Fund, a New Boston real estate investment fund, has acquired a seven-building industrial portfolio from BKM Enterprises for an undisclosed price. Totaling 389,876 square feet, the portfolio is located within three locations in East Hartford. Located within Founders Plaza, 300 E. River Dr. is a single-story flex building, and 60 and 71 Meadow Rd. is a contemporary manufacturing building. A fourth manufacturing building is located at 71 George St., and two warehouse/distribution high-bay buildings are located at 33 and 47 Leggett Rd. The final two shallow-bay flex buildings are located at 59 Leggett Rd. and 22 Rumsey Rd. in an established industrial area. BKM Enterprises will lease back six of the buildings on 10-year terms. Sean Duffy of Cushman & Wakefield represented BKM Enterprises in the transaction.

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TRENTON, N.J. — CB Richard Ellis has brokered the sale of two multifamily facilities in Trenton. The Beechwood Garden apartment complex sold for $3.1 million to an undisclosed buyer. The 62-unit facility sits on 1.15 acres in the Hillcrest area and was 48 percent occupied at the time of the sale. The Greenwood Avenue Gardens facility is located at 1020 Greenwood Ave. and consists of 18 units set within three stories. Situated on .32 acres, the facility sold for just under $1 million to an undisclosed buyer. The property was 95 percent occupied at the time of the sale. Mark Duszak, Robert Miller, John McFadden and Corey Lonberger of the Miller/McFadden Multi-Housing Group of CB Richard Ellis represented both undisclosed sellers in the transaction.

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NEW YORK CITY — Meridian Capital Group has arranged $60 million in financing for a mixed-use warehouse/office complex in the Long Island City area of Queens, New York City. The 500,000-square-foot facility is located at 33-00 Northern Blvd. and is currently leased to several city agencies and other tenants. Avi Weinstock and Seth Grossman of Meridian’s New York office arranged the loan on behalf of the undisclosed borrower. The loan was secured as a fixed-term loan with 2 years of interest only payments.

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NEW YORK CITY — Savills Granite has completed the approximately $100 million sale of 47 Citibank branches and offices located throughout the New York City metro area. The portfolio totals 157,312 square feet with properties ranging in size from 2,000 square feet to 8,000 square feet. The properties are located in Manhattan, Queens, the Bronx, Brooklyn, Staten Island, Westchester, Suffolk and Nassau counties. All properties are leased back to Citibank for 15-year terms.

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WESTWOOD, N.J. — Cushman & Wakefield have completed the $45 million sale of a 20-acre former hospital site in Westwood. Hackensack University Medical Center and Touro University College of Medicine purchased the facility. The new owners plan to construct a medial school, which is slated for occupancy in 2009. The site was formerly occupied by the 251-bed Pascack Valley Hospital, which filed for bankruptcy fall 2007. Andrew Merin, Jose Cruz, David Bernhaut and Gary Gabriel of Cushman & Wakefield orchestrated the sale.

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BOSTON — Richard Barry Joyce & Partners (RBJ) has completed the $8.7 million sale of 121 Brookline Ave. in Boston. The facility is slated to be the future home of the Longwood Research Center, a proposed six-story, 130,000-square-foot laboratory building. The project is pre-certified LEED compliant and is set to break ground this summer. Robert Richards of RBJ represented the seller, 121 Brookline Ave., LLC, and procured the buyer, Boylston Properties Co., in the transaction. Richards and Chris McCauley, also of RBJ, will lead the leasing team assigned to the project.

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BARNEGAT, N.J. — The Walters Group has broken ground on Whispering Hills, an eco friendly residential community in Barnegat. The new 258-unit development is situated on 85 acres on Rose Hill Road, and upon completion will feature 107 townhouses, 52 rental apartments and 99 single-family homes. The first phase, which is expected to be ready for occupancy late fall 2008, will include the construction of the townhomes. The development is anticipated to achieve silver LEED certification.

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PHILADELPHIA — Gebroe-Hammer Associates has completed the $22.35 million sale of The Courts, a 167-unit multifamily facility in Philadelphia. Located in the University Center area at 35000-3540 Powelton Ave., the complex consists of three restored Victorian-era apartment buildings. Units range from studios to three-bedroom residences with more than 30 different floor plans. Joseph Brecher and Eli Rosen of Gebroe-Hammer represented the seller, Powelton Avenue, and procured the buyer, The Courts LP, in the transaction.

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