Thursday, May 28, 2026
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CONVERSION OF MERCHANT BANK BUILDING UNDERWAY

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NEW YORK CITY — Savanna is currently converting the 1897 Merchant Bank Building at Fifth Avenue and W. 21st St. in Manhattan, New York City, into luxury condominiums. Known as 141 Fifth Avenue, the 14-story building will feature 38 loft condominiums and four penthouse units. The conversion and interior design of the landmark building is being completed by Cetra/Ruddy, and CORE Group Marketing is handling the sales of the facilities, which are more than 85 percent sold. Occupancy is slated for late 2008.

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MultifamilyNortheast

NORTHMARQ CAPITAL ARRANGES $14.9 MILLION IN FINANCING

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HILTON AND PENFIELD, N.Y. — NorthMarq Capital has arranged $14.9 million in financing for two multifamily properties in Upstate New York. The Hilton Village Apartments in Hilton features 234 units, and the White Oaks Apartment complex in Penfield contains 72 units. Sam Berns of NorthMarq arranged the financing on a 10-year term with an aspect of interest only followed by a 30-year amortization schedule. The loan was placed for the undisclosed borrower through AmeriSphere Multifamily Finance, a wholly owned subsidiary of NorthMarq Capital that specializes in Fannie Mae DUS lending.

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NortheastOffice

THE TRYAD GROUP AND ALEX MILTSCH TO DEVELOP ROCHESTER PARK STUDIOS

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ROCHESTER, N.Y. — The Tryad Group and Alex Miltsch have announced the development of the Rochester Park Studios at the Rochester Technology Park in Rochester. The project will be constructed in two phases. The first phase of development will take place within Buildings 2 and 3 of the Tech Park and will include the development of permanent sound stages, planned back-lot locations, post-production facilities, dedicated production office space and mixed-use space to accommodate production industry vendors and support companies. The second phase of development will be the construction of an adjacent office building for filmmakers, production companies, musicians, creative professionals, ad agencies, production and support businesses and vendors, as well local businesses and academic institutions that serve as incubators for the local film industry. The Tryad Group owns the 5 million-square-foot Rochester Technology Park and Miltsch is the president and founder of Rochester Park Studios.

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MultifamilyNortheast

EQUITY RESIDENTIAL SELLS CASCO BAY PORTFOLIO

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SCARBOROUGH AND PORTLAND, MAINE — Equity Residential has sold the Casco Bay Portfolio for $35 million to affiliates of the Philadelphia-based Resource Real Estate. The portfolio consists of Coach Lantern, a 90-unit townhouse community in the Prouts Neck area of Scarborough; Foxcroft, a 104-unit townhouse apartment community in Scarborough; and Tamarlane, 115-unit apartment community in the Back Cove district in Portland. Robert Griffin, Jr., Simon Butler and Biria St. John of Cushman & Wakefield represented the seller and procured the buyer in the disposition.

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MultifamilyNortheast

MARCUS & MILLICHAP BROKERS $5.3 MILLION SALE

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NEW YORK CITY — Zachary Felson of Marcus & Millichap has brokered the $5.3 million sale of a portfolio of five multifamily buildings in the Bedford-Stuyvesant area of Brooklyn, New York City. The portfolio contains a total of 62 units and comprises 257 Quincy St., 308 Stuyvesant Ave., 570 Jefferson Ave., 788 Madison St., and 790 Madison St. Felson represented the undisclosed seller and procured the undisclosed buyer in the transaction.

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CivicNortheast

TUFTS BUILDING GOES VERTICAL

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BOSTON — Tufts University has started a vertical addition to an existing 10-story building in the School of Dental Medicine in Boston. The 5-story addition will include 95,000 square feet and is expected to meet LEED certification. Two clinical patient floors, expanded simulation lab and teaching facilities, a conference center and administration offices will occupy the addition. Project partners include ARC/Architectural Resources and Shawmut Design and Construction. Completion is slated for 2010.

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NortheastOffice

245,000-SF OFFICE BUILDING TRADES HANDS IN PHILADELPHIA

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PHILADELPHIA — Cushman & Wakefield have arranged the sale of a 245,000-square-foot office building in Philadelphia. Liberty Resources acquired the property from 714 Holdings for an undisclosed amount. The 7-story building, located at 714 Market St., is located in the historic Independence Mall submarket in Center City. Roger McManimon and Jack Myers of Cushman & Wakefield represented the seller in the transaction. Vince Jolly of Selisohn, Soens, Hess represented the buyer.

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Northeast

COLDWELL BANKER BROKERS 51-ACRE LAND DEAL

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WEST POTTSGROVE, PA. — Bethlehem, Pa.-based Diamond-Elite Realtors, an affiliate of Coldwell Banker Commercial (CBC), has brokered the sale of 51 acres in West Pottsgrove. Patrick Heller acquired the property, located at 2 Glasgow St., for $3 million from Milton Yohn. David Prizer of CBC represented the buyer and David Specht, also of CBC, represented the seller in the transaction.

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