NEW YORK CITY — Vornado Realty Trust is converting 40 East 66th St. into new, luxury condominium units. Located along Madison Avenue’s Golden mile, the newly converted facility will feature three-bedroom residences of approximately 2,450 square feet. Amenities include a children’s playroom, a fitness center and a 24-hour doorman. CetraRuddy is the architect for the project and sales and marketing is being overseen by Iva Spitzer of Corcoran Sunshine Marketing Group.
NEWTOWN SQUARE, PA. — GMH Communities Trust has sold its former military housing division, GMH Military Housing, to Balfour Beatty. The UK-based firm purchased the division for $350 million. Now managed under the name Balfour Beatty Communities, the business will continue to focus on providing housing for U.S. military personnel and their families throughout the U.S.
IRVINGTON, N.J. — The Kislak Company has brokered the sale of a retail center in Irvington. The 5,638-square-foot retail center is located at 1173-1181 Springfield Ave. at the intersection of Springfield and Stuyvesant avenues. The center is tenanted by Kennedy Fried Chicken, a delicatessen, a Dollar tree and a salon. The property was sold for $784,000 by an undisclosed buyer to an undisclosed seller. Robert Squires of Kislak represented the buyer in the transaction.
NEW YORK CITY — A.P.T. Parking Technologies and Westfalia Technologies have broken ground on the largest automated parking garage in Brooklyn, New York City. The 270-car facility is part of Baruch Singer’s new nine-story, 226,000-square-foot office building located at 1504 Coney Island Ave. The garage is specially designed to fit within the tight constraints of urban spaces. The garage is slated for completion mid-2010.
WILMINGTON AND MANSFIELD, MASS. — The Stubblebine Company has negotiated two industrial leases in Wilmington and Mansfield. The Wetmore Co. signed a long-term lease for 88,000 square feet of space in an industrial building located at 326 Ballardvale St. in Wilmington. The facility is owned by RREEF. In Mansfield, DGS Retail signed a long-term lease for 57,400 square feet of industrial space at 60 Maple St. The facility, which is owned by Calare Properties, is close to the intersection of I-495 and I-95. James and David Stubblebine and Matt Wolfe of Stubblebine represented DGS, and Calare was represented by Stefan Frey, Jim Thomson and Austin Smith in the transaction. James and David Stubblebine also represented Wetmore, and Tom Aitken of Grubb & Ellis and Steve James of NAI Hunneman represented RREEF, in the lease negotiations.
SOUTH BRUNSWICK, N.J. — CB Richard Ellis (CBRE) Capital Markets Group has arranged $16.5 million in financing for a Heritage Square Shopping Center in South Brunswick. The new 80,509-square-foot center contains three buildings and is fully leased to Target, Best Buy, Staples and Petsmart. The center is located at Route 1 and Stouts Lane. James Gunning and Donna Falzarano of CBRE arranged the financing for the borrower, The Morris Companies. Northwestern Mutual Life funded the loan.
EXETER AND NORTH HAMPTON, N.H. — Fantini & Gorga have arranged $7.8 million in financing for McFarland Ford in Exeter and Hampton Ford & Hyundai and the Sunbelt Rental building in North Hampton. McFarland Ford is a 28,000-square-foot property located on Route 108. Hampton Ford & Hyundai is situated on the northbound side of Route 1 on 9 useable acres. It contains two buildings totaling 67,300 square feet of space. The third property features 20,300-square-foot building set on a 3.21-acre industrially zoned parcel. The building is fully leased to Sunbelt Rentals. The borrower was undisclosed.
NEW YORK — Integra Realty Resources, a commercial real estate valuation and consulting firm has entered a non-binding agreement to acquire Altus Group Income Fund, a Canadian consulting firm much like Integra. The merger will increase Integra’s capabilities, offerings and services for its clients due to its expanded coverage in Canada and the United Kingdom. Additional expansion is part of the company’s overall strategic plan.
NEW YORK CITY — Stonehill Development is currently constructing Meserole, a luxury condominium development located at 127-129 Meserole St., in the Williamsburg neighborhood of Brooklyn, New York City. The four-story condominium will feature 16 units ranging from 654-square-foot studios to 1,573-square-foot one-bedroom residences. Designed by Karl Fischer, the units will feature 9-foot ceilings, hardwood floors, gourmet kitchens and private balconies. The homes start at $420,000. The Developers Group is the exclusive sales and marketing firm for the project.
NEW YORK CITY — Joel Silver and Ethan Eldon are currently converting an historic warehouse into Tribeca Summit, a 63-unit condominium development located at 415 Greenwich St. in the Tribeca neighborhood of Manhattan, New York City. The former Summit Warehouse was redesigned by H. Thomas O’Hara Architects and Conceptual Architect Anthony Morali of M Studio. Upon completion, the facility will feature two- and four-bedroom lofts, as well as penthouse duplexes and townhomes. Amenities include a fitness center, 24-hour concierge, a children’s playroom and 24-hour attended parking. Prices for the residences begin at $2.65 million. Prudential Douglas Elliman Developments is heading up the sales and leasing for the multifamily project.