NEW YORK CITY — Wrightwood Capital has provided $15 million in financing for the construction of a 12-story condominium building located at 1055 Park Ave. in Manhattan, New York City. Developed by Davis Development Holdings, the facility will include eight units within more than 16,000 square feet of space. The opportunity was sourced through Sam Spinner and Laurie Shapiro of Meridian Capital.
Northeast
HAMILTON, N.J. — Opus East is set to begin construction on the first two speculative office buildings at the Mercer Corporate Center in Hamilton. The identical, three-story office buildings will feature 60,000 square feet each of Class A office space situated on 52 acres with a waterfront view. Located along Klockner Road just south of the intersection of Interstate 195 and Route 130, the facilities will be within close proximity to Exit 7A of the New Jersey Turnpike. Amenities will include walking trails, ponds and a new access road. Completion is slated for December 2008.
NEW YORK CITY – The Brooklyn Navy Yard Development Corp. (BNYDC) and Steiner Studios are set to develop a media campus on a 20-acre site in the Brooklyn Navy Yard in Brooklyn, New York City. The site will be able to accommodate a Hollywood style back-lot as well as a multitude of other media and entertainment uses. The partnership has issued a Request for Expressions of Interest in the hopes of attracting media, film, television, entertainment companies and non-profit organizations.
SOUTH NORWALK, CONN. — CB Richard Ellis (CBRE) has completed the $24.75 million sale of a retail/office portfolio in South Norwalk. The portfolio consisted of 61,146 square feet of retail property and 24,916 square feet of office space. The portfolio was 78 percent leased at the time of the transaction. Jeffrey Dunne, Dean Matus and Matthew Innes of CBRE represented the seller, Madison Tower Main Street LLC, an entity controlled by a partnership between BlackRock and Madison Marquette, in the sale. In addition, this same team from CBRE procured the buyer, TR SONO Partners, an entity controlled by F.D. Rich Co.
BLOOMFIELD, CONN. — Steven Inglese of the New Haven Group has completed the $13.3 million sale of a 60,000-square-foot medical complex in Bloomfield. The complex includes seven interconnected buildings that sit on 9 acres at 701 Cottage Grove Rd. The facility was 94 percent leased at the time of the sale. Inglese represented the seller, Cottage Grove Partners, and procured the buyer, an undisclosed affiliate of Realty Group, in the transaction.
NEW YORK CITY — Robert Knakal of Massey Knakal Realty Services has completed the $24 million disposition of a 75-foot wide development site in the Hudson Yards area of Manhattan, New York City. The property allows for approximately 96,281 buildable square feet as well as the opportunity to purchase roughly 22,219 square feet of air rights from the city. Knakal represented the seller, Saxa Inc., which sold the property to an undisclosed Long Island hotelier.
WOBURN, MASS. — Cumming Properties recently completed TradeCenter 128, a Class A, seven-story office facility in Woburn. The 400,000-square-foot facility was granted Gold Level LEED Certification and contains several other energy efficient features. Located along Route 128/95, the building is adjacent to the new Middlesex County Superior Court.
NEW YORK CITY — The Moinian Group is currently redeveloping 95 Wall St. in Downtown Manhattan, New York City, into a 507-unit luxury rental property. Dwell will feature studios and loft studios, as well as one- and two-bedroom residences. Amenities at the first Yoo Starck designed rental property will include onsite parking, complimentary breakfast and an indoor/outdoor lounge. Occupancy is slated for spring 2008.
PORTSMOUTH, R.I. — GMH Capital Partners has brokered the sale of Rainbow Heights, a multifamily property in Portsmouth. The facility features 10 duplexes that contain a total 18 three-bedroom units and two four-bedroom units. Dave Forrest and Randall Calvert of GMH Capital represented the seller, Northeast Housing, which sold the 6.95-acre property to Arbour Development Group for an undisclosed price. The new owner plans to fully renovate the facility.
PHILADELPHIA — Allstate Real Estate’s Commercial Mortgage division has provided $42 million in refinancing for the Convention Center Garage in Philadelphia. Thomas Maher of Wachovia Maher Partners arranged the financing for the borrower, Parkway Corp., on behalf of Allstate. The nine-story facility features 862 parking spaces with 29,000 square feet of ground floor retail space that if fully leased to four tenants.