WAYNE, PA. — Cardiology Consultants of Philadelphia will open a 13,100-square-foot ambulatory surgery center in Wayne, located northwest of the city. The company will build out and operate the facility in partnership with Cardiovascular Logistics, SCA Health and Penn Medicine. Paul Rogers and Charlie Rogers of Colliers represented the cardiology group in its site selection and lease negotiations. The opening is slated for the end of the year.
NEW YORK CITY — Locally based investment and development firm Vanbarton Group has received $250 million in financing for an office-to-residential conversion project at 1011 First Ave. in Manhattan. An affiliate of Eldridge Capital Management provided the debt. The Roman Catholic Archdiocese of New York, which had housed its headquarters within the 20-story, 400,000-square-foot building since 1973, sold the property to Vanbarton Group for $103 million. The archdiocese has since relocated to 488 Madison Ave. The building is located within the Sutton Place submarket in Midtown Manhattan and is known locally as the Cardinal Terrence Cooke Center. Vanbarton plans to convert the property into a 420-unit multifamily property that will offer approximately 8,000 square feet of street-level retail space and more than 55,000 square feet of amenity space. Of the 420 units, 25 percent (105) will be reserved as affordable housing, though specific income restrictions were not disclosed. “The addition of 1011 First Avenue to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate and encompassing over 5 million square feet and 5,000 residences,” said Joey Chilelli, Principal at Vanbarton Group. CBRE’s Doug Middleton …
BOSTON — A partnership between local nonprofit organization Castle Square Tenants Organization (CSTO) and regional owner-operator WinnDevelopment has begun the $40 million repositioning of Eva White Apartments, a 102-unit affordable housing complex in Boston’s South End. The project will encompass upgrades to unit interiors and the creation of new amenity spaces, as well as energy system retrofits to the property’s two seven-story buildings. Specifically, each of the property’s 34 studios, 57 one-bedroom units and 11 two-bedroom units will be improved with modern kitchens, bathrooms and living room flooring. New health and wellness spaces and a new fitness room will be created for residents. The current common laundry room, community room and management office will also be renovated. Bank of America, MassHousing and Citizens Bank are financing construction, with BoA also serving as the federal Low-Income Housing Tax Credit investor. Completion is scheduled for 2026. Eva White Apartments originally opened in 1967 and serves seniors and people with disabilities. The Boston Housing Authority holds a 99-year ground lease on the complex, which protects the property’s long-term affordability status. CSTO became the 99 percent owner of the property in December after securing the financing for the project. This venture marks the organization’s …
DELANCO, N.J. — NAI Mertz has negotiated the sale of a 273,000-square-foot industrial facility in Delanco, located in Southern New Jersey. The building at 800 Coopertown Road, which was fully leased at the time of sale, features a clear height of 22 feet, 130-foot truck court depths and ample automobile and trailer parking space. A partnership between regional investment firm DH Property Holdings and New York City-based DRA Advisors purchased the building from Soho Studio Corp. for an undisclosed price. Scott Mertz of NAI Mertz brokered the deal.
EDGEWOOD, N.Y. — Uncle Giuseppe’s Marketplace has purchased a 53,600-square-foot industrial building in Edgewood, located on Long Island, for $13.5 million. The building sits on a 3.3-acre site at 77 Rodeo Drive and features a clear height of 26 feet, one drive-in door, 70 parking spots and 12,500 square feet of office space. Frank Frizalone, Nick Gallipoli, Thomas DeLuca and John Giannuzzi of Cushman & Wakefield represented the undisclosed seller in the transaction. Paramount Properties Group represented Uncle Giuseppe’s.
BURLINGTON, N.J. — New Jersey-based investment firm Aspen Real Estate has sold Bromley Corporate Center, a 57,900-square-foot industrial building in the Southern New Jersey community of Burlington, for $8.5 million. According to LoopNet Inc., the property was built in 1989. The building also recently underwent a comprehensive redevelopment to be re-converted from office back to its original industrial use. Ian Richman and Ross Abramsohn of Colliers represented Aspen in the transaction. The buyer was not disclosed.
CAMBRIDGE, MASS. — Marcus & Millichap has brokered the $6.6 million sale of Ellery Apartments, a 14-unit multifamily building in Cambridge, located across the Charles River from Boston. Originally constructed in 1880, the three-story building at 84-86 Ellery St. houses four studios and 10 one-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a private family, in the transaction and procured the buyer. Both parties requested anonymity.
NEW YORK CITY — A joint venture between Fetner Properties, MCB Real Estate and Farallon Capital Management has acquired Verdant Fort Greene, a residential building located within the Fort Greene neighborhood of Brooklyn, for $209 million. M&T Realty Capital Corp. (MTRCC) provided a $141.5 million senior loan for the transaction. Situated at 240 Willoughby St., the 30-story, mixed-income complex features 463 units, 147 of which are designated for affordable housing. The joint venture purchased Verdant Fort Greene and assumed the ground lease at construction completion and prior to lease-up. The property was 25 percent leased at the time of sale, according to Fetner. “We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market-rate housing to the city,” says Hal Fetner, president and CEO of Fetner Properties. The complex, which is located directly across from Fort Green Park, offers studios, one- and two -bedroom floorplans ranging in size from 370 square feet to 792 square feet, with the top four floors featuring penthouse suites. Apartments also offer private terraces, floor-to-ceiling windows, custom integrated Bluetooth speaker systems and in-unit washers/dryers. Additionally, Verdant Fort Greene features more than 30,000 …
ROSLYN, N.Y. — Cushman & Wakefield has brokered the $31 million sale of a mixed-use property in Roslyn, located on Long Island in Nassau County. Built in 2016, Roslyn Lumber Yard comprises 25 luxury residential duplex units and 60,648 square feet of retail space. Retail tenants include the Roslyn Salt Cave, Bout Boxing & Fitness, Northeast Financial Network and Great Shapes Swimwear. Rob Kuppersmith, Dan Abbondandolo, Joegy Raju and Victor Little of Cushman & Wakefield represented both the seller, developer Lumber Earth Realty, and procured the buyer, GB Family Holdings, in the transaction.
PHILADELPHIA — Newmark has arranged the $24.5 million sale of a 95-unit apartment building in the Logan Square neighborhood near downtown Philadelphia. The six-story building at 1600 Callowhill St. was originally constructed in 1926 (renovated in 2019) and offers 2,500 square feet of retail space. According to Apartments.com, units come in studio, one- and two-bedroom floor plans that range in size from 504 to 1,225 square feet, and amenities include a fitness center, sundeck and package handling services. Erin Miller, Steven Schultz and Chris Koehler of Newmark represented the seller, Ivy Realty, in the transaction. The buyer was Turio Residential Co.