NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $15.9 million sale of a 49,375-square-foot site in Manhattan’s Chelsea neighborhood that is zoned for both commercial and residential development. The site at 250 W. 30th St. currently houses a three-story, 14,811-square-foot commercial building. Victor Sozio, Howard Raber, Shimon Shkury and Gabriel Elyaszadeh of Ariel, along with Harold Bordwin, Heather Milazzo and Matthew Bordwin of Keen-Summit Capital Partners, represented the seller, Bridget Realty LLC, in the transaction. The buyer was not disclosed.
PORT WASHINGTON, N.Y. — New York-based investment firm BEB Capital has completed the $4 million renovation of 26 Harbor Drive, a 71,164-square-foot industrial flex facility in Port Washington. TPG Architecture designed the project, which included an upgrade of infrastructural systems, a revamp of the office space, the addition of new amenities and the commissioning of a mural. BEB Capital first acquired the property, which also houses the company headquarters, in June 1994.
NEW YORK CITY — Vibrant Emotional Health has opened its 59,550-square-foot office at 80 Pine Street, a 38-story, 1.2 million-square-foot building in Manhattan’s Financial District. The nonprofit provider of mental health services relocated from a 31,000-square-foot space at 50 Broadway to the entire 18th and 19th floors after inking a deal last spring. Rudin owns 80 Pine Street, which was originally constructed in 1960 and recently underwent a capital improvement program.
READING, PA. — An affiliate of Pennsylvania-based developer Mediplex Property Group has opened a 365-bed residence hall that will serve students at Albright College in Reading, located about 65 miles northwest of Philadelphia. The five-story, 135,000-square-foot building sits on a four-acre site adjacent to campus and features suite-style residences consisting of single and double rooms, as well as lounge areas on every floor. Mediplex developed the property, which according to local news sources is known as Lion Hall, in partnership with Albright College.
NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a loan of an undisclosed amount for the refinancing of the Sheraton Brooklyn New York Hotel. The 321-room hotel is located at 228 Duffield St. in the downtown area and offers a fitness center, lounge and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the fixed-rate, nonrecourse loan through Deutsche Bank on behalf of the borrower, locally based investment firm Lam Group.
ISLIP, N.Y. — A partnership between Chicago-based Venture One Real Estate and New York City-based Affinius Capital has delivered a 121,270 square-foot speculative industrial project in the Long Island community of Islip. The site at 2950 Veterans Memorial Highway spans 9.7 acres, and the building features a clear height of 36 feet, 130-foot truck court depths and parking for 122 cars and 119 trailers. Cushman & Wakefield is marketing the property for lease.
ALLENDALE, N.J. — Locally based developer The Hampshire Cos. has completed The Vale, a 70-unit multifamily project in the Northern New Jersey community of Allendale. Designed by DMR Architects, the complex offers one- and two-bedroom units, with nine residences subject to income restrictions, including three units that have specifically been set aside for first responders. Amenities will include a clubroom, lounge and an outdoor courtyard. Rents start at roughly $2,800 per month for a one-bedroom apartment.
BOSTON — Ironside Realty has acquired a 3,300-square-foot single-tenant retail property located at 177 State St. in downtown Boston. The building is located within the 1 McKinley Square mixed-use development and is net leased to 7-Eleven. An undisclosed, third-party broker represented the seller, which also requested anonymity, in the transaction. Ironside Realty was self-represented.
MANHASSET, N.Y. — General contractor Skanska USA has completed the Petrocelli Surgical Pavilion, a $560 million healthcare project in the Long Island community of Manhasset for Northwell Health, the state’s largest provider. Skanska USA broke ground on the 288,000-square-foot project, which is located on the 756-bed North Shore University Hospital campus, in spring 2020. The facility houses 18 operating rooms, including three hybrid rooms with advanced imaging, along with 132 intensive care rooms. The Petrocelli Pavilion will also serve as the home of the Sandra Atlas Bass Heart Hospital.
CAMDEN, N.J. — Hudson Valley Property Group has purchased Northgate One, a 321-unit affordable housing building located in the Southern New Jersey city of Camden. The 21-story building was originally constructed in 1963, and the majority of the units are reserved for households earning 60 percent or less of the area median income. The new ownership plans to rehabilitate the property with infrastructural upgrades, mechanical system replacements and in-unit bathroom, kitchen and apartment safety improvements. The project is expected to last about two years and will be funded with a mix of federal and state tax credits as well as private capital, including a $40.7 million FHA loan originated by PGIM Real Estate.