NEW YORK CITY — Rosewood Realty Group has brokered the sale of six walk-up residential buildings in New York City’s Upper East Side. SW Management purchased the 69,740-square-foot portfolio for $47.8 million from Pan Am Equities. The five-story apartment buildings, which offer 150 free-market and rent-stabilized units, are located at 413, 415 and 417 East 81st Street and 427-431 East 83rd Street. Aaron Jungreis of Rosewood Realty represented both the seller and buyer in the transaction.
Mixed-Use
CHAPEL HILL, N.C. — NorthMarq Capital has secured $18.6 million in acquisition financing for CVS Plaza, a 100,634-square-foot mixed-use property in Chapel Hill. The property, located adjacent to the University of North Carolina at Chapel Hill campus, includes a new ground-floor CVS/pharmacy, restaurants, retail, more than 60,000 square feet of office space and a parking structure. Todd Crouse of NorthMarq’s Raleigh, N.C., office arranged the five-year loan through a life insurance company. The loan features two years of interest-only payments and a 30-year amortization schedule.
Boston — Samuels & Associates and its partner Weiner Ventures have completed project financing for Barry’s Corner Residential and Retail Commons in Boston’s Allston neighborhood. The project is the first private development undertaken on Harvard University land in Boston and is subject to a long-term ground lease. Situated at the corner of North Harvard Street and Western Avenue, the site will be redeveloped as a LEED Gold-certified, mixed-use project for non-academic uses. The project will include 325 rental apartment units, 35,000 square feet of ground-floor retail space, approximately 180 below-grade parking spaces and 40 on-street parking spaces on two new to-be-created streets within the development. Construction is underway and residential units will be available in August 2015. HFF, on behalf of Samuels & Associates, secured joint venture equity with American Realty Advisors and a construction loan through Northwestern Mutual.
NASHVILLE, TENN. — The Connor Group has acquired the 331-unit Elliston 23, a mixed-use development in Nashville comprised of apartment and retail components. The Connor Group purchased the asset from 2300 Ellison Place LLC. The sales price wasn’t disclosed, but The Connor Group confirmed it was the highest-priced acquisition in the company’s history. Elliston 23, located in Nashville’s West End submarket, was completed in 2013.
NEW YORK CITY — New York City Economic Development Corp. (NYCEDC) and Triangle Equities have executed a lease for a long-vacant, three-acre site in the St. George neighborhood of Staten Island. This transaction paves the way for the construction of the $200 million mixed-use Lighthouse Point development. Situated adjacent to the St. George Ferry Terminal and the Stapleton waterfront, Lighthouse Point will include 85,000 square feet of retail, restaurant and entertainment space; a 12-story, 94,000-square-foot residential building with 100 units; an approximately 160-room hotel; a communal-style workspace for local start-up businesses; an urban beach; and outdoor recreational areas. Twenty of the residential housing units will be designated as permanently affordable for New Yorkers earning 60 percent or less of the area median income. Construction is scheduled to commence this fall with completion slated for late 2019. Project construction will be phased with each portion of the project opening to the public as it is completed.
WESTHAMPTON BEACH, NEW YORK — Rechler Equity Partners has broken ground for the development of The Hampton Business District at Gabreski Airport, a new mixed-used park in Westhampton Beach. Situated on 50 acres, the 440,000-square-foot project kicks off with the construction of 220 Roger’s Way, a 60,000-square-foot industrial building. Additionally, the to-be-built office and medical buildings at 205 and 215 Roger’s Way will total 60,000 square feet. The project will also feature a 145-room hotel, a restaurant, a daycare center, a health club and a bank. Upon completion, the business district will offer space ranging from 1,333 to 100,000 square feet.
NEWPORT BEACH, CALIF. — Lido Marina Village, a 123,391-square-foot, mixed-use development in Newport Beach has received a $51.4-million loan that will finance its renovation. The village is located at 3400 Via Oporto on Lido Isle. Lido features retail, restaurant and office space throughout 14 separate structures. It includes prime waterfront boutique and dining space with views of the harbor, along with 47 boat docks and common area space. Lido Retail Group, an affiliate of DJM Capital Partners, purchased the property from Vornado Realty Trust in an off-market transaction last year. Bridge financing was arranged by Steve Bram and David Pascale of George Smith Partners.
BOSTON — Construction is continuing for the Millennium Tower and Burnham Building development in Boston’s Downtown Crossing neighborhood with a concrete pour. Suffolk Construction recently completed the project’s 6,000-cubic-yard continuous mat slab concrete pour, which is the largest continuous concrete pour in Boston’s history. The $700 million project consists of the restoration of the Burnham Building, which was built in 1912, and the construction of Millennium Tower, a 62-story mixed-use tower containing 450 residential units. The proposed 1.4 million-square-foot project will offer office space, street-level retail and luxury residential condominiums. Designed by Handel Architects, the project is slated for completion in summer 2016. New York-based Millennium Partners is developing the project.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 90 Chambers Street in the Tribeca neighborhood of New York City. Claude Castro LLC purchased the approximately 9,400-square-foot mixed-use property for $8.5 million or $906 per square foot from Chambers Street Realty. The five-story property offers five free-market residential units and a vacant ground-level retail space. Adelaide Polsinelli and Lipa Lieberman of Eastern Consolidated arranged the sale on behalf of the seller and buyer.
HACKENSACK, N.J. — New Boston Fund has sold an office-and-flex building located at 80 Commerce Way in Hackensack to Canaan Korean Community Church for an undisclosed price. The 30,000-square-foot building includes warehouse and showroom space and can accommodate multiple tenants. New Boston Fund purchased the property along with the adjacent building, 60 Commerce Way, in partnership with Prism Capital Partners in 2005. The partnership sold 60 Commerce Way in early 2010.