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.
ATTLEBORO, MASS. — Fantini & Gorga has arranged a $12 million financing package for the development of Renaissance Station in Attleboro. Located at the corner of Wall and Main streets, the transit-oriented, mixed-use development will include a six-story residential tower with 80 apartments on five floors and a first-floor commercial space. The residential tower will feature a mix of modified loft-style apartments with one- and two-bedrooms, common rooms and a fitness center. The project is slated for completion in spring 2015. The borrower is Renaissance Station LLC, an affiliate of Crugnale Properties LLC. RESKON Group is serving as project manager and Annino Inc. is providing architectural services.
LOS ANGELES — BRE Properties has completed construction on the $105-million Wilshire La Brea mixed-use development in Los Angeles. The 800,000-square-foot project includes 478 residential units atop 39,000 square feet of retail. The Art Deco retail component is called The Square at Wilshire La Brea. Wilshire La Brea is located at the intersection of Wilshire Boulevard and La Brea Avenue in the Mid-City neighborhood. Residential amenities include two fitness centers, a mezzanine with a wet bar and deck, two swimming pools with massage spas, a club room, a sundeck and rooftop skydeck with fireplaces and barbeque grills, and a game room with televisions, poker tables and shuffleboard. The 3.38-acre site was previously occupied by an abandoned bank building that had been converted to a Korean church. This was one of the first projects to take advantage of Los Angeles’ new planning policy, which allows obsolete structures to be replaced, thereby encouraging higher-density projects in the city’s urban infill areas. The project is targeting LEED-Silver certification. It was built by Bernards and designed by TCA Architects.
NEW YORK CITY — Besen & Associates has completed the off-market $5.6 million sale of a mixed-use property at 361 First Ave. in the Gramercy neighborhood of New York. The four-story, 5,000-square-foot building consists of five free-market apartments, one office and one retail store, which is occupied by Dunkin’ Donuts through 2025. Shoy McKen of Besen & Associates represented the undisclosed seller, while Amit Doshi and Ishan Chhabra, also of Besen & Associates, procured the undisclosed buyer.
NEWARK, OHIO — Cleveland, Ohio-based Goodman Real Estate Services Group LLC has arranged the $2 million sale of Mt. Vernon Crossing, a shopping center in Newark anchored by Kohl’s Department Store. The property is located at 155 Deo Drive and is shadow-anchored by Kroger. The property was 90 percent leased at the time of the sale. The acquisition was an off-market transaction. Kyle Hartung of Goodman Real Estate Services represented the undisclosed buyer. Hartung also represented Planet Fitness, which leased 17,992 square feet at the shopping center. Newark is located approximately 40 miles east of Columbus.