Mixed-Use

CALDWELL AND SPRINGFIELD, N.J. — Woodbridge, N.J.-based The Kislak Company has completed two mixed-use sales in New Jersey for a total of $2.31 million. In Caldwell, Kislak's Jonathan Greenberg and Don Baxter represented both undisclosed parties in the sale of a 12,250-square-foot building located at 319-325 Bloomfield Ave. The building contains eight apartments and four retail spaces. It traded for $1.8 million. In Springfield, Kislak's Jeffrey Squires represented both parties in the sale of a 5,200-square-foot building located at 19 Morris Ave. The building, which traded for $510,000, contains four apartments and one retail space. The buyers plan to make capital improvements to both buildings' apartment units.

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a five-story mixed-use building located in the Tribeca neighborhood of Manhattan, New York City. The 2,700-square-foot building is located at 175 W. Broadway. It features two retail stores and three residential units. Nick Petkoff of Massey Knakal negotiated the transaction between the two undisclosed parties. The building traded for $1.67 million, or $775 per square foot. Massey Knakal is also marketing the building next door at 171-173 W. Broadway.

NEW YORK CITY — Last month, the topping out ceremony was held for the construction of 400 Fifth Avenue, a 60-story hotel and residential tower located in Midtown Manhattan, New York City. The approximately 570,000-square-foot building will feature a five-star hotel with 214 rooms, comprising 157 guestrooms and 57 hotel/suite apartments. Amenities will include a restaurant, a bar, a spa and a health club. The upper floors of the tower will feature 190 residential condominiums. Completion of 400 Fifth Avenue is slated for fall 2010. The project is being developed by Bizzi & Partners Development. The project architect is Gwathmey Siegel & Associates Architects.

FORT LEE, N.J. — An investment fund sponsored by Palisades Financial has partnered with Fort Lee Redevelopment Associates (FLRA) for the redevelopment of a 7-acre parcel located in Fort Lee. The project, which is known as The Center at Fort Lee, will consist of a mixed-use development containing luxury retail shops, restaurants, office space, a gourmet food market, a four-star hotel, two luxury rental towers and a landscaped central park. Additional plans call for a museum at the center of the development and potentially a multi-use theater. The Center at Fort Lee is being designed by Elkus Manfredi Architects. Palisades Financial is developing the project through Palisades Regional Investment Fund II. The fund recently entered into an agreement to sell the 7-acre site to FLRA, which is comprised of SJP Residential Properties and local attorney James Demetrakis. FLRA is undertaking the project as a result of a request for proposal sent out by the Borough of Fort Lee to redevelop a 15-acre assemblage situated adjacent to the George Washington Bridge that includes the 7-acre parcel. The construction timetable was not released.