Multifamily

CAMBRIDGE, MASS. — Extell Development and Equity Residential are currently developing 303 Third Street, an eight-story residential community in Cambridge. It is the first residential community in Boston proper to be marketed with the University Residential Community at the Massachusetts Institute of Technology. New York architectural and design firm Cetra/Ruddy designed the 605,000-square-foot project, which contains 292 rental apartments and 167 co-ops. The for-sale apartments are being marketed exclusively to the faculty, staff and alumni of MIT, Harvard University and Massachusetts General Hospital. High-end finishes of the apartments, which range in size from 1,200 to 1,600 square feet, include glass cabinetry and backsplashes, granite countertops and stone selections. Additions to the project include flexible meeting spaces and a club/library. Amenities include a private dining club, a spa and fitness club, an on-site medical office and an underground parking garage. The development is slated for occupancy this winter.

NEW YORK CITY — Construction is underway on 441 E. 57th Street, a 15-story condominium that will feature seven two-, three- and four-bedroom units upon completion in summer 2008. Manhattan-based FLAnk is developing the building, which is located in the Sutton Park neighborhood of Manhattan, New York City. The facility will include four duplexes, one triplex and one penthouse, ranging in size from 1,650 to 3,390 square feet. Finishes include charcoal-stained maple flooring, BTX motorized shades and recessed cove lighting. Unit prices range from $2.8 million to $7.1 million. Amenities within the property are dedicated storage space in the lobby, a complimentary 1-year Sports Club L.A. membership and daily white-glove home cleaning by the Lindquist Agency. CyberDoorman, an interactive touch screen control panel connected to a 24-hour monitoring and security service, will provide the building’s entry-control, delivery management and security.

NEW YORK CITY —Massey Knakal Realty Services has brokered the $4.6 million sale of a five-story walk-up building in Manhattan, New York City. Rob Vahradian and Helena Willner purchased the building, located at 38 W. 87th St. on the Upper East Side, from Murray Platzman The 20-foot by 72-foot building contains approximately 6,240 square feet, including nine one-bedroom units and one studio, as well as a three-story extension, a landscaped garden with a deck and high ceilings. Meyrick Ferguson and Paul Smadbeck of Massey Knakal represented the seller in the transaction, and Simon Balaj of The Corcoran Group represented the buyer.