NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 92-94 Ludlow St. in Manhattan’s Lower East Side. The property sold in an all-cash transaction for $9 million, or $442 per buildable square foot. The site offers up to 20,342 buildable square feet and currently includes a 3,390-square-foot single-story commercial building. Zoned C6-1, the site allows for the development of commercial, residential or community facility spaces. The existing building is currently leased to Hotel Chantelle, a restaurant and club. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.
NEW YORK — National Cooperative Bank has originated $34.3 million in new loans during November for 10 properties in New York City, Belle Harbour and Riverdale, N.Y. Edward Howe III of National Cooperative Bank originated $15.6 million in loans, including: – A $9.3 million first mortgage and a $700,000 line of credit for Gentry Apartments Inc., a 247-unit co-op located at 310 Lenox Road and 330 Lenox Road in Brooklyn – A $2.9 million first mortgage and $250,000 line of credit for Beach 124 Apt. Inc., a 67-unit co-op located at 125 Beach 124th St. in Belle Harbour. – A $2.2 million first mortgage and $300,000 line of credit for a 33-unit co-op at One Clark Street in Brooklyn. Harley Seligman of National Cooperative reported $14.7 million in loans, including: – A $10.5 million first mortgage and $1 million line of credit for Arlington Owners, Inc., a 281-unit co-op at 139-15 83rd Ave. in Briarwood. – A $1.4 million term loan for Strivers Gardens Condominium, a 169-unit condominium association at 300 W. 135th St. in Manhattan. – A $1 million third mortgage and $750,000 line of credit for The Knolls Cooperative Section No. 1 Inc., a 238-unit co-op at 60 …
MONTROSE, TEXAS — Davis Commercial Real Estate has arranged the sale of a commercial land parcel located at 223 Westheimer in Montrose. Gazebo Management Inc. acquired the 8,250-square-foot site for the development of a dumpling restaurant. Mark Davis of Davis Commercial represented the undisclosed seller, while Charles Kwon of Realm Real Estate Professionals represented the buyer. The acquisition price was not released.
GLEN COVE, N.Y. — RXR Realty has broken ground on Garvies Point, a $1 billion waterfront redevelopment in the Long Island city of Glen Cove. The project will restore 56 acres of Glen Cove’s waterfront, creating more than 1,100 LEED-certified residences and 75,000 square feet of shops and restaurants. The project will also feature approximately 28 acres of public open spaces with parks, playgrounds, esplanades, marinas, an amphitheater and dog park. The residential units will include 569 condominiums and 541 apartments for lease. Garvies Point will also feature thee separate marinas with a total of 120 boat slips. Garvies Point is a partnership between RXR Realty and the City of Glen Cove. The project represents the culmination of a 20-year, $120 million effort to transform Glen Cove into a sustainable community. The first phase of Garvies Point, which includes 28 acres of public open space and amenities, is scheduled for completion in 2018. The entire project will take between five and seven years to build, according to RXR. RXR Realty is a private real estate company that specializes in investment management, property management, development, design, construction, leasing and financing. RXR’s growth strategy is focused on New York City and the …
LIHUE, HAWAII — Holliday Fenoglio Fowler (HFF) has arranged $96 million in financing for the development of Timbers Kauai – Ocean Club & Residences on the Hawaiian island of Kauai. The private oceanfront residence club will be situated within the planned Hokuala Resort in Lihue. Timbers Kauai will be the first real estate component of the planned 450-acre Hokuala Resort development that encompasses the existing Jack Nicklaus Signature Golf Course. Future developments within the resort will include a boutique hotel, luxury residential neighborhood, retail shopping village, resort spa, multiple dining options and multiple wedding venues. Timbers Kauai amenities will include an infinity-edge, oceanfront swimming pool with expansive terrace; family pool with beach entry, waterslide and waterfalls; poolside dining; fitness center and motion studio with outdoor lanai; spa and wellness center; Keiki Club for children; business center; club lounge; retail and sundries shop; and the private Ocean Club restaurant. The project is scheduled for completion in summer 2017. HFF’s Paul Brindley, Bryan Clark and Brad Greenway secured the construction financing from Mosaic Real Estate Credit.
BRIGHTON, COLO. — Inland Real Estate Acquisitions has acquired the 252-unit Solaire Apartments in Brighton for $57.5 million. The community is located at 1287 S. 8th Ave., about 20 miles northeast of Denver’s CBD. Solaire Apartments was 94 percent leased as of the closing date. Community amenities include a heated swimming pool, hot tub, 24-hour fitness center, outdoor grilling stations, business center and playground. The community is also situated on one of the nation’s largest geothermal systems, allowing Solaire Apartments to provide its residents with renewable energy. Inland Real Estate Acquisitions was represented in-house by Matthew Tice.
SANTA MONICA, CALIF. — Hersha Hospitality Trust has purchased the 77-room Ambrose Hotel in Santa Monica for $47.5 million. The hotel is located at 1255 20th St. The Ambrose Hotel is situated within Santa Monica’s 7.9 million-square-foot office market. It is also near Silicon Beach, which includes notable employers like Google, Facebook, Apple, IMAX, Hulu and Riot Games. Hersha utilized 1031 exchange proceeds from the recent sale of two suburban Boston hotels to fund the Ambrose acquisition.
IRVINE, CALIF. — Cavium has leased a four-story building within Irvine Co.’s new NextGen campus at Sand Canyon Business Center in Irvine Spectrum. The semiconductor product provider recently acquired networking and storage provider QLogic Corp., which will occupy the new space next summer. QLogic will join AutoGravity, an automotive financing firm that has leased 40,000 square feet in the project’s other four-story building. With these two leases, the NextGen campus is now 70 percent pre-leased. Jeff Hoffman and Tracey Solari of Newmark Cornish & Carey and Greg Tippin, Stacy Garcia and Byron Foss of Newmark Grubb Knight Frank represented Cavium in the transaction.
VANCOUVER, WASH. — Senior Living Investment Brokerage has arranged the sale of a 48-unit assisted living community in Vancouver, just across the Columbia River from Portland, Ore., for $7.5 million. A regional company received the community out of bankruptcy and sold it to a regional owner-operator. The new owner plans to invest in improvements, including converting some employee apartments into units for more residents. The community was built in 2013. The name was not disclosed. Matthew Alley, Jason Punzel and Jeff Binder of Senior Living Investment Brokerage arranged the deal on behalf of the seller.
COLLEGE PARK, GA. — Air Realty LLC and H.J. Russell & Co. are set to open Phase I of ThePad On Harvard, an $80 million mixed-use development within 400 feet from the College Park MARTA Station. Phase I will feature 109 apartment residences and will open at the end of the month. ThePad On Harvard’s multifamily component is the first new apartment development in College Park in 40 years. Situated at 1777 Harvard Ave. two blocks from downtown College Park, the transit-oriented development will be built in four phases. Upon completion, the project will feature multifamily residences, retail space and an Aloft hotel. Phase II is the Aloft hotel and will break ground in the first quarter of 2017. Rod Mullice, co-founder and managing partner of Air Realty, will be honored by the College Park Business and Industrial Development Authority as its New Business Developer of the Year this Thursday at College Park City Hall.