24 Hour Local Real Estate News

Middle Market Digest: the Northeast

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

NEWS & NOTABLES

NEW YORK CITY—Almost 900 construction, and real estate professionals gathered on May 17 to pay tribute to Anthony E. Shorris, first deputy mayor of the City of New York; Husam Ahmad, P.E., chairman and CEO of HAKS; and Jill N. Lerner, FAIA, principal of Kohn Pedersen Fox Associates, P.C., during the New York Building Congress’ 96th Anniversary Leadership Awards Luncheon held at the New York Hilton Midtown.

The luncheon was co-chaired by Cyrus J. Izzo, P.E., co-president of Syska Hennessy Group, Inc., and Christopher Larsen, principal of Halmar International LLC.

From left, Richard T. Anderson, Husam Ahmad, Jill N. Lerner, Cyrus Izzo, Anthony E. Shorris, Lisa Linden, Carlo A. Scissura and Christopher Larsen From left, Richard T. Anderson, Husam Ahmad, Jill N. Lerner, Cyrus Izzo, Anthony E. Shorris, Lisa Linden, Carlo A. Scissura and Christopher Larsen

Rudin Management Co. vice chairman and CEO William C. Rudin and vice chairman and president Eric Rudin presented the 2017 Jack and Lewis Rudin Award for Service to New York City to Deputy Mayor Shorris. William C. Rudin noted that the Building Congress was very special to his father, Lewis, and his uncle, Jack, a long-time vice chairman who passed away last year. “Uncle Jack was devoted to making our city a better place and that spirit is something that our honoree First Deputy Mayor Tony Shorris has exemplified over the years,” he said.

Izzo was joined by Building Congress President and CEO Carlo A. Scissura to present the 96th Anniversary Leadership Award to Ahmad. Citing his accomplishments at HAKS, Izzo praised Ahmad for building his firm to become one of the nation’s fastest growing consulting engineering firms.

New York Building Congress President Emeritus Richard T. Anderson joined Larsen in presenting the 96th Anniversary Leadership Award to Lerner. Anderson said, “Her dedication and commitment to the city is what has made a difference not only for the AIA, but for all of us at the Building Congress and throughout the industry.”

NEW YORK CITY—Prominent real estate professionals rocked out for charity on May 17 at the sixth annual Real Estate Rockers in Relief concert at New York City’s Highline Ballroom.

The concert drew a packed house and raised more than $120,000 for NECHAMA—Jewish Response to Disaster, an organization that assists communities nationwide with long-term domestic disaster recovery, including continued efforts in the tri-state area following Hurricane Sandy.

Over the past six years, the event—founded by Carl Schwartz, co-chair of Hunton & Williams LLP’s global real estate practice, and David Lowenfeld, COO of World Wide Group—has raised more than $500,000 for NECHAMA.

The show, which included performances by Schwartz and Lowenfeld, lifelong musicians and connoisseurs of rock and roll, also featured six bands and four special guests. The music ranged from classics by Marvin Gaye, B.B. King, the Grateful Dead, the Rolling Stones and Stevie Wonder, to newer bands like Kings of Leon.

YONKERS, NYExecutives of Simone Development Companies joined with Yonkers Mayor Mike Spano and city and county officials on May 23rd to celebrate the transformation of a former historic building into the Boyce Thompson Center, a 85,000-square-foot mixed-use center featuring premier office/medical space, retail stores, restaurants and banking.

Boyce Thompson Center Boyce Thompson Center

“Today’s grand opening celebration represents an important milestone for Simone Development and the City of Yonkers. What was once an eyesore will now be generating tax revenue for the city, creating jobs and bringing new retail and healthcare services to the residents of Yonkers and nearby Rivertown communities. We are especially pleased to be preserving an important piece of history for Yonkers and Westchester County,” said Joseph Simone, president of Simone Development Companies, the developer of the $35-million project.

Built in the 1920s, the property was acquired by Simone Development two years ago, which meticulously restored the main building to its original character with a new plaza and fountain. On the northern end of the site, a new two-level, 15,000-square-foot freestanding building was constructed and is leased to St. John’s Riverside Hospital for outpatient care and physician offices. A new 20,000-square-foot addition was constructed at the southern end of the main building with an architectural style resembling the historic building. WESTMED Medical Group is leasing the entire structure.

In addition to St. John’s and WESTMED, other healthcare tenants at the property include Westchester Gastroenterology, Juvanni Med Spa and Family Wellness Pharmacy. Retail tenants include Tompkins Mahopac Bank, PLUSHBLOW Salon, Ultimate Spectacle and The Taco Project. The restaurant Fortina has leased the entire wing on the northern end of the main building and is scheduled to open next month. Approximately 85% of the Boyce Thompson Center is leased and additional new tenants will be announced soon.

MARLBOROUGH, MA—The Apex Center of New England, a commercial mixed-use development here, is expected to create 1,600 permanent jobs when it opens in October, in addition to the approximately 400 temporary jobs it has already created during construction.

The 475,000 square-foot Apex Center is among the largest developments currently underway in MetroWest and one of the biggest to come to Marlborough in the past decade. When completed in the fall of 2017, the development will consist of 11 buildings, including a 150,000-square-foot entertainment complex, two hotels, six restaurants, retail stores and office buildings. Over 96% of the space has already been leased.

Massachusetts Lt. Governor Karyn Polito announced the job numbers while touring the entertainment center project site on May 24th, alongside developer Robert Walker, Marlborough Mayor Arthur Vigeant, Marlborough Economic Development Corp. executive director Meredith Harris and other local officials. The tour was organized on Polito’s recommendation, after the Commonwealth of Massachusetts awarded a $3.05-million MassWorks Infrastructure Program grant to the city in November 2016. The grant will fund roadway improvements along Route 20 West, including new turn lanes and upgraded signals, to support the Apex Center.

DEALTRACKER DAILY

 

BOSTON—National Development has reported that the former Constitution Center will undergo a $20-million renovation to create a best-in-class creative workplace. The project, which has been renamed Constitution Wharf, is an eight-acre office property located in Charlestown.

Constitution Wharf Constitution Wharf

Constitution Wharf is a 180,000-square-foot office complex located on the waterfront adjacent to Constitution Marina. Construction was scheduled to begin this month on a new double height lobby, entryway, lounge, café and fitness area dedicated to the building. Landscape improvements will create an outdoor harbor side “living room” complete with a fire pit and media screen, and ample event space available for tenants. The repositioning will also include workspace improvements, covered bike storage, new signage and a public art component.

Shoes.com (formerly ShoeBuy), a leading e-commerce company recently acquired by Jet.com, has signed a long-term lease for 31,300 square feet with National Development at Constitution Wharf. Shoes.com is relocating its headquarters from 101 Arch St. in the Financial District to the second floor of One Constitution Wharf. Newmark Grubb Knight Frank executive managing director David Townsend and senior managing director Tim Bianchi advised National Development in the transaction. John Butterworth and Nick Amarante of CBRE/New England represented shoes.com in the lease negotiations. Perkins & Will is providing the architectural services for the renovation.

FLORHAM, NJ—Cushman & Wakefield represented Sherman Wells Sylvester & Stamelman LLP in a recent 5,459-square-foot headquarters lease expansion at Park Place, 210 Park Ave. in Florham Park. The law firm now occupies a full floor totaling more than 20,000 square feet at the property.

210 Park Ave. 210 Park Ave.

Normandy Real Estate Partners owns the property and was represented by Transwestern.

PHILADELPHIA—Holliday Fenoglio Fowler, L.P. has been named to market for sale 3601 Market, a newly constructed, 363-unit, Class A luxury apartment tower in Philadelphia’s University City submarket.

HFF is marketing the property exclusively on behalf of the seller, a joint venture between Southern Land Company and Redwood Capital Investments, LLC.

3601 Market was completed in 2016 and contains units averaging 730 square feet in a variety of configurations ranging from studios to two-bedroom units. The HFF investment sales team representing the ownership is led by senior managing directors Mark Thomson and Jose Cruz, managing director Jeff Julien and associate director Carl Fiebig.

MONEY MOVES

SYRACUSE, NY—Meridian Capital Group reports it has negotiated $19 million in initial acquisition financing, followed by $2 million for the repositioning of One Lincoln Center, an office property located in Syracuse, NY, on behalf of Asher Zamir, founder and chairman of Zamir Equities.

The loan, provided by a debt fund, was negotiated by Meridian VP Steven Edelstein, managing director Steven Adler and VP Luke Hingson, who are all based in the company’s New York City headquarters.

One Lincoln Center is a 19-story, 305,594 square foot office tower located at 110 West Fayette St., and is anchored by J.P Morgan Chase, Bond, Schoeneck & King, CadaretGrant, Arcadis and Earthlink.

NEW YORK CITY—Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors of White Plains, NY, arranged $23 million in financing for two Queens apartment buildings. The buildings consist of a total of 240 units and offer a mix of studios, one-bedroom and two-bedroom units. The loans were placed with a New York-based bank. The interest rate for both loans was fixed at 3-3/8% for five-years and provided for a cash-out refinance of approximately $6 million, Q10 New York Realty Advisors states.

 

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