Regions Northeast
Skinner Announces Move to Marlborough, Mass.
Aug. 20, 2008
Skinner Inc., the auction house, has announced it will move from its long-time Bolton, Mass. gallery to a new facility located at 274 Cedar Hill Street in Marlborough, Mass.
NYU Buys Gramercy Green for $275M
Aug. 19, 2008
New York University acquired Gramercy Green condo building from J.D. Carlisle for $275 million with plans to convert the 21-story property into a dorm, The Real Deal reported. The building is located at 310 Third Avenue.
Teen Retailer Buys Office Space in Manhattan
Aug. 19, 2008
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District.
The Orbach Group Acquires Miry Run Apartments in New Jersey
Aug. 19, 2008
The Orbach Group has purchased the Miry Run Apartments, a nine-building complex housing 144 units. The acquisition is the second Hamilton, N.J. property in the company’s portfolio, joining Victoria Apartments, bringing the Hamilton total to 460 units.
Summer Brings Progress, Challenges for WTC Renewal
Aug. 15, 2008
As Labor Day nears, the effort to revitalize the World Trade Center has experienced significant forward motion as well as a few hitches. In the months to come, the massive rebuilding project is likely to show signs of progress as well as facing a series of difficult choices. Public agencies and private-sector interests swiftly addressed some of the 15 major challenges detailed June 30 by Christopher Ward, the recently appointed executive director of the Port Authority of New York and New Jersey.
$160M Mixed-Use Project in Boston Gets Green Light
Aug. 15, 2008
At a recent Boston Redevelopment Authority Board of Directors meeting, city officials gave Boston Development Group the thumbs-up to move forward with The Merano, a new mixed-use project in the city's Bulfinch Triangle community, a neighborhood that is presently undergoing revitalization.
Boston Properties' $440M Office Purchase Wraps Up Macklowe Deal
Aug. 14, 2008
Just a day after announcing the closing of two New York City office building acquisitions from Macklowe Properties totaling $705 million, Boston Properties has completed its purchase of yet another Macklowe trophy office building, 125 West 55th St. The acquisition of 125 West 55th St. was part of a $3.95 billion, four-property portfolio purchase agreement Boston Properties and partners made with debt-ridden Macklowe earlier this year.
Paramount Closes on $1.5B NYC Office
Aug. 14, 2008
Only a day after the finalization of the sale of two Macklowe Properties buildings in Manhattan to Boston Properties, Paramount Group Inc. has closed on another of the buildings Macklowe owned for a while, 1301 Avenue of the Americas. The unconfirmed transaction price, widely reported when the deal was announced early this summer, is about $1.5 billion.
PREI Partners with L&L Holding for NYC Office Shopping Spree
Aug. 14, 2008
Prudential Real Estate Investors established a joint venture with L&L Holding Co. L.L.C. for the acquisition of premier office properties in the greater New York City area. Acting on behalf of institutional investors, the team will plunk down as much as $500 million for the purchases, most of which will be made in Manhattan.
Boston Properties Completes Acquisition of Two NY Properties from Macklowe
Aug. 13, 2008
Boston Properties and its partners have closed on the acquisition of 540 Madison Ave. and Two Grand Central Tower in New York City for about $705 million, a major part of the $3.95 billion, four-property portfolio deal that it struck with beleaguered seller Macklowe Properties earlier this year.
4 Colliers Firms Consolidate Ownership
Aug. 12, 2008
Colliers Turley Martin Tucker, Colliers Pinkard and Cassidy & Pinkard Colliers are consolidating their ownership structures into one holding company. Following the closing of this transaction, the new holding company will expand to include Colliers ABR in New York.
BDO Seidman Inks 121,000SF Lease at 100 Park Avenue
Aug. 11, 2008
BDO Seidman signed a 15-year lease to occupy 121,400 square feet of office space on three floors at Manhattan's 100 Park Avenue.The transaction, for which financial terms were not disclosed, raises building occupancy from 67 percent to 80 percent.
Rapp Promoted to Vice Chairman for CBRE’s Tri-State Region
Aug. 08, 2008
CB Richard Ellis Inc. has promoted Ken Rapp, a commercial real estate veteran known for his prolific leasing work with some of Manhattan’s biggest corporations and other high-profile clients, to vice chairman for CBRE’s New York Tri-State region.
Army Taps Balfour Beatty as Partner on West Point Housing Project
Aug. 06, 2008
Under the government's Military Housing Privatization Initiative, the pool of residential units at the United States Military Academy at West Point will be upgraded and expanded, and Balfour Beatty Communities L.L.C. has just been tapped to partner with the U.S. Army on the project. The 50-year commitment will kick-off with an eight-year initial development period valued at $207 million, and will ultimately encompass 824 units.
CBRE Promotes Reicher to Vice Chairman
Aug. 06, 2008
CB Richard Ellis said today that Craig Reicher, a 21-year commercial real estate veteran, has been promoted to vice chairman, joining the ranks of the firm’s executive leadership in the New York Tri-State Region.
High Street Nabs 18-Building PA Portfolio
Aug. 01, 2008
High Street Equity Advisors has invested $70.5 million in acquisitions in Pennsylvania. The Boston-based firm purchased 18 light industrial and R&D Flex buildings in two Pennsylvania portfolios, Lehigh Valley and Bucks County.
Eastat Office Tower Plan Would Spare Historic Boston Restaurant
July 31, 2008
Boston-based developer Eastat Realty Capital L.L.C. has submitted a notice of project change with the Boston Redevelopment Authority in connection with a proposed $140 million, 24-story, 248,000-square-foot office building in Boston’s theater district. To Bostonians, the point of the project, however, seems less what will be built than what won’t be coming down; the plan would leave the adjacent Jacob Wirth Co. building untouched.
Rockland Radisson, Milford Sheraton Sold in Massachusetts
July 30, 2008
Hodges Ward Elliott, hotel brokerage and investment banking firm, announced the sales of the 127-room Rockland Radisson Hotel and the 173-room Milford Sheraton Hotel. Both properties are located in Massachusetts and were sold to the Linchris Hotel Corp. on behalf of Ashford Hospitality Trust.
Eye on NYC: Developers Press Ahead with Massive Projects
July 28, 2008
Developments that will reshape the Manhattan skyline continue to move forward by fits and starts. A joint venture of Vornado Realty Trust and affiliates of Lawrence Ruben Co. won a six-month extension on a deadline that is central to plans for a 1.3 million-square-foot office tower that would rise above the Port Authority Bus Terminal in Midtown Manhattan. Port Authority of New York and New Jersey, granted the extension to allow the joint venture, 20 X Square Associates L.L.C., to wrap a 99-year lease for redevelopment of the terminal’s north wing. The extension will also allow for a transaction to lease, renovate and manage retail space in the terminals' south wing.
Boston
Skinner Announces Move to Marlborough, Mass.
Aug. 20, 2008
Skinner Inc., the auction house, has announced it will move from its long-time Bolton, Mass. gallery to a new facility located at 274 Cedar Hill Street in Marlborough, Mass.
$160M Mixed-Use Project in Boston Gets Green Light
Aug. 15, 2008
At a recent Boston Redevelopment Authority Board of Directors meeting, city officials gave Boston Development Group the thumbs-up to move forward with The Merano, a new mixed-use project in the city's Bulfinch Triangle community, a neighborhood that is presently undergoing revitalization.
New Jersey
The Orbach Group Acquires Miry Run Apartments in New Jersey
Aug. 19, 2008
The Orbach Group has purchased the Miry Run Apartments, a nine-building complex housing 144 units. The acquisition is the second Hamilton, N.J. property in the company’s portfolio, joining Victoria Apartments, bringing the Hamilton total to 460 units.
$28M Financing Deal Paves Way for NJ Mixed-Use Waterfront Project
Aug. 07, 2008
Plans to erect an upscale 564,000-square-foot mixed-use project on a 2.7-acre coastal brownfield site in Jersey City, N.J., move forward with the closing of a $27.5 million loan to fund the acquisition and the environmental cleanup of the property. EnviroFinance Group L.L.C. provided the financing for developer Statue of Liberty Harbor North Redevelopment Urban Renewal L.L.C.
New York
NYU Buys Gramercy Green for $275M
Aug. 19, 2008
New York University acquired Gramercy Green condo building from J.D. Carlisle for $275 million with plans to convert the 21-story property into a dorm, The Real Deal reported. The building is located at 310 Third Avenue.
Teen Retailer Buys Office Space in Manhattan
Aug. 19, 2008
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District.
Summer Brings Progress, Challenges for WTC Renewal
Aug. 15, 2008
As Labor Day nears, the effort to revitalize the World Trade Center has experienced significant forward motion as well as a few hitches. In the months to come, the massive rebuilding project is likely to show signs of progress as well as facing a series of difficult choices. Public agencies and private-sector interests swiftly addressed some of the 15 major challenges detailed June 30 by Christopher Ward, the recently appointed executive director of the Port Authority of New York and New Jersey.
Real Estate Market News from the Northeast
In today's real estate market, information is everything. Recent real estate trends have indicated that while the domestic real estate market still has a ways to go before it begins to turn around, the commercial real estate market is performing much more strongly than the single family residential market. Be the first to get the most important Northeast real estate market information from the source the experts trust - Commercial Property News
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