New York City
Following on last week’s announcement that sporting goods retailer REI would open its first New York City location at the Puck Building, Holliday Fenoglio Fowler announced this week that it has arranged an $80-million first mortgage financing for the historic 265,000-square-foot, office and retail building at 295 Lafayette St. Working on behalf of borrower Kushner Cos., HFF’s Mike Tepedino, Jose Cruz and director Steven Klein placed the adjustable-rate loan on the property, the onetime home of Puck, America’s first political satire magazine. HFF did not disclose the lender; however, city Department of Finance records identify it as the Bank of Ireland.
Arbor Commercial Funding has originated a $4.6-million loan under the Fannie Mae 3Max product line for the 655 East 233rd Street Apartments in the Bronx. The 10-year loan amortizes on a 30-year schedule. The loan was originated by Brian Scharf in Arbor’s Uniondale, NY office.
CBRE has been tapped to sell 241 Water St., a 33,168-square-foot boutique office property in Manhattan’s South Street Seaport District that was originally built in 1799. The firm’s Leo Paytas, Ned Midgley, Tim Sheehan, Daniel Kaplan, Gerry Miovski and Erin Wenzler are marketing the property on behalf of the owner, Seamen’s Church Institute of New York and New Jersey, which is rebalancing its portfolio.
Lord Securities has signed an early renewal at Swig Equities’ 48 Wall Street. The 10-year, 6,900-square-foot renewal is for the entire 27th floor. Snezana Anderson and Jim Searl of CB Richard Ellis represented Lord Securities; Swig was represented by Kent Swig and Todd Korren.
Showroom Delfina, LLC, a contemporary women’s apparel and accessories showroom, signed an eight-year, 3,100-square-foot lease at 231 W. 39th St. James Buslik and Jeffrey Buslik of Adams & Co. represented both the landlord and tenant in the transaction. The Busliks also represented landlord and tenant in another showroom deal, in which Blue Since Birth signed a six-year, 1,444-square-foot lease. Asking rent in both deals was $35 per square foot.
Westchester County
Chatham Lodging Trust has closed on its all-cash acquisition of the Residence Inn by Marriott—New Rochelle for $21 million, or approximately $169,000 per key. The Palm Beach, FL-based REIT acquired the nine-story, 124-unit property at 35 LeCount Pl. from Cappelli Enterprises, and expects to close on an $85-million revolving credit facility shortly. The hotel will be managed by Island Hospitality Management, a hotel management company 90% owned by Chatham CEO Jeffrey Fisher.
Fairfield County
HFF has arranged a $3.6-million refinancing for a 20,000-square-foot office building at 300 Post Rd. W. in Westport, CT that is completely leased to the Wealth Management Group of UBS. Amalgamated Bank provided the seven-year, fixed-rate loan; HFF’s Al Epstein worked exclusively on behalf of the borrower, 300PRW LLC.
Boston
Matt Harvey, Joe Sciolla, and Joe Doyle of CresaPartners in Boston recently represented Pharmalucence Inc. in the purchase of a 70,000-square-foot property at 29 Dunham Rd. in Billerica, MA for $2.7 million. Currently based in Bedford, MA, Pharmalucence, a radiopharmaceutical product supplier, is consolidating several locations and is building a new state-of-the-art drug manufacturing facility at this site to serve as its headquarters. CBRE’s Jason Levendusky and David Pergola Sr. represented the former owner, RREEF.
Upstate New York
Syroco Inc. has sold its 269,178-square-foot warehouse building at 7474 State Fair Blvd. in Baldwinsville, NY to Tessy Plastics Corp for $3.15 million. The seller, which shut down operations in June 2007, formerly used the facility for the distribution of injection molded outdoor furniture; the buyer produces plastic components for consumer, medical and automotive products. Binswanger’s James Panczykowski brokered the sale. Binswanger is continuing to market the former Syroco plastics factory on an adjacent parcel.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
