Northeast Real Estate Business

NOV-DEC 2015

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

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12 • November/December 2015 • Northeast Real Estate Business www.REBusinessOnline.com N E W Y O R K MADISON EQUITIES AND PIZZAROTTI GROUP ACQUIRE 45 BROAD STREET NEW YORK CITY — Madison Equities and Italian multi-national construction services company Impresa Pizzarotti & C. Spa have acquired 45 Broad Street from 45 Broad Street L/CAL LLC for $86 million. The property is located in the heart of Manhattan's Financial District near the New York Stock Ex- change and World Trade Center and offers 290,000 square feet of foor area ratio for development. Madison Equi- ties and Pizzarotti plan a condomini- um tower constructed atop an ameni- ty-flled podium. The developers will deliver condo units for occupancy in 2019. 45 Broad Street will be designed by noted architect Cetra Ruddy, whose recent projects include One Madison Avenue, Walker Tower and the Orion. QUINLAN AND BUILDING & LAND TECHNOLOGY REDEVELOP THE PIONEER WAREHOUSE IN BROOKLYN NEW YORK CITY — Quinlan Devel- opment Group and Building & Land Technology (BLT) are redeveloping the 100-year-old The Pioneer Warehouse at 41 Flatbush Avenue in downtown Brooklyn. The $30 million redevelop- ment of the 10-story property, which will be renamed The Pioneer Building, will result in approximately 235,000 square feet of modern offce space and 25,000 square feet of retail space ready for occupancy in second quarter 2016. Located near the Barclays Center and Atlantic Terminal, The Pioneer Build- ing is well along in a comprehensive redevelopment to enhance the build- ing's barrel-vaulted terra cotta ceil- ings, brick walls and ornate limestone façade. The interior fnishes and exteri- or enhancements have been designed by architects Beyer Blinder Belle. New features include new, oversized, ener- gy-effcient windows; state-of-the-art tenant-controlled HVAC units; indus- trial-sized elevator cabs; a renovated lobby; a landscaped roof terrace with views of all of Downtown Brooklyn and the New York Harbor; and an on- site bicycle storage facility. The own- ers have named Bruce Mosler, Mikael Nahmias, and Joseph Cirone of Cush- man & Wakefeld as leasing agents. GRAMERCY COURT SELLS FOR $32.5 MILLION NEW YORK CITY — An undisclosed buyer has acquired Gramercy Court, a residential property located at 152- 156 E. 22nd St. in Manhattan, for $32.5 million. Built in 1908, the property fea- tures 43 residential units, ranging from studio to fve-bedroom units; 1,390 square feet of retail space; and 18,337 square feet of air rights. Jeff Julien, Rob Hinckley and Cindy True of HFF rep- resented the seller, 152-156 East 22nd Street LLC, a private family, in the transaction. FIRST CAPITAL REAL ESTATE INVESTMENTS ACQUIRES UNITED REALTY ADVISORS NEW YORK CITY — First Capital Real Estate Investments has acquired United Realty Advisors LP, the external advi- sor to United Realty Trust Inc. (URTI), and other affliated entities. Immediately prior to the acquisition, First Capital and its affliates entered into an asset contribution agree- ment with URTI pursuant to which First Capital and affli- ated entities contributed 28 assets to the REIT, including 18 hotels, fve retail and self-storage properties, various resi- dential and commercial land for development, and con- tract rights to acquire 13 additional hotels and more than 1,000 multifamily units. The contributed assets exceed $175 million in value. Both transactions closed on Sept. 15. NEW YORK REIT RECEIVES $325 MILLION IN FINANCING FOR OFFICE BUILDING IN TIMES SQUARE NEW YORK CITY — New York REIT Inc. has closed on $325 million in refnancing for 1440 Broadway, an of- fce building located steps away from Times Square. The 25-story building features 755,679 square feet of offce space. The completion of the fnancing is another step in the company's strategic initiatives plan to build a best-in- class Manhattan real estate portfolio for the beneft of its shareholders.

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