Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.
Issue link: https://northeastrealestatebusiness.epubxp.com/i/632700
12 • January/February 2016 • Northeast Real Estate Business www.REBusinessOnline.com N E W Y O R K BROOKLYN NAVY YARD DEVELOPMENT CORP. UNVEILS PLANS FOR BUILDING 77 NEW YORK CITY — Brooklyn Navy Yard Development Corp. has unveiled its plans for Building 77, a $140 million renovation of a 1 million-square-foot industrial building at the Brooklyn Navy Yard. The repositioned property will feature a ground-foor public food hall, space for food man- ufacturing and a collaboration hub for the growing base of businesses in the area. Upon completion, the renovated building will increase overall employment at the Yard by more than 40 percent, creating 3,000 manufacturing and in- novation jobs. Completion is slated for early 2017. LCOR BREAKS GROUND FOR 55 BANK STREET WHITE PLAINS, N.Y. — LCOR has broken ground for 55 Bank Street, a mixed-use development in White Plains. The $260 million, 760,000-square-foot transit-oriented develop- ment will offer residential and retail space. The frst phase of the project will include a 16-story, 288-unit residential building with 3,000 square feet of ground-foor retail space and 381 parking spaces. Phase II will consist of a 16-story building with 273 homes, 3,350 square feet of retail space and 189 parking spaces. Twenty percent of the 561 resi- dential units will be workforce designated housing. The project is located adjacent to the Metro-North White Plains Railroad Station, which offers express service into Grand Central Station in New York City. NYCEDC, BEDFORD COURTS LLC UNVEIL PLANS FOR 500,000 SF MIXED-USE DEVELOPMENT NEW YORK CITY — New York City Economic Development Corp. (NYCEDC) and Bedford Courts LLC, a joint venture between BFC Part- ners and Slate Property Group, have unveiled plans for a 500,000-square- foot mixed-use development at the Bedford Union Armory in Brooklyn's Crown Heights neighborhood. The development will bring hundreds of units of housing, a multi-sport rec- reational facility, community event space, offce space and commercial space to Brooklyn. Planned in close coordination with community and local elected offcials, the Bedford Union Armory project will activate the vacant building, which was built in 1903. Bedford Courts will develop the property on a long-term ground lease from the city into a 300-unit residential building and a commer- cial building with recreational, com- munity and offce space. Outftted by Carmelo Anthony and The Carmelo Anthony Foundation, the recreational facility will feature basketball courts, a swimming pool and an indoor turf feld. CAMBA, a Brooklyn-based non- proft organization, will operate and provide associated programming for the recreational facility and commu- nity event space. TGM ASSOCIATES SELLS 360-UNIT MULTIFAMILY PROPERTY IN FISHKILL, N.Y., TO HAMPSHIRE PROPERTIES FISHKILL, N.Y. — TGM Associates has sold TGM Village at Merritt Park to New York City-based Hampshire Properties for an undisclosed sum. Lo- cated at 80 Jefferson Blvd. in Fishkill, the property features 360 apartment units in a mix of one-, two- and three- bedroom foor plans ranging from 754 square feet to 1,328 square feet. Brian Whitmer of Cushman & Wakefeld brokered the transaction. TGM origi- nally purchased the property in 2006. EASTERN CONSOLIDATED ARRANGES $43.5 MILLION SALE OF OFFICE BUILDING NEW YORK CITY — Eastern Con- solidated has brokered the sale of a 70,000-square-foot offce building lo- cated at 22-24 W. 38th St. in Midtown. Dalan Management acquired the asset for $43.5 million. The 12-story proper- ty features ground-foor retail space. Ron Solarz and Nataliya Stemakh of Eastern Consolidated represented the seller, 22 West 38th Street Associates LLC, while Ben Tapper, also of Eastern Consolidated, represented the buyer in the transaction. Gary Meese of East- ern Consolidated served as analyst for the deal.