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| July 19, 2012 |
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| SLS HOTEL TO OPEN IN NEW YORK CITY BY 2013 |
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NEW YORK CITY — SBE and Moin Development Corp. are teaming up to build a new SLS Hotel in New York, the first in the city for the luxury brand. Crews will convert an existing office building into a 190-room hotel located at 444 Park Ave. South in Manhattan. The hotel will also feature bar venues in the lobby and a restaurant concept on the rooftop. It will be the third SLS Hotel in the U.S. and is slated to open by 2013. The reported cost of construction is $85 million
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| NEW JERSEY LANDLORD BUYS 52-UNIT RENTAL BUILDING IN MANHATTAN |
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NEW YORK CITY — TreeTop Development has purchased a 52-unit apartment building with 12,000 square feet of retail and commercial space in Manhattan for $8.8 million. TreeTop plans to invest $2.5 million in upgrades to the property, which is located at 165 West 127th St. Apartment rents at the property will start at $1,600 for one-bedroom units and $1,800 for two-bedroom units. Three-bedroom units will be priced at $2,200.
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| MARRETT SQUARE SELLS FOR $2.52M IN LEXINGTON |
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LEXINGTON, MASS. — Stone River Properties has purchased the Marrett Square shopping center in Lexington for $2.52 million. Tenants at the 16,791-square-foot retail center include Anton's Cleaners and Boston Nail & Spa. The center is also located 1.5 miles from Interstate 95. Robert Tito and Gina Barroso of NAI Hunneman represented the seller, Camblex Realty Trust, in the transaction. They also procured the buyer.
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| FSSC PURCHASES FIRST STATE PLAZA |
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STANTON, DEL. — Bernie Kenny of FSSC has purchased the First State Plaza in Stanton, a 164,779-square-foot shopping center. Kenny is the founder of Delaware Supermarkets, a company that operates five ShopRite supermarkets in Delaware. First State Plaza is anchored by a ShopRite supermarket and tenants also include Cinemark, Dollar Tree and the U.S. Post office. The new owner plans to renovate the property and include the installation of a bus shelter. Jeff Dunne of CBRE Group represented the seller, USRP I LLC, in the transaction.
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| FAMILY CRISIS GROUP CONSOLIDATES OFFICES |
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PHILADELPHIA — Children's Crisis Treatment Center has signed a lease for 43,673 square feet at the Waterview Corporate Center at 1080 North Delaware Ave. in Philadelphia. The nonprofit agency will consolidate three other Philadelphia locations into the new space this fall. Currently, the offices are located at 1823 Callowhill St., 1830 Callowhill St. and 417 N. 8th St. Peter Soens and Peter Shrier of SSH Real Estate represented the tenant in the transaction. Neil Brazitis and Les Hagget of Newmark Knight Frank Smith Mack represented the landlord, Core Realty Inc.
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Northeast
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