December 13, 2013
TUTOR PERINI WINS $510M HUDSON YARDS CONSTRUCTION CONTRACT
NEW YORK CITY — Tutor Perini Corp. has won a $510 million contract at the Hudson Yards mixed-use development in Midtown Manhattan. The Sylmar, Calif.-based construction firm will build a platform structure in conjunction with Related Cos. and Oxford Properties Group.The platform will be made of structural steel frame with a reinforced concrete deck. It will bridge the Long Island Rail Road eastern rail yard and serve as the foundation for future buildings at Hudson Yards. Construction of the platform has already started and will be completed by 2016. The platform construction will be coordinated with Tutor Perini’s work already underway on the Amtrak concrete tunnel box at the same site. The company has previously been awarded two large contracts at Hudson Yards, a 26-acre site slated for 6 million square feet of commercial space, 5,000 residences, a public school and luxury hotel.
 
   
DYNAMIC MARKETING TO LEASE 396,510 SF WAREHOUSE FACILITY
HAMILTON TOWNSHIP, N.J. — Dynamic Marketing Inc. (DMI), a Brooklyn-based appliance and electronic cooperative, has signed a long-term lease for a 396,510-square-foot warehouse in Hamilton Township. The building is located at 400 Cabot Drive. Kenneth Lundberg, Scott Perkins and Barry Cohorsky of NAI James E. Hanson represented DMI in the transaction. Mindy Lissner, William Waxman and Steven Beyda of CBRE, along with Leslie Lanne, senior vice president with IndCor Properties, represented the building's ownership. DMI was founded in 1957 for the purpose of purchasing and servicing appliances and electronics for its members, with the goal of being price competitive with big box retailers.
 
   
TRYKO BUYS LEECHBURG MULTIFAMILY COMPLEX FOR $4.2M
LEECHBURG, PA. — Private equity real estate group Tryko Partners LLC has acquired Sandalwood Apartments, an 86-unit, affordable-housing community in Leechburg, for $4.2 million. American Housing Partners Inc. sold the property, which is located on 10 acres at 253 Sandalwood Drive, about 33 miles northeast of Pittsburgh. Sandalwood Apartments consists of 16 buildings, including mostly two- and three-bedroom townhomes. Amenities at the property include on-site laundry, a community room with kitchen, storage, a playground and basketball court and proximity to local schools and shopping. Marcus & Millichap served as broker in the transaction. CBRE Capital Markets provided financing for the acquisition.
 
   
MERIDIAN ARRANGES $2.1M LOAN FOR TWO MIXED-USE PROPERTIES
NEW YORK CITY — Meridian Capital Group LLC has arranged a $2.1 million loan for the refinancing of two mixed-use properties located on Greene and Myrtle avenues in Brooklyn. The seven-year loan features a fixed interest rate of 4 percent and a 77 percent loan-to-value ratio.  A local savings bank provided the loan. Blake Carver, an associate at Meridian arranged the financing. The three-story properties, located at 132 Greene Ave. and 468 Myrtle Ave. in the Clinton Hill neighborhood, total four residential units and 2,000 square feet of retail space. Tenants include Aita, a casual farm-to-table restaurant, and Barking Brown, a clothing and accessories boutique.
 
   
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