Cignature Realty Associates represented the buyers, Sugar Hill Capital Partners,  and the Corcoran Group’s Sandy Wilson and Tony Oakley represented the sellers, 603-607 West 139th Street Residences, LLC, in the $5.45 million sale of two contiguous, five-story, walk-up apartment buildings at 603 and 607 West 139th Street.

There are 42 four, five and six room apartments in the two properties with a total of 43,770 sq. ft.

They… Read more...

The U.S. apartment sector powered through last summer’s economic doldrums to record strong absorption gains and higher occupancy rates.

Tight supply conditions exist, especially in metros with high barriers to entry.
Foreclosures in the single-family market, the inability of most Americans to meet mortgage financing requirements and households choosing rental housing for lifestyle reasons or employment… Read more...

The stunning new atrium at Tower 45

ACC Construction, a New York City-based WBE construction firms, has completed construction of a dramatic outdoor atrium and building lobby at Tower 45, a Class A commercial building at 120 West 45th Street.

The space, designed by LB Architects, is owned by SL Green Realty Corporation… Read more...

Gloria Homes Apts. L.P., a New York limited partnership, has purchased six city-owned properties for $16.7 million, city records show.

The properties — 2014 Seventh Avenue, 2471 and 2479 Eighth Avenue, 159 West 119th Street, 270 West 136th Street and 305 West 138th Street in Harlem — will be used as affordable rental housing for low and moderate-income New Yorkers. Read more...

Some of the biggest names in politics, finance and real estate broke ground on Teachers Village, a mixed-use development in downtown Newark.

The project will create two school buildings, which will house three schools and a daycare center; more than 200 moderately-priced rental apartments for Newark teachers; and more than 20 on-street retail establishments, which will include restaurants, medical offices and local and national stores.

The design team includes Richard Meierm who was born in Newark. “This is a sort of homecoming for me and an opportunity for me to apply a lifetime of skills learned in the world arena to the revitalization of a major area of the city’s downtown.” Read more...

By Sarah Trefethen

The General Theological Seminary has sold nearly $100 million in Chelsea property to a residential developer in the past year, and some say the deals aren’t over yet.

City records show the Brodsky Organization last week closed on a $18.5 deal to purchase the property at 445 West 20thStreet from the seminary, its third major purchase from the church.

It also secured development rights… Read more...

The Subcontractors Trade Association (STA) is gearing up for its 2012 New Membership Drive, which will run from March 1 through June 30.

The organization is looking to continue building upon its vast network of subcontractors by adding new subcontractors leaders in the business to its membership.

Being a part of the STA offers advantages to New York-based union subcontractors, from increased business opportunities to member services such… Read more...

James Monsees, senior vice president and technical director for underground structures at Parsons Brinckerhoff, has received a Lifetime Achievement Award from Tunnels & Tunnelling International magazine.

JAMES MONSEES

The magazine recognized Monsees for his extensive contributions to the tunneling industry, both in technical accomplishment and as an inspiration to future tunnelers. 

An expert in the… Read more...

420 Fifth Avenue

Reebok will be launching its new retail concept in New York City at Heritage Realty Services’ 420 Fifth Avenue this coming June.

The new store is part of a partnership between Reebok and CrossFit — the fitness craze combining strength training, gymnastics and aerobic conditioning that has taken the country by… Read more...

A Broadway property known as the Original Empire State Building has been sold for $32.5 million.

Built in 1897, 640 Broadway was purchased by a local buyer according to Bob Knakal and James Nelson, the Massey Knakal brokers who handled the sale.

“It’s rare that a block front property comes on line,” said Nelson. “Given its scale and prime location, we received interest from around the world, but ultimately a strong, local buyer prevailed.” Read more...