The 467,000-square-foot, Class A office building at 330 Hudson St. recently underwent a major redevelopment that included the addition of eight new floors.

NEW YORK CITY -- A joint venture between Ivanho� Cambridge and Callahan Capital Properties (CCP) has acquired a 49 percent interest in a 467,000-square-foot Manhattan office building for $150 million. The Class A building is located at 330 Hudson St. in Midtown South on Manhattan's west side.

The 16-story property recently underwent a major redevelopment that included the addition of eight new floors. It is pre-certified LEED-Gold.

The building is particularly attractive among technology and creative users, according to Ivanho�.

"330 Hudson is a leading example of the creative work environment that is increasingly desirable to the growing technology and media industries in Hudson Square, which is one of New York's most promising urban live/work neighborhoods," says Adam Adamakakis, the firm's executive vice president of U.S. investments. "We hope to capitalize on more opportunities in key U.S. markets soon."

This is the fifth transaction Ivanho� has executed with CCP. The joint venture now has more than $2.1 billion invested in U.S. office properties. The majority owner of 330 Hudson is an affiliate of Beacon Capital Partners.

"We are delighted with the addition of 330 Hudson to the Ivanho� Cambridge/Callahan portfolio as it exemplifies our strategy to build a high-quality office platform concentrated in top markets around the country," says Tim Callahan, CCP's CEO.

"With its prime location and unique attributes, 330 Hudson has a very strong competitive position and we look forward to working with Beacon to further enhance value as we complete the lease-up of the property," adds Callahan.

Canada-based Ivanho� Cambridge focuses on real estate investments, developments, asset management, leasing and operations. The firm maintains about $37.4 billion worth of assets throughout Canada, the U.S., Europe, Brazil and Asia.

Chicago-based CCP is a real estate investment firm specializing in high-quality office properties that generate above-average, risk-adjusted returns.

-- Nellie Day 

NEW YORK CITY -- New York City-based The Bauhouse Group has secured a $35 million construction loan, which was provided by Doral Bank, for the development of 515 West 29th Street in Manhattan. At the gateway to Hudson Yards and surrounded by the High Line, the residential and retail property will total approximately 43,000 gross square feet when complete. The Bauhouse Group acquired the property, which contained a six-story former warehouse, for $24.4 million in September 2013 and purchased three separate pieces of air rights for the building in March 2014 for $6 million to provide for additional square footage. Condo sales at 519 West 29th Street is slated to begin sales this fall through its broker, Corcoran Group.

Greystone's Printhouse Lofts will bring 36 luxury apartment units to Brooklyn's Williamsburg neighborhood.

NEW YORK CITY -- New York-based Greystone is transforming an industrial-style warehouse at 139 North 10th St. into Printhouse Lofts. Situated between Berry Street and Bedford Avenue in Brooklyn's Williamsburg neighborhood, the 36-unit luxury apartment building will offer a mix of 28 one-bedroom, six two-bedroom and two three-bedroom units.  

The units feature stainless steel appliances, farmhouse sinks and natural stone countertops. The project architect is H.T.O Architect, while Funda Durukan of Durukan Design designed the interiors. Building amenities include a virtual doorman, video intercom system, laundry machines on all floors, bike storage and 2,500 square feet of shared roof deck space offering panoramic views of Brooklyn and Manhattan. Residential move-ins are slated to begin August 1.

NEW YORK CITY -- New York University (NYU) plans to transform the long-dormant, city-owned 370 Jay Street in downtown Brooklyn into a modern, sustainable academic center. The renovated 500,000-square-foot building will serve as the home of NYU's Center for Urban Science and Progress (CUSP), as well as house the university's entrepreneurial incubators, additional classrooms and office space. CUSP will occupy the top three floors of the 14-story building and the three incubators will occupy the third floor. The remainder of the building will be used by NYU for classrooms and other academic uses, with the exception of 14,000 square feet of retail on the ground floor. Once approved by the Public Design Commission, construction will begin in 2015 with completion slated for 2017. Mitchell Giurgola Architects is providing architectural services for the renovation.

CONSHOHOCKEN, PA. -- Keystone Property Group and the borough of Conshohocken have formed a public-private partnership to redevelop the former Verizon building at 400 Fayette in Conshohocken. The partnership plans to redevelop the approximately 44,000-square-foot property into a modern office, retail and community facility, which will house the new borough hall, administrative offices and police headquarters. Under its agreement with Keystone, the borough will maintain ownership of the property and occupy approximately 22,000 square feet of the facility. The remaining portion of the building -- 16,500 square feet of office space and 5,500 square feet of retail space -- will be marketed by Keystone to prospective office and retail tenants.

SHREWSBURY, PA. -- Joe Messina is developing Messina Highlands, a more than 36,000-square-foot shopping center in Shrewsbury. Slated to open this fall, the property will be occupied by Peoples Bank, Panera Bread, AT&T, Great Clips, Five Guys, Glamour Nails, Chipotle and Mattress Warehouse. Kevin Potter of Rhino Realty Group is marketing and leasing the property.

The RealReal will occupy the 128,835-square-foot warehouse and office facility in Secaucus, N.J.

SECAUCUS, N.J. -- River Drive Construction has been selected tobuild out the new offices of The RealReal, an authenticated luxury resale marketplace. The retailer will occupy the entire 128,835-square-foot warehouse and office facility located at 35 Enterprise Ave. in Secaucus. River Drive will build out the 10,000-square-foot office portion of the property. Brian Tobiasz, president of Tobiasz Management Co., is overseeing the construction project on behalf of The RealReal.

CHELMSFORD, MASS. -- Boston-based Tritower Financial Group has acquired 300 Apollo Drive in Chelmsford. Texas-based USAA Real Estate Co. sold the property for $39.4 million. The LEED Silver-certified property offers more than 293,000 square feet of Class A office space. At the time of sale, the property was 100 percent leased to eight tenants. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.

NEW YORK CITY -- Marcus & Millichap Capital Corp. has arranged two loans totaling $24.2 million for three properties in New York City. A 30-unit multifamily property and a three-unit mixed-use commercial property on 10th Avenue received a loan for $14.7 million, and a mid-rise 30-unit residential building on West 51st Street received $9.5 million in financing. The two seven-year loans have 3.9 percent fixed rates and 30-year amortizations with 70 percent loan-to-value. Chris Marks and Steve Rock of Marcus & Millichap arranged the financing.

JMC Holdings sold 19 Eighth Street in Greenwich Village for $10.25 million.

NEW YORK CITY -- JMC Holdings has completed the disposition of 19 West Eighth Street in New York's Greenwich Village neighborhood for $10.25 million, or $1,160 per square foot. Built in 1920, the five-story, 8,831-square-foot building features one retail unit and eight residential units. The property recently underwent a high-end renovation for six apartments, the stairwell, roof, plumbing and security. All of the renovated, free-market units feature stainless steel appliances, granite countertops and marble bathrooms. Additionally, three units feature terraces, as well as two penthouse units with 16-foot ceilings and skylights. Peter Von Der Ahe, Joseph Koicim, David Lloyd, Sean Lefkovits and Assaf Tayar of Marcus & Millichap's Manhattan office represented the seller and the buyer, a private investor, in the transaction.

NEW YORK CITY -- Marcus & Millichap has brokered the sale of a 23,000-square-foot development lot in the Flushing neighborhood of Queens. A local/regional development group purchased the property for $10.2 million from a family partnership. Located along Fowler Avenue, the site is five blocks from the intersection of Main Street and Roosevelt Avenue, an area that features retail space and access to the No. 7 subway line and Long Island Railroad commuter rail system. Steven Siegel, Michael Kook and Michael Helpern of Marcus & Millichap's Manhattan office represented both parties in the transaction.

NEW YORK CITY -- B+B Capital has acquired a three-level retail condo at 377 Broadway in Manhattan's TriBeCa neighborhood. Cooper Investors Inc. sold the 15,000-square-foot corner condo for an undisclosed price. Built in 1920, the property offers 4,500 square feet of retail space on the ground level, 1,200 square feet on the mezzanine level and 9,600 square feet on the lower level. Bracha New York at Keller Williams NYC represented the buyer and EPIC Commercial Realty represented the seller in the transaction.

BARNEGAT, N.J. -- Marcus & Millichap has brokered the sale of Union Plaza in Barnegat. Located at 575 North Main St., the 9,900-square-foot retail property sold for $1.1 million. Michael Lombardi of Marcus & Millichap's New Jersey office represented the seller, a private investor, and Julienne Pape also of Marcus & Millichap's New Jersey office represented the buyer in the transaction.

EAST ISLIP, N.J. -- Sabre Real Estate Group has brokered a lease at Heckschere Plaza Shopping Center in East Islip. Pat's Meat Farms Inc. will occupy 30,473 square feet at the 60,000-square-foot retail center located at 300 E. Main St. The new supermarket called Pat's Marketplace is expected to open by the third quarter of this year. The supermarket is owned by Pat LoCurto. Sabre Real Estate Group represented the lessee in the transaction.

Matt Valley, Editorial Director 

 Northeast Real Estate Business

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