O wners , D evelopers & M anagers F eaturing C onstruction L aw
Mid Atlantic Real Estate Journal — May 31 - June 13, 2013 — 11A
www.marejournal.com
ASSAIC, NJ — The Passaic County multi- f ami l y ma r k e t i s 12-unit multifamily trades for more than $135,000 per unit Gebroe-Hammer’s Pomerantz arranges $1.625 million sale P
At L&L Holding Co.’s Park 80 West River Drive Construction completes interior reno.
SADDLE BROOK, NJ — River Drive Construction , a New Jersey construction company based in Elmwood Park has announced that it recently completed an inte- rior office renovation for L&L Holding Co. , a developer and owner of more than five mil- lion s/f of class A office space, at the Park 80 West building in Saddle Brook. This is the 24th project River Drive has completed at Park 80 West, a premier northern New Jersey office park. The two-phase project en- tailed converting a leading financial service company’s existing, 10,500 s/f office on the fifth floor of Plaza Two at 250 Pehle Ave., which River Drive renovated in 2007, into eight private offices. According to Dave Willis, a project manager for River Drive Construction, which acted as the general contractor for the project, the conversion was a result of an incentive program for the financial service company’s employees Washi ngton , DC — Rock Creek Property Group has delivered its redevelopment of 1100 16th Street, NW, a 28,366 s/f build- ing at the corner of 16th and L Streets, NW in the heart of Washington, DC’s Central Business District. Over the past eight months, Rock Creek has transformed this former two-building pri- vate school into one four-and- a-half-story, first-class office headquarters building for use by a single owner or tenant. Located three blocks from the White House, 1100 16th Street, NW offers a number of unique features including efficiently designed space for up to 130 employees, a corner location near mul- tiple Metro Lines (Red, Blue, Orange), excellent window line, exposed brick, multiple entrances, 10-20 foot ceiling heights, garage parking and a 1,700 s/f rooftop deck with views of the Washington Monument.
under which financial repre- sentatives at a certain level were rewarded with their own offices for outstanding perfor- mance. “We’re pleased to announce the completion of the renova- tion at Park 80 West,” said Joseph Langan, president of River Drive Construction. “The conversion of their open office space, which we origi- nally renovated in 2007, to private offices is a reflection of the success of the company’s employees. Having worked with company in the past, it has been especially rewarding to witness their growth.” Some of River Drive’s past work at Park 80 West, which spans more than 10 years, includes interior fit-outs for CBRE, Edelman Financial Services, Catalina Marketing and NEC Financial Services, for which River Drive Con- struction recently started its second project. The architect for this project was Robert M. Lucius , based in Minneapolis, MN. n
The well-maintained 458 Lafayette Ave. complex con- sists of 12 two-bedroom units with balconies. Located near St. Mary’s Hospital, features include a brick-with-siding façade, on-site parking, new water heaters, a new roof and newly painted units. “This market has seen a significant volume of transac- tions over the past year, and that trend is continuing,” said Pomerantz, the firm’s area market specialist. “It is a mar- ket that is very much a com- muter hub, and a significant number of its residents are renters. Strong occupancy rates combined with favorable
without the tireless efforts of the workers from Tish- man Construction,’’ said port authority executive director Pat Foye. “For years, these fearless workers have toiled day after day, often during inclement weather and at great heights. We applaud their dedication in helping us reclaim New York City’s skyline.” “I am honored that our team was able to oversee this successful moment, and I thank all of the trade work- ers for their inspiring com- mitment,” noted Tishman’s Mike Mennella , executive vice president of World Trade Center projects. “Without them, this building could not have risen to its impressive and magnificent height.” Tishman and AECOM are currently contracted by the Port Authority of New York and New Jersey and Silver- stein Properties to work on a number of projects at the Port Authority’s 16-acre site, including One World Trade Center, 3 World Trade Cen- ter, 4 World Trade Center, 7 World Trade Center, the Transportation Hub, Vehicle Security Center, retail compo- nent, as well as the compre- hensive site and streetscape design. n interest rates for financing, continues to drive investor interest county-wide, placing upward pressure on pricing.” Gebroe-Hammer has ar- ranged the recent sale of more than 110 units in Pas- saic County, including three properties with 49 units in Paterson, the county seat. In the past 18 months, Pomer- antz has closed sales totaling 627 units with an aggregate value just under $50 million. Among these transactions were the $4 million trade of SevilleApartments in Passaic and the note sale of a 46-unit, nine-building portfolio in Pa- terson. n
emerging as a nucleus of investment interest as indicated by the $1.625 million sale of a 12-unit apar tment complex or-
Debbie Pomerantz
chestrated by Gebroe-Ham- merAssociates in the City of Passaic. Debbie Pomerantz , assistant vice president, repre- sented the seller, Passaic Park Properties, and identified the buyer in the transaction.
Tishman Construction celebrates the installation of One World Trade Center spire
NEW YORK, NY — On Friday, May 10, Tishman Construction , an AECOM company, worked with the Port Authority of New York and New Jersey to install the final two sections of One World Trade Center’s 408-foot spire. Now bolted in place, the spire brings One World Trade Center’s height to a symbolic 1,776 feet, making it the tall- est building in the Western Hemisphere. In addition to being an architectural fea- ture, the 758-ton spire is also functional – serving as a beacon for Lower Manhattan and a state-of-the-art broad- cast facility that will provide transmission services for the region’s broadcasters. Tishman Construction proj- ect team members standing in front of One World Trade Center’s spire to celebrate its installation. “Having built the World Trade Center’s original Twin Towers, our company has a strong connection to this site,” said Dan Tishman , chairman of Tishman Con- struction and vice chairman of AECOM. “All of us at Tish- man are incredibly proud of this historic achievement.” Jay Badame , Tishman’s president and chief operat- ing officer for New York, New
Rock Creek Property Group delivers multi-million dollar redevelopment
Rock Creek’s multi-million dollar base building renova- tion left many of the proper- ty’s original elements intact, including exposed beams, joists and other historical features dating back 100 years. Final touches, includ- ing a complete overhaul of the exterior landscaping and outdoor spaces, are scheduled to be installed this month. 1100 16th Street, NW will be offered for sale or lease to a single purchaser or ten- ant, and Rock Creek plans to ramp up its formal market- ing of the asset in the near future. n 1100 16th Street, NW
Tishman Construction project team members standing in front of One World Trade Center’s spire to celebrate its installation. Jersey and Pennsylvania, added, “The installation of One World Trade Center’s final section of spire steel is a crowning triumph for ev- eryone involved in the site’s rebuilding.” “Friday’s extraordinary milestone of One World Trade Center reaching 1,776 feet would not have been possible
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