O wners , D evelopers & M anagers
Real Estate Journal —Section B
www.marejournal.com
M id A tlantic
EWARK, NJ — HFF announced that it has closed the $23.8 mil- HFF marketed on behalf of joint venture between Treetop Dev. & Alex Brown Realty HFF closes $23.8m sale of 294-unit Parkwood Place Apartments in Newark, NJ N
NEW YORK, NY — The Moinian Group celebrated a significant construction mile- stone yesterday with the top- ping out of its luxury residen- tial tower, 605 West 42nd St. located at the northwest corner of West 42nd St. and 11th Ave. The 1,174-unit rental building is currently the largest resi- dential rental development in- construction in Manhattan and will offer all residents access to luxury amenities, includ- ing a 70,000 s/f club, complete with indoor and outdoor pools, spa services and many more amenities. “605 West 42nd Street is a shining example of how luxury and affordable housing can still be delivered well in New York City,” said Joseph Moinian , The Moinian Group’s chief ex- ecutive officer. “Our tower will feature amenities unmatched by any building in the City, with a unique mix of residences and floor plans – from studios to ultra-luxury penthouses – available to our future ten- ants.” is comprised of seven six-story buildings containing 71 studio, 147 one-bedroom and 76 two- bedroom units. Most recently renovated between 2007 and 2014, the property is located at 368 Mount Prospect Ave., approximately 10 minutes from downtown Newark and 25 minutes from Manhattan via the Holland Tunnel. This gated community also includes covered parking. The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and An- drew Scandalios , managing director Kevin O’Hearn and associate director Michael Oliver . “With this transaction, the buyer has made an excellent investment in an asset with considerable upside in a grow- ing market,” said Cruz. n
HI-LIGHTS D ec . 26, 2014 - J an . 15, 2015 HFF marketed the property on behalf of the seller, a joint venture between Alex Brown Realty and Treetop Devel- opment . The buyer purchased the asset for $23.8 million or approximately $80,952 per unit. Parkwood Place Apartments lion sale of Parkwood Place Apartments, a 294-unit mid- rise apartment community in the Forest Hill neighborhood of Newark.
Parkwood Place Apartments
The Moinian Group celebrates topping out of a 1.16 million s/f residential tower
ODM EXPERTS
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Earlier this year, The Moin- ian Group announced it secured a $539 million loan with the New York State Housing Fi- nance Agency , with credit en- hancement fromBank of China and Ullico for its 1.16 million s/f residential rental tower. Moinian also announced that SL Green will be participating as an investor in the project. “We are thrilled to celebrate this topping out milestone and look forward to the suc- cessful completion of Man- hattan’s largest residential rental development currently under construction,” said Jay Badame , president and COO of New York, New Jersey and Pennsylvania for Tishman Construction , an AECOM company. “Congratulations to everyone who has worked together to bring this building to life.” The base of the building will be comprised of approxi- mately 30 foot high, 20,000 s/f of ground floor retail space, as well as a large below grade retail space, with 200 feet of
3B
Emory Hill & Company wins ABC “Green Building Award”
610 Chelsea Road
605 West 42nd St.
frontage on 11th Ave., parking garage spaces, and an expan- sive motor court drive. “The Moinian Group strives to not only offer maximum luxury to all of its tenants, but to provide an overall lifestyle, and 605 West 42nd Street will be no different,” said Natasha Vardi , senior vice president of residential properties at The Moinian Group.
The building, which is slated to begin pre-leasing in spring 2015, also includes a grand lobby, lounges, public spaces, a restaurant featuring outdoor dining, and approximately 20,000 s/f of professionally landscaped terrace and deck space all designed in collabo- ration with the Rockwell Group and Thomas Balsley Associates . n
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