10A — May 25 - June 7, 2018 — Retail Architecture • Construction • Engineering — M id A tlantic
Real Estate Journal
R etail C onstruction
Paramount Assets welcomes Blink Fitness to Newark, NJ
Project team includes: Gilbane, HOK and Shelton Mindel Ceruzzi &Kuafubegins build on 230,000 s/f mixed-use dev.
The foundation system re- quired coordination with the MTA through the numerous logistical phases. The construc- tion team, led by Gilbane , per- formed abatement, demolition and excavation activities with minimal street and sidewalk space for material, equipment and loading out. The team overcame this challenge and accelerated the demolition and excavation phase. The building’s superstructure is steel reinforced concrete. “We are proud of the work completed to date with Gilbane and are thrilled to be bringing an elegant mixed-use develop- ment to the Upper East Side,” said Ceruzzi president Art Hooper . “The team has worked tirelessly to progress the con- struction timeline and bring this complex project one step closer to reality.” “Our commitment is to our clients first, and as such, we’re proud to be managing this complex project for such a high- quality owner and design team,” said Gilbane project executive Melissa Steeves .
anhattan, NY — According to Ceruzzi Holdings LLC , con-
struction is underway at 147- 151 East 86th St., its 18-story, 210-ft. mixed-use development in partnership with Kuafu Properties . Construction fi- nancing has been provided by TCI Fund Management Ltd. and arranged by Holliday Fenoglio Fowler, L.P. (HFF) . The project, which will offer 61 condominium homes, totals 230,000 s/f – 25,000 of which will be dedicated to retail space on the ground, second and lower level of the building. Sales are expected to commence in the coming months and the major- ity of the retail space has al- ready been leased to Old Navy, who signed a 15-year term for 18,500 s/f on the ground and second floors. The construction process be- gan with the demolition of the 147-151 East 86th St. proper- ties, and an excavation program which included line drilling, rock excavation and adjacent property foundation reinforce- ment and underpinning. One
Shown from left: Richard Dunn, senior vice president, Paramount As- sets; Solomon Levy, chairman, Paramount Assets; Newark Mayor Ras Baraka; and Maurice Levy, chief operating officer, Paramount Assets.
and later converted for medi- cal use, Ironbound Plaza sits on the corner of Market St., adjacent to Newark Penn Station. Its new retail tenants will benefit from that facility’s 30,000-person average week- day passenger count. At the same time, Blink Fitness and 7-Eleven and are positioned to serve the city’s growing Ironbound district residential population, as well as CBD commercial occupants. Paramount Assets pre- served many original features in the renovation and redesign of Ironbound Plaza, including the building’s architecturally distinct facade. The firm’s in- house construction teamhead- ed the Blink Fitness fit-out.
NEWARK, NJ — A for- mal ribbon-cutting for Blink Fitness at Ironbound Plaza in Newark marked the first tenant opening at this his- torically significant and newly redeveloped property. Para- mount Assets purchased the triangular-shaped, limestone- clad building at 2 Ferry St. vacant in early 2017; it has been renovated and fully leased, with interior fit-out work underway for its second tenant, 7-Eleven. Members of the Paramount Assets team joined local resi- dents, dignitaries and Blink Fitness leadership at the cer- emony on April 27. Initially built as a bank building in Newark’s heyday
of the first major steps in this process was to build the new temporary MTA sidewalk en- trance in front of 147 East 86th St., which included demolition of the existing structure in the basement of the old buildings and construction of the new staircase entrance from station to street level. Once completed, there will also be a new ADA elevator from the sidewalk to the station below. Shownfrom left: Ceruzzi/Kuafu/ Gilbane team: Melissa Steeves, Robert Skolnick, Chris Sameth, AndrewAlt, Ken Cartelli, Rob Van Akin, Steven Ruggiero, Mathew Healy, and Bryan Cappelli
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