O WNERS , D EVELOPERS & M ANAGERS
Mid Atlantic Real Estate Journal — May 25 - June 7, 2012 — 25A
www.marejournal.com
ITTSBURGH, PA—Carl Walker Construction, Inc. (CWC), specialists Budgeted at $11,755,515 and due for completion this year Carl Walker Construction launches three garage projects in Western PA and West VA P
and a complete new sign pack- age. According to White, the target date for completion is mid-August 2012. Meanwhile, in Pittsburgh, an 8-story garage serving UPMC Mercy Hospital is undergoing a top-to-bottom preventive-main- tenance restoration budgeted at $2,782,770. While working on the garage, the goal is to make sure that there is enough parking for visitors. The ongo- ing project leaves about two thirds of the structure’s 600 spaces available for parking on any given day. “We’re re-rout- ing traffic inside, making sure that hospital visitors always have someplace to park,” said White. While the 260,000 s/f 1970s- era garage has been well main- tained, White said, “Cleaning and painting the steel and recoating the concrete, before major repairs are necessary, is saving them money in the long run.” CWC’s tasks include repainting all structural steel and some other surfaces, deck- coating and minor concrete and masonry repairs, replacement of roof-deck guard rails, and new railings and paint in the building’s stair towers. The target date for completion is this December 2012. ■ Hammer orchestrated sev- eral transactions in Bergen County. Highlights include the trades of Phelps-Ivy, a three-story, 14-unit complex in Englewood, and the sale of 39 units at 30 Euclid Ave., a four-story Hackensack property, which sold for the per-unit price of $118,000 at a 5.75 percent cap rate. Legal counsel for the Gorge Road sale was provided by J. Alvaro, Esq., of Alonso &Na- varrette of North Bergen and Mark Sokolich, Esq., in Fort Lee, on behalf of the seller and buyer, respectively. ■
i n pa rk i ng garage con- struction, de- sign and res- toration, has kicked off the 2012 spring construction season with three major garage projects, all due for completion this year. Now underway is the de- sign/build garage for Marshall University in Huntingdon, W. Va.; the total restoration of a center-city garage in Latrobe, Pa.; and complete preventive restoration and repair of the UPMC Mercy Hospital garage in Pittsburgh. The Marshall University structure, according to CWC president Len Tsupros, is bud- geted at $6,775,000 and due for completion in August. With a start date of Feb. 1, 2012, he said, the schedule is “one of our more aggressive efforts. So far, we’re focused on keeping everything running smoothly so we can get the campus parking situation up to speed before school is back in session this fall.” Len Tsupros
Marshall University in Huntingdon, W. VA
At 145,000 s/f, the six-story Marshall structure will fit 415 parking spaces into the footprint of a former 50-space surface lot. The pre-stressed precast concrete garage will include two glass elevator/stair towers, and is designed to ac- commodate future expansion to the north of the site. In western Pennsylvania,
CWC VP Joseph White is man- aging another design/build project, the rehabilitation of Latrobe’s sole downtown parking garage budgeted at $2,197,745. In February, 2012 CWC subcontractors began demolition of 46,000 s/f about 60 percent of the structure’s 82,000 s/f supported deck. The project engineer is CWC
design-build expert Charles Churches. After installing new rebar and re-pouring the deck on all four levels, crews will repaint the structural steel, coat all deck surfaces and replace the existing elevator and stair tower. The Latrobe project’s scope also includes replacement of all plumbing and lighting
Investment market offers strong occupancies and proximity to NYC Gebroe-Hammer Associates arranges sale of 13 fully renovated multi-family units in Cliffside Park, NJ
CLIFFSIDE PARK, NJ — Gebroe-Hammer Associates has brokered the $1.625 mil-
Pomerantz and Nicholas Nicolaou. “This garden-style apart- ment complex benefits from an excellent location,” said Oropeza. “It is convenient to schools, shopping and transportation. In addition, the interiors have all been completely renovated, re- sulting in attractive rental units that are competitively priced.” Amenities include on-site laundry facilities, parking and central air conditioning. The property is comprised of 11 one-bedroom apartments and
two two-bedroom units. Six of the units also have balconies. According to Pomerantz, aver- age rents for the area range from $1,100 for a one-bedroom to $1,250 for a two-bedroom unit. Located in southeastern BergenCounty on theHudson River, Cliffside Park is conve- niently situated between the George Washington Bridge and the Lincoln Tunnel. The town is favored by New York City commuters who value the immediate availability of mass transit links, including bus, rail and ferry service.
Numerous shops and diverse restaurants add to the appeal of Cliffside Park’s downtown area. “ Th e r e n t a l ma r k e t throughout Northern New Jersey is extremely strong, due to the rising rents in New York City, where tenants are priced out of that multi-fam- ily market, and a willingness among commuters to pay the asking rents in Bergen, Passaic, Hudson and Essex counties in order to have easy access to Manhattan,” said Nicolaou. During 1Q’12, Gebroe-
lion sale of a three-story multi-fam- ily property at 344 Gorge Rd. The bro- kerage team, representing the se l l er, 344 Gorge
David Oropeza
Road LLC, and procuring the buyer, a long-time client of the firm, included executive vice president David Oropeza and sales associates Debbie
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