News

A 15-building portfolio with 75 stores and 125,000 square feet of space in New York City’s Harlem neighborhood is being marketed to prospective tenants by the Prudential Douglas Elliman leasing team of Faith Hope Consolo and Joseph Aquino. Consolo (pictured), chairman of the firm’s retail leasing and sales division, said the properties range from 1,000 to 5,000 square feet and are in buildings across Harlem, including Fifth and Seventh Avenues, Frederick Douglass Boulevard and Lenox Avenue. Leasing prices will range from $50 per square foot up to $125 square foot. Helping Consolo market the properties are Aquino, executive vice president…

Work has gotten underway on a new mixed-use project at 50 West Broadway that will bring 139 new market-rate and affordable-housing apartment residences to the site of the former Cardinal Cushing High School in South Boston. John M. Corcoran & Co. and The Brennan Group are developing the property, which will cost an estimated $61 million to realize. Development of 50 West Broadway kicked off today with the demolition of the high school buildings. A Transit-Oriented-Development located just one block from the Broadway MBTA station, the new mixed-use project will sit in a community that is in the midst of…

Cushman & Wakefield Inc. has named John Santora CEO of Americas, the company’s largest operating region. Santora, a 30-year veteran at Cushman and Wakefield, was promoted from his current post of Global COO, where he oversaw global business strategy and the integration of its regional operations. During his tenure as COO, Santora coordinated acquisitions of properties in Mexico, South America and Australia, among other regions. Santora has had a variety of management positions in the company in asset services and also serves on the board of directors. In his new role, Santora will be responsible for C&W’s business in the…

Five buildings in New York’s Washington Heights and Fort George neighborhoods will be put up for sale through realtor Eastern Consolidated. The five pre-war buildings in northern Manhattan are on the market for a total of $48 million. Two properties located a block from Columbia Presbyterian Hospital combine apartments with ground level retail space and are priced together at $22.5 million. The two Fort George buildings offer 76 apartments and nine stores, with an asking price of $18 million. Lastly, a 49-unit art deco apartment building located in Washington Heights is on the market for $7 million. The buildings are…

The Senate Banking Committee yesterday passed The Federal Housing Finance Regulatory Reform Act of 2008, one provision of which would set up “a licensing system for all loan originators to help standardize requirements for mortgage brokers and ensure that they meet minimum educational and performance standards,” according to a summary from the committee. If enacted into law, the bill would, according to a Reuters report, require mortgage brokers to be licensed by state regulators and fingerprinted by the FBI. In addition, the bill endorses the Nationwide Mortgage Licensing System, a program by the Conference of State Bank Supervisors that would…

The pool of industrial real estate offerings in the market along I-81 in Cumberland County, part of the heaviest traveled distribution route in the State of Pennsylvania, is about to get much bigger now that Lauth has revealed plans for a 3.1 million-square-foot bulk distribution center in Penn Township. Development of Key Logistics Park will kick off with the building of a nearly 1.2 million-square-foot facility. Key Logistics Park will occupy 206 acres about 20 miles outside of Harrisburg in a corridor that provides distribution access to 40 million within a 4½-hour drive. Construction of the complex’s first structure, Building…

Construction of Wentworth House, a 312-unit luxury apartment structure at the North Bethesda Center mixed-use project, has reached an end. LCOR is behind the creation of North Bethesda Center, which will cost an estimated $850 million to complete. A premier transit-oriented-development located under 20 miles from Washington, D.C., North Bethesda Center will ultimately encompass 930,000 square feet of Class A office space, over 200,000 square feet of retail, and a total of 1,275 residential units. Also on tap for the 32-acre project are a business-class hotel and a movie theater. The 18-story Wentworth House features ground-level retail space soon to…

Prime Retail has announced the development of a 450,000-square-foot outlet shopping center in metropolitan Atlanta, set to open in 2010. Prime Outlets-Holly Springs will be located approximately 30 miles north of Atlanta in Cherokee County on Interstate 575. An estimated $120 million project, it will house some 120 stores. The project is expected to bring about 2,000 jobs to the area. “The Atlanta market ranked off the charts when measured against the criteria we use to determine the potential success of an outlet project,” explained Robert Brvenik, president of Prime Retail. According to the U.S. Census Bureau, the Metro Atlanta…

Simon Property Group Inc. announced today a second phase of its Domain project, a mixed-use shopping center which opened in March 2007 in Austin, Texas. Construction on The Domain II will start next month with completion slated for November 2009. The first phase of the 57-acre project  features Austin’s first Neiman Marcus, Macy’s, 10 first-class restaurants, 90,000 square feet of class A office space and 400 high-end apartments. The Domain also includes Apple, Barneys New York Co-Op, Borders Books & Music, Burberry, Cole Haan, David Yurman, Intermix, Louis Vuitton, Ralph Lauren, Sony Style, Stuart Weitzman, Sur La Table, Tiffany &…

With a sale more than a year in the works, American International Industries Inc. has received environmental updates that improvements will need to be made to parts of the 287 acres of waterfront property in Galveston County, Texas, that the company is endeavoring to sell to Westfield Forest L.P., a subsidiary of Todd Land Co. On April 2, 2007, American International Industries announced that Westfield Forest acquired the land and began development planning which would include a large commercial marina, 160 waterfront lots, town home development, boardwalk restaurants, a pavilion, hotel and amphitheater. The completion of the sale of the…