Apartment Look

Developer National Resources has for several years been studying different office, retail and residential schemes for an underused corporate campus designed in the 1960s for International Business Machines Corp. in East Fishkill, N.Y. But now, as National Resources moves to close on a deal to buy a 300-acre site, the Greenwich, Conn.- based developer is recognizing that housing has got to be a central component of the plan. Firm principals Lynne Ward and Joseph Cotter recognize low rents are the best way to lure millennials and others away from New York City, about a 90-minute drive away. National Resources is paying an undisclosed price for the land from California- based semiconductor company Globalfoundries , which purchased IBM’s semiconductor business in 2015 and still runs a slimmed down operation at the East Fishkill site that employs around 1,700 workers. Related Articles Over the next five years National Resources plans to introduce efficiently sized apartments cu...

Provident Realty and the Baccuses hired O'Brien Architects to design the planned retail, restaurant and office development . "The goal is to create something iconic both architecturally and as a sense of place," said Mick Granlund, vice president at O'Brien Architects. "We have planned the site to incorporate and build upon an existing grove of beautiful trees." Office towers, hotel Early plans include three office towers of eight to 10 floors, a boutique hotel and more than 50, 000 square feet of retail space to be constructed along Spring Creek. "There are a lot of good brands for restaurants and retail that are now highly aware of Legacy, but they couldn't get into that market," Backes said. "We are giving the retailers and restaurants high visibly while still keeping the walkable, urban environment ." The retail buildings will be clustered in a park-like campus just south of the planned high-rises. "We have the capacity t...

Since it was installed in 2010, the "orange bubble" chairlift at The Canyons in Utah has become the resort's most iconic feature. The high-speed quad, which whisks skiers 8,700 feet to the summit of Lookout Peak in just nine minutes, was the first in North America to have heated seats and a plastic shield — the bubble — to protect riders from frigid air and snow along the way. It's just like a gondola, but you don't have to take off your skis. Any skier would love it. But Robert Katz is not any skier. He's the CEO of Vail Resorts, the $1. 4 billion resort powerhouse that owns The Canyons. Vail bought the resort in 2013, and then — through a mix of luck, lawyers, and shrewd business — snatched up neighboring Park City Mountain Resort in 2014, merging the two into a single mega-resort now known as Park City. Vail now owns 14 resorts, which have a total of 305 lifts, and Katz thinks long and hard about all the little things that go into making the properties s...

Gebroe-Hammer Associates Coveted apartment  complex fetches $40M An apartment community in tony West Orange , NJ,  has been sold for $40.5 million. Gebroe- Hammer Associates brokered the sale of the 178- unit Crest Ridge Apartments complex . The team of Greg Pine and Adam Zweibel exclusively represented the original developer , Rockledge Realty, LLC, and procured the buyer, Sela Realty Investments , in the transaction. Located at 200 Mt. Pleasant Ave. at the base of an 80 ft. cliff, the 16-building, historically well- occupied complex posed an extremely rare acquisition opportunity within the Northern New Jersey metro. “Situated in the Town Center section of West Orange, Crest Ridge Apartments is at the heart of one of the most expensive, in- demand local neighborhoods as well as the transit- filled greater West Essex County submarket ,” said Pine. “In a township where apartment rentals make up only about one-third of the housing stock, Crest Ridge Apartments is a gem favored...

ALLENTOWN — Talen Energy will vacate The Plaza at PPL Center in downtown Allentown early next year and move its employees into cheaper office space just blocks away on Hamilton Street, saving the company millions but leaving its landmark headquarters building mired in foreclosure and facing an uncertain future. Talen spokesman Todd Martin , responding to a request by The Morning Call, said Tuesday that the energy company has made a “five-year commitment” to rent two floors of the soon-to-be-opened Tower 6 at Sixth and Hamilton streets. The move will take effect in the second quarter of 2018, coinciding with the end of Talen’s lease at PPL Plaza at 835 W. Hamilton St. “We’re pleased to be able to maintain our historic roots in downtown Allentown ,” Martin said. “We see this decision as beneficial to our business, our employees and the Greater Lehigh Valley , especially to others in the business community in downtown Allentown .” Tower 6, owned by City Center Investment Corp ., is in...

Vanguard Group is fast becoming a dominant investor in the U.S. real estate industry . Securities and Exchange Commission reports compiled by Bloomberg show that the company’s mutual funds and exchange-traded funds are now the leading owners of real estate investment trusts (REITs), the tax- protected investor funds that own many of the nation’s offices, shopping centers, apartments, hotels, warehouses, and data and storage centers. Including its indexed stock and REIT-focused funds, Malvern- based Vanguard owns 18 percent of Host Hotels & Resorts, whose portfolio includes Ritz -Carlton, Marriott, and Westin hotels; 15 percent of Simon Property Group , the national mall owner that counts King of Prussia Mall among its holdings; and a similar share of Prologis, the warehouse giant. Locally, Vanguard funds control 16 percent each of Brandywine Realty Trust , which owns a majority of Center City’s highest buildings; Liberty Property Trust ...