BPG Properties has acquired the Westborough Office Park in Westborough, Mass., from Windsor Realty Fund VI for $63.4 million. The four-building, 374,711 sq. ft. office park offers cafés, jogging trails, a conference facility and flexible floor plates. The property was built in the 1980s and will undergo an extensive capital improvement program to update and improve amenities. The property is 74% leased and will be managed by BPG Management Co.
GFI Realty Services, a commercial real estate broker, has sold three six-story HUD, Section 8 buildings in the Morningside Heights section of Harlem for $16.5 million. The properties are equipped with elevators. The three buildings, located two blocks from Central Park, have 111 units, including a store and an office. Contracts on all three buildings expire in two years, GFI says, and the new owner can apply for markup to market contracts.
Jay Furman, Rom Moelis and Erik Ekstein, New York City-based developers, have acquired a 125,000 sq. ft. Manhattan area property for $42 million. Sold by the Cirillo family, the West Chelsea Highline property will be developed into a 185,000 sq. ft. residential rental and condominium. The site, a block from the Hudson River, will have river views of New Jersey. A government-owned parking lot and a two-story building currently occupy the site.
