Recent News

July 18, 2008 - New York City

 

VANICK PROPERTIES INCORPORATED signed a lease to the entire 4th floor of its newly acquired 408-410 Broadway in New York City to Spin Magazine, a unit of Chronicle Publishing, the company which produces its famous monthly magazine founded in 1985 reporting on a variety of music. CB Richard Ellis’ Derrick Ades, Matthew Bergey and Brian Feil (now of Feil Organization) represented VANICK on this 14,300 square foot floor which VANICK PROPERTIES acquired from 408 Broadway Corp. in February of 2008 in a joint venture between its APOLLO ROOMS ASSOCIATES, LLC and HKARTEN REALTY, LLC. 

 

VANICK's President and Founder, Nicholas J. Aynilian worked with CBRE representing ownership in discussions with SPIN’s senior management. Newman & Simpson served as counsel to VANICK. Since VANICK purchased the property, Spin Magazine is the first tenant signed-on to the 5 story building located in the TriBeCa East Historic District. VANICK is excited about SPIN moving into the property and they look forward to tenanting the remainder of the building in this trendy emerging district in New York City with equally exciting and trendy tenants.

 

 

February 19, 2008 - New York City

 

VANICK PROPERTIES INCORPORATED completed the purchase of 408-410 Broadway in New York City on February 19, 2008. The newly renovated 74,000+ square foot TriBeCa loft building was purchased from 408 Broadway Corp. in joint venture between Vanick's APOLLO ROOMS ASSOCIATES, LLC and HKARTEN REALTY, LLC. Cushman & Wakefield served as broker to the Sellers. Vanick's President and Founder, Nicholas J. Aynilian identified and negotiated the purchase with the Sellers, the principals of which are long-time friends Aynilian and his family. Harry Karten, a member of the selling family joined Aynilian in the purchase.

 

VANICK is planning retail on the ground floor and basement of the building and grand, open office space on floors 2 through 5. The rear of the building opens into Courtland Alley providing additional retail access from the back of the property for both the ground floor and basement. That, coupled with high ceilings on all floors makes the project a unique opportunity. CBRE is representing Vanick on the leasing of the property. Newman & Simpson, LLP served as the counsel to the buyers with financing arranged by Capmark Finance through Estreich & Company.

 

The landmark property loacted in the TriBeCa East Historic District was the first home of the New York Philharmonic dating back into the 1840's. At that time the property was known as The Apollo Rooms, the predecessor of the current Apollo Theater in Harlem, hence the name for the Aynilian side of the joint venture. The current edifice was built in 1869 and most recently served as the home of Karten family's textile business.

 

VANICK's Aynilian said he is thrilled to have been able to complete this purchase, not only adding to his holdings on the block but acquiring a property that he has known from childhood. "This is an important purchase for us as well as a sentimental one. We are privileged and thankful that the family favored us in their decision to sell."

  

 

December 2007 - Aberdeen, NJ

 

VANICK PROPERTIES INCORPORATED received final site plan approval for a 5800+ square foot office building at the corner of Route 34 and Lloyd Road in Aberdeen, NJ. The property was purchased in December of 2006. Construction is scheduled to commence in Spring/Summer of 2008. The property is owned by Vanick's NAWATAM ASSOCIATES, LLC.

 

 

November 2007 - Bethlehem, PA

 

VANICK PROPERTIES INCORPORATED completed the construction of a 3000+ square foot retail site at 2142 Stefko Boulevard in Bethlehem, PA. The location will house a Quiznos Subs, already in operation. Plans also include a Java's Brewin' with a drive through. The property is owned by Vanick's STEF ASSOCIATES, LLP.

  

 

August 2007 - Middlesex, NJ

 

VANICK PROPERTIES INCORPORATED's properties on Lincoln Boulevard on Middlesex, NJ became part of the Lincoln Boulevard Redevelopment Plan adopted by the Borough of Middlesex. The existing properties include the Pathmark SuperCenter, the Middlesex Business Park and the former Lincoln Cabinet property. The redevelopment plan allows for a much large new building in place of the former Lincoln Cabinet building which will likely house additional retail, entertainment and office tenants. Vanick will develop plans over the next year and begin preparing for a new and improved centerpeice for Lincoln Boulevard. The properties are owned by Vanick's NAVAL CREST ASSOCIATES, LLC and NAVAL CREST ASSOCIATES II, LLC.

 

  

December 2006 - Jersey City, NJ

 

VANICK PROPERTIES INCORPORATED received developer designation for its property at State Street and Cornelison Avenue in Jersey City, NJ. The property owned by Vanick's ZAN ASSOCIATES, LLC was approved residential development. The property is located in Jersey City's Morris Canal Development District.

 

 

November 28, 2006 - Scranton/Wilkes-Barre, PA

 

VANICK PROPERTIES INCORPORATED completed the purchase of three shopping centers in the Scranton/Wilkes-Barre area on November 28, 2007 from Acadia Realty Trust totaling almost 333,000 square feet.

 

The Greeridge Plaza Shopping Center in Scranton, PA on Greenridge Street and Nay-Aug is approximately 192,000 square feet and anchored by a Giant supermarket.

 

The Luzerne Street Plaza in Scranton, PA on Luzerne Street is approximately 55,000 square feet and anchored by a Price Rite supermarket.

 

The Pittston Plaza in Pittston, PA on Township Road/Route 11/15 is approximately 86,000 square feet and anchored by a Redner' Market.

 

The purchase was made in a joint venture by Vanick's PERSTRUO REALTY, LLC and ELIZABETH TOWN GARDENS' ECG GREENRIDGE, ECG LUZERNE, and ECG PITTSTON. Nicholas J. Aynilian, President and Founder of VANICK identified and negotiated the purchase with Acadia. Newman & Simpson, LLP served as the counsel to the buyers with financing arranged by Bear Stearns through Estreich & Company.

 

Aynilian stated, "We are believers in the NorthEast PA and especially Scranton. We think Scranton's best days are ahead and we want to be involved. This purchase gives us a wonderful opportunity to be a part of it."

 

 

August 3, 2006 - Union, NJ

 

VANICK PROPERTIES INCORPORATED completed the purchase of the 96,000+ square foot shipping center at 1235 West Chestnut Street in Union, NJ on August 3, 2007 from Union Equity Partners. The property, located at Chestnut Street on Route 22 West and Hudson Street sports a numerous tenants including Strauss Auto, Washington Mutual, Planet Fitness/Image 2000, Nine West and more.

 

The purchase was made by VANICK's U22 Associates, LLC. The purchase was identified and negotiated by VANICK's Vahram "VJ" Aynilian, Jr, and Nicholas J. Aynilian. Vanick affiliate, NAVA REALTY, LLC co-brokered with Lee Odell Real Estate who represented the Seller. Newman & Simpson, LLP served as the counsel to the buyers with financing arranged by Petra Capital through Estreich & Company.

 

The company noted that the location has extremely heavy traffic. That coupled with planned improvements such as creating two-way traffic at Hudson Street will make the property very desirable to most any retailer.

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