Tri-State Briefs

Christopher OstopCity Place I sells for $99M

In downtown Hartford’s biggest real estate transaction since 2007, the 38-story, 885,000-square-foot office tower City Place I has sold for $99 million, the Hartford Courant reported. Jones Lang LaSalle represented seller CityPlace LLC, and the Courant identified the purchaser as the Massachusetts-based CommonWealth REIT. Newly renovated and 98 percent occupied with tenants like Bank of America and United Healthcare, City Place I hit the market last June. Christopher Ostop, an executive vice president at Jones Lang LaSalle, told the Courant that “the high-quality, investment-grade tenants, along with its excellent location, high-quality construction and consistently high historical occupancy, made this property extremely compelling, and we received numerous offers.”

A drawing of the proposed plan for the Tappan Zee BridgeA Tappan Zee park?

As plans move forward for the construction of a new Tappan Zee Bridge, local advocates are calling for the existing bridge to be transformed into a pedestrian park, the New York Times reported. The new, $5 billion bridge is slated to come online in about five years, according to CBS New York. Paul Feiner, cofounder of the Tappan Bridge Park Alliance advocacy group, last fall proposed turning the aging bridge into a park with a walkway rather than demolishing it. In February, Gov. Andrew Cuomo called that idea an “exciting option,” and since then, various groups have started drafting ideas for the park. Milagros Lecuona, an urban planning professor at Columbia University who leads the alliance with Feiner, said she has been working with her students on plans for the park, and next semester hopes to enlist the help of Columbia’s Business School students on a financial plan for the project. Lecuona said she is hoping to organize an international design competition to attract ideas for transforming the bridge. Others question the feasibility of converting the bridge into a park, however, since the necessary maintenance, renovation and personnel costs would likely make the project too expensive. Meanwhile, homeowners in the area have raised concerns about the construction of the new bridge, which will bring the span closer to some waterfront homes in Tarrytown, potentially hurting property values, NBC News reported. In an appearance at Manhattanville College last month, Cuomo said bids for the bridge project will be awarded this spring.

Historic buildings for rent

Suffolk County has found a creative way to restore vacant county-owned historic sites, Newsday reported. In December, the county passed legislation allowing the government to lease historic properties virtually rent-free to individuals and businesses willing to pay to renovate them. The program is the brainchild of Suffolk County legislator Wayne Horsley, who told The Real Deal that the tenants will renovate the properties under the strict supervision of the Parks Department to ensure period authenticity. Officials aim to seek bids this year for leases at five sites, including the Elwood Schoolhouse and Nesconset’s Commerdinger Homestead.

Compiled by Zachary Kussin