NEW YORK CITY-An affiliate of locally-based residential development firm Icon Realty Management has closed on a $59.9-million mortgage in connection with its acquisition of 1556 Second Avenue on the Upper East Side.

CHICAGO-CW Capital Asset Management LLC has sold five distressed properties in the Chicago area, including the Hotel Burnham and four office buildings, for a combined sale price of approximately $101 million.

YONKERS, NY-Developers behind a new Hyatt Place hotel here broke ground on Wednesday on the $20-million project being built at the Cross County Shopping Center here.

SECAUCUS, NJ-Mountain Development Corp. of Woodland Park, NJ has acquired the One Harmon Plaza office building here for $11.5 million.

OCEANPORT, NJ-The Fort Monmouth Economic Revitalization Authority will be putting out new bids for the redevelopment of 55 acres near Route 35 in Eatontown, NJ.

MIAMI-A joint venture between two New York City-based firms has acquired a vacant lot in the city's Design District for $9 million.

CHICAGO-Locally-based Friedman Properties Ltd. and Merrillville, IN-based White Lodging Services Corp. are acquiring a parcel behind the Peninsula Hotel and plan to build Hyatt Place and Hyatt House hotels there.The property at 740 N. Rush St. is currently the site of a Giordano's restaurant, according to Crain's Chicago Business. Friedman Properties, headed by president and CEO Albert Friedman and White Lodging are acquiring the property from Chicago-based private equity firm Victory Park Capital.Friedman and White Lodging have built the 212-room Hyatt Place in River North, part of a three-hotel development completed in 2013. See story in Crain's Chicago Business.

NEW YORK CITY-A state Appeals Court has ruled against a group of shareholders who filed suit claiming last October's public offering by Malkin Holdings of its Empire State Building and 18 other properties.