NEW YORK CITY — Affinius Capital has provided a $226 million loan for the refinancing of 55 House, a 43-story apartment tower in downtown Brooklyn. The building houses 295 residences — 206 market-rate apartments and 89 affordable housing units — as well as 3,500 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a fitness center, rooftop terrace, lounge, media room and coworking space. The project was announced in June 2023, and leasing launched earlier this year. The borrower is a joint venture between locally based developer Lonicera Partners and New York-based investment firm Rabina.
REVERE BEACH, MASS. — JLL has arranged a $67.3 million loan for the refinancing of Eliot on Ocean, a 194-unit apartment building in Revere Beach, located northeast of Boston. Built in 2016, Eliot on Ocean offers one-, two- and three-bedroom units and amenities such as a fitness center, entertainment lounge, game room, outdoor grilling and dining stations and multiple outdoor terraces. Scott Aiese, Tom Sullivan and Alex Staikos of JLL arranged the three-year, floating-rate loan through Bridge Investment Group on behalf of the owner, Invictus Real Estate Partners.
GLEN ROCK, N.J — Extra Space Storage will open an 891-unit facility in the Northern New Jersey community of Glen Rock. Shadowbrook Capital is developing the three-story facility at 161 Harristown Road, which will feature 92,175 net rentable square feet of space. Units will range in size from five-by-five-foot spaces to 10-by-30-foot bays. Michael Klein, Nazario Paragano and Michael Donohoe of JLL arranged an undisclosed amount of construction financing for the project through Provident Bank. Completion is slated for sometime next year.
GARDEN CITY, N.Y. — The New York State Unified Court System has signed a 16,000-square-foot office lease in the Long Island community of Garden City. The space is located on the third floor of Garden City Center, a 200,000-square-foot building that offers amenities such as a conference center, fitness center, café and a tenant lounge. Ralph Guiffre of CBRE represented the tenant in the lease negotiations. Andrew Wiener and Robert Fisher represented the landlord, The Feil Organization, on an internal basis.
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Lee & Associates’ Q3 2026 Report: Industrial Rebounds, Office Stalls, Retail and Multifamily Gain Ground
After three years of new construction outpacing tenant demand in many sectors and areas, commercial real estate posted a mostly encouraging report card in the third quarter of 2026. Lee & Associates’ 2026 Q3 North America Market Report shows industrial demand nearly doubled from the second quarter, while retail and multifamily extended their rebounds. Office, the sector that had been staging a comeback, slipped back into negative tenant demand territory. Sponsored: Download Lee & Associates’ 2026 Q3 North America Market Report. Industrial Overview: Tenant Growth Gains in United States There has been broad general improvement across North American industrial markets, with demand for space rebounding in the United States. Third-quarter net absorption totaled 84,081,618 square feet, as more users gradually have set aside tariff and trade concerns that have hobbled tenant expansion since 2023. The third-quarter gains are an 89 percent improvement from 44.4 million square feet in the second quarter and a year-on-year jump of 172 percent. The third quarter’s growth brought the year-to-date total to 161.2 million square feet as net absorption has recovered from three years of tepid growth. Despite the increase so far this year, tenant expansion continues to fall short of absorbing the volume of deliveries that …
LAS VEGAS — Ranking No. 7 and No. 8, respectively, Manhattan and Jersey City are both among the Top 10 markets to watch in terms of overall real estate prospects, according to the Emerging Trends in Real Estate 2027 report, which is jointly produced every year by the Urban Land Institute (ULI) and accounting firm PwC. No other Northeast cities or municipalities cracked the Top 20, although the Northern New Jersey region as a whole secured the No. 15 spot. According to the report’s authors, Manhattan’s ranking represents major improvement in real estate fundamentals across numerous asset classes; the borough ranked as low as 42nd in 2022. More specifically, the report stated that “Manhattan’s recovery is among the most diversified of the profiled markets, with simultaneous strengthening across [the] office, retail and tourism [sectors] and a substantial infrastructure pipeline that reinforces the market’s long-term competitive position.” As the largest U.S. office market by inventory, Manhattan has always had the toughest road to recovery in the post-COVID era. However, absorption found a fresh catalyst in 2025 and 2026 in the form of AI [artificial intelligence] companies, which accounted for 2.8 million square feet of leasing activity in 2026 alone and 3.8 …
AMITYVILLE, N.Y. — JLL has arranged a $154.2 million loan for the refinancing of Greybarn Amityville, a 335-unit apartment community located on Long Island’s South Shore. Developed in phases between 2016 and 2020, Greybarn Amityville comprises 269 market-rate units and 66 workforce housing units in one- and two-bedroom floor plans. Amenities include a pool, fitness center, private workspaces, resident lounge and a community garden, and the community also houses 37,737 square feet of ground-floor retail space that is home to tenants such as Starbucks and True North Urgent Care. Peter Rotchford, Andrew Scandalios and Clayton Ross of JLL arranged the loan through Los Angeles-based PCCP on behalf of the owner, Rechler Equity Partners.
NEW YORK CITY — Marx Realty has begun the $68 million repositioning of 430 Park Avenue, a 19-story, 300,000-square-foot office building in Midtown Manhattan. The project will involve a redesign of the lobby and the introduction of indoor and outdoor amenities, including a parlor, library, golf simulator lounge and an indoor/outdoor bar. Studios Architecture is designing the project, which will also include the installation of new custom artwork. Lobby work has commenced, and work on pre-built suites will begin before the end of the month. Construction on amenity spaces will begin in February 2027, with completion expected for the summer.
WOBURN, MASS. — Foundation Alloy has signed a 36,055-square-foot industrial lease in the northern Boston suburb of Woburn. The company is relocating its manufacturing operations from The Engine, a nonprofit incubator facility owned by the Massachusetts Institute of Technology, to the building at 45 Industrial Parkway. Kevin McNamara, Ross Gaudet and Michael O’Leary of Cushman & Wakefield represented Foundation Alloy in the lease negotiations. Chelsea Andre, Rachel Marks and Chris Decembrele of JLL represented the landlord, a partnership between Camber Development and Wheelock Street Capital.
Berkadia recently partnered with the Chen Institute for Global Real Estate Finance at NYU Stern School of Business for the third annual Multifamily Investment Case Competition, held October 15–16. The competition brought together graduate student teams from leading business schools across the country to explore how technology can enhance investment returns in the multifamily sector. Participants were challenged to develop strategies at the intersection of apartment operations, technology and innovation financing — areas that do not often converge in traditional business school curricula. “Berkadia was honored to partner with NYU Stern for the third year in a row, highlighting our commitment to supporting young professionals and future leaders in real estate,” said Justin Wheeler, Berkadia’s CEO. “Engaging with eager, thoughtful participants and judges with deep expertise in the multifamily industry was both exciting and inspiring. This event was made possible by the dedication of university teams, fellow judges and NYU’s sustained support.” This year’s competition included teams from NYU Stern, Columbia Business School, UCLA Anderson, the University of Wisconsin–Madison’s School of Business, the University of Florida Warrington College of Business and the University of Texas at Austin McCombs School of Business. An accomplished group of industry leaders served as judges, …
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