RED BANK, N.J. — A limited liability company doing business as Thrive RB LLC has broken ground on a 32-unit multifamily project in the Northern New Jersey community of Red Bank, located near the Jersey Shore. Known as THRIVE Red Bank, the three-story building is being developed as housing for neurodivergent individuals. Five units will be subject to income restrictions, and the remainder will be private-pay housing. Completion is slated for 2027.
NEW YORK CITY — Marcus & Millichap has brokered the $10.4 million sale of a 34-unit apartment building on Manhattan’s Upper East Side. The five-story building at 234-236 E. 88th St. was originally constructed in 1920. Joe Koicim and Logan Markley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WESTCHESTER COUNTY, N.Y. — Starwood Property Trust has provided $500 million in financing for a portfolio of 42 industrial buildings totaling approximately 2.4 million square feet in Westchester County, located north of New York City. The buildings are housed within three industrial parks and ae collectively known as the Westchester Industrial Portfolio. Peter Rotchford, Christopher Peck, Andrew Scandalios, Tyler Peck and Christopher Pratt of JLL arranged the debt on behalf of the owner, a partnership between affiliates of Dune Real Estate Partners and Robert Martin Co.
NEW YORK CITY — Marcus & Millichap has brokered the $4.2 million sale of a 14,110-square-foot medical office building in The Bronx. The facility at 1615 Eastchester Road has been leased to DaVita Dialysis, which has more than four years remaining on its current deal, since 1995. Daniel Chumbley, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a family office, in the transaction and procured the buyer, a New York-based investment group. Both parties requested anonymity.
CHICAGO — Investment management firm Harrison Street Asset Management has sold a portfolio of seniors housing communities located in the state of New York for more than $600 million. The buyer was not disclosed, but multiple media outlets report the buyer was senior living giant Ventas Inc. (NYSE: VTR). The portfolio comprises five communities. Harrison Street developed the properties in partnership with B2K Development between 2016 and 2022. Amenities at the communities include swimming pools, theaters, fitness centers, libraries and lifestyle programming. The names and addresses of the five communities were not released, but Long Island Business News reports the properties are located in the Long Island cities of Mt. Sinai, West Babylon, Holtsville, Bethpage and Jericho, N.Y. “This transaction exemplifies Harrison Street’s ability to produce value by targeting strategic developments, creating portfolios at scale that deliver operational excellence and executing strategic sales at opportune moments in time,” says Ben Mohns, head of asset management, North America at Harrison Street. Chicago-based Harrison Street ranked as the fourth-largest owner of seniors housing properties in the newly released, 2025 edition of the ASHA 50. Since its inception, Harrison Street has invested roughly $14.6 billion in seniors housing assets. In December 2024, Harrison Street sold a …
NEW YORK CITY — Locally based firm Stav Equities will develop a 16-unit apartment building at 917 Home St. in The Bronx. The property will have 12 one-bedroom units and four studios that will be rented at market rates. Christian Dedvukaj of Princeton Realty Group represented both Stav Equities and the seller, the Saez Family, in the off-market acquisition of the land. The parcel sold for $715,000. Construction is expected to be complete next spring.
Alloy, Vistria Obtain $535M Construction Financing for 62-Story Mixed-Use Tower in Downtown Brooklyn
NEW YORK CITY — Alloy Development and The Vistria Group have obtained $535 million in construction financing for One Third Avenue, a 62-story mixed-use tower that marks the second and final phase of the Alloy Block development in downtown Brooklyn. Rising 730 feet, the project will include 583 market-rate and affordable housing units along with retail and office space. Vistria will invest more than $120 million of equity to capitalize the development, and Kayne Anderson Real Estate is providing $375 million of debt. Chris Peck, Nicco Lupo and Peter Rotchford of JLL managed the capital raise. One Third Avenue marks the tallest Passive House building in the world, according to the developers. Passive House is a building standard for dramatically reducing energy use while improving indoor air quality. Elements of the Passive House design include an airtight, well-insulated building envelope, filtered fresh air and a low carbon footprint. The development’s residential and office spaces will share energy resources to minimize waste heat. One Third Avenue joins the two projects in the first phase of Alloy Block — 505 State Street, a 44-story, 441-unit apartment tower and New York City’s first all-electric skyscraper, and 489 State Street, the first two public schools designed to …
NEW YORK CITY — Locally based REIT Vornado Realty Trust (NYSE: VNO) has entered into an agreement to purchase the office condo at 623 Fifth Avenue in Midtown Manhattan for $218 million. The 36-story, 382,000-square-foot building, which is situated above the flagship Saks Fifth Avenue department store, is currently 75 percent vacant. Vornado, which expects the deal to close in September, plans to implement a capital improvement program that is expected to be complete by early 2027. According to Crain’s New York Business, the seller was local developer Charles Cohen.
NEWBURGH, N.Y. — Brookfield Properties is underway on construction of a 422,000-square-foot speculative industrial project in Newburgh, about 65 miles north of New York City. The site of Newburgh South Logistics Center spans 49 acres at 70 South St. The LEED-certified property will feature 75 loading docks and 190-foot truck court depths, as well as the capacity to support a single or multiple tenants. Resource Realty of Northern New Jersey has been appointed as the leasing agent. Completion is slated for next fall.
OAKDALE, N.Y. — Marcus & Millichap has brokered the sale of a 291-unit self-storage facility in Oakdale, located on Long Island. Oakdale Self Storage was built in 2005 and spans 27,320 net rentable square feet across 190 climate-controlled units, 86 non-climate-controlled units and 15 outdoor parking spaces. Andreas Makris and Kevin Bledsoe of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record. The facility was 88 percent occupied at the time of sale.