New York

Gotham, Monadnock Break Ground on Phase I of 2,000-Unit Affordable Housing Project in Brooklyn

by Taylor Williams July 15, 2025

NEW YORK CITY — Gotham Organization and Monadnock Development have broken ground on Phase I of Innovative Urban Village, a 2,000-unit affordable housing project in Brooklyn. Designed by Practice for Architecture and Urbanism, the project is a conversion of the 10.5-acre campus of the Christian Cultural Center in the borough’s East New York area. Phase IA will feature 386 units that will be reserved for renters earning between 30 and 80 percent of the area median income, as well as 17,000 square feet of commercial space that will include a grocer. Phase IB will comprise 453 units across two buildings that will have 12,000 square feet of community facility space and 10,000 square feet of retail space. Completion of Phases IA and IB are slated for 2026 and late 2027, respectively.

July 15, 2025

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Lument Provides $26.8M HUD Loan for Three Affordable Seniors Housing Properties in Brooklyn

by Taylor Williams July 15, 2025

NEW YORK CITY — Lument has provided a $26.8 million HUD-insured loan for the refinancing of three affordable seniors housing properties totaling 203 units in Brooklyn. West End Gardens I and II are both located in the Borough Park neighborhood, while Webster Terrace is located in the Kensington submarket. All three properties are reserved for renters aged 62 and above and mobility-impaired individuals. Paul Weissman and Andrew Nicoll of Lument originated the financing, which was structured as a scattered-site loan and carries a fixed interest rate and a fully amortized 35-year term, through HUD’s 223(f) program. The borrower was HDF Cos.

July 15, 2025

Market Reports New York Northeast Northeast Market Reports

Jumpstarted by Investment in Parks, Buffalo’s Waterfront District Sees New Development, Drives Broader City Advancement

by Taylor Williams July 15, 2025

By Tom Kucharski, CEO of Invest Buffalo Niagara When Ralph Wilson selected Buffalo to be the home of the new Bills franchise in the American Football League in the 1950s, it was one of the nation’s 10 highest populated cities, making it a natural fit. However, a general shift around the country away from traditional manufacturing as a major base for economic activity, combined with a number of other factors, led to a decline in the city’s employment and population bases in the ensuing decades. Over the past 25 years, Buffalo has reversed that trend, emerging as a city on the rise. The region recently saw its first population growth in over 70 years, according to the 2020 census. That growth has been spurred by a diversification of the local economy, attracting businesses in industries such as advanced manufacturing, food processing and life sciences. Companies were especially enticed by the region’s low cost of doing business and affordable energy supplied by the nearby Niagara River. A key to maintaining that momentum has been Buffalo’s self-reinvestment, including massive redevelopment projects centered around reclaiming the city’s waterfront district. The first wave of these efforts began about a decade ago. Specifically, prior to …

July 15, 2025

Development Life Sciences New York Northeast

Skanska Tops Out $248M Life Sciences Project in Laurel Hollow, New York

by Taylor Williams July 14, 2025

LAUREL HOLLOW, N.Y. — International development and construction firm Skanska has topped out a $248 million life sciences project in Laurel Hollow, located on Long Island. The 379,500-square-foot facility is known as the Artificial Intelligence and Quantitative Biology building and is part of the initial phase of the expansion of the Cold Spring Harbor Laboratory campus. Upon completion, the facility will include neuroscience labs, an AI research center, conference center and housing for visiting scientists. Phase II of the development will feature an 81,000-square-foot research, housing and conference center and a 56,000-square-foot housing and collaborative research center for visiting scientists. Empire State Development has committed $55 million in funding to the project, substantial completion of which is expected by early 2027.

July 14, 2025

Acquisitions Development Multifamily New York Northeast Top Stories

Vanbarton Group Receives $250M in Financing for Manhattan Multifamily Conversion Project

by Taylor Williams July 14, 2025

NEW YORK CITY — Locally based investment and development firm Vanbarton Group has received $250 million in financing for an office-to-residential conversion project at 1011 First Ave. in Manhattan. An affiliate of Eldridge Capital Management provided the debt. The Roman Catholic Archdiocese of New York, which had housed its headquarters within the 20-story, 400,000-square-foot building since 1973, sold the property to Vanbarton Group for $103 million. The archdiocese has since relocated to 488 Madison Ave. The building is located within the Sutton Place submarket in Midtown Manhattan and is known locally as the Cardinal Terrence Cooke Center. Vanbarton plans to convert the property into a 420-unit multifamily property that will offer approximately 8,000 square feet of street-level retail space and more than 55,000 square feet of amenity space. Of the 420 units, 25 percent (105) will be reserved as affordable housing, though specific income restrictions were not disclosed. “The addition of 1011 First Avenue to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate and encompassing over 5 million square feet and 5,000 residences,” said Joey Chilelli, Principal at Vanbarton Group. CBRE’s Doug Middleton …

July 14, 2025

Acquisitions Industrial New York Northeast

Uncle Giuseppe’s Buys Industrial Building in Edgewood, New York for $13.5M

by Taylor Williams July 11, 2025

EDGEWOOD, N.Y. — Uncle Giuseppe’s Marketplace has purchased a 53,600-square-foot industrial building in Edgewood, located on Long Island, for $13.5 million. The building sits on a 3.3-acre site at 77 Rodeo Drive and features a clear height of 26 feet, one drive-in door, 70 parking spots and 12,500 square feet of office space. Frank Frizalone, Nick Gallipoli, Thomas DeLuca and John Giannuzzi of Cushman & Wakefield represented the undisclosed seller in the transaction. Paramount Properties Group represented Uncle Giuseppe’s.

July 11, 2025

Acquisitions Affordable Housing Development Loans Multifamily New York Northeast Top Stories

Joint Venture Acquires Verdant Fort Greene Apartments in Brooklyn for $209M

by Abby Cox July 11, 2025

NEW YORK CITY — A joint venture between Fetner Properties, MCB Real Estate and Farallon Capital Management has acquired Verdant Fort Greene, a residential building located within the Fort Greene neighborhood of Brooklyn, for $209 million. M&T Realty Capital Corp. (MTRCC) provided a $141.5 million senior loan for the transaction. Situated at 240 Willoughby St., the 30-story, mixed-income complex features 463 units, 147 of which are designated for affordable housing. The joint venture purchased Verdant Fort Greene and assumed the ground lease at construction completion and prior to lease-up. The property was 25 percent leased at the time of sale, according to Fetner. “We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market-rate housing to the city,” says Hal Fetner, president and CEO of Fetner Properties. The complex, which is located directly across from Fort Green Park, offers studios, one- and two -bedroom floorplans ranging in size from 370 square feet to 792 square feet, with the top four floors featuring penthouse suites. Apartments also offer private terraces, floor-to-ceiling windows, custom integrated Bluetooth speaker systems and in-unit washers/dryers. Additionally, Verdant Fort Greene features more than 30,000 …

July 11, 2025

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $31M Sale of Mixed-Use Property in Roslyn, New York

by Taylor Williams July 10, 2025

ROSLYN, N.Y. — Cushman & Wakefield has brokered the $31 million sale of a mixed-use property in Roslyn, located on Long Island in Nassau County. Built in 2016, Roslyn Lumber Yard comprises 25 luxury residential duplex units and 60,648 square feet of retail space. Retail tenants include the Roslyn Salt Cave, Bout Boxing & Fitness, Northeast Financial Network and Great Shapes Swimwear. Rob Kuppersmith, Dan Abbondandolo, Joegy Raju and Victor Little of Cushman & Wakefield represented both the seller, developer Lumber Earth Realty, and procured the buyer, GB Family Holdings, in the transaction.

July 10, 2025

Leasing Activity New York Northeast Office

TickPick Signs 17,000 SF Office Headquarters Lease at One Penn Plaza in Midtown Manhattan

by Taylor Williams July 10, 2025

NEW YORK CITY — TickPick, an online platform for buying and selling of fee-free event tickets, has signed a 17,000-square-foot office headquarters lease at One Penn Plaza in Midtown Manhattan. Alec Kirschner of Vestian, a global brokerage firm specializing in tenant representation, represented TickPick in the lease negotiations. Vornado Realty Trust owns the building and was self-represented.

July 10, 2025

Loans New York Northeast Office

Tishman Speyer Receives $385M Refinancing of Midtown Manhattan Office Building

by Taylor Williams July 9, 2025

NEW YORK CITY — Local real estate giant Tishman Speyer has received a $385 million refinancing for 300 Park Avenue, a 25-story office building in Midtown Manhattan. Originally built in 1955, 300 Park Avenue totals 770,000 square feet and was fully leased at the time of the loan closing. A consortium of lenders led by J.P. Morgan Chase and including Deutsche Bank Securities and Morgan Stanley provided a $330 million CMBS loan with a fixed interest rate of 5.44 percent. Macquarie Capital Principal Finance provided $55 million in mezzanine financing to complete the capital stack.

July 9, 2025

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