Northeast

Cushman & Wakefield Negotiates Sale of Three-Building Industrial Portfolio in Northeastern Pennsylvania

by Amy Works November 13, 2017

JESSUP AND WILKES-BARRE, PA. — Cushman & Wakefield has arranged the sale of a three-building industrial portfolio located in Jessup and Wilkes-Barre. Endurance Real Estate Group sold the 544,974-square-foot portfolio to NorthPoint Development for an undisclosed price. The buildings are located at 7 and 17 Alberigi Drive in Jessup and 32 Earth Conservancy Drive in Wilkes-Barre. Originally developed as part of a joint venture partnership between MetLife and Chicago-based Versus Development, the buildings feature 30-foot clear height ceilings, T-5 light and the potential to expand car and trailer parking, as well as loading positions. Gerard Blinebury, Gary Gabriel, Jeffrey Williams and Daniel Walsh of Cushman & Wakefield represented the seller in the deal.

November 13, 2017

Hospitality Massachusetts Mixed-Use Multifamily Northeast Office Restaurant Retail

Related Beal Tops Off Redevelopment of 40 Water Street in Boston

by Amy Works November 13, 2017

BOSTON — Related Beal has placed the final beam in the redevelopment of 40 Water Street, which formerly served as the Fidelity Investment headquarters. The redeveloped property, called Congress Square, will create a 24-hour mixed-use environment connecting Government Center, Faneuil Hall, Post Office Square and Downtown Crossing. The building features a glass curtainwall addition on top of the more than 320,000-square-foot office building. The redevelopment also includes preserving the landmarked property’s efficient and versatile floor plates, active rooftops and retail and restaurant space on the lower and ground floor. The redevelopment plan for the building includes office, residential, hospitality and more than 43,000 square feet of retail space, as well as the transformation of Quaker Lane into a pedestrian-oriented food and beverage destination with boutiques and cafés. Related Beal Construction and Consigli Construction Co. are general contractors for the project and Arrowstreet is serving as architect. Congress Square is slated to open in 2018.

November 13, 2017

Multifamily New York Northeast

Ariel Property Advisors Brokers $18.7M Sale of 60-Unit Multifamily Building in Manhattan

by Amy Works November 13, 2017

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily building located at 104-110 W. 144th St. in the Hamilton Heights neighborhood of Manhattan. An undisclosed buyer acquired the building for $18.7 million. The 51,560-square-foot building features 60 two-bedroom residential units, which are subsidized under the Department of Housing and Urban Development’s project-based Section 8 program. Victor Sozio, Shimon Shkury, Michael Tortorici and Matthew Gillis of Ariel Properties represented the undisclosed seller and buyer in the deal.

November 13, 2017

Affordable Housing Loans Multifamily Northeast Pennsylvania

Citizens Bank Provides $17M in Financing for Affordable Housing Project in Upper Dublin, Pennsylvania

by Amy Works November 13, 2017

UPPER DUBLIN, PA. — Citizens Bank has provided $17 million in financing to NHM Housing, a partnership of Pennrose Properties and Montgomery County Housing Authority, for a redevelopment project in Upper Dublin. The project will replace 50 units of outdated public housing at 300 Linden Ave. known as North Hills Manor. The existing units, which were built in 1954, will be demolished and replaced with 50 new apartment units in 17 residential buildings ranging in size from one- to four-bedrooms. Additionally, the redevelopment will feature a community building offering a common room, computer lab and property management office. The units are dedicated to families with incomes at or below 60 percent of area median income.

November 13, 2017