Wednesday, June 18, 2025
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35-Cottage-Street-Jersey-City
DevelopmentMultifamilyNew JerseyNortheast

JLL Arranges $152M in Construction Financing for Jersey City Apartment Tower

by Taylor Williams

JERSEY CITY, N.J. — JLL has arranged $152 million in construction financing for 35 Cottage Street, a 588-unit apartment tower that will be located in the Journal Square neighborhood of Jersey City. The development will also house a synagogue, preschool and a dedicated party hall, the latter of which will be a first for this submarket, according to the project team. Thomas Didio Jr. and Michael Mataras of JLL arranged the senior loan portion of the financing package through Centennial Bank and the mezzanine portion through an undisclosed private lender. The borrower is New York-based Namdar Realty Group. Details on floor plans, amenities and a construction timelines were not disclosed.

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CivicLeasing ActivityNew YorkNortheast

Yeshiva University to Open 160,000 SF Health Sciences Campus in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Yeshiva University will open a 160,000-square-foot health sciences campus in Midtown Manhattan. The Jewish higher learning institution is entering into a 32-year leasehold condominium agreement to occupy the fifth through ninth floors, as well as partial mezzanine and ground-floor areas, at the 10-story Herald Center building. The building is located at the corner of 34th Street and Broadway and was built in 1902 as the original Saks department store. David Carlos led a Savills team that represented Yeshiva University in its site selection and lease negotiations. Jacob Jerome and Morris Bailey represented the landlord, JEMB Realty Corp., on an internal basis. A tentative opening date was not disclosed.

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AcquisitionsNew JerseyNortheastRetail

TFE Properties Acquires 93,000 SF Shopping Center in Fair Lawn, New Jersey

by Taylor Williams

FAIR LAWN, N.J. — Locally based investment firm TFE Properties has acquired the 93,000-square-foot River Road Shopping Center in the Northern New Jersey community of Fair Lawn. The 6.3-acre center comprises an 18,825-square-foot single-tenant building occupied by Walgreens, an 18,900-square-foot multi-tenant building and a 54,000-square-foot building that was formerly occupied by grocer ShopRite. The new ownership plans to implement a value-add program to the multi-tenant and former grocery buildings. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Ryan Robertson of JLL represented the seller, Bon-Marc Realty Co., in the transaction and procured TFE Properties as the buyer.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Nears Completion of 63-Unit Affordable Housing Complex in Chatham, New Jersey

by Taylor Williams

CHATHAM, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. Walters is also launching a lottery program to lease the building, which sits on a 3.2-acre site that formerly housed a now-defunct restaurant. Units come in one-, two- and three-bedroom formats, range in size from 807 to 1,343 square feet and are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, community room and outdoor grilling and dining stations. Construction began in August 2023. Full completion is slated for late 2024.

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AcquisitionsMassachusettsNortheastOffice

Coldwell Banker Negotiates Sale of 14,000 SF Office Building in Boston

by Taylor Williams

BOSTON — Coldwell Banker Commercial Realty has brokered the $6.2 million sale of a 14,000-square-foot office building in the Brookline area of Boston. Todd Glaskin and Gregg Leppo of Coldwell Banker represented the buyer, local developer Concept Properties, in the transaction. The duo also represented the seller, a partnership between Kinross Real Estate and Greenline Realty, which purchased the building for $2.5 million in 2005.

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DevelopmentHospitalityMixed-UseMultifamilyNew JerseyNortheastTop Stories

Public-Private Partnership to Develop 80-Acre, $200M Mixed-Use Project Near Racetrack in Oceanport, New Jersey

by John Nelson

OCEANPORT, N.J. — JEMB Realty has begun the design and development process for an 80-acre mixed-use property situated adjacent to the Monmouth Park Racetrack in Oceanport, a borough roughly 42 miles south of Newark, N.J. JEMB Realty will develop the multi-phase project in partnership with the State of New Jersey and Darby Development LLC. Construction is slated to begin in the fourth quarter of 2025. Plans for the site include a 298-unit residential building, as well as a 200-room hotel and a sports community center to support local youth athletes. The development team is also exploring a variety of entertainment options such as music venues and experiential retail components. Monmouth Park Racetrack is a racetrack for thoroughbred horse racing. According to the property website, the original Monmouth Park was constructed in 1870. Three buildings have carried the name in the past 139 years. The current structure opened its doors in 1946. The racetrack is owned by the New Jersey Sports and Exposition Authority and is operated by Darby Development, which recently entered into an 85-year lease agreement for the facility. The project team plans to work with the New Jersey Thoroughbred Horsemen’s Association, the New Jersey Sports & Exposition Authority, the New …

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20-Rockefeller-Plaza
Leasing ActivityNew YorkNortheastOffice

Christie’s Extends 400,000 SF Office Lease at Rockefeller Center in Manhattan

by Taylor Williams

NEW YORK CITY — Christie’s has extended its 400,000-square-foot office lease at Rockefeller Center in Manhattan for another 25 years. The art auctioning and appraisal company has been a tenant at the 100-year-old complex since 1997, and its footprint has comprised salerooms, public galleries, warehouses and office space. Mary Ann Tighe, Ramneek Rikhy, Cara Chayet and Courtney Hughson of CBRE, along with Jen Yashar and Danielle Frank of Fried Frank, represented Christie’s in the lease negotiations. EB Kelly represented the landlord, Tishman Speyer, on an internal basis.

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LoansNew YorkNortheastRetail

Largo Capital Arranges $9.3M Permanent Loan for Shopping Center in Orange County, New York

by Taylor Williams

ORANGE COUNTY, N.Y. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $9.3 million permanent loan for a shopping center in Orange County. The site is located near the nexus of New York, New Jersey and Pennsylvania. Grocer Save a Lot anchors the unnamed center, which totals 97,740 square feet and was 85 percent leased at the time of the loan closing. Jack Phillips of Largo Capital originated the debt. The direct lender and borrower were not disclosed.

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DevelopmentMultifamilyNew JerseyNortheast

Hampshire, Pinnacle Open 40-Unit Apartment Complex in Montclair, New Jersey

by Taylor Williams

MONTCLAIR, N.J. — A partnership between two New Jersey-based developers, The Hampshire Cos. and The Pinnacle Cos. has opened The Clair, a 40-unit apartment complex in the Northern New Jersey community of Montclair. The Clair offers studio, one- and two-bedroom units and amenities such as a clubhouse, business center and a rooftop terrace. Minno & Wasko Architects and Planners designed The Clair, construction of which was financed by OceanFirst Bank. Rents start at about $2,400 per month for a studio apartment.

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AcquisitionsIndustrialMassachusettsNortheast

Marcus & Millichap Brokers $2.8M Sale of Vacant Industrial Building in Holliston, Massachusetts

by Taylor Williams

HOLLISTON, MASS. — Marcus & Millichap has negotiated the $2.8 million sale of a vacant industrial building in Holliston, a southwestern suburb of Boston. The building at 91 Kuniholm Drive totals 52,000 square feet and features multiple loading docks and a clear height of 16 feet. Harrison Klein of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The new ownership plans to renovate the building to be able to support multiple small users.

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