Northeast

Bayview PACE Provides $3.5M in Financing for Yonkers Apartment Building

by Taylor Williams August 23, 2024

YONKERS, N.Y. — Bayview PACE has provided $3.5 million in C-PACE financing for a 170-unit apartment building in Yonkers, located north of New York City. The 10-story building at 66 Main St. was originally built in 2008 and offers amenities such as a fitness center, basketball court, community room, media room and rooftop terrace, as well as nearly 20,000 square feet of ground-floor retail space. The undisclosed owner will use the financing to fund energy-efficiency initiatives and HVAC repairs and replacements. To close the loan, Bayview worked with Energy Improvement Corp. (EIC), a nonprofit development corporation that provides long-term alternative financing to fund clean energy projects in commercially owned buildings in New York.

August 23, 2024

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers $2.5M Sale of Industrial Flex Building in Denville, New Jersey

by Taylor Williams August 23, 2024

DENVILLE, N.J. — Cushman & Wakefield has brokered the $2.5 million sale of 1 Stewart Court, a 14,100-square-foot industrial flex building in Denville, about 40 miles west of New York City. The building is located on a 2.2-acre site within Bridge View Business Park and features a clear height of 16 feet and two loading docks. Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, an entity doing business as One Stewart Court LLC, in the transaction. The team also procured the undisclosed buyer.

August 23, 2024

Development Massachusetts Northeast Office

Vantage Builders Completes 10,000 SF Headquarters Expansion Project for NEOLab in Andover, Massachusetts

by Taylor Williams August 23, 2024

ANDOVER, MASS. — Locally based general contractor and construction management firm Vantage Builders has completed a 10,000-square-foot headquarters expansion project for NEOLab in Andover, a northern suburb of Boston. The orthodontic laboratory operator essentially doubled its footprint across the first and second floors of the building at 3 Riverside Drive. Maugel DeStefano Architects designed the project, which delivered two 3D metal printing laboratories, an open office layout, new education space, lunchroom and a renovated warehouse and storage area.

August 23, 2024

Development Loans Multifamily New York Top Stories

Joint Venture Receives $985M Financing for 100-Unit Luxury Condo Towers in New York City

by Hayden Spiess August 23, 2024

NEW YORK CITY — A joint venture between Zeckendorf Development, Atlas Capital Group and The Baupost Group LLC has received $985 million in financing for the development of 80 Clarkson, a full-block condominium project along the Hudson River in Manhattan’s West Village neighborhood. The two towers of the development will rise 450 feet and total 100 ultra-luxury units. The first tower is scheduled for completion in 2026, with the second following in 2027. Newmark arranged the loan for the project on behalf of the developers. Jordan Roeschlaub, Chris Kramer and Jonathan Firestone of Newmark secured the financing from Cale Street Partners and Farallon Capital Management. The community will feature outdoor space, luxury finishes, an amenity package and ground-floor retail space. 80 Clarkson is located on the northernmost portion of the former St. John’s Terminal Building, which was originally built in 1934 as the terminus to the High Line Rail Road. The building spanned almost four city blocks, nearly 850 feet along the Hudson River. In 2016, Atlas led a prior venture in a complex rezoning which allowed for significantly increased density on the site. After negotiating early terminations with the building’s office tenants, the venture sold the portion of the …

August 23, 2024

Development Multifamily New York Northeast

Property Resources Corp. Begins Leasing 205-Unit Multifamily Adaptive Reuse Project in Brooklyn

by Taylor Williams August 22, 2024

NEW YORK CITY — Property Resources Corp. has begun leasing The Hartby, a 205-unit multifamily adaptive reuse project in Brooklyn. The Hartby is a redevelopment of the former St. John’s College building, which was originally constructed in the borough’s Bedford-Stuyvesant neighborhood in 1870. Units come in studio, one- and two-bedroom floor plans, and 30 percent (62) of the residences are rent-stabilized and are now being leased via a lottery system. Amenities include a fitness center, private party room, business center, library, indoor/outdoor lounge, a rooftop deck with barbecue stations, pet spa and an interior courtyard. Woods Bagot served as the project architect, with interiors by Alchemy Studio. Leasing of market-rate units will begin later this summer, and move-ins will commence this fall.

August 22, 2024

Acquisitions Multifamily Northeast Northmarq Pennsylvania

Northmarq Brokers Sale of Two Lehigh Valley Manufactured Housing Properties Totaling 163 Sites

by Taylor Williams August 22, 2024

HAZLETON AND CENTER VALLEY, PA. — Northmarq has brokered the sale of two manufactured housing properties totaling 163 sites in the Lehigh Valley region. Birch Knoll is a 92-site property in Hazleton that was built in 1989. Saucon Valley Crossing in Center Valley totals 71 lots in both single and double formats and was originally constructed in 1947. Anthony Pino and Ari Azarbarzin of Northmarq represented the seller, Pennsylvania-based ME Management, in the transaction. The buyer(s) and sales price(s) were not disclosed.

August 22, 2024

Industrial Leasing Activity New York Northeast

Ranger Design Signs 151,169 SF Industrial Lease in Webster, New York

by Taylor Williams August 22, 2024

WEBSTER, N.Y. — Ranger Design, a manufacturer of shelving and partitions for vans, trucks and trailers, has signed a 151,169-square-foot industrial lease in Webster, a suburb of Rochester. The company is relocating from nearby Ontario, New York, to a 768,475-square-foot building at 700 Resende Road. The building is part of the former Xerox campus and features clear heights of 16 to 24 feet and 50,000 square feet of office space. James Panczykowski of JLL represented the locally based landlord, Tessy Plastics Corp., in the lease negotiations. Ranger Design was self-represented.

August 22, 2024

Acquisitions New Jersey Northeast Retail

Graystone Capital Advisors Arranges Sale of 34,177 SF Shopping Center in Rockaway, New Jersey

by Taylor Williams August 22, 2024

ROCKAWAY, N.J. — California-based brokerage firm Graystone Capital Advisors has arranged the sale of a 34,177-square-foot shopping center in the Northern New Jersey community of Rockaway. Tractor Supply Co. anchors the center, which according to LoopNet Inc. was originally built in 1980. A developer based in the Southeast sold the property to a local institutional investor for $7.2 million, with both parties requesting anonymity. Julius Swolsky and Shannon Bona of Graystone brokered the deal.

August 22, 2024

Leasing Activity New York Northeast Office

Denham Wolf Expands, Extends Office Lease in Manhattan’s Garment District

by Taylor Williams August 22, 2024

NEW YORK CITY — Denham Wolf Real Estate Services has expanded and extended its office lease at 520 Eighth Avenue in Manhattan’s Garment District. Denham Wolf has been a tenant at the 26-story building since 2001. The new 11-year lease features an additional 3,887 square feet of space for a total footprint of 9,253 square feet. Christopher Turner and Kate Hrobsky internally represented Denham Wolf in the lease negotiations. Matthew Mandell represented the landlord, GFP Real Estate, also on an internal basis

August 22, 2024

Development Industrial New Jersey Northeast

Woodmont, Brookfield to Develop 450,000 SF Industrial Project in Alpha, New Jersey

by Taylor Williams August 21, 2024

ALPHA, N.J. — A partnership between locally based developer Woodmont Industrial Partners and Brookfield Properties will develop a 450,000-square-foot project in Alpha, located on the New Jersey-Pennsylvania border. Alpha 78 Logistics Center will be situated on a 33.6-acre site and feature a cross-dock configuration, clear height of 36 feet, 118 dock doors with four drive-ins, 6,000 square feet of office space and parking for 230 cars and 89 trailers. Completion is slated for the third quarter of 2025. CBRE will market the property for lease. CBRE also brokered the land deal, which closed in June and saw Woodmont sell the acreage to Brookfield.

August 21, 2024

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