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Northeast

30-Water-St.-Ossining-New-York
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Westchester County Approves $94M Affordable Housing Project in Ossining, New York

by Taylor Williams

OSSINING, N.Y. — The Independent Development Agency of Westchester County has approved a $94 million affordable housing project in Ossining, about 35 miles north of Manhattan. The site at 30 Water St. formerly housed the operations of Village Department of Public Works. The new development will consist of two buildings with 109 units that will be reserved for households earning between 30 and 80 percent of the area median income. Floor plans will include 40 one-bedroom units, 60 two-bedroom apartments and nine three-bedroom residences, and the property will also house 3,745 square feet of retail space and 3,968 square feet of community meeting space. Amenities will include a rooftop deck, fitness center and onsite laundry facilities. Locally based firm WBP Development LLC will develop the property. Construction is scheduled to begin in October and to be complete in 2027.

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44-Middlesex-Bedford-Massachusetts
DevelopmentIndustrialLife SciencesMassachusettsNortheast

Camber, Wheelock Complete 147,000 SF Industrial, Life Sciences Project in Bedford, Massachusetts

by Taylor Williams

BEDFORD, MASS. — A partnership between Boston-based Camber Development and Connecticut-based Wheelock Street Capital has completed a 147,000-square-foot industrial and life sciences project in Bedford, about 20 miles northwest of Boston. The project represents Phase I of a larger manufacturing campus known as 44 Middlesex, and the second phase will also center on the delivery of a 147,000-square-foot building. Construction of that facility is expected to begin in 2025 and to last about a year. Both buildings will be two-story structures and will have 105,000 square feet on the ground floor and a 42,000-square-foot mezzanine space on the second floor, as well as clear heights of 36 feet. Newmark is the leasing agent for the development.

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AcquisitionsIndustrialNew JerseyNortheast

JLL Arranges $13.6M Acquisition Loan for Industrial Outdoor Storage Facility Near Trenton

by Taylor Williams

NEW BRUNSWICK, N.J. — JLL has arranged a $13.6 million acquisition loan for a 35,800-square-foot industrial outdoor storage facility located outside of Trenton in New Brunswick. The site spans 6.4 acres and houses three buildings totaling 10,300, 19,500 and 9,000 square feet. Buildings feature 24- to 28-foot clear heights and a combined 26 dock positions. Michael Klein, Max Custer and Benjamin Morgenthal of JLL arranged the three-year, floating-rate loan through Byline Bank on behalf of the borrower, regional investment firm Ridgecut Road.

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AcquisitionsNortheastPennsylvaniaRetail

Colliers Brokers $5.4M Sale of Retail Strip Center in Trexlertown, Pennsylvania

by Taylor Williams

TREXLERTOWN, PA. — Colliers has brokered the $5.4 million sale of Shepherd’s Corner, a 9,512-square-foot retail strip center in the Lehigh Valley community of Trexlertown. The center was fully leased at the time of sale to tenants such as Supercuts, The UPS Store, Not Just Bagels and Capriotti’s Sandwich Shop. Derek Zerfass and Jeff Algatt of Colliers represented the undisclosed seller in the transaction. Robbie Stephens of Rudy Amelio Real Estate represented the buyer, a high-net-worth individual who also requested anonymity.

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AcquisitionsIndustrialNew JerseyNortheast

NAI DiLeo-Bram Negotiates Sale of 30,000 SF Industrial Building in West Caldwell, New Jersey

by Taylor Williams

WEST CALDWELL, N.J. — NAI DiLeo-Bram has negotiated the sale of a 30,000-square-foot industrial building in the Northern New Jersey community of West Caldwell. The buyer, 85°C Bakery Café, will use the space for warehouse and distribution purposes to support its new retail locations that are opening in Cherry Hill and East Hanover in the coming weeks. David Simon and Kyle Gerace of NAI DiLeo-Bram represented the owner-occupant in the transaction. The seller and sales price were not disclosed.

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Extended-Stay-Suites-America-Buffalo
DevelopmentHospitalityNew YorkNortheast

Extended Stay Suites America Opens 100-Room Hotel in Buffalo

by Taylor Williams

BUFFALO, N.Y. — Extended Stay Suites America (NYSE: STAY) has opened a 100-room hotel in Buffalo. The two-story building is located across the street from Buffalo-Niagara International Airport. Guestrooms are equipped with kitchens that include refrigerators, microwaves, stovetops, cookware, utensils and dishes. All rooms also feature dedicated workspaces. Amenities include complimentary grab-and-go breakfast and onsite laundry facilities. Blackstone Real Estate Partners and Starwood Capital Group own the Extended Stay America brand, which is headquartered in Charlotte.

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LoansMultifamilyNew YorkNortheast

Largo Capital Arranges $11.6M Construction Loan for Multifamily Conversion Project in Buffalo

by Taylor Williams

BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged an $11.6 million construction loan for an 84-unit multifamily conversion project in Buffalo. The project will convert a former nursing home facility in the downtown area into a traditional apartment complex with 23 studios, 57 one-bedroom apartments and four two-bedroom units. Ned Perlman of Largo Capital originated the financing. The direct lender and borrower were not disclosed.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassDevelopment Provides $7.5M Bond Financing for Affordable Housing Conversion Project in Metro Boston

by Taylor Williams

LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for a project in the northeastern Boston suburb of Lynn that will convert the upper portion of a former commercial building into a 24-unit affordable housing complex. Units will be reserved for formerly homeless adults aged 18 to 24 that earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal Low-Income Housing Tax Credits to finance construction of the project.

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AcquisitionsIndustrialNew JerseyNortheast

Cushman & Wakefield Brokers Sale of 49,172 SF Industrial Flex Building in Somerset, New Jersey

by Taylor Williams

SOMERSET, N.J. — Cushman & Wakefield has brokered the sale of a 49,172-square-foot industrial flex building in the Northern New Jersey community of Somerset. The building at 28 Worlds Fair Drive sits on 4.5 acres, features two side doors and 152 car parking spaces and was 40 percent leased to four tenants at the time of sale. Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the undisclosed seller in the transaction and procured the buyer, SL Industrial Partners.

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Leasing ActivityNew YorkNortheastOffice

JLL Negotiates 18,800 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — JLL has negotiated an 18,800-square-foot office lease in Midtown Manhattan. The tenant, private equity firm Christofferson, Robb & Co., will relocate from 720 Fifth Ave. to two full floors at the 27-story building located at 680 Fifth Ave. David Kleiner, Carlee Palmer and Margaux Kelleher of JLL represented the landlord, the family of Josef Buchmann, in the lease negotiations. David Falk and Eric Cagner of Newmark represented the tenant.

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