WAPPINGERS FALLS, N.Y. — Kaplan Career Academy has signed a 15-year, 38,500-square-foot lease in Wappingers Falls, about 85 miles north of New York City. The school, which is part of the Greenburgh North-Castle Union Free School District, will relocate from nearby New Windsor to the building at 29 Marshall Road. The new space will serve as the new home for the Special Act School, which serves students with disabilities. Stephen Powers, Alexander Smith and Kate Whitman of OPEN Impact Real Estate represented Kaplan Career Academy in the lease negotiations. Thylan Associates represented the undisclosed landlord.
SALEM, N.H. — Three new retailers will join the tenant roster at Tuscan Village, a 170-acre mixed-use development in Salem that is a redevelopment of the former Rockingham Park horseracing complex. Grocer Whole Foods Market, eyewear provider Warby Parker and ice cream maker Salt & Straw will all open new stores at Tuscan Village in 2025. Square footages of spaces were not disclosed.
SLEEPY HOLLOW, N.Y. — Walker & Dunlop has arranged the $237 million refinancing of Edge-on-Hudson, a 70-acre mixed-use property located north of New York City in Sleepy Hollow. The financing also covers The Daymark, a five-story condo building within the riverfront property. At full build-out, Edge-on-Hudson will feature 1,177 residential units, including townhomes, condos and apartments, as well as 135,000 square feet of retail space, 35,000 square feet of office space, a 140-room boutique hotel and more than 16 acres of parkland. The Daymark, located on a southwestern parcel of the site, offers 100 condos in one-, two- and three-bedroom floor plans. About 70 units are under contract, and the first move-ins are scheduled for September. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Jordan Casella, Christopher de Raet and Stanley Cayre of Walker & Dunlop arranged the financing through Hudson Bay Capital. The borrower is a partnership between King Street Capital Management and Biddle Real Estate Ventures. The latter entity is the co-master developer of Edge-on-Hudson along with New Jersey-based PCD Development.
NEW YORK CITY — Locally based developer Slate Property Group and Queens Future LLC, which is a joint venture between Mets owner Steve Cohen and Hard Rock International, have formed a partnership to develop a 450-unit affordable housing project. The site at 54-19 100th St. is located adjacent to an existing affordable housing complex in the borough’s Corona neighborhood and currently houses a parking lot. Queens Future will provide financial support to a to-be-named nonprofit organization that will work with Slate to develop and manage the property. Units will feature a range of floor plans and income restrictions, and the property will have community and amenity space, including an improved outdoor area and a new children’s playground for the surrounding buildings.
LACKAWANNA, N.Y. — UFP Industries (NASDAQ: UFPI) will open a 240,000-square-foot manufacturing and warehousing facility in Lackawanna, located just south of Buffalo, a project that represents a capital investment of about $77 million. The Michigan-based provider of commercial and residential construction products has purchased 30 acres for construction of the facility, which will be used to supply decking products. The facility is being developed as part of a $250 million initiative to grow and expand the company’s Deckorators product line over the next five years. A construction timeline was not disclosed.
NEW YORK CITY — A partnership between New York City-based ZG Capital Partners and Miami-based Rialto Capital Management has completed the renovation of Park 53 in Manhattan. The 20-story office building, which is located at 45 E. 53rd St. in the Plaza District, was originally built in 1991. New York City-based architecture firm MdeAs designed the project, which included an expansion and refresh of the lobby, entryway and elevators. In addition, MdeAs collaborated with Vocon to re-program the ground floor with an 8,600-square-foot restaurant with an accompanying wine cellar and private dining area and to design a new amenity space on the second floor.
NEW YORK CITY — Intuit has signed a 77,000-square-foot office lease expansion at 51 Astor Place in Manhattan’s East Village. The financial technology platform currently occupies the entire third floor at the 400,000-square-foot building. The expansion is for three additional full floors of space, as well as ground-floor retail space, for a total footprint of 115,000 square feet. Paul Glickman, Mitchell Konsker, Benjamin Bass and Cynthia Wasserberger of JLL, along with internal agents Jeffrey Sussman and Matt Pynn, represented the landlord, Edward J. Minskoff Equities, in the lease negotiations. Bart Lammersen, Justin Haber and Kyle Riker, also with JLL, represented Intuit.
By Taylor Williams So much for “survive ’til ’25.” Until a couple months ago, industrial owners in the markets of New Jersey and Eastern Pennsylvania had good reason to believe that 2025 would be a year in which ground-up development got back on track. And in those markets, which are defined by their density and sticky tenant demand, new supply is rarely a bad thing. According to the latest data available from Colliers, industrial vacancy rates in Philadelphia County, Southern New Jersey and the Lehigh Valley all rose in the fourth quarter by anywhere from 80 to 150 basis points. The regionwide vacancy rate stood at roughly 7 percent at the end of 2024, up from 6 percent in the fourth quarter of 2023. The Colliers report also noted that while more than 6 million square feet of predominantly speculative product came on line in the first quarter of 2025, subsequent deliveries were forecast to decline by 40 to 50 percent in each ensuing quarter, “signaling a slowdown in supply for the remainder of the year.” Demand in the region remains healthy but has undoubtedly moderated from record levels that prevailed several years ago, according to Scott Mertz, SIOR, president …
MONTAUK, N.Y. — JLL has arranged a $235 million loan for the refinancing of the 20-acre Gurney’s Montauk Resort & Seawater Spa, located on the eastern tip of the Long Island peninsula. The property’s hospitality component totals 158 units: 109 guestrooms, 35 suites, eight beachfront cottages and six residences. In addition to a 2,000-foot private beach, the resort features five onsite food-and-beverage venues, four pools, a salon, 25,000 square feet of meeting and event space, a 30,000-square-foot spa and a fitness center. In addition, the owner, a partnership between BLDG Management Co. Inc. and Metrovest Equities, recently completed a capital improvement program at the property that upgraded guestrooms, common areas and amenity spaces. Christopher Peck, Kevin Davis, Mark Fisher and Connor Medzigian of JLL arranged the debt through a joint venture between Smith Hill Capital and Bain Capital.
NEW YORK CITY — Locally based developer Two Trees Management has completed the lease-up of One Domino Square, a 279-unit multifamily property in the borough’s Williamsburg area. Designed by Selldorf Architects, One Domino Square offers both apartments and condos in a variety of floor plans, including penthouses for the latter component. Amenities include a pool, spa, resident lounges, media room, children’s playroom, private dining room, chef’s kitchen and outdoor grilling and dining stations. The property’s rental units are now 99 percent occupied, with rents starting at $4,770 per month for a studio apartment.