Northeast

Urby Begins Leasing 204-Unit Apartment Complex in Philadelphia

by Taylor Williams January 13, 2025

PHILADELPHIA — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing a 204-unit apartment complex in Philadelphia’s Fishtown neighborhood. Known as Fishtown Urby, the five-story building is located at 1700 Front St. and houses studio, one- and two-bedroom units, as well as retail space that is occupied by multiple food-and-beverage users. Amenities include two courtyards, a rooftop terrace, outdoor grilling and dining stations, a dog park, speakeasy, fitness center and dedicated work-from-home areas. Rents start in the $1500s for a studio apartment.

January 13, 2025

Acquisitions Connecticut Industrial Northeast Self-Storage

Aphorio Carter Buys Data Center in Trumbull, Connecticut, for $10M

by Taylor Williams January 13, 2025

TRUMBULL, CONN. — Aphorio Carter, a data center investment firm and division of Carter Funds, has acquired a colocation facility in Trumbull, located in southern coastal Connecticut. The facility, which was originally built in 1960, spans 8.2 acres and comprises two data center pods and one disaster recovery pod. In addition, the 227,552-square-foot property features a power capacity of 15 megawatts and was leased to five tenants at the time of sale. The seller was not disclosed.

January 13, 2025

Leasing Activity New York Northeast Retail

Burlington to Open 77,970 SF Store at 620 Avenue of the Americas in Manhattan

by Taylor Williams January 13, 2025

NEW YORK CITY — Burlington will open a 77,970-square-foot store at 620 Avenue of the Americas in Manhattan’s Chelsea area. The discount clothing retailer is relocating and expanding from a 40,000-square-foot space at 695 Avenue of the Americas via a 12-year lease. Cliff Simon of CNS Real Estate represented Burlington in the lease negotiations. Richard Skulnik, Lindsay Zegans, Ben Sabin and Mary Schwagerl of RIPCO Real Estate, along with internal agent Daniel Birney, represented the landlord, RXR.

January 13, 2025

Development Mixed-Use Northeast Pennsylvania

Piatt Cos. Unveils Plans for $600M Riverfront Mixed-Use Project in Pittsburgh

by Taylor Williams January 10, 2025

PITTSBURGH — Locally based developer Piatt Cos. has unveiled plans for The Esplanade, a $600 million, 1.7 million-square-foot mixed-use project in Pittsburgh. The site, which formerly supported industrial uses, spans 15 acres along the Ohio River on the city’s north side. Residential plans for The Esplanade currently call for more than 400 apartments, 20 percent of which will be reserved as affordable housing, as well as 105 condominium units. In addition, the development will feature roughly 8 acres of public green space, a 225-room hotel with meeting and event space and retail and entertainment uses such as an aquarium, grocery store, museum, splash park, walking trails, public art installations and a Ferris wheel. According to multiple local news sources, including the Pittsburgh Post-Gazette, Piatt Cos. received approval in November from the City Planning Commission for the project, which is expected to generate $75.3 million in annual economic impact for the region, as well as to support the creation of more than 7,000 jobs.

January 10, 2025

Acquisitions New York Northeast Office

Newmark Brokers $360M Sale of Two Park Avenue Office Building in Manhattan

by Taylor Williams January 10, 2025

NEW YORK CITY — Newmark has brokered the $360 million sale of Two Park Avenue, a 1 million-square-foot office building located in Manhattan’s Murray Hill neighborhood. The 29-story building was constructed in the mid-1920s and features a 27th-story penthouse lounge and outdoor terrace, a ground-floor lobby and conference center and bike parking space. Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Josh King, Avery Silverstein and Willis Robbins of Newmark represented the seller, Morgan Stanley, in the transaction. The buyer, Haddad Brands, plans to occupy a portion of the property and lease the remainder.

January 10, 2025

Loans Multifamily New York Northeast

KKR Provides $123M Loan for Refinancing of Wimbledon Apartments in Manhattan

by Taylor Williams January 10, 2025

NEW YORK CITY — Global pivate equity firm KKR has provided a $123 million loan for the refinancing of The Wimbledon, a 214-unit apartment complex located at 200 E. 82nd St. on Manhattan’s Upper East Side. The pet-friendly, elevator-served property offers one-, two- and three-bedroom units and includes 8,590 square feet of commercial space. The amenity package comprises a fitness center, outdoor theater, children’s playroom, package lockers and outdoor dining space. Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan on behalf of the sponsor, Rockpoint Group.

January 10, 2025

Loans Multifamily New York Northeast

Eastern Union Arranges $24M Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams January 10, 2025

NEW YORK CITY — Eastern Union has arranged a $24 million loan for the refinancing of a 55-unit multifamily property located at 2508 Foster Ave. in Brooklyn’s Flatbush neighborhood. The seven-story, newly constructed building houses units with an average size of 692 square feet and two retail spaces. Motti Blau, Mendy Pfeifer and Dov Bakon of Eastern Union arranged the nonrecourse loan, which was structured with a 65 percent loan-to-value ratio, through Bank of Montreal on behalf of the undisclosed borrower.

January 10, 2025

Leasing Activity New York Northeast Office

Sciame Construction Signs 37,206 SF Office Lease Renewal in Lower Manhattan

by Taylor Williams January 10, 2025

NEW YORK CITY — Sciame Construction LLC has signed a 37,206-square-foot office lease renewal in Lower Manhattan. The locally based firm will continue to occupy the entire 20th floor of 14 Wall Street, a building that was originally constructed in 1910 for the Bankers Trust Co., for the next 20 years. Bradley Gerla, Jon Cope, Mike Rizzo and Masha Dudelzak of CBRE represented the landlord in the lease negotiations. Adam Foster, Matt Bergey, Chris Mansfield and Ryan Luck, also with CBRE, represented the tenant.

January 10, 2025

Westwood-Multihousing-Portfolio-New-Jersey

Acquisitions Multifamily New Jersey Northeast

JLL Brokers $80M Sale of Northern New Jersey Multifamily Portfolio

by Taylor Williams January 9, 2025

WESTWOOD AND RIVER VALE, N.J. — JLL has brokered the $80 million sale of a portfolio of four multifamily properties totaling 276 units in Northern New Jersey. The properties are collectively known as the Westwood Multihousing Portfolio by virtue of three assets — Coventry Square, Stanford Court and The Madison Apartments — being located in Westwood. The fourth property, Village on the Green, is located in the adjacent town of River Vale. All properties were built between 1979 and 1987 and offer one- and two-bedroom units and amenities such as pools, fitness centers and dog parks. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Kushner Cos., in the transaction. The buyer was not disclosed. The portfolio had an occupancy rate of 96 percent at the time of sale.

January 9, 2025

Acquisitions New Jersey Northeast Retail

KPR Centers Acquires Southern New Jersey Shopping Center for $41.7M

by Taylor Williams January 9, 2025

VOORHEES, N.J. — New York City-based owner-operator KPR Centers has acquired Eagle Plaza, a 230,000-square-foot shopping center in Voorhees Township, located outside of Philadelphia in Southern New Jersey. Anchored by Acme Markets, the property was leased to approximately 40 retailers and restaurants at the time of sale. Other tenants at the center include Ross Dress for Less, Five Below, Chipotle Mexican Grill and Ace Pickleball Club. Brad Nathanson and J.P. Colussi of Institutional Property Advisors, a division of Marcus & Millichap, represented both KPR Centers and the undisclosed seller in the transaction.

January 9, 2025

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