RIDGEWOOD, N.J. — Cushman & Wakefield has brokered the $5.6 million sale of a 16,698-square-foot retail property in the Northern New Jersey community of Ridgewood. The property at 30-38 Oak St. was 92 percent leased at the time of sale to tenants such as Park West Tavern, Je Lu Ja Spa and Ridgewood Education Association. Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri and David Bernhaut of Cushman & Wakefield represented the seller, Onyx Equities, in the transaction. The buyer was not disclosed.
MEDFORD, MASS. — Marcus & Millichap has negotiated the $3.5 million sale of a 12-unit apartment building in Medford, a northwestern suburb of Boston. The building at 218-220 Middlesex Ave. was recently renovated and comprises 10 one-bedroom units and two two-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CRANBERRY TOWNSHIP, PA. — Wegmans, a grocer based in upstate New York, has announced plans to open its first Pittsburgh-area store. An opening date was not announced, but the store will span 115,000 square feet and will be located on a 13-acre site on Cool Springs Drive in Cranberry Township, a northern suburb of the Steel City. Wegmans plans to hire between 400 and 500 full- and part-time employees to staff the new store.
TARRYTOWN, N.Y. — Progressive Insurance has signed a 10,487-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Glenn Walsh and Larry Ruggieri of Newmark represented Progressive.
NEW YORK CITY — A partnership between two locally based firms, Charney Cos. and Tavros Capital, has begun leasing Union Channel, a 224-unit multifamily project in the Gowanus area of Brooklyn. Designed by Fogarty Finger Architecture, the nine-story building houses studio, one-, two- and three-bedroom units, 25 percent of which are designated as affordable housing. Residences are furnished with stainless steel appliances, porcelain tile backsplashes, concrete countertops and floor-to-ceiling windows. Amenities include a landscaped roof deck with a pool, gym and yoga room, coworking lounge and a resident sky lounge. Rents start at $3,100 per month for a studio apartment.
TAUNTON, MASS. — JLL has brokered the sale of a 198,720-square-foot distribution center in Taunton, located near the Massachusetts-Rhode Island border. Built in 2014, facility at 151 Charles F. Colton Road features a clear height of 28 feet, 30 loading docks, 23 trailer parking spaces and ESFR sprinkler system. Michael Restivo and David Coffman of JLL represented the seller, a fund managed by Brookfield Asset Management, in the transaction. An Ares Management Real Estate fund acquired the property, which was fully leased at the time of sale to a tire and automotive services company, for an undisclosed price.
WHITEHALL, PA. — Philadelphia-based brokerage firm SCOPE Commercial Real Estate has negotiated the $11.8 million sale of Aspen Apartments, an 80-unit multifamily building located in the Lehigh Valley city of Whitehall. The three-story building offers one-, two- and three-bedroom units that range in size from 1,080 to 1,600 square feet. The undisclosed buyer purchased the asset via a 1031 exchange following its disposition of two multifamily assets totaling 52 units in nearby Allentown. Zeke Rotter led the SCOPE team led that handled those sales as well as the purchase of Aspen Apartments.
PEABODY, MASS. — Dick’s Sporting Goods will open a store at Northshore Mall in Peabody, located north of Boston, that will be operated under the Pittsburgh-based retailer’s ‘House of Sport’ brand. The square footage was not disclosed. Nordstrom currently occupies the space. Simon Property Group owns Northshore Mall, which is home to about 140 specialty stores, dining and entertainment venues and recently underwent a multimillion-dollar repositioning. The opening is scheduled for summer 2026.
TARRYTOWN, N.Y. — The Cookware Co. has signed a 17,368-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Craig Ruoff of Colliers represented the tenant.
By Maya Khan, managing director, CBIZ Between the pandemic and the advent of hybrid work, it’s been a challenging stretch for the New York City office market. But savvy investors see skies clearing as interest rates come down and more employers call workers back to the office. The stabilizing market also offers new opportunities for office-to-residential conversions, thanks to recently enacted state and city incentives. In fact, office buildings sold for such purposes accounted for 50 percent of all development sales in Manhattan in the first half of 2024, according to data from Ariel Property Advisors. In what follows, we’ll take a deeper dive into those trends and look at how some New York real estate leaders who spoke at CBIZ’s “Manhattan to Main Street” panel are taking advantage of the current environment. The event, held in the fall of 2024, focused on the trillions of dollars in commercial real estate debt that is set to mature before 2028 and broader economic factors influencing the New York real estate market; it drew 85 attendees from the local real estate community. Opportunity on the Upswing It’s no secret that the Big Apple’s office sector has taken a beating in the past …