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DevelopmentMultifamilyNew YorkNortheast

Kriss Capital Provides $32M in Financing for Manhattan Adaptive Reuse Project

by Taylor Williams

NEW YORK CITY — Local lender and private equity firm Kriss Capital has provided $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower, a partnership between local firms Urban Capital Group and Prosper Property Group, will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. The design team includes SOMA and Turett Collaborative. Residences will come in three- and four-bedroom floor plans and have an average size of 3,500 square feet. Andy Iadeluca of New Development Capital arranged the debt. GRA Equities and PZ Realty Investments are also partners on the project, construction of which is underway and slated for a mid-2026 completion.

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DevelopmentNortheast

JT Magen Delivers 178,107 SF Global Headquarters for Lord, Abbett & Co. in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — National general contractor JT Magen has delivered the 178,107-square-foot global office headquarters for Lord, Abbett & Co. in Jersey City. The private asset management firm relocated and consolidated from a 239,000-square-foot space at 90 Hudson Street to a multi-level space within 30 Hudson Street, a 42-story waterfront building. The new facility features executive offices, open work areas, multipurpose conference rooms, a multimedia production studio, auditorium, game room, fitness lounge and training rooms. HLW served as architect and interior designer for the project, while AMA Group provided engineering services.

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AcquisitionsNew YorkNortheastRetail

Marcus & Millichap Brokers $5.2M Sale of Queens Retail Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $5.2 million sale of a 9,640-square-foot retail building in the Rego Park area of Queens. C-Town Supermarkets anchors the building, which features 100 feet of frontage along 63rd Drive and is also home to three other service-oriented retailers. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.  

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Leasing ActivityMassachusettsNortheastRestaurantRetail

Shaq’s Big Chicken to Open Restaurant in Wrentham, Massachusetts

by Taylor Williams

WRENTHAM, MASS. — Shaq’s Big Chicken, a food-and-beverage concept by NBA legend and TV personality Shaquille O’Neal, will open a new restaurant in the southern Massachusetts city of Wrentham. The square footage was not disclosed. The restaurant will be located within Wrentham Premium Outlet Malls, which is owned by Simon Property Group, and is scheduled to open in the coming months. Other tenants that will also soon debut new stores at the property include apparel retailers Vuori, La Vie en Rose and Rag & Bone.

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CivicLeasing ActivityNew YorkNortheast

LEEP Dual Language Academy Charter School Signs 13,241 SF Lease Expansion in Brooklyn

by Taylor Williams

NEW YORK CITY — LEEP Dual Language Academy Charter School has signed a 13,241-square-foot lease expansion in Brooklyn. The school’s footprint now spans 37,924 square feet across four floors within the building at 5323 Fifth Ave. in the Sunset Park neighborhood, where it first opened in 2019. Martin Cottingham, Michael Gottlieb and Patrick Steffens of Avison Young represented the school in the lease negotiations. Comjem Associates owns the building.

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DevelopmentMixed-UseNew JerseyNortheast

Kushner, KABR Group Complete $30M Mixed-Use Redevelopment Project in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — A partnership between regional development and investment firms Kushner Cos. and The KABR Group has completed a $30 million mixed-use redevelopment project in Jersey City. The project converted the former Great Atlantic & Pacific Tea Co. warehouse, a six-story building that was originally constructed in 1913, into a commercial structure with 135,000 square feet of office and retail space known as The Arts & Powerhouse Building. Commercial spaces range in size from 4,000 to 100,000 square feet, and the building features a 10,000-square-foot rooftop amenity deck. Retailers that have already signed leases or opened stores at the building include Rumble Boxing, Daily Provisions, Spear Physical Therapy and One Medical. CBRE is the building’s leasing agent.

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LoansMultifamilyNew YorkNortheastNorthmarq

Northmarq Provides $14M Agency Loan for Refinancing of Upstate New York Apartment Community

by Taylor Williams

ROCHESTER, N.Y. — Northmarq has provided a $14 million Fannie Mae loan for the refinancing of Windsor Gardens, a 296-unit apartment community in Rochester. Built in 1972 and renovated in 2002, Windsor Gardens offers studio, one-, two- and three-bedroom units. Amenities include a fitness center, conference room, clubhouse, video library and onsite laundry facilities. Robert Ranieri of Northmarq originated the 10-year loan on behalf of the borrower, an entity doing business as Windsor Associates LP.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $7.3M Sale of East Boston Apartment Building

by Taylor Williams

BOSTON — Marcus & Millichap has brokered the $7.3 million sale of Bennington Arms, a 28-unit apartment building in East Boston. The three-story building at 720 Bennington St. is located in the Orient Heights neighborhood and houses 17 one-bedroom units and 11 studios, half of which were recently renovated. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsIndustrialMassachusettsNortheast

Stubblebine Co. Negotiates Sale of 14.3-Acre IOS Facility in Whitman, Massachusetts

by Taylor Williams

WHITMAN, MASS. — Locally based brokerage firm The Stubblebine Co. has negotiated the sale of a 14.3-acre industrial outdoor storage (IOS) facility in Whitman, located south of Boston in Plymouth County. The site at 215 Bedford St. includes a 23,255-square-foot warehouse and 4.8 paved acres. Matty Drouillard and James Stubblebine of The Stubblebine Co. represented the seller, a limited liability company, in the transaction and procured the buyer, Philadelphia-based Alterra IOS

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IndustrialLeasing ActivityNew YorkNortheast

Immortal Fitness Signs 14,994 SF Lease at Industrial Flex Building in Thornwood, New York

by Taylor Williams

THORNWOOD, N.Y. — Immortal Fitness has signed a 14,994-square-foot lease in an industrial flex building in Thornwood, located about 30 miles north of Manhattan. The building at 1 Zeiss Drive totals 120,000 square feet, and the space will feature a range of personal and group training areas, as well as a lounge, locker rooms, sauna and patio. New York Commercial Realty Group represented the tenant and the owner, Simone Development Cos., in the lease negotiations.

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