SCOTCH PLAINS, N.J. — Locally based REDCOM Design & Construction has broken ground on Front Street Housing, a 42-unit affordable housing project in Scotch Plains, about 20 miles west of New York City. K&M Facility Management is developing the three-story building. Information on specific income restrictions, floor plans and amenities was not disclosed. Completion is slated for summer 2026.
NEW YORK CITY — Evergreen Trading has subleased 20,309 square feet of office space at One SoHo Square in Manhattan. The media investment agency will relocate from 99 Hudson St. in the first quarter, doubling its footprint for the ensuing seven-year lease term. Michael Berman of JLL represented Evergreen Trading in the sublease negotiations. Zev Holzman of Savills represented the undisclosed sublessor. Stellar Management owns the property.
WEST NEW YORK, N.J. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $174 million in joint venture equity and debt financing for the acquisition of 55 Riverwalk Place, a 348-unit multifamily property in West New York. Built in 2006, the community is situated adjacent to the Hudson River and directly across from Manhattan. Amenities include onsite retail, a heated swimming pool, fitness center, yoga studio, business center and grilling stations. Monthly rents at 55 Riverwalk Place start around $2,900, according to the property’s website. Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of IPA arranged the financing through Bank of America on behalf of the borrower, a joint venture between a New York City-based multifamily owner/operator focused on acquiring value-add apartment assets in the Northeast and a global institutional investment manager. Both parties requested anonymity. Kazanjian says that the acquisition represents a significant value-add opportunity for the sponsor. — Kristin Harlow
NEW YORK CITY — Locally based investment firm Williams Equities has acquired 470 Park Avenue South, a 300,000-square-foot office complex in Midtown Manhattan, for $147.5 million. Known locally as The Silk Building, 470 Park Avenue South is located between 31st and 32nd streets and consists of two interconnected buildings that rise 12 and 18 stories. The property also features ground-floor retail space and amenity spaces that support collaborative work and outdoor congregation and socialization. Will Silverman of Eastdil Secured represented the seller in the transaction. Jessica Verdi and Mac Roos of Colliers, along with internal agents Michael Cohen, Andrew Roos, Robert Getreu and William Stempel, represented Williams Equities.
NEW YORK CITY — Financial services firm Citadel has signed a 504,000-square-foot office lease at 660 Fifth Avenue in Midtown Manhattan, according to a recent report on the Manhattan office market from real estate services firm Savills. Brookfield Properties owns the 39-story, 1.2 million-square-foot building, which recently underwent a $400 million redevelopment. Law firm Fried Frank acted as advisor to Citadel in the lease negotiations and is also advising the company in the development of its new headquarters at 350 Park Avenue. CBRE is the leasing agent for 660 Fifth Avenue.
NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 200 Fountain, a 158-unit apartment complex in New Haven. Built in 1963, the property offers studio, one-, two- and three-bedroom units and amenities such as a resident lounge, library, fitness center and a business center. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the $6.7 million sale of a 20-unit multifamily building in Manhattan’s West Village. The five-story building at 77 Barrow St. was originally constructed in 1900. Joe Koicim and Peter Dodge of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
HOLMDEL, N.J. — Jersey Pickleball Club will open a 13,800-square-foot venue at the Bell Works mixed-use development in Holmdel. The venue, which is scheduled to open in mid-March, will have five courts, social areas and locker rooms. Other tenants that will be opening in 2025 at Bell Works, which is owned by Inspired by Somerset Development, include restaurant Mabel, barbershop Exclusive Cuts and fitness concept ARMR Studios.
EVERETT, MASS. — South Carolina-based developer Greystar has begun welcoming residents to Maxwell, a 384-unit apartment community in Everett, a northeastern suburb of Boston. Designed by CBT, Maxwell represents the second phase of a larger development at 85 Boston St. and consists of 355 market-rate apartments, 29 affordable housing units, a 460-space parking garage and 6,450 square feet of ground-floor retail space. Floor plans feature studio, one- and two-bedroom layouts. Amenities include a pool, gym, lounges, coworking spaces and outdoor grilling stations. Rents start at $2,300 per month for a studio apartment. Construction began in late 2022.
SOUDERTON, PA. — A partnership between regional developer Endurance Real Estate Group and Greystar-Thackeray has broken ground on a 176,000-square-foot industrial project in Souderton, located roughly midway between Philadelphia and Allentown in the Lehigh Valley. The building at 205 Schoolhouse Road will be known as 205 Commerce Center and will feature a clear height of 36 feet, 27 overhead dock doors, parking for 180 cars and 31 trailers and an ESFR sprinkler system. Completion is slated for the fourth quarter. JLL is marketing the property for lease.