NEW YORK CITY — Amalgamated Bank has signed a 94,045-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The lease term is 15 years, and the space encompasses the entire second, third and fifth floors, as well as a portion of the ground floor, of the 26-story, 600,000-square-foot building. Daoud Awad and Chris Kraus of JLL represented Amalgamated Bank in the lease negotiations. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
WILTON, CONN. — Cushman & Wakefield has negotiated a 12,000-square-foot office lease in the southern coastal Connecticut community of Wilton. The tenant is Fairfield Chemical, and the space is located within the freshly renovated building at 187 Danbury Road. Adam Klimek and Steve Baker of Cushman & Wakefield represented the landlord, Time Equities Inc., in the lease negotiations. The representative of the tenant was not disclosed.
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Lee & Associates: Tariffs Add to Q1 Industrial Challenges; All Sectors See Constrained Development
The end of the first quarter of 2025 saw market uncertainty in the face of new U.S. trade and tariff policies combined with an unclear geopolitical outlook, according to Lee & Associates’ 2025 Q1 North America Market Report. The effect of these concerns within the commercial real estate world are most evident in the industrial sector, which is also contending with oversupply and softening rent growth. Development is slow across property types. Retail, despite high-profile store closures in early 2025, remains historically tight on space as years of underbuilding keep availabilities near record lows. Office demand has stabilized in several major metros following years of contraction, though vacancy remains elevated. The pipeline of new construction is both drying up and favoring new types of tenants beyond traditional office spaces. Multifamily is seeing strong tenant demand in certain markets despite a flood of new deliveries. Lee & Associates has made their full market report available here (click through for detailed breakdowns and city-by-city information). The information below for the industrial, office, retail and multifamily sectors offers clarity on market-wide demand, rent growth trends and challenges likely to shape trajectories throughout 2025. Industrial Overview: Soft Markets Face Tariff Disruptions North America’s industrial markets …
PHILADELPHIA — The RMR Group, an alternative asset management company based in metro Boston, will develop a 477,500-square-foot industrial project in southwest Philadelphia. The site at 8800 Tinicum Blvd. is located across from Philadelphia International Airport, and the development will feature a clear height of 40 feet, ample car and trailer parking and an electrical capacity of 8,000 amps. Construction is expected to begin over the summer and to last 12 to 18 months. Avison Young has been appointed as the leasing agent.
EAST HANOVER, N.J. — Locally based developer Kushner has begun leasing Livana East Hanover, a 265-unit multifamily project in the Northern New Jersey community of East Hanover. The community features a mix of one- to three-bedroom residences across four buildings and includes 53 affordable housing units. The amenity package comprises a pool, grilling stations, outdoor gaming area, fitness center with a yoga studio, theater room, residents-only clubroom, a conference and coworking facilities. Construction began in June 2022. Rents start at $2,500 per month for a one-bedroom apartment.
MERIDEN, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $8.5 million sale of a 71-unit apartment building in Meriden, located roughly midway between Hartford and New Haven. The building at 32 Cook Ave. houses 10 studios, 27 one-bedroom units, 30 two-bedroom residences and four three-bedroom apartments. Unit interiors and building systems at the property, which was fully occupied at the time of sale, have also been upgraded in recent years. Steve Pappas of Chozick Realty represented the undisclosed seller in the transaction. The buyer was not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the $4.2 million sale of a 3,360-square-foot office and retail building in the Astoria area of Queens. The two-story building at 30-23 30th Ave. comprises five retail spaces and two office suites. Matt Fotis, Lazarus Apostolidis and Hunter Barocas of Marcus & Millichap represented the seller in the transaction. Fotis and Apostolidis also procured the buyer. Both parties requested anonymity. Steve Filippo with Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
MELVILLE, N.Y. — Nationwide Mortgage Bankers has signed a 28,552-square-foot office lease in the Long Island community of Melville. The provider of home financing solutions is taking space at the 165,000-square-foot building at 1305 Walt Whitman Road. Joseph Lopresti of JLL represented the tenant in the lease negotiations. Andrew Wiener and Tim Parlante represented the landlord, The Feil Organization, on an internal basis.
NEW YORK CITY — A partnership between The Port Authority of New York and New Jersey, Worldwide Flight Services (WFS) and Annapolis-based transportation real estate investment and management firm Realterm has completed a $270 million consolidated cargo handling facility at John F. Kennedy International Airport in Queens. WFS, the airport’s main cargo handling agency, will operate the 350,000-square-foot facility, which spans 26 acres, replaces two older facilities and brings together operations from four separate cargo zones into a single modernized location. Realterm, which developed the facility via ground lease, specializes in owning and operating airport logistics facilities via a 17 million-square-foot portfolio of such assets across 37 airports. The project was first announced in summer 2021. The new cargo facility features several innovations designed to reduce wait times for truck drivers and minimize queuing outside the facility. These include an advanced truck dock management system that optimizes the flow of goods in and out of the facility, leveraging real-time scheduling, automated check-ins and digital communication between drivers and dock operators. The system automatically allocates the most efficient doors based on the size, type and contents of each delivery and also ensures that trucks arrive only when a dock is available, …
MIDDLE ISLAND, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million construction loan for The Villas at Oak Run, a 74-unit multifamily project on Long Island. The 23.5-acre site is located at the northeast corner of Birchwood Park Drive and Middle Country Road in Middle Island, and the development carries a $35 million price tag. The project will consist of 37 duplex buildings with age-restricted, two-bedroom units. The property will include an affordable housing component and amenities such as an indoor fitness center, walking path and pickleball courts. Bryan Manz and Emil DePasquale of BBCP arranged the loan, which carried a two-year term and a 70 percent loan-to-value ratio, through Kearny Bank on behalf of the developer, The Crest Group.