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Northeast

25-North-Lex-White-Plains
DevelopmentMultifamilyNew YorkNortheast

Greystar Begins Leasing 500-Unit Apartment Community in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — South Carolina-based Greystar has begun leasing 25 North Lex, a 500-unit apartment community located north of New York City in White Plains. Designed by Handel Architects, the property offers studio, one-, two- and three-bedroom units that are furnished with white quartz countertops and backsplashes and individual washer and dryers. Amenities include a pool with a wet bar; coworking areas with private phone booths and conference rooms; a game room with foosball, billiards and a golf simulator; fitness center with a yoga studio; an indoor/outdoor private dining room with full kitchen and lounge seating; and a sports lounge with an entertaining kitchen, fireplace and video wall. The property also houses 16,000 square feet of ground-floor retail space. Rents start at about $2,600 per month for a studio apartment. Construction began in spring 2022.

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57-Main-Marlborough-Massachusetts
DevelopmentLoansMassachusettsMultifamilyNortheast

Colliers Arranges $41.4M in Construction Financing for Metro Boston Multifamily Project

by Taylor Williams

MARLBOROUGH, MASS. — Colliers has arranged $41.4 million in construction financing for a 92-unit multifamily project that will be located in the western Boston suburb of Marlborough. Known as 57 Main, the property will feature 3,500 square feet of ground-floor retail space and an 8,600-square-foot amenity and mezzanine space. The financing consists of joint venture equity supplied by TwinFocus Real Estate Partners and a construction loan provided by a syndicate of lenders led by HarborOne Bank in partnership with Westfield Bank. Jeff Black, Sean Burke, Bryan Koop and Matt Lombardi of Colliers arranged the financing on behalf of the borrower, locally based developer The Procopio Cos.

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AcquisitionsMultifamilyNew YorkNortheast

Rosewood Realty Group Negotiates Sale of 123-Unit Apartment Building in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a 123-unit apartment building in Brooklyn. The seven-story building at 275 Park Ave., which was originally built in 1920 and renovated earlier this year, also houses five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, Fairstead, in the transaction and procured the buyer, Thor Equities. The sales price was not disclosed, but the 184,411-square-foot building sold for $325 per square foot.

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DevelopmentNortheastOfficePennsylvania

Builders Inc. Completes 11,500 SF Office Headquarters Project in Malvern, Pennsylvania

by Taylor Williams

MALVERN, PA. — General contractor and construction manager Builders Inc. has completed an 11,500-square-foot project for its new headquarters office in Malvern, a northwestern suburb of Philadelphia. The building was constructed using mass timber techniques and a mix of building materials, including stone from the original farm that previously occupied the property. Architecture firm Meyer designed the project, which includes warehouse space, offices, conference rooms and a café that connects to an outdoor deck.

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Leasing ActivityNew JerseyNortheastRetail

Three New Tenants Sign Leases at Cherry Hill Mall in Southern New Jersey

by Taylor Williams

CHERRY HILL, N.J. — Three new tenants have signed leases at Cherry Hill Mall, a 1.4 million-square-foot shopping center located in the greater Philadelphia area. Lacoste and Columbia Sportswear are scheduled to open at the property later this year, with Mango anticipated to open in summer 2025. PREIT owns and manages the center. Other tenants opening soon at the property include Alo Yoga, Kendra Scott, Dry Goods, Rowan, Signature Workspace, Kooma Asian Fusion and Sushi Bar and Inspiration Co.

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AVE-Hamilton-Green-White-Plains
DevelopmentMixed-UseNew YorkNortheast

Partnership Tops Out $650M Mixed-Use Redevelopment Project in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — A partnership between The Cappelli Organization, RXR and Korman Communities has topped out AVE Hamilton Green, a $650 million mixed-use redevelopment project in White Plains, a northern suburb of New York City. The project team is converting the former White Plains Mall into a destination that will feature 860 residential units across four buildings, as well as 55,000 square feet of open public space and 39,000 square feet of commercial space. Residential units will come in one-, two- and three-bedroom floor plans, and amenities will include an indoor pool, fitness center, coworking spaces, a golf simulator, gaming lounge, outdoor grilling stations and a pet spa. The development, which will also have 78 affordable housing units and onsite parking, will be completed in phases over the remainder of 2024 and 2025.

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AcquisitionsNew YorkNortheastRetail

Katz & Associates Negotiates $7.6M Sale of Two Retail Properties in Nanuet, New York

by Taylor Williams

NANUET, N.Y. — Regional brokerage firm Katz & Associates has arranged the $7.6 million sale of two retail properties in Nanuet, located near the New York-New Jersey border. Built in 1973, the properties comprise a 2,500-square-foot single-tenant building and a 30,000-square-foot multi-tenant building. Chase Bank occupies the single-tenant building, and the multi-tenant building is leased to Tile Shop, Carpet One and Hudson Valley Integrated Medicine. Donny Moskovic of Katz represented both the buyer and seller, both of which requested anonymity, in the transaction.

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Leasing ActivityNew JerseyNortheastOffice

Day Pitney LLP Signs 56,000 SF Office Lease in Parsippany, New Jersey

by Taylor Williams

PARSIPPANY, N.J. — Day Pitney LLP has signed a 56,000-square-foot office lease in the Northern New Jersey community of Parsippany. The law firm is relocating from the nearby building at 1 Jefferson Road to the entire second and third floors of 8 Sylvan Way, a 176,062-square-foot building that was originally constructed in 2009 to house the operations of pharmaceutical corporation Novartis. Tim Greiner, David Stifelman and Noah Stewart of JLL represented the landlord, Orion Office REIT, in the lease negotiations. Greiner also represented the tenant along with JLL’s Mike Pietrowicz, Dan Loughlin, Kimberly Smith, Brendan McBride and Jonathan Ortiz.

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Leasing ActivityLife SciencesNortheastPennsylvania

Frontage Laboratories Inks 46,300 SF Life Sciences Lease Expansion in Exton, Pennsylvania

by Taylor Williams

EXTON, PA. — Locally based pharmaceutical development company Frontage Laboratories has inked a 46,300-square-foot life sciences lease expansion in Exton, a western suburb of Philadelphia. Frontage Labs joins Switzerland-based Fruh Packaging to bring occupancy of the new, 113,000-square-foot building at 240 Sierra Drive to 100 percent. Frontage’s total footprint in Exton now spans about 200,000 square feet, and the expansion is expected to create about 100 new employment opportunities. No third-party brokers were involved in the lease negotiations.

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AcquisitionsMassachusettsNortheastRetail

Atlantic Capital Partners Arranges Sale of 30,000 SF Retail Building in Reading, Massachusetts

by Taylor Williams

READING, MASS. — Locally based brokerage firm Atlantic Capital Partners has arranged the sale of a 30,000-square-foot retail building in Reading, a northern suburb of Boston. HomeGoods occupies the entirety of the freestanding building, which sold for $5.6 million. Justin Smith, Chris Peterson, Sam Koonce and Matt Austin of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

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