NEW YORK CITY — BioLabs, a Boston-based biotechnology incubator and operator of shared lab facilities, has opened a 46,000-square-foot life sciences space in the Long Island City area of Queens. The leased space is located within Innolabs, a 267,000-square-foot facility anchored by NYU Langone Health, and the facility will be known as Biolabs@NYU Langone. A partnership between Boston-based King Street Properties and New York City-based GFP Real Estate owns Innolabs.
NEW YORK CITY — Affinius Capital has provided a $200 million construction loan for 200 Douglass, a 276-unit multifamily project that will be located in the Gowanus area of Brooklyn. The 21-story building will house studio, one-, two- and three-bedroom units that will be furnished with in-unit washers and dryers and oversized floor-to-ceiling windows. Amenities will include an outdoor lap pool with cabanas, multiple rooftop terraces, fire pits and grilling areas, fitness and yoga studios, a dedicated coworking space, half-court basketball court, children’s playroom, dog washing station and a multi-sport simulator. Scott Aiese and Lauren Kaufman of JLL arranged the loan on behalf of the borrower, Midwood Investment & Development.
WEST BRIDGEWATER, MASS. — Chicago-based Logistics Property Co. will develop United Logistics Center, a 312,279-square-foot industrial project in West Bridgewater, located south of Boston. The site spans 43 acres at 38-40 United Drive, and the development will consist of two buildings that will span 131,045 and 181,234 square feet. Both buildings will feature 36-foot clear heights, “substantial” car and truck parking and the ability to accommodate a single or multiple users. Newmark represented the undisclosed seller in the land deal. Construction is expected to be complete in the first quarter of 2027.
COBLESKILL, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an undisclosed amount of financing for a 24,506-square-foot retail strip center in Cobleskill, located west of Albany. Shadow-anchored by Walmart, the center was 90 percent leased at the time of sale to tenants such as Dollar Tree, AT&T, Rent-A-Center, Cutting Crew Hair Salon and The Shoe Dept. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 15-year loan through an undisclosed, Oregon-based life insurance company. The borrower is National Realty & Development Corp.
BLOOMFIELD, N.J. — Local brokerage firm The Kislak Co. Inc. has negotiated the $11 million sale of Franklin Towers, a 63-unit apartment complex located in the Northern New Jersey community of Bloomfield. The six-story historic building was originally constructed in 1928 and offers 56 one-bedroom units, five two-bedroom apartments and two three-bedroom residences. Robert Holland and Tom Scatuorchio of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
WASHINGTON, N.J. — Marcus & Millichap has brokered the $7.3 million sale of the Apple Montessori School in Washington, about 60 miles west of New York City. The newly constructed, 10,000-square-foot school features an outdoor pool, approximately 5,000 square feet of dedicated playground space and a covered drop-off area. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Locally based investment and development firm AmTrustRE has completed the acquisition of 260 Madison Avenue, a 22-story office building in Midtown Manhattan, for roughly $211 million. The approximately 570,000-square-foot building was constructed in 1952 and was roughly 68 percent leased at the time of sale. Tenants include Hanesbrands, MGM, Regus, McLaughlin & Stern and Marcus & Millichap. AmTrust plans to invest “significant capital” into interior and exterior improvements to the building. Darcy Stacom and William Herring of Stacom CRE, along with David Ash of Prince Realty Advisors, represented the seller, The Sapir Organization, in the transaction.
CHEEKTOWAGA, N.Y. — Cushman & Wakefield and Pyramid Brokerage Co. have arranged the $31.8 million sale of U-Crest and Belvedere Manor, two multifamily assets totaling 340 units in Cheektowaga, located just outside of Buffalo. Pillar Real Estate Investors sold the properties to Chopp Holdings. Niko Nicolaou, Ryan Dowd, Peter Welch, J.P. Hohl and Alexandria Russo Ebers of Cushman & Wakefield, in collaboration with Pyramid’s Jonathan Weinstein and Robert Stewart, brokered the deal on behalf of both parties. John Alascio, Brad Domenico, Brian Anderson and Chuck Kohaut of Cushman & Wakefield arranged acquisition financing for the deal.
EWING, N.J. — JLL has brokered the sale of 100 and 200 Princeton South Corporate Center, a pair of office buildings totaling 267,830 square feet in Ewing, located just outside of Trenton. The four-story buildings were completed between 2007-2008 as part of a larger, six-building campus and were 52 percent leased at the time of sale to tenants in industries such as finance, insurance, accounting, pharmaceutical and healthcare. Jose Cruz, Jeremy Neuer, Michael Kavaler and Tom Romano of JLL represented the undisclosed, institutional seller in the transaction. The buyer was Hilton Realty Co.
PISCATAWAY, N.J. — PPM America Inc. has provided a $27.1 million bridge loan for a 147,210-square-foot warehouse in the Northern New Jersey community of Piscataway. The borrower is Bridge Industrial, and the facility is known as Bridge Point Piscataway. Situated on a 12.8-acre site at 10 Constitution Road, the building features a clear height of 36 feet, 41 dock-high doors, two drive-in doors, 3,000 square feet of office space and parking for 118 cars and 57 trailers. Michael Klein, Jon Mikula and Kevin Badger of JLL arranged the loan.