NEW YORK CITY — ERG Commercial Real Estate has arranged a $16.5 million loan for the refinancing of two office and retail buildings in Manhattan’s SoHo neighborhood. The adjacent buildings at 65-67 Greene St. total 21,321 square feet and were fully leased at the time of sale to tenants such as outdoor apparel and equipment retailer Norrona and PatBo clothing store. Ryan Lewis of ERG Commercial originated the debt. The borrower and direct lender were not disclosed.
MELVILLE, N.Y. — Estée Lauder has signed a 43,000-square-foot office lease in the Long Island community of Melville. The beauty and cosmetics provider is taking space at 2 Corporate Center Drive, a 291,230-square-foot building that is currently undergoing a capital improvement program. Phil D’Avanzo of Cushman & Wakefield represented the landlord, Princeton International Properties, in the lease negotiations. Jeff Nemshin of Paragon Group represented Estée Lauder.
NEW YORK CITY — Cushman & Wakefield has negotiated a 16,749-square-foot, 16-year office lease renewal at 250 Hudson St. in Lower Manhattan. The tenant, Writers Guild of America East Inc., will remain in its space on the seventh floor of the 400,000-square-foot building, which it has occupied since 2010. David Hoffman and Sam Hoffman of Cushman & Wakefield represented the tenant in the lease negotiations. Adam Rappaport and Brett Greenberg represented the landlord, Jack Resnick & Sons, on an internal basis.
BEDFORD, MASS. — Persimmon Technologies has signed a 142,224-square-foot life sciences lease in the northeastern Boston suburb of Bedford. The property at 35 Crosby Drive, which is a redevelopment of a former industrial flex property, will serve as the robotics and electric motor manufacturer’s new North American headquarters. Richard Ruggiero, Torin Taylor, Matthew Adams and Rory Walsh of Newmark represented the landlord, New York City-based REIT, W. P. Carey, in the lease negotiations. Colliers represented the tenant. The redevelopment is expected to be complete late next year.
HAVERHILL, MASS. — KeyBank has provided a $24 million Freddie Mac loan for the refinancing of Pine Brook Place, a 240-unit apartment complex located north of Boston in Haverhill. The property was built on nine acres in 1974 and offers studio, one- and two-bedroom units across 10 buildings. Amenities include a pool, courtyard and onsite laundry facilities. Dirk Falardeau and Matt Purtell of KeyBank originated the financing on behalf of the borrower, locally based developer The Dolben Co.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the sale of a development site located at 240 W. 54th St. in Midtown Manhattan. The site can support up to 75,000 square feet of buildable space, and the zoning allows for either residential or commercial product. Christoffer Brodhead, Howard Raber and Nikola Cosic of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
ORANGE, N.J. — A partnership between PEEK Properties and Circle Squared Alternative Investments has received $20.5 million in construction and permanent financing for The Lincoln, a 102-unit multifamily project located in the Northern New Jersey community of Orange. The property will offer studio, one- and two-bedroom units and amenities such as a fitness center, tenant lounge and a courtyard deck. Amboy Bank provided the debt. Inglese Architects & Engineering is designing the project. Completion is slated for next spring.
MOUNT LAUREL, N.J. — Newmark has brokered the sale of an 87,460-square-foot office building located at 250 Century Parkway in the Southern New Jersey community of Mount Laurel. According to LoopNet Inc., the four-story building was originally constructed in 2000. David Dolan, Angelo Brutico and John Cook of Newmark represented the seller, Four Springs Capital Trust, in the transaction. The buyer was a partnership between an entity doing business as 250 Century Parkway LLC and the Needleman Management Co.
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How Developers Use Mix of Technology, Amenities to Attract Residents
The multifamily industry faces a major challenge. Final construction costs have grown 33 percent since 2019 interest rates and operational expenses are sky high; and rents may need to increase, where possible, to make deals feasible — an off-putting reality for residents. One developer solution is smaller apartments, which make units cheaper. There is also a push to add more common-space amenities that are both valuable and less costly to include. These features include rooftop spaces, green areas and decks. However, to make these spaces truly usable for today’s multifamily residents, it is important to make them technologically flexible and to offer easy internet connection. “The floor plans of most new-construction multi-dwelling units (MDUs) today are shrinking, and their amenities are expanding,” says Bryan Rader, president of MDU at networking and internet service company Pavlov Media. According to RentCafe, the average size of newly constructed apartment units fell by almost 6 percent in a decade, with half of that change occurring in the last year. Rader likens it to the “resort-style community” approach, where hotel rooms are small, and guests are encouraged to spend time everywhere else on the property. Similarly, multifamily developers create shared amenities such as comprehensive fitness …
EAST FISHKILL, N.Y. — A global automotive manufacturer has preleased the entirety of Hudson Valley Logistics Center, a 540,688-square-foot industrial project that is under construction in East Fishkill, about 60 miles north of New York City. The name of the tenant was not disclosed, but local publication Mid Hudson News reports that the company is Stellantis, a multinational manufacturer based in The Netherlands. The building, which is slated for a third-quarter delivery, features a clear height of 36 feet, 120 dock positions, three drive-in doors and parking for 134 trailers and 212 cars. A joint venture between Bluewater Property Group and Affinius Capital owns Hudson Valley Logistics Center. Rob Kossar, David Knee, James Panczykowski, Dave MacDonald and Charlotte Belling of JLL negotiated the deal on behalf of both parties.