NEW YORK CITY — The New York City Council’s subcommittee on zoning and franchises and its committee on land use have approved a proposal to invest $5 billion in affordable housing and related infrastructure, an initiative that paves the way for the development of about 80,000 new rental units over the next 15 years. Known as the “City of Yes for Housing Opportunity,” the program would fund new housing development and infrastructure upgrades at existing properties across the city’s five boroughs, which have a combined rental vacancy rate of 1.4 percent, according to city officials. Of the $5 billion total price tag, 20 percent ($1 billion) will be provided by the state, subject to budgetary approvals processes. Additionally, the City of New York is committing $1 billion for housing capital, as well as $2 billion for projects that will support investments in sewer and flood infrastructure, as well as street improvements and upgrades to open spaces. Finally, the city plans to spend $1 billion in expense funding over 10 years in flood monitoring, neighborhood planning, tenant protection, voucher assistance and combatting source-of-income discrimination. The proposal exceeds all the housing created from rezonings during the 12 years of the Bloomberg administration …
HUNTINGTON STATION, N.Y. — Self-storage developer DXD Capital has delivered a 664-unit facility in the Long Island community of Huntington Station. The facility totals 62,125 net rentable square feet of space that will be entirely climate-controlled. Extra Space Storage is the operator of the facility, which will be the first new self-storage project to be built in Huntington Station in nearly three years, according to the development team. DXD Capital developed the property in partnership with Dallas-based investment firm Realty Capital Partners. Century Bank financed the project.
PISCATAWAY, N.J. — Locally based developer M&M Realty Partners has completed a two-building, 359,522-square-foot industrial project in the Northern New Jersey community of Piscataway. Building A totals 184,848 square feet and features a clear height of 40 feet, 3,000 square feet of office space, 28 loading docks, two drive-in doors and parking for 157 cars and 30 trailers. Building B totals 174,674 square feet and offers almost identical design features. Cushman & Wakefield is marketing the property for lease.
FLEMINGTON, N.J. — Target will open a 75,500-square-foot store in the Central New Jersey community of Flemington. The store will be located within a space formerly occupied by Burlington at the 239,000-square-foot Flemington Marketplace shopping center. Vanessa Kelty of Levin Management Corp. represented the landlord, an institutional client of New York Life Real Estate Investors, in the lease negotiations. Jeff Howard of Ripco Real Estate represented Target, which expects to open its Flemington store next fall.
NEW YORK CITY — Kauff McGuire & Margolis LLP has signed a 17,320-square-foot office lease in Midtown Manhattan. The law firm has committed to the 33rd floor of the building at 810 Seventh Ave. for a term of 10 years. Peter Trivelas, Justin Royce and Justin Sodokoff of Cushman & Wakefield represented the tenant in the lease negotiations. Harry Blair, Tara Stacom, Barry Zeller and Pierce Hance, also with Cushman & Wakefield, represented the landlord, SL Green.
NEW YORK CITY — Locally based developer The Moinian Group has topped out 7 Platt Street, a 37-story apartment tower in Manhattan’s Financial District. The 170,000-square-foot building will house 250 units in studio, one- and two-bedroom configurations, as well as some penthouses. Indoor amenities will include a fitness center, library, coworking pods, lounge spaces, private dining spaces with outdoor terrace access, a gaming area, rooftop deck, golf putting area and a communal entertainment kitchen. Residents will have access to outdoor amenities such as a rooftop sundeck and garden lounge, movie lounge area with accompanying seating, barbecues, dining areas, outdoor fitness equipment, an outdoor coworking space and a golf putting area. The design team includes Rockwell Group and Hill West Architects, and AECOM Tishman is serving as the project’s general contractor. Completion is scheduled for the first quarter of 2026. Vertical construction began in January.
BOSTON — MassHousing has provided $25 million in financing for the consolidation and renovation of two affordable housing properties in Boston. The borrower, Affordable Housing & Services Collaborative Inc., will combine the 46-unit Columbia West Apartments and the 45-unit Uphams Corner Market in the city’s Dorchester neighborhood into a 91-unit property that will be known as Columbia Uphams Apartments. The properties were built in 2005 and 1926, respectively. The financing includes $3.9 million in permanent debt, a $20 million construction loan and $1.1 million in subordinate financing. Planned improvements include upgrades to building envelopes via new windows and doors, as well as new roofs, HVAC systems, appliances, faucets, showerheads, toilets, lighting and security systems. Units will also receive new kitchen and bathroom cabinets, countertops and flooring, and elevator systems will be modernized.
ALPHA, N.J. — A joint venture between national investment and development firm CRG and Los Angeles-based PCCP is underway on construction of The Cubes at Alpha, a 575,900-square-foot industrial park that will be located in Northern New Jersey. The Cubes at Alpha will consist of two single-side-load buildings that will total 270,900 and 305,000 square feet on a 37-acre site. Both buildings will offer clear heights of 36 feet, ESFR sprinkler systems and dedicated space for trailer parking and/or outdoor storage. CRG’s parent company, Clayco, will serve as the design-build firm for the project, while Lamar Johnson Collaborative is the architect. Construction is slated for a third-quarter 2025 completion.
SYRACUSE, N.Y. — Virginia-based private equity firm Excel Group has acquired the 209-room Embassy Suites by Hilton Syracuse Destiny USA. The name stems from the property’s location adjacent to Destiny USA, a 2.4 million-square-foot shopping, dining and entertainment destination. The hotel opened in 2017 and offers amenities such as a indoor pool, fitness center, business center and meeting rooms. The seller and sales price were not disclosed. The new ownership has tapped Island Hospitality Management to manage the hotel.
MOORESTOWN, N.J. — Marcus & Millichap has brokered the $5.4 million sale of an 8,420-square-foot educational building in the Southern New Jersey community of Moorestown. Operator Spring Education Group occupies the building via its Chesterbrook Academy daycare and early learning center. Sean Lenchner, Mark Ruble, Chris Lind and Zack House of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.