NEW YORK CITY — Locally based brokerage firm Ariel Capital Advisors has arranged the $3.6 million sale of a six-unit apartment building located at 151 Smith St. in the Boerum Hill neighborhood of Brooklyn. The four-story building consists of five market-rate apartments and one rent-stabilized apartment, as well as two retail spaces. Sean Kelly, Nicole Daniggelis and Stephen Vorvolakos of Ariel represented the seller, Doreen DeLeon, in the transaction. The buyer was Faisal Kassim.
NEW YORK CITY — Private equity firm 17Capital has signed a 16,298-square-foot office lease in Midtown Manhattan. The firm will relocate and expand from SL Green’s 77-story One Vanderbilt tower to the entire 29th floor of 10 Bryant, a 30-story building located at 452 Fifth Ave., in early 2026. Paul Glickman, Ben Bass, Kristen Morgan and Kate Roush of JLL represented the landlord, Property & Building Corp. Ltd., in the lease negotiations. David Mainthow and Troy Elias of Cushman & Wakefield represented the tenant.
BOSTON — Carmel Partners, a San Francisco-based multifamily investor, has purchased LUKA on the Common, a 30-story apartment high-rise in downtown Boston. Northern Virginia-based AvalonBay Communities sold the 398-unit property, which was formerly known as the AVA Theater District. Carmel Partners utilized a $137.3 million Fannie Mae acquisition loan to fund the purchase. Jeff Burns, senior managing director of multifamily finance at Walker & Dunlop, originated the five-year, interest-only loan on behalf of the buyer. The agency loan features an early rate lock. “Boston’s multifamily fundamentals are among the strongest in the nation, driven by limited existing and future supply,” says Burns. “The housing scarcity has impacted both rent growth and the for-sale condominium market [in Boston] and has enabled us to refinance successfully alongside the team at Carmel.” The sales price was not disclosed, but the Boston Business Journal reported that the property traded for $212 million. Walker & Dunlop’s investment sales team in Boston, which brokered the transaction, disclosed it was the highest price paid for an apartment complex in the city in more than a year. Lee Bloch, partner at Carmel Partners, says that LUKA on the Common has an “enviable location” as it is about a 10-minute …
NANTUCKET, MASS. — DXD Development has broken ground on a 667-unit self-storage facility on Nantucket, an island located off the coast of Massachusetts. SmartStop will manage the facility, which will span 96,238 net rentable square feet, including climate-controlled and vehicle storage spaces. Park East Construction Co. will serve as the general contractor for the project, which is being financed by Centreville Bank. Completion is scheduled for the third quarter of 2025.
WEST WINDSOR, N.J. — Brookfield Properties will develop a 326,087-square-foot industrial project in West Windsor, a northeastern suburb of Trenton. Known as Windsor 8 Logistics Center, the building will feature a clear height of 37.5 feet, 57 dock doors, two drive-in doors and parking for 163 cars and 73 trailers. Macgregor Associates Architects is designing the project, and Peak Construction Corp. is serving as the general contractor. Completion is slated for late 2025.
Fields Grade, Alpine Residential Complete Two Multifamily Projects Totaling 208 Units in Jersey City
JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has completed Atlas and Starling, two multifamily projects totaling 208 units in Jersey City’s Bergen-Lafayette neighborhood. Designed by MHS Architecture and GRT Architects, respectively, Atlas totals 169 units, and Starling totals 39 units. Residences at both properties come in studio, one-, two- and three-bedroom floor plans, and both buildings also house ground-floor retail space. Monthly rents at both buildings start at about $2,700.
NEW YORK CITY — Marcus & Millichap has brokered the $20 million sale of a portfolio of seven multifamily buildings totaling 124 units in Brooklyn’s Sunset Park neighborhood. The rent-stabilized buildings feature a mix of one- to four-bedroom units. John Brennan, Bryan Ellis and Miles Davis-Bosch of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were New York-based private investors that requested anonymity.
SPARTA, N.J. — Admiral Metals has signed a 12,290-square-foot industrial lease in Sparta, about 50 miles west of New York City. The processor and distributor of various metallic elements will relocate to a newly constructed, 27,000-square-foot building within White Lake Commerce Park. John Schilp of NAI James E. Hanson represented the owner, Berardi Building Co., and Admiral Metals in the lease negotiations.
LAWRENCE, MASS. — Developer WinnCos. has completed Stone Mill Lofts, a $39.2 million multifamily adaptive reuse project in Lawrence, a northern suburb of Boston. The project converted a 179-year-old structure that originally housed a stone mill into a complex with one-, two- and three-bedroom units. Of the 86 units, 11 are reserved for households earning 30 percent or less of the area median income (AMI); 58 are reserved for renters earning up to 60 percent of AMI; and the other 17 are to be rented at market rates. Amenities include a resident lounge and kitchen, billiards room, fitness center, children’s playroom, resident storage lockers, work-from-home pods, package room and a historic mill exhibit room. MassHousing provided $25.9 million in financing for the project.
NORTH BERGEN, N.J. — JLL has arranged a $28 million permanent loan for a 215,000-square-foot industrial property located in the Northern New Jersey community of North Bergen. Originally built in the 1960s and renovated in the early 2000s, the shallow-bay building was 96 percent leased to seven tenants at the time of the loan closing. Building features include 16- to 22-foot clear heights, 14 dock doors, five drive-in doors and 81 car parking spaces. Jon Mikula, Max Custer and John Cumming arranged the fixed-rate loan through Nuveen Real Estate on behalf of the undisclosed borrower.