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Avon-Innovation-Center-Suffern-New-York
AcquisitionsLife SciencesNew YorkNortheast

Regeneron Pharmaceuticals Buys 235,000 SF Life Sciences Facility in Suffern, New York

by Taylor Williams

SUFFERN, N.Y. — Regeneron Pharmaceuticals (NASDAQ: REGN) has purchased Avon Innovation Center, a 235,000-square-foot life sciences facility in Suffern, located just across the New York-New Jersey border. The seller, pharmaceutical company Avon, will be vacating the building in the near future. Larry Carroll, Shawn Straka, David Bernhaut, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield, along with Michael Katz of Actio Corporate Advisors, represented Avon in the transaction. Dan Loughlin and Matt Loughlin of JLL represented Regeneron.

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IndustrialLeasing ActivityNew JerseyNortheast

Cushman & Wakefield Negotiates 22,523 SF Industrial Lease in Fairfield, New Jersey

by Taylor Williams

FAIRFIELD, N.J. — Cushman & Wakefield has negotiated a 22,523-square-foot industrial lease in the Northern New Jersey community of Fairfield. The recently renovated building at 123 Lehigh Drive features a clear height of 24 feet and two dock-high doors. Bill Waxman, Morgan Nitti, Jeff Volpi, Mindy Lissner and David Gheriani of Cushman & Wakefield represented the landlord, The Stro Cos., in the lease negotiations. Brian Wilson of Resource Realty represented the tenant, Moda Foods. The deal brings the building to full occupancy.

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Leasing ActivityNew JerseyNortheastRetail

Caliber Collision Signs 11,815 SF Retail Lease in Union, New Jersey

by Taylor Williams

UNION, N.J. ­— Automotive repair company Caliber Collision has signed an 11,815-square-foot retail lease in the Northern New Jersey community of Union. According to LoopNet Inc., the single-tenant property at 2260 Route 22 E was originally built in 2000. Neil Goldstein and John Ostrowski of The Goldstein Group represented the undisclosed landlord in the lease negotiations. Sean Pyle and Justin Korinis of Sabre Real Estates Advisors represented Caliber Collision.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastTop Stories

JV Receives Construction Financing for $125M Rialto West Affordable Housing Development in Hell’s Kitchen

by Kristin Harlow

NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received construction financing for Rialto West, a $125 million affordable housing development in Manhattan’s Hell’s Kitchen neighborhood. Located at 509 W. 48th St., the eight-story building will include 158 units for low- and moderate-income residents. Rialto West will feature a mix of studio, one-, two- and three-bedroom units that will be designated for households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless households. Shared amenity spaces will include a fitness center, laundry room and bicycle storage area. Additionally, the development’s ground floor will include more than 5,500 square feet of cultural space as well as a public restroom facing an approximately 25,000-square-foot public plaza that will be built at 705 Tenth Ave. The NYC Department of Parks and Recreation will operate the public open space, which is to be named after Lorraine Hansberry, the famed playwright and author of “A Raisin in the Sun.” The developers are in discussions with IndieSpace, a provider of affordable workspaces for artists, to lease and operate rehearsal and coworking spaces at the property. The …

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Hoboken-Point
DevelopmentMultifamilyNew JerseyNortheast

Hartz Mountain Industries Begins Leasing 262-Unit Apartment Community in Weehawken, New Jersey

by Taylor Williams

WEEHAWKEN, N.J. — Hartz Mountain Industries has begun leasing Hoboken Point, a 262-unit waterfront apartment community in the Northern New Jersey community of Weehawken. Units come in studio, one- and two-bedroom floor plans and feature stainless steel appliances, quartz countertops, individual washers and dryers and various pieces of smart-home technology. Amenities include a fitness center, coworking lounge, demonstration kitchen, game lounge and sports simulator, screening room and library, and a rooftop terrace. Rents start at $3,100 per month for a studio apartment. The first move-ins will begin in late spring. CetraRuddy designed Hoboken Point.

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LoansNew YorkNortheastRetail

BWE Arranges $8M Acquisition Loan for Freedom Plaza Shopping Center in Rome, New York

by Taylor Williams

ROME, N.Y. — BWE, the commercial lending firm formerly known as Bellwether Enterprise Real Estate Capital, has arranged an $8 million acquisition loan for Freedom Plaza, a 197,397-square-foot shopping center located in the upstate New York city of Rome. Current tenants at the property include Grand Union, Dollar Tree, Domino’s and Marshalls, and Hobby Lobby will open in the coming months. Alan Tapie of BWE arranged the financing through an undisclosed life insurance company on behalf of the borrower, metro Atlanta-based owner-operator Octave Holdings & Investments.

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Leasing ActivityLife SciencesMassachusettsNortheastOffice

BPGbio Signs 70,000 SF Office, Life Sciences Lease in Waltham, Massachusetts

by Taylor Williams

WALTHAM, MASS. — BPGbio has signed a 70,000-square-foot office and life sciences lease in the western Boston suburb of Waltham. The AI-powered biopharmaceutical company plans to relocate from nearby Framingham to two full floors of the 143,533-square-foot facility at 300 Third Ave. next summer. Tim Latham, Christopher Scott and Chris Devaux internally represented the landlord, Dallas-based Lincoln Property Co., in the lease negotiations. Paul Delaney, Adam Subber and Nate Heilbron of Cresa represented BPGbio.

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Leasing ActivityNew YorkNortheastRetail

Butterfield Market to Open 10,000 SF Grocery Store in Queens

by Taylor Williams

NEW YORK CITY — Butterfield Market will open a 10,000-square-foot grocery store in Queens. The space is located on the ground floor of RISE LIC, an apartment complex in the borough’s Long Island City area with more than 100 units. Charles Rapuano of Winick Realty Group represented the tenant in the lease negotiations. Thomas Galo, also with Winick Realty Group, represented the landlord, a joint venture between The Davis Cos., SB Development and Hazelton Capital. An opening date has not yet been established.

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Leasing ActivityNew YorkNortheastRetail

Five Below Debuts 9,500 SF Store in The Bronx

by Taylor Williams

NEW YORK CITY — Discount retailer Five Below has debuted a 9,500-square-foot store at Parkchester, a mixed-use development located in the central part of The Bronx. A 170,000-square-foot Macy’s anchors the retail portion of the development, which also features office and residential units. Olshan Properties owns Parkchester and was self-represented in the lease negotiations. JLL represented Five Below.

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Company NewsNew YorkNortheastRetailTop Stories

Macy’s to Close 150 Namesake Stores, Open More Bluemercury and Bloomingdale’s Stores

by John Nelson

NEW YORK CITY ­— Macy’s Inc. (NYSE: M) has announced plans to close 150 of its namesake department stores over the next three years. According to the retail giant, these stores represent 25 percent of the company’s gross square footage as of fiscal year-end 2023 but only account for 10 percent of sales. (Macy’s fiscal 2023 ended Feb. 3, 2024.) Macy’s anticipates closing approximately 50 stores by the end of fiscal year 2024, the locations of which have not been disclosed, though CNBC reports some are located in California, Florida, Hawaii and Virginia. Other elements of the retailer’s real estate optimization strategy, which it is naming “A Bold New Chapter” in its investor materials, includes reinvesting in its remaining 350 stores. “Over the past several years, we have taken proactive actions to fortify our operations, including strengthening our balance sheet, managing expenses and tightening inventory controls,” says Adrian Mitchell, chief operating officer and chief financial officer of Macy’s. “The dedicated work of our teams delivered a solid close to 2023 and provides a strong foundation for us to execute A Bold New Chapter.” As part of the plan, Macy’s will open at least 30 Bluemercury stores, the company’s smaller footprint …

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