Northeast

SCALE Lending Provides $150M Construction Loan for Bronx Multifamily Project

by Taylor Williams April 9, 2024

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $150 million construction loan for a 450-unit multifamily project that will be located at 120 E. 144th St. in the Mott Haven area of The Bronx. The 13-story building will offer studio, one- and two-bedroom units and amenities such as an outdoor courtyard and garden, a fitness center with yoga studio, business lounge, conference room, music room, coworking space and a rooftop lounge. Leah Paskus of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group, which purchased the site in 2022 and demolished the original structure. Construction is slated for a mid-2025 completion.

April 9, 2024

Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $53.5M Construction Loan for Industrial Development in Belleville, New Jersey

by Taylor Williams April 9, 2024

BELLEVILLE, N.J. — Cushman & Wakefield has arranged a $53.5 million construction loan for a 204,407-square-foot industrial project in the Northern New Jersey community of Belleville. The site at 681 Main St. spans 15.3 acres, and the building will feature a clear height of 36 feet, 33 loading docks, four drive-in doors and parking for 160 cars and 43 trailers. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through Los Angeles-based PCCP on behalf of the borrower, Lincoln Equities Group.

April 9, 2024

Development Multifamily New York Northeast

Developer Nears Completion of 28-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams April 9, 2024

POUGHKEEPSIE, N.Y. — A developer doing business as Built Parcel Six LLC is nearing completion of 44 Springside, a 28-unit multifamily project in Poughkeepsie, about 80 miles north of Manhattan. Designed by Tinkelman Architecture, the five-story building is located within the Arlington area and will house amenities such as an indoor pool, community room, fitness center, rooftop terrace and flexible space for social events or work functions. The development will also feature 7,000 square feet of commercial space. Delivery is slated for this summer. Rents start at $2,500 per month.

April 9, 2024

Leasing Activity New York Northeast Office

ESKW/Architects Signs 8,447 SF Office Lease in Downtown Manhattan

by Taylor Williams April 9, 2024

NEW YORK CITY — ESKW/Architects, which specializes in the design of civic projects, has signed an 8,447-square-foot office lease at 52 Duane St. in downtown Manhattan. The firm is relocating from 100 Lafayette St. to the fifth floor of the 10-story, 100,000-square-foot building, which was originally constructed in 1935. Brad Gerla, Jonathan Cope and Masha Dudelzak of CBRE represented the landlord, an entity doing business as 52 Duane Associates, in the lease negotiations. Elizabeth Martin of E.L. Martin Partners represented the tenant.

April 9, 2024

Leasing Activity New York Northeast Retail

YETI Opens 6,614 SF Store at 200 Fifth Avenue in Midtown Manhattan

by Taylor Williams April 9, 2024

NEW YORK CITY — YETI, an Austin-based retailer of coolers and drinkware and other outdoor products, has opened a 6,614-square-foot store at Midtown Manhattan. The two-story space, which is located within the 860,000-square-foot, 115-year-old building at 200 Fifth Ave., will be YETI’s flagship store in New York City and 20th nationwide. Ian Rice of SCG Retail and Jordan Cohn of Ripco Real Estate represented the tenant in the lease negotiations. Alan Schmerzler and Steven Soutendijk of Cushman & Wakefield represented the landlord, Boston Properties (NYSE: BXP).

April 9, 2024

Loans Multifamily New York Northeast

JLL Arranges $185M in Financing for Midtown East Condo Tower

by Taylor Williams April 8, 2024

NEW YORK CITY — JLL has arranged $185 million in condo inventory financing for Monogram, a 181-unit tower located at 135 E. 47th St. in Manhattan’s Midtown East neighborhood. Monogram consists of studio, one- and two-bedroom condos, four penthouses, 9,200 square feet of amenity space, including a 3,500-square-foot rooftop lounge, and 2,435 square feet of commercial space. Scott Aiese led the JLL team that arranged the financing through New York-based Kriss Capital on behalf of the borrower, Navigation Capital Partners.

April 8, 2024

Acquisitions Development Life Sciences Massachusetts Northeast

Cell Signaling Technology Buys 50-Acre Site in Metro Boston, Plans Life Sciences Redevelopment

by Taylor Williams April 8, 2024

MANCHESTER-BY-THE-SEA, MASS. — Massachusetts-based life sciences company Cell Signaling Technology has purchased a 50-acre site in Manchester-by-the-Sea, about 30 miles northeast of Boston, with plans to undertake a life sciences redevelopment. Designed by architecture firm HGA, the project will convert the site of an abandoned rock quarry into a research and innovation campus that will feature 250,000 square feet of space. Ten acres of the site are occupied by the Manchester Athletic Club. A construction timeline for the project, which will be developed in phases, is still being finalized.

April 8, 2024

Affordable Housing Development Massachusetts Multifamily Northeast

Beacon Communities Completes Renovation of 285-Unit Affordable Housing Complex in Boston

by Taylor Williams April 8, 2024

BOSTON — Beacon Communities has completed the renovation of Lenox Apartments, a 285-unit affordable housing community in the South End/Lower Roxbury neighborhood of Boston. Lenox Apartments comprises 13 buildings and offers one-, two- and three-bedroom floor plans. According to Beacon Communities, the property was originally built in 1939 as the first public housing project in Boston dedicated to serving African Americans. The renovation was funded through a mix of state and federal housing and historic tax credits, as well as public and private loans.

April 8, 2024

Acquisitions Massachusetts Multifamily Northeast

NEPCG Negotiates $8.4M Sale of Metro Boston Apartment Portfolio

by Taylor Williams April 8, 2024

CHELSEA, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $8.4 million sale of a portfolio of six apartment buildings totaling 27 units in Chelsea, located on the southern outskirts of Boston. The buildings are situated across three contiguous parcels at 31-47 Louis St. Drew Kirkland, Francis Saenz and Jim Casey of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

April 8, 2024

Connecticut Leasing Activity Northeast Office

Stark Office Suites Signs 23,538 SF Office Lease Extension, Expansion in Greenwich, Connecticut

by Taylor Williams April 8, 2024

GREENWICH, CONN. — Stark Office Suites has signed a 23,538-square-foot office lease extension and expansion in the southern coastal Connecticut city of Greenwich. The provider of flexible workspace solutions is taking an additional 5,772 square feet at 777 West Putnam, a 134,000-square-foot building located along U.S. Route 1. James Ritman and Benjamin Goldstein of Newmark represented the landlord, New York-based investment firm Shelbourne, in the lease negotiations. The tenant was self-represented.

April 8, 2024

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