Northeast

Empire State Development Signs 117,181 SF Office Headquarters Lease in Midtown Manhattan

by Taylor Williams August 9, 2023

NEW YORK CITY — Empire State Development has signed a 117,181-square-foot office headquarters lease at 655 Third Avenue in Midtown Manhattan. The state’s chief economic development agency will occupy five full floors of the 30-story, 425,000-square-foot building, which was originally constructed in 1958. Tom Bow, Ashlea Aaron and Bailey Caliban internally represented the landlord, The Durst Organization, in the lease negotiations. Moshe Sukenik and Brian Cohen of Newmark, along with Joan Brothers of Manhattan Boutique Real Estate, represented Empire State Development.

August 9, 2023

Development Multifamily New York Northeast

Terwilliger & Bartone Begins Leasing 112-Unit Apartment Complex in Westbury, New York

by Taylor Williams August 9, 2023

WESTBURY, N.Y. — Locally based developer Terwilliger & Bartone Properties has begun leasing Cornerstone Westbury, a 112-unit apartment complex located in the Long Island community of Westbury. Phase I of the project totals 72 units and will be complete this fall, while Phase II consists of 58 units that are scheduled to come on line in early 2024. Residences come in studio, one- and two-bedroom floor plans, with 18 units reserved as workforce housing. Amenities include a fitness center, clubhouse and a rooftop patio. Information on starting rents was not disclosed.

August 9, 2023

Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Negotiates 67,663 SF Industrial Lease in Secaucus, New Jersey

by Taylor Williams August 9, 2023

SECAUCUS, N.J. — Cushman & Wakefield has negotiated a 67,663-square-foot industrial lease at 700 Penhorn Ave. in the Northern New Jersey community of Secaucus. The building spans 105,975 square feet and features a clear height of 35 feet, 120 parking spaces, six loading docks and one drive-in door. Chuck Fern, Thomas Tucci, Stephen Shoemaker, Torsten Thaler and Natalie Gorga of Cushman & Wakefield represented the landlord, Sinai Associates Inc., in the lease negotiations. The tenant is third-party logistics firm Advanced International Freight. The building is now fully leased.

August 9, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Partnership Opens 40-Unit Affordable Housing Complex in Cambridge, Massachusetts

by Taylor Williams August 9, 2023

CAMBRIDGE, MASS. — A partnership between Capstone Communities and Hope Real Estate Enterprises has opened Frost Terrace, a 40-unit affordable housing complex in Cambridge. Designed by Bruner/Cott Architects, the property consists of four buildings that house one-, two- and three-bedroom units that are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a community room, outdoor green spaces and onsite laundry facilities. Frost Terrace received over 900 applications during its initial leasing cycle.

August 9, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

Harbor Group International Sells 1,722-Unit Multifamily Portfolio in Metro Boston

by Kristin Harlow August 9, 2023

BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal. The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield. The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI. “The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. …

August 9, 2023

77-Corporate-Drive-Bridgewater-New-Jersey

Development Life Sciences New Jersey Northeast Office

Legacy Investing Completes 210,000 SF Life Sciences Conversion Project in Bridgewater, New Jersey

by Taylor Williams August 8, 2023

BRIDGEWATER, N.J. — Virginia-based Legacy Investing has completed a project in the Northern New Jersey community of Bridgewater that converted a 210,000-square-foot office building into a life sciences facility. The building at 77 Corporate Drive offers proximity to multiple interstates as well as Newark Liberty International Airport. A Fortune 500 global life sciences company recently signed a lease at the building, and Legacy Investing has engaged Cushman & Wakefield to market the remainder of the space for lease.

August 8, 2023

Development Mixed-Use New York Northeast

United Group of Cos. Begins Sitework on Mixed-Use Project in Troy, New York

by Taylor Williams August 8, 2023

TROY, N.Y. — The United Group of Cos. has begun sitework on City Station North, a mixed-use project that will be located just outside Albany in Troy. City Station North will consist of 87 market-rate apartments, 40,000 square feet of office space and a 160-space covered parking garage on a one-acre site. The office building will rise four stories and house suites starting at 2,500 square feet. Residential units will come in one- and two-bedroom floor plans and range in size from 675 to 1,277 square feet, while residential amenities will include a fitness center, rooftop terrace and a community room. Demolition of existing structures on the site is underway.

August 8, 2023

Acquisitions Multifamily New Jersey Northeast

JLL Brokers $22.7M Sale of Multifamily Property in New Rochelle, New York

by Taylor Williams August 8, 2023

NEW ROCHELLE, N.Y. — JLL has brokered the $22.7 million sale of The Printhouse, a 71-unit multifamily property located north of New York City in New Rochelle. Built in 2019, the property houses studio, one- and two-bedroom apartments as well as 2,700 square feet of commercial space. Amenities include a fitness center, business center, dog park and a rooftop terrace with a bar. New Jersey-based investment firm Invel Capital acquired the asset from an undisclosed seller. Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Marion Jones of JLL brokered the deal.

August 8, 2023

Loans Multifamily New York Northeast

BEB Lending Provides $9M Acquisition Loan for Manhattan Apartment Building

by Taylor Williams August 8, 2023

NEW YORK CITY —BEB Lending, the finance platform of BEB Capital, has provided a $9 million acquisition loan for a seven-unit apartment building located at 53-55 Stone St. in Manhattan’s Financial District. The five-story building was originally constructed in 1900 and houses two restaurant spaces. Sean Silverbrook led the transaction for BEB Lending. The borrower was not disclosed.

August 8, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $2.9M Sale of Brooklyn Apartment Building

by Taylor Williams August 8, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $2.9 million sale of a six-unit apartment building located at 65 Woodhull St. in Brooklyn. The building includes two retail units. Sean Kelly, Nicole Daniggelis and Stephen Vorvolakos of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

August 8, 2023

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