Northeast

POAH Breaks Ground on 168-Unit Affordable Housing Redevelopment in Somerville, Massachusetts

by Taylor Williams June 7, 2023

SOMERVILLE, MASS. — The Preservation of Affordable Housing (POAH) has broken ground on Phase I of Clarendon Hill, a multifamily redevelopment project in the northern Boston suburb of Somerville that will add 168 affordable housing units to the local supply. The entire development, which is located on Powder House Boulevard, will ultimately consist of 591 units. Phase I will feature 41 one-bedroom apartments, 121 two-bedroom residences and six three-bedroom units that will be reserved for residents earning between 30 and 80 percent of the area median income. Bank of America provided construction financing for the project, which is being developed in partnership with the Somerville Community Corp. and the Somerville Housing Authority. Phase I is slated for a fall 2024 completion. Clarendon Hill was originally built in 1948 as a residence for veterans returning from WWII. MassHousing also provided financing to fund renovations and preserve the property’s affordability status.

June 7, 2023

Connecticut Loans Multifamily Northeast

Greystone Provides $35M Agency Loan for Multifamily Property in Brookfield, Connecticut

by Taylor Williams June 7, 2023

BROOKFIELD, CONN. — Greystone has provided a $35 million Fannie Mae loan for the refinancing of Barnbeck Place Apartments, a 165-unit multifamily property located in southern Connecticut’s Fairfield County. Built in 2015, the property offers studio, one- and two-bedroom units and amenities such as a fitness center and a clubhouse. Twenty percent of the units are reserved for households earning 80 percent or less of the area median income. Dan Sacks and Avi Kozlowski of Greystone originated the financing, which was structured with a fixed interest rate and a five-year term, on behalf of the undisclosed borrower. Barnbeck Place was 98 percent occupied at the time of the loan closing.

June 7, 2023

Acquisitions Industrial New Jersey Northeast

JLL Negotiates $21.2M Sale of Northern New Jersey Industrial Property

by Taylor Williams June 7, 2023

PISCATAWAY, N.J. — JLL has negotiated the $21.2 million sale of a 108,875-square-foot industrial property located in the Northern New Jersey community of Piscataway. The property features a clear height of 24 feet, 24 loading docks, two drive-in doors and 83 parking spaces. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully leased to 19 tenants at the time of sale.

June 7, 2023

Leasing Activity New York Northeast Office

First Look Media Signs 7,896 SF Office Lease at 853 Broadway in Manhattan

by Taylor Williams June 7, 2023

NEW YORK CITY — First Look Media, a nonprofit organization that offers streaming and production services, has signed a 7,896-square-foot office lease at 853 Broadway in Manhattan. The lease term is five years, and the space spans the entire 10th floor. The 21-story, 157,000-square-foot building is currently undergoing a multimillion-dollar renovation. Andrew Wiener and Rob Fisher internally represented the landlord, The Feil Organization, in the lease negotiations. Gary Stein, Ken Ruderman and Michael Bertini of Savills represented First Look Media.

June 7, 2023

Development Industrial New York Northeast

L&L Holding, Columbia Property Top Out 1.3 MSF Terminal Warehouse in Manhattan

by Taylor Williams June 6, 2023

NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust has topped out Terminal Warehouse, a 1.3 million-square-foot industrial redevelopment project in Manhattan’s West Chelsea neighborhood. Designed by COOKFOX Architects, the project centers on the conversion of a historic warehouse that was originally built in 1891 into a mixed-use destination with office and retail components. The development also includes 2.5 acres of open green space. Full completion is slated for 2024.

June 6, 2023

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Arranges Sale of 293,887 SF Industrial Property in Livingston, New Jersey

by Taylor Williams June 6, 2023

LIVINGSTON, N.J. — Cushman & Wakefield has arranged the sale of West Essex Logistics Center, a 293,887-square-foot industrial property in the Northern New Jersey community of Livingston. The property is a redevelopment of the former CIT Bank office headquarters campus and features a clear height of 36 feet, 54 loading docks and two drive-in doors. Gary Gabriel, David Bernhaut, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the seller, a partnership between Bluewater Property Group and Affinius Capital, in the deal. The buyer was Atlanta-based Invesco Real Estate.

June 6, 2023

Development Loans Multifamily New York Northeast

Deutsche Bank, Naftali Provide Construction Financing for Manhattan Residential Project

by Taylor Williams June 6, 2023

NEW YORK CITY — Deutsche Bank and Naftali Credit Partners have provided an undisclosed amount of construction financing for a residential project in Manhattan’s Greenwich Village area. Designed by Kohn Pedersen Fox, the project will consist of 28 for-sale condos and ground-floor retail space. Deutsche Bank provided the senior loan, and Naftali issued mezzanine debt. The borrower was a joint venture between New York City-based Argo Real Estate and Indian developer B Safal. Project completion is slated for 2024.

June 6, 2023

Leasing Activity Northeast Office Pennsylvania

CBRE Negotiates 40,000 SF Office Lease at Nova Place in Pittsburgh

by Taylor Williams June 6, 2023

PITTSBURGH — CBRE has negotiated a 40,000-square-foot office lease at Nova Place, a 32-acre campus located on Pittsburgh’s north side. The tenant, S&B USA Construction, plans to take occupancy of spaces on the eighth and ninth floors of Nova Tower 2 during the fourth quarter. Jeremy Kronman and Andrew Miller of CBRE represented the landlord, Faros Properties, in lease negotiations. The tenant representative was not disclosed.

June 6, 2023

Leasing Activity New York Northeast Retail

NY Sports Club Signs 20,000 SF Retail Lease Renewal in Queens

by Taylor Williams June 6, 2023

NEW YORK CITY — NY Sports Club has signed a 20,000-square-foot lease renewal at 9901 Queens Blvd. in the Forest Hill area of Queens. The lease keeps the fitness operator, which has been a tenant at the building since 2006 and has plans for a future remodel, in its space through 2034. Blumenfeld Development Group owns the building. No third-party brokers were involved in the lease negotiations.

June 6, 2023

Development Multifamily New York Northeast

Gamma Real Estate, JVP Management Complete 80-Story Residential Tower in Midtown Manhattan

by Taylor Williams June 5, 2023

NEW YORK CITY — A joint venture between Gamma Real Estate and JVP Management has completed Sutton Tower, an 80-story residential tower located at 430 E. 58th St. within the Sutton Place neighborhood in Midtown Manhattan. The building houses 120 for-sale condos and amenities such as a pool, fitness center, sports simulator room, screening room, private dining room, children’s play area and a sculpture garden. Thomas Juul-Hansen designed the building, and global development and investment firm Lendlease served as the general contractor. Construction began in 2018. Move-ins will begin over the summer.

June 5, 2023

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