Northeast

KRE Group Begins Leasing 212-Unit Multifamily Project in Bayonne, New Jersey

by Taylor Williams January 2, 2024

BAYONNE, N.J. — Locally based developer KRE Group has begun leasing the third and final phase of Bay 151, a 212-unit multifamily project in the Northern New Jersey community of Bayonne. Designed by Minno & Wasko Architects & Planners, Bay 151 now consists of 625 units in studio, one-, two- and three-bedroom formats, as well as 10,000 square feet of retail space. Amenities include a pool, fitness center, dog park, bocce ball court, outdoor grilling and dining areas, business center, media room and a children’s play area. Rents start at $2,170 per month for a studio apartment. Construction of the 213-unit Phase II began in October 2020.

January 2, 2024

Acquisitions Multifamily New Jersey Northeast

Hudson Atlantic Arranges $20M Sale of Northern New Jersey Apartment Complex

by Taylor Williams January 2, 2024

POMPTON LAKES, N.J. — Hudson Atlantic Realty has arranged the $20 million sale of Lakeside Residences, a 52-unit apartment complex located in the Northern New Jersey community of Pompton Lakes. Built in 2022, the property offers one- and two-bedroom units and amenities such as a fitness center, business center, game room and a resident lounge. Adam Zweibel of Hudson Atlantic represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

January 2, 2024

Acquisitions New Jersey Northeast Retail

CBRE Brokers $13M Sale of Three Retail Buildings, Land Parcel in Voorhees, New Jersey

by Taylor Williams January 2, 2024

VOORHEES, N.J. — CBRE has brokered the $13 million sale of three standalone retail buildings totaling 62,358 square feet and an undeveloped land parcel in the Southern New Jersey community of Voorhees. The buildings are situated within the 366,000-square-foot Cedar Hill Shopping Center and are leased to tenants such as Starbucks Coffee, The Vitamin Shoppe, AT&T and Savers Thrift Store. Lowe’s, BJ’s Wholesale Club and Aldi anchor Cedar Hill Shopping Center. Matthew Gorman, Michael Shover, Thomas Finnegan and Rob Thompson of CBRE represented the seller and procured the buyer in the transaction.

January 2, 2024

Acquisitions Affordable Housing Development Hospitality Multifamily New York Northeast

Slate, RiseBoro Buy 350-Room Hotel Near JFK Airport, Plan Affordable Housing Conversion

by Taylor Williams December 22, 2023

NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.

December 22, 2023

Delaware Development Northeast Retail

Reybold Group Provides Updates on 17.2-Acre Retail Development in Newark, Delaware

by Taylor Williams December 22, 2023

NEWARK, DEL. — Locally based developer Reybold Group has provided updates on Pencader Corporate Center, a 17.2-acre retail development in Newark. Wawa recently opened a 5,000-square-foot store at the property, and Great New Beginnings will open a 10,000-square-foot early learning center next fall. Pencader Corporate Center will also feature a 12,000-square-foot, multi-tenant retail building, construction of which is expected to begin in March.

December 22, 2023

Acquisitions Development Multifamily New Jersey Northeast

CBRE Brokers $6.1M Sale of Multifamily Project in Bayonne, New Jersey

by Taylor Williams December 22, 2023

BAYONNE, N.J. — CBRE has brokered the $6.1 million sale of a multifamily project that is roughly midway through construction in the Northern New Jersey community of Bayonne. The site at 90 Ave. E will eventually house a 70-unit building. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented the seller and developer, Brooklyn-based EOM Realty Group, in the transaction. Hudson Realty represented the buyer, an undisclosed, locally based developer.

December 22, 2023

Industrial Leasing Activity NAI New Jersey Northeast

NAI DiLeo-Bram Arranges Two Industrial Leases Totaling 27,500 SF in Piscataway, New Jersey

by Taylor Williams December 22, 2023

PISCATAWAY, N.J. — Locally based brokerage firm NAI DiLeo-Bram has arranged two industrial leases totaling 27,500 square feet in the Northern New Jersey community of Piscataway. Stelton Sports signed a deal for 17,500 square feet at 527 Stelton Road with plans to open a recreational facility with four pickleball courts, two badminton courts and batting cages for baseball/softball and cricket. The Commencement Group, a supplier of flowers and graduation-related products, is relocating from Newark to a 10,000-square-foot space at 547 Stelton Road. Kelly Bayer and Robert V. DiLeo of NAI DiLeo-Bram represented ownership in both sets of lease negotiations.

December 22, 2023

Leasing Activity New York Northeast Office

JLL Negotiates 13,815 SF Office Lease at 860 Broadway in Midtown Manhattan

by Taylor Williams December 22, 2023

NEW YORK CITY — JLL has negotiated a 13,815-square-foot office lease at 860 Broadway in Midtown Manhattan. The six-story building was originally constructed in 1926 and underwent a capital improvement program in 2019. Seth Hecht and Thomas Swartz of JLL represented the landlord, Gordon Property Group, in the lease negotiations. Michael Movshovich and Troy Elias of Cushman & Wakefield represented the tenant, mortgage servicing platform Valon Technologies, which will occupy the entire fourth floor.

December 22, 2023

Development Loans Massachusetts Mixed-Use Multifamily Northeast Restaurant Retail Top Stories

Madison Realty Capital Provides $177.5M Loan to Refinance SCAPE Boylston Apartments in Boston

by Jeff Shaw December 22, 2023

BOSTON — Madison Realty Capital has provided a $177.5 million loan to Scape, a London-based multifamily developer that opened its U.S. headquarters in Boston in 2018. The loan will refinance the $165 million construction loan for SCAPE Boylston, a 415-unit apartment development that opened earlier this month in Boston’s Fenway neighborhood. The 226,700-square-foot property offers a mix of furnished studios, one- and two-bedroom apartments with Class A retail space on the ground floor. The apartments are already 95 percent occupied, and the retail space is 80 percent leased. Retail tenants include a global bank; Immersive Gamebox; Carbon Health; Dave’s Hot Chicken; Halal Guys; and a 10,000-square-foot, 156-seat, LGBTQ-focused black box theater. Tenant amenities include a landscaped terrace, fitness center, yoga room, co-working space, lounge library and study. The site is located near prominent academic and medical institutions including Boston University and Northeastern University, as well as Fenway’s rapidly growing biotech and life sciences industries. The lights of Fenway Park, home of Major League Baseball’s Boston Red Sox, are visible from the community, which is a block away from a Red Line MBTA train station. “Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, …

December 22, 2023

Industrial Loans New Jersey Northeast

JLL Arranges $23M Acquisition Loan for Southern New Jersey Industrial Property

by Taylor Williams December 21, 2023

LOGAN TOWNSHIP, N.J. — JLL has arranged a $23 million acquisition loan for a 209,437-square-foot industrial property in the Southern New Jersey community of Logan Township. The warehouse and distribution center was built in 2018 on a site that spans 88 acres, 17 of which can support future development. Building features include clear heights of 36 to 40 feet, 12 dock-high loading doors, two drive-in doors, 10,500 square feet of office space and parking for 336 cars and 22 trailers. Michael Klein, Max Custer and Michael Lachs of JLL arranged the fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, foodstuffs provider Chelten House Products.

December 21, 2023

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