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Northeast

800-Salem-St.-Wilmington-Massachusetts
DevelopmentIndustrialMassachusettsNortheast

Camber Development Breaks Ground on 237,800 SF Warehouse in Wilmington, Massachusetts

by Taylor Williams

WILMINGTON, MASS. — Boston-based Camber Development has broken ground on a 237,800-square-foot warehouse at 800 Salem St. in the northern Boston suburb of Wilmington. Designed by Dacon Corp., the building will feature a clear height of 36 feet, 47 dock positions and parking for 332 cars and 33 trailers. Camber is developing the project in partnership between Connecticut-based Wheelock Street Capital. JLL arranged construction financing for the project, which is expected to be complete before the end of the year.

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AcquisitionsMassachusettsNortheastOffice

Newmark Arranges Sale of 221,474 SF Office Building Near Downtown Boston

by Taylor Williams

BOSTON — Newmark has arranged the sale of 179 Lincoln Street, a 221,474-square-foot office building near downtown Boston. The newly renovated building offers proximity to Boston’s South Station transit hub. Robert Griffin, Edward Maher, David Douvadjian Sr., Matthew Pullen, James Tribble, Timothy O’Donnell, Samantha Hallowell and William Sleeper of Newmark represented the undisclosed seller in the transaction. The team also procured the buyer, locally based investment firm Synergy, which assumed $76.5 million of the seller’s outstanding debt on the property.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $5.6M Sale of Manhattan Multifamily Portfolio

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $5.6 million sale of a portfolio of three multifamily buildings totaling 56 units in Manhattan. The rent-stabilized buildings, two of which are contiguous, are located along West 111th Street near the edge of Central Park. Seth Glasser, Shaun Riney and Michael Fusco of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors who requested anonymity, in the transaction.

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Leasing ActivityNew YorkNortheastRetail

Apple Cinemas Signs 80,000 SF Retail Lease in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — Apple Cinemas has signed an 80,000-square-foot retail lease in White Plains, a northern suburb of New York City. Apple Cinemas will backfill a space that formerly housed a Showcase Cinema Deluxe theater. The new theater will offer stadium recliner seats, digital projection and sound capacities and food-and-beverage options, including burger concept BurgerFi. Don Mace of metro Boston-based brokerage firm KeyPoint Partners represented Apple Cinemas in the lease negotiations.

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CivicCompany NewsNew YorkNortheastOffice

Forte Construction Opens New Corporate Headquarters Facility in Islandia, New York

by Taylor Williams

ISLANDIA, N.Y. — Forte Construction, a locally based general contractor that specializes in public works projects, has opened its new corporate headquarters facility in the Long Island community of Islandia. The company purchased the 30,000-square-foot, three-story building at 1770 Motor Parkway in 2021 as part of a planned relocation and expansion from an 8,000-square-foot facility in Holbrook. The new facility supports about 300 employees between Forte and its sister companies, TAP Electric and BR Construction.

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IndustrialLoansNew JerseyNortheast

Faropoint Receives $90M Loan for Refinancing of Northern New Jersey Industrial Portfolio

by Taylor Williams

NORTH BERGEN, N.J. — Locally based investment firm Faropoint has received a $90 million loan for the refinancing of a portfolio of 10 industrial buildings totaling 770,000 square feet in North Bergen, located across the Hudson River from New York City. The buildings are all located within two industrial parks and were fully occupied at the time of sale. New York Life Real Estate Investors provided the loan, specific terms of which were not disclosed, to Faropoint.

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AcquisitionsMultifamilyNew YorkNortheast

Fetner Properties Sells Interest in 30-Story Apartment Tower in Manhattan

by Taylor Williams

NEW YORK CITY — Locally based development and investment firm Fetner Properties has sold its remaining interest in a 30-story apartment tower located at 345 E. 94th St. on Manhattan’s Upper East Side. The percentage and sales price were not disclosed. The building houses 208 units in studio, one- and two-bedroom formats and 4,000 square feet of commercial space. Empire State Realty Trust (NYSE: ESRT), which previously bought a stake in the building in late 2021, now owns the property outright.

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Garden-Towers-Bronx
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Partnership Completes 149-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams

NEW YORK CITY — A partnership between locally based developer Foxy Management, social services firm HANAC Inc. and JLD Advisory LLC has completed Garden Towers, a 149-unit affordable seniors housing project in the Morrisania neighborhood of The Bronx. Garden Towers consists of two midrise buildings that house 109 studios and 40 one-bedroom units. All residences are reserved for renters earning 50 percent or less of the area median income, and 30 percent of the units are designated for formerly homeless individuals. Amenities include multipurpose rooms, a social services suite, computer room and onsite laundry facilities. Newman Design served as the project architect, and Lendlease provided construction management services.

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Eagle-Mill-Lee-Massachusetts
Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassHousing Provides $5.8M for Affordable Housing Redevelopment in Lee, Massachusetts

by Taylor Williams

LEE, MASS. — MassHousing has provided $5.8 million in financing for an affordable housing redevelopment project in the western Massachusetts city of Lee. The project will convert the two historic former Eagle Mill buildings, which were originally constructed in 1808 and closed in 2008, into a 56-unit complex with commercial space. Units will feature a range of floor plans and income restrictions. The developer is a partnership between Rees-Larkin Development LLC and Berkshire Housing Development Corp.

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AcquisitionsNAINew JerseyNortheastOffice

NAI Hanson Arranges Sale of 8,000 SF Office Building in Succasunna, New Jersey

by Taylor Williams

SUCCASUNNA, N.J. — NAI James E. Hanson has arranged the sale of an 8,000-square-foot office building in Succasunna, about 50 miles west of Manhattan. The building sits on three-quarters of an acre at 22 U.S. Route 10 and is home to tenants such as Lakeside Endodontics and Suburban Natural Medicine. Joseph Vindigni of NAI Hanson represented the seller, Portwood LLC, in the transaction. The buyer was an entity doing business as Heritage Succasunna LLC.

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