NEW YORK CITY — Fitness International has signed a 36,500-square-foot lease at 59 Maiden Lane in Manhattan. Fitness International will open a Club Studio facility, which offers boutique fitness classes and amenities, at the property. David Abrams, Eliot Goldschmidt, Jeff Jacobson and Brandon Miller of masonre represented the landlord, AmTrust RE, in the lease negotiations. Chase Welles of The Shopping Center Group and John Kalamaras of RealSource Group represented the tenant.
NEW YORK CITY — CBRE has negotiated a 132,000-square-foot office lease at 295 Fifth Avenue in Midtown Manhattan. The tenant, global law firm Quinn Emanuel Urquhart & Sullivan, will relocate to floors eight through 10 of the 17-story, 700,000-square-foot structure, which is known locally as The Textile Building. The owner, a partnership between Tribeca Investment Group, PGIM Real Estate and Meadow Partners, recently completed a $350 million capital improvement program at the property. David Hollander, Peter Turchin, Mary Ann Tighe, Brett Shannon, Liz Lash and Hayden Pascal of CBRE represented ownership in the lease negotiations. Lewis Miller, Greg Maurer-Hollaender and Cara Chayet, also with CBRE, represented the tenant.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty has arranged the $10.7 million sale of a portfolio of four multifamily buildings totaling 17 units in Brooklyn. The portfolio includes a five-unit building at 461 Lorimer St.; a four-unit building at 110 S. Second St.; a two-unit structure at 384 S. Second St.; and a six-unit property at 211 Johnson Ave. Each of the buildings rises three stories and was built between 1910 and 1920. Ben Khakshoor, Alex Fuchs, Aaron Jungreis and Eli Shayestehpour of Rosewood represented the buyer, Mendel Gold, and the seller, a private family, in the transaction.
LEWISBURG, PA. — Cushman & Wakefield has brokered the $6.5 million sale of a 133,239-square-foot industrial building in Lewisburg, located north of Harrisburg in the central part of the Keystone State. The building features seven dock doors, a clear height of 21 feet and 13,239 square feet of office space. Gerry Blinebury, Brendan McGeary and Hunter Kessell of Cushman & Wakefield represented the seller, SK Realty, in the transaction. The buyer was an entity doing business as JasPinLin Lewisburg LLC.
PRINCETON, N.J. — The Container Store has opened a 15,000-square-foot shop at The Square at West Windsor in Princeton. The store is the retailer’s 100th nationally and sixth in New Jersey. Anchored by Lowe’s and Trader Joe’s, the 220,000-square-foot shopping center is also home to tenants such as Ethan Allen, Mattress Firm, Chipotle Mexican Grill, Starbucks and Fidelity Investments. Blake Shanaphy of JLL represented the tenant in the lease negotiations. Michael Gartenberg represented the landlord, New Jersey-based Garden Commercial, on an internal basis.
NEW YORK CITY — Accounting firm Marcum Asia has signed an 8,851-square-foot office lease expansion at 7 Penn Plaza in Midtown Manhattan. The tenant now occupies a total of 14,870 square feet on the eighth floor at the 18-story, 357,000-square-foot building. Steve Kaplan of Norman Bobrow & Co. represented Marcum Asia in the lease negotiations. Andrew Wiener and David Turino represented the landlord, The Feil Organization, on an internal basis.
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Is a Rebound in the Cards for Investment Sales Anytime Soon?
Would-be commercial real estate investors and sellers for the last several months have been waiting for a sign that the Federal Reserve has tamed inflation, therefore giving the central bank reason to officially end its tightening program. October’s better-than-expected consumer price index increase of 3.2 percent — versus the 3.3 percent consensus — may have delivered that signal. The futures markets immediately reduced the probability of a Fed interest rate hike in December to zero, with many capital markets analysts suggesting that it would begin to cut rates midway through 2024. But just an end to rate hikes could fuel investment sales activity, says Jeff Rinkov, CEO of Lee & Associates Commercial Real Estate Services. “Once investors see some positive sentiment from the Fed, I think they’ll start to get interested in deploying what we believe is an enormous amount of capital that has been waiting on the sidelines,” he explains. “I also think that’s when investors will be met by more accommodating sellers. At the moment, price discovery continues to be very challenging and is driving a sluggish transaction environment.” Crashing Sales Indeed, investment sales volume through three quarters of 2023 totaled $276.3 billion, a year-over-year decline of 55 …
PHILADELPHIA — New Jersey-based developer Saxum Real Estate has broken ground on a 187-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. The project marks the second phase of a larger, 466-unit development. Amenities will include a pool, courtyard, fitness center and a dog wash. Michael Klein, Tom Didio and Ryan Ade of JLL arranged undisclosed amounts of construction financing through Corebridge Financial and joint venture equity from an unnamed partner on behalf of Saxum Real Estate. Information on floor plans and an expected completion date was also not disclosed.
WESTWOOD, MASS. — Developer Lightstone Life Sciences is nearing completion of The Labs@128 Station, a 165,000-square-foot project in Westwood, a southern suburb of Boston. Upon completion, which is slated for the first quarter of 2024, Labs@128 Station will offer turnkey spaces that will be subdividable down to 5,000 square feet. J. Calnan & Associates is the general contractor for the project. Newmark is the leasing agent.
AMHERST, MASS. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $17 million construction loan for a 67-unit multifamily project in Amherst, about 90 miles west of Boston. The property will house a mix of one-, two- and three-bedroom units and roughly 7,000 square feet of ground-floor commercial space. Ned Perlman of Largo Capital arranged the financing. The names of the direct lender and borrower were not disclosed.