SOMERVILLE, MASS. — Coldwell Banker Commercial Realty has arranged the $5.7 million sale of a multifamily development site at 13-17 Allen St. in Somerville, located just outside of Boston. The site spans a quarter-acre and is fully approved for the development of 40 rental units. Todd Glaskin and Gregg Leppo of Coldwell Banker represented the buyer, a local developer doing business as Somerville Allen Street LLC, in the transaction. Michael Kuritnik and Boris Kuritnik of Greenville Real Estate Group represented the seller, Kumo Capital.
NEW YORK CITY — Marcus & Millichap has brokered the $5 million sale of a 13-unit apartment building in the Hell’s Kitchen area of Manhattan. The building at 753 Ninth Ave. was originally constructed in 1920 and offers a mix of one-, two- and three-bedroom units. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction. Seven units were vacant at the time of sale, and the new ownership plans to implement a value-add program.
PEARL RIVER, N.Y. — CBRE has negotiated a 42,226-square-foot office lease in Pearl River, located along the New York-New Jersey border. The tenant, health and wellness company Nice-Pak Products Inc., will occupy the entire 21st floor and part of the 20th floor at 1 Blue Hill Plaza. James Tully, Jon Meisel and Brian Godau of CBRE represented the landlord, an entity doing business as Glorious Sun Blue Hill Plaza LLC, in the lease negotiations. Cushman & Wakefield represented the tenant.
NEW YORK CITY — Nayya Health has signed a 29,915-square-foot office lease in Midtown Manhattan. The company will occupy the entire fourth floor and part of the 18th floor at 215 Park Avenue South for the next five years. Tim Freyberg of CBRE represented the tenant in the lease negotiations. Howard Tenenbaum and Gary Rosen represented the landlord, SL Green, on an internal basis. The deal brings the 20-story, 338,636-square-foot building to 92 percent occupancy.
CARLSTADT, N.J. — California-based developer Goodman North America has completed a 100,000-square-foot industrial project in the Northern New Jersey community of Carlstadt that is known as Goodman Industrial Center Carlstadt II. The site at 333 Washington Ave. is located within six miles of the Ports of New York and New Jersey, and the building features a clear height of 40 feet, 130-foot truck court depths and 13 dock doors. Goodman is also pursuing LEED Silver certification status for the facility. Cushman & Wakefield is marketing the property for lease.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged an $11.6 million loan for the refinancing of a portfolio of six multifamily buildings totaling 61 units in The Bronx. The buildings are located in the borough’s Mott Haven neighborhood, and the portfolio includes commercial spaces. Matt Swerdlow, Matthew Dzbanek and Anthony Priest of Ariel arranged the nonrecourse loan, which was structured with a 5.35 percent interest rate and five years of interest-only payments. The direct lender and borrower were not disclosed.
WAYNE, N.J. — Marcus & Millichap has brokered the $6.6 million sale of a retail property in the Northern New Jersey community of Wayne. Built on 5.9 acres in 2023 and occupied by Wawa via a 20-year corporate ground lease, the property comprises a 4,736-square-foot convenience store and an eight-pump fueling station. Dean Zang and David Crott of Marcus & Millichap represented the undisclosed the seller in the transaction and procured a Maryland-based private investor as the buyer. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
MORRISTOWN, N.J. — JLL has arranged the sale of Shops at 40 Park, a 49,974-square-foot retail center in the Northern New Jersey community of Morristown. Built in 2010, the center was fully leased at the time of sale to tenants such as Starbucks Coffee, Roots Steakhouse, Agricola, Qdoba and AT&T. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the seller, a joint venture between Veris Residential, Woodmont Properties and an undisclosed global investment advisor, in the transaction. JLL also procured the buyer, Winfield Properties.
NEW YORK CITY — Anthony Lawrence-Belfair has signed a 25,214-square-foot industrial lease in The Bronx. The furniture maker and distributor is relocating from the Long Island City area of Queens to the ground floor of the warehouse at 1200 Zerega Ave., with plans to open a new studio and showroom. Helen Paul of Cushman & Wakefield and Joseph Caputo of Exit Realty Premier represented the tenant in the lease negotiations. Mat Diana of DY Realty represented the landlord, Simone Development Co.
AcquisitionsAffordable HousingCaliforniaMultifamilyNew YorkNortheastSeniors HousingTop StoriesWestern
Standard Communities Acquires $1B Affordable Housing Portfolio Across Four States
LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing properties totaling approximately 6,000 units for $1 billion. The transaction is the largest affordable housing acquisition this year, according to the firm. The portfolio includes both traditional multifamily and seniors housing communities and locations across four states, growing the firm’s portfolio in California to 11,000 units and expanding its presence to three new states: Arizona, Colorado and Texas. Properties include the Oaks at Georgetown multifamily community in Georgetown, Texas; Harmony Court, an affordable seniors living community in Redondo Beach, Calif.; and Maroon Creek Apartments in Aspen, Colo. The undisclosed seller developed many of the properties around 2002. Standard plans to invest over $30 million in capital improvements and deferred maintenance across the portfolio. No residents will be displaced during renovations and the communities will remain within the affordable price point, according to the new ownership. An increasing number of households have been designated as “cost burdened” over the past year, leading to a push from policymakers to increase the amount of available affordable housing, according to a recent report by Yardi Matrix. In 2024, 69,600 units are expected to come on line with …