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1709-Surf-Avenue-Coney-Island
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

BFC Partners Lands $250M Construction Loan for Coney Island Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Locally based developer BFC Partners has landed a $250 million construction loan for 1709 Surf Avenue, a 420-unit affordable housing project on Coney Island. The project marks the third and final phase of a 1,242-unit, three-building affordable housing development along Surf Avenue that is valued at approximately $700 million. Income restrictions across the three buildings range from 30 to 130 percent of the area median income. Project partners include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corp. and Citi Community Capital. Construction is slated for a 2028 completion.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Negotiates Sale of 99-Unit Apartment Building in Easton, Massachusetts

by Taylor Williams

EASTON, MASS. — CBRE has negotiated the sale of a 99-unit apartment building in Easton, located roughly midway between Boston and Providence. Zen Easton is a three-story building that was completed in 2003 and offers studio, one- and two-bedroom units with an average size of 798 square feet. Amenities include a resident lounge, dining hall and catering kitchen, cyber lounge, fitness center, library and two theater rooms. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of San Francisco-based FPA Multifamily, in the transaction. CBRE also procured the buyer, an unnamed institutional investor. 

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Leasing ActivityMassachusettsNortheastRetail

The Picklr to Open 36,192 SF Sports Entertainment Venue in Danvers, Massachusetts

by Taylor Williams

DANVERS, MASS. — The Picklr, an entertainment concept centered on pickleball, will open a 36,192-square-foot venue in Danvers, a northern suburb of Boston. The space is located within a former Bed Bath & Beyond store at Endicott Square, a 56,275-square-foot shopping center that is also home to tenants such as Quest Diagnostics, Salem Five and Advance Auto Parts. Don Mace of local brokerage firm KeyPoint Partners represented the undisclosed landlord in the lease negotiations. The venue is expected to open before the end of the year.

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Leasing ActivityNew YorkNortheastOffice

Tailwind Management Signs 14,000 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Tailwind Management has signed a 14,000-square-foot office lease at 299 Park Avenue, a 1.2 million-square-foot building in Midtown Manhattan. The business consulting firm is relocating from 485 Lexington Ave. Greg Taubin of Savills represented the tenant in the lease negotiations. David Falk, Peter Shimkin, Andy Sachs and Eric Cagner of Newmark, along with internal agents Marc Packman and Clark Briffel, represented the landlord, Fisher Brothers.

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Woodmont-Forge-at-Hopewell
DevelopmentMultifamilyNew JerseyNortheast

Woodmont Completes Lease-Up of 300-Unit Apartment Community in Hopewell, New Jersey

by Taylor Williams

HOPEWELL, N.J. — Locally based developer Woodmont Properties has completed the lease-up of a 300-unit apartment community in the Northern New Jersey city of Hopewell. Woodmont Forge at Hopewell is now fully occupied. The property features one- and two-bedroom units, some of which offer lofts or dens, that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and full-size washers and dryers. Private garages are also available in select residences. Amenities include a pool, fitness center with on-demand yoga and spin classes, game den, a multi-use theater room, dog park and outdoor grilling and dining stations.

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DelawareIndustrialLeasing ActivityNortheast

AMS Fulfillment Signs 181,074 SF Industrial Lease in Bear, Delaware

by Taylor Williams

BEAR, DEL. — Third-party logistics provider AMS Fulfillment has signed a 181,074-square-foot industrial lease in Bear, located south of Wilmington. The lease term is 10 years, and the deal is for about half of the space at an under-construction facility at 710 American Blvd. The 366,770-square-foot building will feature a clear height of 36 feet, 68 overhead dock doors, 3,150 square feet of office space and parking for 250 cars and 50 trailers. A joint venture between two regional owner-operators, The Davis Cos. and J.G. Petrucci Co. Inc., owns the property, which is slated for a third-quarter delivery. Dan Rattay, Stephen Kriz and Mike Barker of CBRE negotiated the deal.

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AcquisitionsNet LeaseNortheastPennsylvaniaRetail

CBRE Brokers $12.2M Sale of Net-Leased Retail Building in Jamison, Pennsylvania

by Taylor Williams

JAMISON, PA. — CBRE has brokered the $12.2 million sale of a 25,000-square-foot retail building in Jamison, a northern suburb of Philadelphia, that is net leased to convenience store operator Wawa and Tractor Supply. ExchangeRight, a Southern California-based investment firm that specializes in net-lease, 1031 and Delaware Statutory Trust deals, purchased the asset from New Jersey-based ARCTRUST. Matthew Gorman and Michael Shover of CBRE brokered the deal.

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Affordable HousingDevelopmentMultifamilyNortheastSeniors HousingVermont

M&T Realty Capital Provides $5M in Equity for Affordable Housing Redevelopment in Vermont

by Taylor Williams

ORANGE COUNTY, VT. — M&T Realty Capital Corp. has provided $5 million in equity for Chelsea Williamstown Apartments, an affordable housing redevelopment project in Vermont’s Orange County. The project involves the rehabilitation and adaptive reuse of two noncontiguous properties that will add 61 rent-restricted units, many of which will be marketed to seniors, to the local supply. Northfield Savings Bank is financing construction, which is expected to be complete next spring. The owner was not disclosed. M&T also provided a $5.6 million Fannie Mae M.TEB forward commitment as part of the capital stack.

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AcquisitionsConnecticutIndustrialNortheast

Angel Commercial Negotiates $4.8M Sale of Two Industrial Buildings in Bridgeport, Connecticut

by Taylor Williams

BRIDGEPORT, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $4.8 million sale of two industrial buildings in the southern coastal Connecticut city of Bridgeport. The first building is an 87,778-square-foot multi-tenant structure that is anchored by Beacon Roofing Supply. The second building is an 11,728-square-foot facility that was formerly owned and occupied by New England Heating Parts Co. Jon Angel of Angel Commercial brokered both sales. The buyers and sellers were not disclosed.

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290-Coles-Street-Jersey-City
DevelopmentMultifamilyNew JerseyNortheastTop Stories

Partnership Breaks Ground on $400M Multifamily Development in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — A partnership between New York-based developer The Albanese Organization, BXP (NYSE: BXP) and Boston-based investment manager CrossHarbor Capital Partners has broken ground on 290 Coles Street, a $400 million multifamily development in Jersey City. Completion is slated for spring 2028. In addition to its namesake thoroughfare, the 1.7-acre site in the West SoHo neighborhood, which spans a full city block, is bounded by Jersey Avenue and 16th and 17th streets. Plans call for 670 apartments, 60,000 square feet of indoor and outdoor amenity space and 13,000 square feet of retail space. More specifically, 290 Coles will consist of two buildings that will rise 14 and 21 stories that will be constructed above a six-level podium. Floor plans were not disclosed. Amenities will include coworking areas, a fitness center, rooftop sky lounge and sundeck, outdoor pool, golf simulator, chef’s kitchen, children’s playroom and a pet spa. MHS Architecture designed the development, with Brooklyn-based Meshberg Group handling interior design. K L Masters Construction Co. is serving as the general contractor and construction manager. Additional project partners include ICOR Consulting Engineers, DeSimone Consulting Engineering and Dresdner Robin. “With its continued population growth, Jersey City is an attractive market for …

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