Northeast

Nasser Freres Breaks Ground on $300M Mixed-Use Project in Jersey City

by Taylor Williams July 2, 2024

JERSEY CITY, N.J. — Developer Nasser Freres has broken ground on a $300 million mixed-use project that will be located at 25 Cottage St. in the Journal Square neighborhood of Jersey City. Designed by Handel Architects with AJD Construction serving as the general contractor, the development will consist of 622 apartments, approximately 45,000 square feet of Class A office space and ground-floor retail space, all within a 28-story building. Units will come in studio, one-, two- and three-bedroom floor plans, and the building will feature a double-height lobby lounge with a reception area. Other amenities will include a relaxation zone and spa, an art gallery and studio, children’s playroom, karaoke room, pet spa, bowling alley, screening room, game lounge, speakeasy, VR sports room with arcade games and a catering kitchen. Residents will also have access to a coworking space with a lounge, private work pods and conference rooms, as well as a fitness center, coffee bar, podcast/TikTok room and a party lounge. Lastly, a landscaped rooftop envisioned by Melillo Bauer Carman Landscape Architecture will feature a lounge with kitchen and dining areas, private grilling stations and a pool with a deck and loungers. Completion is slated for the first quarter of …

July 2, 2024

Development Massachusetts Northeast Office

Chiofaro Begins Phase II of $100M Redevelopment of Downtown Boston Office Complex

by Taylor Williams July 2, 2024

BOSTON — The Chiofaro Co., a locally based investment and development firm, has begun the second of three phases of the $100 million transformation of International Place, a 1.8 million-square-foot office complex in downtown Boston. Phase II includes the renovation of the “IP Commons” central gathering space, as well as the Fort Hill Plaza and grand entrance, which link the downtown area to the Seaport District. The new central gathering space will feature increased seating, a new 55-foot signature water feature, raised planting beds and an expanded events program. The Fort Hill entrance, which has often been viewed as the project’s “front door,” will be replaced with a modern 32-foot-tall and 80-foot-wide glass portal connecting the updated plaza to the interior IP Commons venue. Built in phases between 1987 and 1992, International Place consists of a 46-story tower and a 35-story building that are home to more than 90 tenants. Global architecture firm Gensler is leading the design of the project, Phase I of which centered on the development of a 16,000-square-foot amenity center known as The Aries Club. Phase I began in October 2023, and the entire redevelopment is expected to take about two years to complete.

July 2, 2024

Development Loans Multifamily New York Northeast

BHI Provides $95M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams July 2, 2024

NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $95 million construction loan for a 226-unit multifamily project in Brooklyn. The site at 2359 Bedford Ave. is located in the Flatbush neighborhood, and the development will house 72 studios, 86 one-bedroom units and 68 two-bedroom units, as well as 23,000 square feet of commercial and storage space. Thirty percent of residences will be set aside as affordable housing. Specific income restrictions on those units were not disclosed. A tentative completion date was also not disclosed. The borrower is a partnership between David Bistricer of Clipper Equity and Anshel Friedman of Nalcorp.

July 2, 2024

Development Multifamily New York Northeast

Davis Cos. Tops Out 97-Unit Multifamily Project in Harlem

by Taylor Williams July 2, 2024

NEW YORK CITY — Boston-based developer The Davis Cos. has topped out a 97-unit multifamily project at 1975 Madison Ave. in Harlem. Designed by DXA Studio and built by Broadway Construction Group, the eight-story building will house one- and two-bedroom units, with 30 residences earmarked as affordable housing. Amenities will include a fitness center, resident lounge, coworking space, pet spa and a rooftop terrace. The building will also house a 2,500-square-foot community center. Construction began in late 2023. Completion is slated for late 2025.

July 2, 2024

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $3.4M Sale of Retail Building in Glassboro, New Jersey

by Taylor Williams July 2, 2024

GLASSBORO, N.J. — Marcus & Millichap has brokered the $3.4 million sale of a 21,750-square-foot retail building in Glassboro, about 25 miles south of Philadelphia. The property is located on the campus of Rowan University at the base of the Whitney Center, a five-story student housing complex. At the time of sale, the property was 93 percent leased to 10 tenants, including 7-Eleven and Pizza Hut. Alan Cafiero, Brent Hyldahl, Seth Goldberg and Brad Nathanson of Marcus & Millichap represented the seller, Kinsley Properties LLC, and procured the buyer, JJU Properties LLC.

July 2, 2024

Development Mixed-Use New York Northeast Office Retail Top Stories

Ingka Investments Acquires Stake in Fifth Avenue Mixed-Use Tower Development in Manhattan, Now to Feature IKEA Store

by John Nelson July 2, 2024

NEW YORK CITY — Ingka Investments, the investment arm of Ingka Group, which owns and operates a majority of IKEA stores globally, has purchased a one-third stake in the development of a 1 million-square-foot mixed-use tower underway in Manhattan. As part of the arrangement, IKEA will open a two-level store at the base of 570 Fifth Avenue, which will include a corner entrance along Fifth Avenue. Extell Development Co. is the master developer of 570 Fifth Avenue, which will feature Class A retail space and offices at the intersection of Manhattan’s Plaza and Grand Central districts. The project marks the largest development on Fifth Avenue in more than 60 years, according to Ingka Investments. “We have been working on assembling this project for almost two decades, and Ingka Investments’ substantial commitment allows us to move forward with the construction and leasing of the best new office building in New York,” says Gary Barnett, founder and chairman of Extell Development, which will retain a two-thirds ownership stake in the development. Ingka Investments’ stake in the tower includes the planned IKEA store. IKEA will open a “customer meeting point,” the retailer’s small-format store prototype, within the tower’s 80,000 square feet of planned …

July 2, 2024

Acquisitions Industrial New York Northeast

Global Net Lease Sells National Cold Storage Portfolio for $170M

by Taylor Williams July 1, 2024

NEW YORK CITY — Global Net Lease (NYSE: GNL), a New York City-based REIT, has sold a national portfolio of nine cold storage properties for $170 million. The properties, the locations of which were not disclosed, are all leased to subsidiaries of operator Americold Realty Trust (NYSE: COLD), with a weighted average of 3.3 years of remaining term on the leases. The deal traded at a cap rate of 7.88 percent. The buyer was not disclosed.

July 1, 2024

Loans Multifamily New York Northeast Walker & Dunlop

Invictus Real Estate Provides $69M Bridge Loan for Brooklyn Apartment Complex

by Taylor Williams July 1, 2024

NEW YORK CITY — Invictus Real Estate Partners has provided a $69 million bridge loan for Mason Gray, a 158-unit apartment complex in Brooklyn’s Crown Heights neighborhood. The seven-story building houses 110 market-rate units, most of which are one-bedroom residences, and 48 affordable housing units as well as a 9,000-square-foot community facility space. Mike Diaz and Aaron Appel of Walker & Dunlop arranged the loan on behalf of the borrower, Hope Street Capital, which will use the proceeds to complete construction and fund leasing costs.

July 1, 2024

Loans Multifamily New York Northeast

Cushman & Wakefield Arranges $56M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams July 1, 2024

NEW YORK CITY — Cushman & Wakefield has arranged a $56 million loan for the refinancing of a 138-unit apartment building located at 230 Classon Ave. in Brooklyn’s Clinton Hill neighborhood. The building houses one- and two-bedroom units and offers amenities such as a private landscaped park, coworking lounge, gaming terrace, fitness center and outdoor grilling and dining stations. Gideon Gil, Zach Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the fixed-rate loan through QuadReal Property Group on behalf of the borrower, Quinlan Development Group.

July 1, 2024

Development Multifamily New York Northeast

Hakimian Organization Begins Leasing 364-Unit Apartment Community in Queens

by Taylor Williams July 1, 2024

NEW YORK CITY — The Hakimian Organization, a locally based development and investment firm, has begun leasing SOLA, a 364-unit apartment community in the Woodside neighborhood of Queens. Designed by Aufgang Architects with interiors by Durukan Design, the property features studio, one-, two- and three-bedroom units that range in size from 350 to 1,200 square feet. Amenities include a soundproof music room, art studio, children’s playroom, fitness center, coworking lounge, dog park, zen garden and a golf simulator. Rents start at approximately $3,000 per month for a studio apartment.

July 1, 2024

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