SPRINGFIELD, N.J. — Locally based developer Garden Communities is underway on construction of Springfield Greens at 40 Church Mall, a 100-unit multifamily project in the Northern New Jersey community of Springfield. The first buildings, which will house a mix of one- and two-bedroom units and various amenities, are now topped off. Completion is slated for late 2026.
NEW YORK CITY — Fox Horan & Camerini LLP has signed a 19,200-square-foot office lease in Midtown Manhattan. The lease term is 11.5 years. The law firm will occupy the entire 17th floor of 885 Third Avenue, a 34-story, 600,000-square-foot building that recently underwent a capital improvement program. Chris Mongeluzo and Corey Borg of Newmark represented the tenant in the lease negotiations. SL Green owns 885 Third Avenue.
NEW YORK CITY — Rudin has extended an existing $425 million CMBS loan backed by 32 Avenue of the Americas, a 27-story office tower in Manhattan’s Tribeca neighborhood. The New York City-based owner-operator has also announced plans for a $100 million capital improvement program at the 1.2 million-square-foot Art Deco property, which also features a prominent data center/carrier hotel component. Rudin will introduce a prebuilt program of new work environments at 32 Avenue of the Americas that will range in size from 5,000 to 10,000 square feet. The company will also upgrade the building’s lobby and renovate its street-level retail space. Lastly, Rudin will create a new leasing/marketing center spanning the entire 25th floor, which also features two outdoor terraces that offer views of the Manhattan skyline. The tower’s mortgage will now mature in November 2029 should Rudin exercise both of its one-year renewal options in 2027 and 2028. Iron Hound Management Co. advised Rudin, which acquired the property in 1999 from AT&T, on the loan modification. The direct lender was not named. Rudin requested that its loan be transferred to an unnamed special servicer two months ahead of its November maturity in order to begin discussions on the loan modification. …
NEW YORK CITY — A partnership between The Domain Cos., LMXD and Bridge Investment Group Holdings LLC has received a $290 million loan for the refinancing of Jasper, a 499-unit multifamily property located in the Long Island City neighborhood of Queens. Wells Fargo provided the loan. Residences at Jasper come in studio, one-, two- and three bedroom floor plans, and the development includes 150 affordable units that are reserved for households earning 130 percent of the area median income. Amenities include multiple outdoor terraces, a rooftop pool, fitness center with a yoga studio, a dog run, multiple landscaped courtyards, a game room, package lockers, outdoor grilling and dining areas, a resident lounge, demonstration kitchen and coworking space. Jasper also features 33,000 square feet of retail space. The property’s multifamily component was 65 percent occupied at the time of the loan closing.
RIDGEFIELD PARK, N.J. — A partnership between KABR Group and Hornrock Properties has broken ground on a 216-unit multifamily project in the Northern New Jersey community of Ridgefield Park. The site at 95 Challenger Road is located within Overpeck Corporate Center, a 60-acre mixed-use development. Designed by Minno & Wasko Architects and Planners, the six-story building will feature a mix of studio, one- and two-bedroom residences, 22 of which will be set aside as affordable housing. Rent caps were not disclosed. Amenities will include an outdoor pool, a lounge and café, coworking spaces, a game room with a golf simulator, a children’s playroom, a pet spa and a fitness center. Residents will also have access to 2,000 square feet of ground-floor retail space. Completion is slated for 2028.
PARSIPPANY, N.J. — FRP Holdings (NASDAQ: FRPH), an investment firm with offices in Baltimore and Jacksonville, has purchased a 140,031-square-foot warehouse in the Northern New Jersey community of Parsippany. Logistics Center at Parsippany is a newly built facility that sits on a 10.5-acre site. Altman Logistics Properties, a South Florida-based investment firm formerly known as BBX Capital, developed the property, and FRP Holdings acquired the asset as part of a larger portfolio deal encompassing Altman’s entire development pipeline. The sales price was not disclosed.
SALEM, N.H. — JLL has brokered the $7.7 million sale of three industrial buildings totaling roughly 55,000 square feet in Salem, located near the Massachusetts-New Hampshire border. The shallow-bay buildings, which were all fully leased at the time of sale, feature clear heights of 17 to 20 feet, tailboard and drive-in loading doors and approximately 15 percent office space in each building. Tommy Hovey, Michael Restivo and David Coffman of JLL represented the undisclosed seller in the transaction. The buyer was an entity doing business as JBCM LLC.
EDISON, N.J. — Lee & Associates has negotiated an 88,620-square-foot industrial lease in the Central New Jersey community of Edison. The space is located within the Raritan Center business park and features 32-foot clear ceilings, 17 loading docks and an ESFR sprinkler system. Claudia Ganas, Monica Franco and Ana Carolina DeAraujo of Lee & Associates represented the tenant, an undisclosed freight forwarding company, in the lease negotiations. Vincent Visceglia internally represented the landlord, Summit Associates.
NEW YORK CITY — Summit Properties has purchased 444 Madison Avenue, a 500,000-square-foot office building in Midtown Manhattan. The 42-story building occupies an entire blockfront between East 49th and 50th streets and offers amenities such as a tenant lounge, café, conference center and two landscaped terraces. Tenants include law firm Schwartz, Sladkus, Reich, Greenberg, Atlas, as well as The Doris Duke Foundation, EOS Hospitality and financial services firm Capital Dynamics. The seller and sales price were not disclosed. Summit Properties has tapped JLL as the new leasing agent.
ROBINSON TOWNSHIP, PA. — A partnership between two Indiana-based firms, developer Milhaus and investment group BAM Capital, has completed a 272-unit apartment complex located just west of Pittsburgh in Robinson Township. Known as Nox Living, the property offers studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, coworking space, pickleball court, resident lounge and outdoor grilling and dining stations. Rents start at roughly $1,650 per month for a studio apartment, according to the property website.