NEW YORK CITY — Intuit has signed a 77,000-square-foot office lease expansion at 51 Astor Place in Manhattan’s East Village. The financial technology platform currently occupies the entire third floor at the 400,000-square-foot building. The expansion is for three additional full floors of space, as well as ground-floor retail space, for a total footprint of 115,000 square feet. Paul Glickman, Mitchell Konsker, Benjamin Bass and Cynthia Wasserberger of JLL, along with internal agents Jeffrey Sussman and Matt Pynn, represented the landlord, Edward J. Minskoff Equities, in the lease negotiations. Bart Lammersen, Justin Haber and Kyle Riker, also with JLL, represented Intuit.
By Taylor Williams So much for “survive ’til ’25.” Until a couple months ago, industrial owners in the markets of New Jersey and Eastern Pennsylvania had good reason to believe that 2025 would be a year in which ground-up development got back on track. And in those markets, which are defined by their density and sticky tenant demand, new supply is rarely a bad thing. According to the latest data available from Colliers, industrial vacancy rates in Philadelphia County, Southern New Jersey and the Lehigh Valley all rose in the fourth quarter by anywhere from 80 to 150 basis points. The regionwide vacancy rate stood at roughly 7 percent at the end of 2024, up from 6 percent in the fourth quarter of 2023. The Colliers report also noted that while more than 6 million square feet of predominantly speculative product came on line in the first quarter of 2025, subsequent deliveries were forecast to decline by 40 to 50 percent in each ensuing quarter, “signaling a slowdown in supply for the remainder of the year.” Demand in the region remains healthy but has undoubtedly moderated from record levels that prevailed several years ago, according to Scott Mertz, SIOR, president …
MONTAUK, N.Y. — JLL has arranged a $235 million loan for the refinancing of the 20-acre Gurney’s Montauk Resort & Seawater Spa, located on the eastern tip of the Long Island peninsula. The property’s hospitality component totals 158 units: 109 guestrooms, 35 suites, eight beachfront cottages and six residences. In addition to a 2,000-foot private beach, the resort features five onsite food-and-beverage venues, four pools, a salon, 25,000 square feet of meeting and event space, a 30,000-square-foot spa and a fitness center. In addition, the owner, a partnership between BLDG Management Co. Inc. and Metrovest Equities, recently completed a capital improvement program at the property that upgraded guestrooms, common areas and amenity spaces. Christopher Peck, Kevin Davis, Mark Fisher and Connor Medzigian of JLL arranged the debt through a joint venture between Smith Hill Capital and Bain Capital.
NEW YORK CITY — Locally based developer Two Trees Management has completed the lease-up of One Domino Square, a 279-unit multifamily property in the borough’s Williamsburg area. Designed by Selldorf Architects, One Domino Square offers both apartments and condos in a variety of floor plans, including penthouses for the latter component. Amenities include a pool, spa, resident lounges, media room, children’s playroom, private dining room, chef’s kitchen and outdoor grilling and dining stations. The property’s rental units are now 99 percent occupied, with rents starting at $4,770 per month for a studio apartment.
WEEHAWKEN, N.J. — Locally based developer Hartz Mountain Industries has begun leasing The Reserve at Estuary, a 218-unit apartment complex in the Northern New Jersey community of Weehawken. Designed by MHS Architecture, the property is located within the 60-acre Lincoln Harbor mixed-use development and offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and smart technology. Select residences have patios. Amenities include a pool, outdoor lounge, courtyard, fitness center, game room and a coworking lounge. Rents start at $3,300 per month for a studio apartment.
PROVIDENCE, R.I. — Marsella Development Corp. has opened Track 15, a $25 million, 18,000-square-foot food hall that is situated within the historic Union Station building in downtown Providence. Vendors include Little Chaska, Tolia, Dune Brothers, Dolores, There There, Giusto PVD and Mother Pizzeria PVD. The development also features indoor and outdoor seating for roughly 600 people, an entertainment venue and a 10,000-square-foot plaza. Rhode Island-based architecture firm Vision3 designed the food hall.
DEDHAM, MASS. — Local owner-operator WS Development has welcomed five new tenants to Legacy Place, a 580,000-square-foot retail power center located in the southwestern Boston suburb of Dedham that was recently recapitalized. The new tenants are Mexican restaurant Anna’s Taqueria, permanent jewelry brand Brave Daughters, women’s apparel retailer Aritzia, Asian restaurant Mecha Noodle Bar and fitness concept [solidcore]. All openings are slated for various points in 2025.
NEW JERSEY — Cushman & Wakefield has brokered the $94 million sale of a 519-unit collection of multifamily properties in Northern New Jersey that is known as the Tag Portfolio. The number of properties was not disclosed. The Tag Portfolio, which was 97 percent occupied at the time of sale, features properties that were built between 1920 and 1980 and are located in East Rutherford, Cliffside Park, Palisades Park, Lyndhurst, Garfield, Jersey City and Kearny. The majority (96 percent) of the units are one- or two-bedroom residences and have value-add potential. Niko Nicolaou, Ryan Dowd, Michael Guerra, J.P. Hohl and Alexandria Ebers of Cushman & Wakefield represented the seller, Tag Investment Properties, in the transaction and procured the buyers. Tuli Realty purchased the properties located in East Rutherford, Cliffside Park, Palisades Park, Lyndhurst, Garfield and Jersey City, while Sher Management acquired the Kearny property. Brad Domenico and Frank Stanislaski of Cushman & Wakefield arranged acquisition financing for the deal.
NEWARK, N.J. — Miami-based lender BridgeInvest has provided $60 million in financing for Cosmo 440, a 216-unit multifamily redevelopment project in Newark that is nearing completion. Cosmo 440 was originally built in 1969 as Carmel Towers and is located adjacent to Weequahic Park. The redevelopment encompassed new infrastructure and elevators, as well as redesigned floor plans and upgraded common areas. The building now features 48 one-bedroom apartments, 120 two-bedroom units and 48 three-bedroom residences, and amenities include a fitness center, resident lounge, coworking space and an onsite bar. The borrower is YB Properties. Delivery is slated for the end of the month.
CARTERET, N.J. — YunExpress has signed a 146,000-square-foot industrial lease in the Northern New Jersey community of Carteret. The Chinese logistics company will be the third tenant at Crow Holdings at Carteret, a 1.2 million-square-foot development that is also home to Denmark-based DSV Global Transport & Logistics (355,000 square feet) and Hong Kong-based Weida Freight (188,000 square feet). Christopher Marx, Chris O’Connor, Steve Card, Chris Marx Jr., Taylor DeRisi and Peter Starr of Savills represented YunExpress in the lease negotiations. Jules Nissim, Stan Danzig and Kimberly Bach of Cushman & Wakefield represented Crow Holdings.