Northeast

Parkview Financial Provides $19.8M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams December 5, 2023

PHILADELPHIA — Los Angeles-based Parkview Financial has provided a $19.8 million construction loan for a 108-unit multifamily project that will be located at 2000 E. Hagert St. in Philadelphia’s Fishtown neighborhood. The property will comprise four studios, 82 one-bedroom units and 22 two-bedroom units. The average unit size will be 707 square feet, and the property will also house 13 live/work artist lofts that will average 571 square feet. Amenities will include a rooftop terrace, pet park and a courtyard. The borrower is M&B Development. Completion is slated for early 2025.

December 5, 2023

Acquisitions Northeast Pennsylvania Retail

Matthews Arranges $5.2M Sale of Retail Strip Center in Philadelphia

by Taylor Williams December 5, 2023

PHILADELPHIA — California-based brokerage firm Matthews Real Estate Investment Services has arranged the $5.2 million sale of a 10,640-square-foot retail strip center in Philadelphia’s Kensington area. Built on two acres in 2015, the center was fully leased at the time of sale to Rise Dispensary and Fine Wine & Good Spirits. Alexander Machado, Daniel Gonzalez, Robert Goldberg and Ben Snyder of Matthews brokered the deal. The buyer and seller were not disclosed.

December 5, 2023

Acquisitions Multifamily New York Northeast

Barberry Rose Sells Brooklyn Multifamily Portfolio for $5M

by Taylor Williams December 5, 2023

NEW YORK CITY — New York-based investment firm Barberry Rose Management has sold a portfolio of three multifamily buildings totaling 49 units in Brooklyn’s Crown Heights neighborhood. The sales price was $5 million. The three contiguous, four-story buildings were all constructed in 1912. Ben Khakshoor, Alex Fuchs and Aaron Jungreis of locally based brokerage firm Rosewood Realty Group represented Barberry Rose and the buyer, Gilman Management, in the transaction.

December 5, 2023

Leasing Activity New York Northeast Office

NYC Department of Health & Hygiene Signs 17,708 SF Office Lease in Brooklyn

by Taylor Williams December 5, 2023

NEW YORK CITY — The New York City Department of Health & Hygiene has signed a 17,708-square-foot office lease in Brooklyn. The agency is relocating from 16 Court St. to the entire fifth floor of the building at 532 Fulton St., which is known locally as The Paxton. Brad Gerla, Jon Cope and David Katz of CBRE represented the landlord, Jenel Management Corp., in the lease negotiations. Ellen Israel of JRT Realty Group and Bob Giglio of Cushman & Wakefield represented the tenant.

December 5, 2023

Mayfair-Shopping-Center-Commack-New-York

Loans New York Northeast Retail

Voya Investment Management Provides $37.5M in Financing for Long Island Shopping Center

by Taylor Williams December 4, 2023

COMMACK, N.Y. — Connecticut-based life insurance company Voya Investment Management has provided $37.5 million in bridge financing for Mayfair Shopping Center, a 221,000-square-foot retail property located in the Long Island community of Commack. The open-air center sits on a 15-acre site along the Jericho Turnpike and is home to tenants such as Lidl, Planet Fitness and the PGA Superstore. Andrew Stewart and Allison Villamagna of New Jersey-based financial intermediary Cronheim Mortgage arranged the three-year loan on behalf of the borrower, The Livingston Group. A portion of the proceeds will be used to fund capital improvements and additional leasing costs.

December 4, 2023

Acquisitions Connecticut Mixed-Use Northeast

O,R&L Commercial Arranges $7M Sale of Mixed-Use Property in New Haven, Connecticut

by Taylor Williams December 4, 2023

NEW HAVEN, CONN. — Locally based brokerage firm O,R&L Commercial has arranged the $7 million sale of York Square Broadway, a 30,262-square-foot mixed-use property in New Haven. The property consists of two buildings that were originally constructed in the early 1900s and house four one-bedroom apartments, 7,300 square feet of recently vacated office space and retail space. Tenants at the property include Campus Customs, which provides Yale-themed apparel and gifts, Mediterranean restaurant Broadway Kitchen, Blue Jay Cleaners and cosmetics chain Blue Mercury. Frank Hird of O,R,&L represented the seller and procured Yale University as the buyer.

December 4, 2023

Civic Leasing Activity New York Northeast

Hawthorne Country Day School to Relocate Manhattan Campus

by Taylor Williams December 4, 2023

NEW YORK CITY — The Hawthorne Country Day School Manhattan, which provides a range of educational and social services for individuals age 18 months to 21 years, will relocate its campus from 156 William Street to 233 Broadway. The new space spans 34,076 square feet within The Woolworth Building, a 28-story landmarked structure that was originally built in the 1920s. The space features classrooms, therapy rooms, a multipurpose room/gym and an expanded sensory gym. Howard Kesseler, Todd Hershman and Alex Kesseler of Newmark represented the tenant in the lease negotiations.

December 4, 2023

Acquisitions Industrial New Jersey Northeast

TFE Properties Acquires 30,230 SF Industrial Building in Ocean Township, New Jersey

by Taylor Williams December 4, 2023

OCEAN TOWNSHIP, N.J. — New Jersey-based investment firm TFE Properties has acquired a 30,230-square-foot industrial building in Ocean Township, located along the Jersey Shore. The building at 42 Cindy Lane was constructed on five acres in 1989. According to LoopNet Inc., the property features a clear height of 18 feet and four drive-in doors. The property was fully leased at the time of sale to tenants such as Cooper Electric and KMSCO Inc. The seller and sales price were not disclosed.

December 4, 2023

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $3.1M Sale of Multifamily Property in Fairfield, Connecticut

by Taylor Williams December 4, 2023

FAIRFIELD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $3.1 million sale of a five-unit multifamily property in Fairfield, located in southern coastal Connecticut. According to LoopNet Inc., the building at 1903 Post Road was originally constructed in 1924. Brad Balletto, Robert Paterno, Rich Edwards and Jeff Wright of NECPG represented the buyer and seller, both of which requested anonymity, in the transaction.

December 4, 2023

Development Loans Multifamily New Jersey Northeast Top Stories

Tishman Speyer Receives $300M Construction Loan for 58-Story Apartment Tower in Jersey City

by Taylor Williams December 4, 2023

JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $300 million construction loan from Otera Capital for a 58-story multifamily tower in Jersey City. With financing in place, Tishman Speyer plans to begin construction later this month and deliver the building in early 2027. The property will be located at 55 Hudson St. along the Hudson River in the Paulus Hook neighborhood, less than a block from the Paulus Hook Pier, which offers ferry service to various New York City metro locations. Plans call for 1,017 units in one-, two- and three-bedroom floor plans. The building will also feature 75,000 square feet of indoor and outdoor amenities and 60,000 square feet of retail and restaurant space. The development of 55 Hudson will be followed by 50 Hudson, a 48-story apartment tower that will include comparable indoor and outdoor amenities. When completed, the two-building development will boast nearly 2,000 new apartments, over 70,000 square feet of retail space and a 32,000-square-foot waterfront plaza. The plaza, which will provide a direct connection to Jersey City’s esplanade, will be available for community events. The design team for the project includes Handel Architects, Marchetto Higgins Stieve Architects, landscape architects Hollander Design …

December 4, 2023

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