JERICHO, N.Y. — PX4 Development has purchased an 80-room hotel in the Long Island community of Jericho with plans to convert the building into a student housing community with one-, two- and three-bedroom units. To that end, PX4 has secured a long-term lease with The New York Institute of Technology, which has campuses on both Manhattan and Long Island. The development team is aiming to have the building ready for occupancy in advance of the 2024 academic year.
HILLSBOROUGH, N.J. — Cushman & Wakefield has brokered the $8.3 million sale of a 40,700-square-foot industrial building in Hillsborough, located just north of Trenton. The building at 139 Stryker Lane features 30-foot clear heights, three dock-high doors and 59 parking spaces. Andrew Schwartz, Jordan Sobel, Andre Balthazard, Mark Zaziski, Patrick Decker and Dan Bottiglieri of Cushman & Wakefield represented the seller and occupant, RC Fine Foods, in the deal and procured the buyer, an affiliate of The Silverman Group.
BAY SHORE, N.Y. — Nordstrom Rack, the off-price retail division of Nordstrom, will open a 24,000-square-foot store in Bay Shore, a hamlet on Long Island. The store will be situated within Gardiner Manor Mall and is scheduled to open next spring. Other tenants at the property include HomeGoods, Barnes & Noble, Michaels and Old Navy. Kite Realty Group Trust is the landlord. This location will mark the third Nordstrom Rack outpost in the state.
Internet connectivity is the digital equivalent of a foundation for any multifamily property. Residents want access for communications, entertainment, business and personal needs. Property operators need connections for management and reporting software resources. Good and reliable connections to the Internet, and a dependable Wi-Fi network as a way of distributing that access, are essential. Looking three to five years into the future, these connectivity needs become even more demanding and complex. The Internet of Things (IoT) creates a layer of interesting application and use cases for property owners. IoT defines the collective network of connected technology that enables communication between devices (“things”) and the cloud and/or among the devices themselves. IoT devices are the technology that creates smart home and buildings. IoT devices also support and simplify functions such as rental property management, energy usage reduction, maintenance cost reduction and more. “Looking into the future, IoT applications can make the property more efficient in surprising ways,” says Eran Dor, vice president of technology products at Pavlov Media. Leak detectors can provide early warning of flooding and appropriately shut off water before any significant damage occurs. Trash cans can be equipped with sensors that indicate when to collect, rather than requiring …
MALDEN, MASS. — Manhattan-based DH Property Holdings has completed a 94,095-square-foot industrial facility in Malden, a northern suburb of Boston. DH Property developed the facility, which features a clear height of 32 feet and parking for 197 vehicles, in a joint venture with Pugh Management. Construction began in summer 2022. Brian Pinch, Tony Coskren, Ed Jarosz, Rick Schuhwerk, Matt Pullen, Samantha Hallowell and Jim Tribble of Newmark brokered the sale of the five-acre site on which the project will be built. Newmark has also been named the leasing agent.
BRIDGEPORT, CONN. — Eastern Union has arranged a $19.6 million construction loan for the conversion of a former healthcare facility in Bridgeport, located in southern coastal Connecticut, into a 150-unit multifamily complex. The healthcare complex was originally built in 1971 on a 15-acre site at 600 Bond St. in the North Bridgeport section of the city. The facility will undergo a gut renovation into a two-story apartment building that will include a 7,069-square-foot fitness center. Motti Blau, Mendy Pfeifer and Hershy Fried of Eastern Union arranged the debt. The borrower and direct lender were not disclosed.
UNION CITY, WEST NEW YORK AND JERSEY CITY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $11.1 million sale of a portfolio of three multifamily buildings totaling 66 units in Northern New Jersey. The portfolio consists of a 44-unit complex in Union City that sold for $6.2 million; a 16-unit property in West New York that traded for $3.8 million; and a six-unit building in Jersey City that fetched a price of $1.1 million. Don Baxter of Kislak brokered the deal. All parties requested anonymity.
NEW YORK CITY — Ramp, a provider of automated finance products and services, has signed a 66,000-square-foot office lease in 28-40 W. 23rd St. in Midtown Manhattan’s Flatiron District. The company is relocating to and expanding from a space the Union Square area to the entire second floor of the two-building, 561,000-square-foot complex. Michael Mathias and R.J. Johns of Cushman & Wakefield represented the tenant in the lease negotiations. Mac Roos, Andrew Roos, Michael Cohen and Jessica Verdi of Colliers represented the landlord, Williams Equities.
NEW YORK CITY — Four new tenants have opened stores at Kings Plaza, a 1.1 million-square-foot enclosed mall in Brooklyn. Target, Primark, Zara and Burlington have debuted in a space formerly occupied by Sears. The property has also undergone capital improvements, such as the brightening of the attached parking deck, as well as the addition of new lighting, furnishings and flooring in the center’s second level. Los Angeles-based Macerich owns Kings Plaza.
CAMBRIDGE, MASS. — Alexandria Real Estate Equities Inc. (NYSE: ARE), an office and life sciences REIT based in Pasadena, Calif., plans to open Moderna’s (Nasdaq: MRNA) new global headquarters in Cambridge ahead of schedule. The developer will deliver the 462,100-square-foot property at 325 Binney St. in November. The building will serve as Moderna’s corporate headquarters and also house the company’s core research-and-development operations. The property will be situated within Alexandria Center at the One Kendall Square mega campus, which is located near other life sciences firms and top-tier institutions in the Greater Boston area, including Harvard University and MIT. “We value our longtime strategic relationship with Alexandria. It has been a privilege to work with their team to develop our new headquarters and science center designed to be the most sustainable laboratory building in Cambridge,” says Jamey Mock, chief financial officer of Moderna. Moderna will use the facility to continue to hone and make advances in its mRNA medicines and therapeutics to combat a wide range of diseases, including COVID-19. Alexandria Real Estate Equities is targeting for the new property to achieve LEED Zero Energy, LEED Platinum Core & Shell, Fitwel Life Science and WiredScore Platinum certifications. The property will …