Northeast

Prologis to Develop 436,900 SF Industrial Project in Somerset, New Jersey

by Taylor Williams August 11, 2023

SOMERSET, N.J. — San Francisco-based Prologis will develop a 436,900-square-foot industrial project in the Northern New Jersey community of Somerset. The site at 187 Davidson Ave. spans 47 acres. Building features will include a clear height of 40 feet, 190-foot truck court depths and ample car and trailer parking spaces. Delivery is slated for the second half of 2024. Noah Balanoff, Mark Hay and Jacquelyn Severino of Colliers represented Prologis in its acquisition of the land from an undisclosed seller. Colliers has also been retained as the project’s leasing agent.

August 11, 2023

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Partnership Completes Renovation of 116-Unit Affordable Seniors Housing Complex in Amsterdam, New York

by Taylor Williams August 11, 2023

AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations of New Amsterdam Apartments, a 116-unit affordable seniors housing complex located about 35 miles northwest of Albany. Residences in the 12-story building are reserved for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators and replacement of fire alarms, as well as the installation of new common doors, energy-efficient hot water boilers, LED light fixtures and cast iron sanitary lines. Unit interiors were also upgraded with Energy Star-rated appliances and fixtures.

August 11, 2023

Acquisitions Net Lease New York Northeast Retail

Boulder Group Arranges $5M Sale of Retail Property Leased to 7-Eleven in Haverstraw, New York

by Taylor Williams August 11, 2023

HAVERSTRAW, N.Y. — The Boulder Group, an Illinois-based brokerage firm, has arranged the $5 million sale of a 3,034-square-foot retail property in Haverstraw, about 35 miles north of Manhattan, that is net leased to 7-Eleven. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a regional developer, in the transaction. The buyer was a New York-based private investor that acquired the asset via a 1031 exchange. Both parties requested anonymity.

August 11, 2023

Acquisitions Multifamily New York Northeast

Stav Equities Negotiates $2.5M Sale of Vacant Multifamily Property in Brooklyn

by Taylor Williams August 11, 2023

NEW YORK CITY — Locally based brokerage firm Stav Equities LLC has negotiated the $2.5 million sale of a vacant, four-story multifamily property located at 1362 Pacific St. in the Crown Heights area of Brooklyn. Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors collaborated with Jacob Stavsky of Stav Equities LLC to execute the off-market transaction. The buyer and seller were not disclosed.

August 11, 2023

Leasing Activity New York Northeast Office

Verci Signs 6,000 SF Office Lease at 394 Broadway in Manhattan

by Taylor Williams August 11, 2023

NEW YORK CITY — Verci, a social network for New York City residents, has signed a 6,000-square-foot office lease at 394 Broadway in Manhattan’s SoHo neighborhood. Nolan Kagan and Jared Sternberg of The Kaufman Organization represented the tenant, which will occupy the fifth floor as its new headquarters space, in the lease negotiations. Miyad Realty represented the landlord.

August 11, 2023

Catholic-Health-Ambulatory-&-Urgent-Care-at-Centereach

Development Healthcare New York Northeast

Simone Development Cos., Catholic Health Open $47M Healthcare Facility on Long Island

by Taylor Williams August 10, 2023

CENTEREACH, N.Y. — A partnership between a division of Simone Development Cos. and operator Catholic Health has opened a $47 million, multi-specialty healthcare facility in the Long Island community of Centereach. The facility is known as Catholic Health Ambulatory & Urgent Care at Centereach. The site previously housed a 63,000-square-foot retail building that was occupied by Ocean State Job Lot, which continues to own and operate a 36,000-square-foot store adjacent to the property. The facility also offers diagnostic imaging services, an onsite pharmacy and a dedicated suite for gastroenterologists to perform endoscopies. Newman Design served as the project architect.

August 10, 2023

Development Mixed-Use New Jersey Northeast

Bedrin Organization Completes Mixed-Use Project in Hawthorne, New Jersey

by Taylor Williams August 10, 2023

HAWTHORNE, N.J. — The Bedrin Organization, a New Jersey-based development and investment firm, has completed Hedges at Hawthorne, a mixed-use project located in the northern part of The Garden State. Hedges at Hawthorne, a transit-served development, consists of 118 Class A apartments, a 120,000-square-foot self-storage facility that is operated by CubeSmart and 16,000 square feet of retail and restaurant space that is leased to Planet Fitness and Per Lei Café. Residential units come in studio, one- and two-bedroom formats, and amenities include a fitness center, coffee bar, rooftop lounge, coworking lounge, salon, pet spa and outdoor grilling and dining stations. Rents start at roughly $2,200 per month for a studio apartment.

August 10, 2023

Acquisitions Development Industrial Northeast Pennsylvania

Cushman & Wakefield Brokers $13.5M Sale of Industrial Development Site in York, Pennsylvania

by Taylor Williams August 10, 2023

YORK, PA. — Cushman & Wakefield has brokered the $13.5 million sale of an industrial development site in York. The site, known as The Expressway Commerce Park, is fully approved for the development of two buildings totaling 673,920 square feet. Building A will total 403,000 square feet and feature 405 auto stalls, 77 trailer stalls, 74 dock doors and two drive-in doors. Building B will total 270,920 square feet and feature 269 auto stalls, 72 trailer stalls, 43 dock doors and two drive-in doors. Gerry Blinebury and Collin Potter of Cushman & Wakefield represented the seller, Maple Press, in the transaction. The buyer was MRP Industrial. The sale included a subdivision from the Maple Press manufacturing facility that will remain in operation.

August 10, 2023

Acquisitions Multifamily New York Northeast

JLL Arranges $10.8M Sale of Two Manhattan Apartment Buildings

by Taylor Williams August 10, 2023

NEW YORK CITY — JLL has arranged the $10.8 million sale of two apartment buildings located at 175-177 East Third St. in Manhattan’s East Village. The five-story, walk-up buildings house a total of 20 one-bedrooms units, two of which have been duplexed with the basement. Hall Oster, Teddy Galligan and Guthrie Garvin of JLL represented the seller, an undisclosed private investor that owned the buildings for 30 years, in the transaction. The buyer was Lockhill Properties.

August 10, 2023

Acquisitions Industrial New Jersey Northeast

Fastener Dimensions Acquires 60,000 SF Industrial Building in Pennsauken, New Jersey

by Taylor Williams August 10, 2023

PENNSAUKEN, N.J. — Fastener Dimensions, a manufacturer and distributor of precision bolts for the aerospace industry, has acquired a 60,000-square-foot industrial building in the Southern New Jersey community of Pennsauken. The sales price was $4.2 million. Fastener Dimensions will continue to occupy the freestanding building, where it has operated out of for the past several years. Jonathan Klear of NAI Mertz brokered the deal. The seller was not disclosed.

August 10, 2023

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