Northeast

Bromley Cos. Completes $100M Renovation of Office Building in Manhattan’s Union Square

by Taylor Williams July 26, 2023

NEW YORK CITY — Locally based owner-operator Bromley Cos. has completed the $100 million renovation of 122 Fifth Avenue, a 300,000-square-foot office building in Manhattan’s Union Square neighborhood. The repositioning added a new rooftop pavilion and bike storage room, enhanced the office and retail suites and upgraded the building infrastructure. According to New York Post, Microsoft anchors the building’s office space, having taken occupancy of floors six through 10 following completion of the project. Bromley Cos. first purchased 122 Fifth Avenue in 1979.

July 26, 2023

Development Loans Multifamily New Jersey Northeast

Titanium Realty Group Receives $42.5M Bridge Loan for Jersey City Multifamily Project

by Taylor Williams July 26, 2023

JERSEY CITY, N.J. — Regional developer Titanium Realty Group has received a $42.5 million bridge loan for a newly built, 148-unit multifamily project in Jersey City. The 19-story building houses 80 studios, 46 one-bedroom units, 19 two-bedroom residences and three three-bedroom apartments, as well as 4,500 square feet of ground-floor retail space. Daniel Cohen and Tal Savariego of Meridian Capital Group arranged the debt through Lightstone Capital Group. Proceeds will be used to retire existing debt and fund lease-up costs.

July 26, 2023

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $16.3M in Financing for Affordable Housing Project in Wareham, Massachusetts

by Taylor Williams July 26, 2023

WAREHAM, MASS. — MassHousing has provided $16.3 million in financing for the development of a 93-unit affordable housing project in Wareham, located near Cape Cod in the southern part of The Bay State. The development will consist of two complexes that will feature a range of floor plans and income restrictions, as well as shared amenities. The financing includes $8.4 million in permanent financing, a $6.6 million bridge loan and $1 million from the agency’s workforce housing initiative. The borrower is Pennrose LLC.

July 26, 2023

Leasing Activity New York Northeast Office

Legal Aid Society Signs 72,091 SF Office Lease Renewal in Downtown Manhattan

by Taylor Williams July 26, 2023

NEW YORK CITY — The Legal Aid Society has signed a 72,091-square-foot office lease renewal at One Seaport Plaza in downtown Manhattan, where the social justice firm has operated its headquarters for the past 20 years. The 1.1 million-square-foot building was constructed in 1984. Adam Rappaport and Brett Greenberg represented the landlord, Jack Resnick & Sons, in the lease negotiations on an internal basis. Craig Reicher and Christopher Mansfield of CBRE represented The Legal Aid Society.

July 26, 2023

Acquisitions Multifamily New York Northeast

Brax Realty Arranges $8M Sale of Manhattan Apartment Building

by Taylor Williams July 26, 2023

NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8 million sale of a 37-unit apartment building in Manhattan’s Gramercy Park neighborhood. Michael Ferrara and Alan Stenson of Brax Realty represented the seller, a long-term owner, in the transaction and procured the purchaser, a private investor. Both parties requested anonymity. The property was 84 percent occupied at the time of sale.

July 26, 2023

Development Loans New York Northeast Top Stories

Canyon Partners, J.P. Morgan Provide $193M Construction Loan for Sunnyside Campus Production Studio in Queens

by Kristin Harlow July 26, 2023

NEW YORK CITY — Canyon Partners Real Estate LLC and J.P. Morgan have provided a $193 million senior construction loan to East End Studios for the ground-up development of Sunnyside Campus, a media and content production studio in Queens. Construction is underway, and completion is slated for the first quarter of 2025. Sunnyside Campus will total 275,000 square feet and feature three full-service, ground-floor sound stages spanning 75,000 square feet. The stages will feature clear heights of 37 feet and may be subdivided. Plans additionally call for a 15,000-square-foot rooftop flex stage with views of the Queens, Brooklyn and Manhattan skylines along with ample outdoor gathering space. The stages will be supported by 125,000 square feet of production, office and mill spaces, 225 below-grade parking spaces, and eight enclosed loading bays for full-size trucks. Mill space can be utilized for set construction, welding, props, special effects and more. Like all East End Studios projects, the Sunnyside facility will be fully integrated with extended reality and virtual reality infrastructure. Positioned on a full city block between Queens Boulevard and the Long Island Expressway, the Sunnyside campus offers cast and crew members convenient public transportation options. The New York City Industrial Development …

July 26, 2023

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 303-Unit Apartment Community in Manchester, Connecticut

by Taylor Williams July 25, 2023

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Place at Catherine’s Way, a 303-unit apartment community located in Manchester, an eastern suburb of Hartford. Built in 1998-1999, the property consists of 13 two- and three-story buildings. Units come in one-, two- and three-bedroom floor plans, have an average size of 1,043 square feet and are furnished with full-size washers and dryers and walk-in closets. Amenities include an indoor pool, sauna, fitness center, tennis courts and movie theater. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction. Afton Properties purchased the asset for an undisclosed price.

July 25, 2023

Acquisitions Industrial Northeast Pennsylvania

Cushman & Wakefield Arranges Back-to-Back Sale of Industrial Property in York, Pennsylvania

by Taylor Williams July 25, 2023

YORK, PA. — Cushman & Wakefield has arranged the back-to-back sale of a 100,232-square-foot industrial property located at 350 N. Sherman St. in York, about 100 miles west of Philadelphia. The property sits on 5.7 acres and features 14 dock doors, a clear height of 32 feet, 43 auto parking spaces and 10 trailer parking spaces. In the first deal, locally based firm Inch & Co. sold the asset to Dallas-based Dalfen Industrial for $12.7 million. That same day, Dalfen sold the property to New York-based furniture retailer Raymour & Flanigan for $16.9 million. Gerry Blinebury and Collin Potter of Cushman & Wakefield brokered the first transaction, and the firm collaborated with Newmark to facilitate the second sale.

July 25, 2023

Development Loans Multifamily New York Northeast

Naftali Credit Partners Provides $48M in Financing for Manhattan Multifamily Project

by Taylor Williams July 25, 2023

NEW YORK CITY — A subsidiary of locally based lender Naftali Group has provided $48 million in financing for 8 Carlisle Street, a 64-story, 400-unit multifamily project that will be located in Manhattan’s Financial District. Proceeds will be used to refinance existing debt on the land and fund various predevelopment costs. The borrower is North Carolina-based developer Grubb Properties. Construction of the building, which will include ground-floor retail space, is slated for a 2026 completion.

July 25, 2023

Development Massachusetts Multifamily Northeast

RISE Nears Completion of 42-Unit Multifamily Redevelopment in Haverhill, Massachusetts

by Taylor Williams July 25, 2023

HAVERHILL, MASS. — Locally based developer RISE is nearing completion of a multifamily redevelopment project at 86 Essex St. in Haverhill, a northern suburb of Boston. The project is converting a seven-story former industrial building in the downtown area that was originally constructed in 1910 into a 42-unit apartment complex that will be known as Essex Street Lofts. Full completion is scheduled for October.

July 25, 2023

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