Northeast

LCOR Begins Leasing 267-Unit Apartment Building in Philadelphia

by Taylor Williams May 24, 2023

PHILADELPHIA — LCOR, a developer with three offices in the Mid-Atlantic region, has begun leasing The Ryland, a 267-unit apartment building in Philadelphia’s Society Hill neighborhood. The 31-story building’s unit mix comprises 44 studios, 154 one-bedroom units, 44 two-bedroom apartments and 25 penthouses with private outdoor spaces. Amenities include a fitness center and yoga studio, piano lounge, private coworking space, chef’s kitchen and a children’s playroom. Move-ins will begin in late summer, and full completion is slated for the fall. Rents start at roughly $2,000 per month for a studio apartment.

May 24, 2023

Acquisitions Hospitality New York Northeast

JLL Brokers Sale of 75 Percent Interest in Mandarin Oriental New York Hotel

by Taylor Williams May 24, 2023

NEW YORK CITY — JLL has brokered the sale of a 75 percent interest in the Mandarin Oriental New York hotel. The monetary value of the stake was not disclosed, but multiple outlets that cover the hospitality industry reported that the percentage equated to roughly $98 million. The hotel, which opened in 2003 and totals 244 rooms, occupies floors 35 through 54 of Deutsche Bank Center at Columbus Circle. Amenities include a pool, spa, fitness center, meeting space and an onsite bar and lounge. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the undisclosed seller in the transaction. The buyer was Reliance Industries Ltd.

May 24, 2023

Development Multifamily New Jersey Northeast

Denholtz, Redwood Break Ground on 143-Unit Multifamily Project in Bound Brook, New Jersey

by Taylor Williams May 24, 2023

BOUND BROOK, N.J. — A partnership between two regional developers, Denholtz Properties and Redwood Real Estate Group, has broken ground on The Rail at Bound Brook, a 143-unit multifamily project located about 50 miles southwest of Manhattan. The six-story building will offer studio, one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas. A tentative completion date was not disclosed.

May 24, 2023

Leasing Activity New York Northeast Office

Cushman & Wakefield Negotiates 41,854 SF Office Sublease in Manhattan’s Financial District

by Taylor Williams May 24, 2023

NEW YORK CITY — Cushman & Wakefield has negotiated a 41,854-square-foot office sublease at 195 Broadway in Manhattan’s Financial District. Peter Trivelas and Gary Ceder of Cushman & Wakefield represented the sublandlord, real estate services firm Orchard Technologies, in the lease negotiations. Laura Pomerantz, Ethan Silverstein and Theodora Livadiotis, also with Cushman & Wakefield, represented the subtenant, an undisclosed digital media startup that is taking space on the building’s 26th floor.

May 24, 2023

Granite-Woods-Commerce-Center-Hooksett-New-Hampshire

Development Industrial New Hampshire Northeast

Port One Underway on 500,000 SF Spec Industrial Project in Hooksett, New Hampshire

by Taylor Williams May 23, 2023

HOOKSETT, N.H. — Boston-based developer Port One Cos. is underway on construction of Granite Woods Commerce Center, a 500,000-square-foot speculative industrial project located at 47 Hackett Hill Road in the southern New Hampshire city of Hooksett. The property will feature a clear height of 36 feet, 403 parking stalls, 86 trailer parking stalls, 67 loading docks with 53 future dock positions, two drive-in doors and build-to-suit office space. Completion is slated for early next year. Newmark has been retained to market the property for lease.

May 23, 2023

Development Multifamily New Jersey Northeast

Garden Communities Opens 377-Unit Jefferson Apartments in Hackensack, New Jersey

by Taylor Williams May 23, 2023

HACKENSACK, N.J. — Locally based developer Garden Communities has opened The Jefferson, a 377-unit apartment community located outside of New York City in Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two- bedroom units ranging in size from 735 to 1,598 square feet, with most residences offering private balconies/patios. Communal amenities include a pool, fitness center, business center, private bowling alley, a billiards and entertainment room, golf simulator, children’s playroom, outdoor grilling and dining areas and a dog park. Rents start at $2,490 per month for a one-bedroom apartment.

May 23, 2023

Acquisitions Affordable Housing Multifamily New York Northeast

CPP Acquires 220-Unit Affordable Housing Complex in Downtown Buffalo

by Taylor Williams May 23, 2023

BUFFALO, N.Y. — Community Preservation Partners (CPP) has acquired Ellicott Park Townhomes, a 220-unit affordable housing complex in downtown Buffalo. Built in 1967, the property consists of one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. The seller and sales price were not disclosed, but CPP plans to implement a $14.2 million capital improvement program that will be part of a total investment consideration of $54.7 million.

May 23, 2023

Acquisitions Multifamily New York Northeast

GFI Realty Arranges $4.1M Sale of Bronx Multifamily Building

by Taylor Williams May 23, 2023

NEW YORK CITY — Locally based brokerage firm GFI Realty has arranged the $4.1 million sale of a 29-unit multifamily building located at 1342 St. Lawrence Ave. in the Soundview neighborhood of The Bronx. Built in 1928, the five-story building houses 23 one-bedroom units and six two-bedroom units.Zachary Fuchs of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the transaction.

May 23, 2023

Leasing Activity Life Sciences New Jersey Northeast

Generichem Corp. Signs 27,500 SF Life Sciences Lease in Towaco, New Jersey

by Taylor Williams May 23, 2023

TOWACO, N.J. — Pharmaceutical company Generichem Corp. has signed a 27,500-square-foot life sciences lease in the Northern New Jersey community of Towaco. According to LoopNet Inc., the building at 425 Main Road was constructed on 2.7 acres in 1984. Marc Trevisan and Tom Mallaney of CBRE represented the tenant in the negotiations for the full-building lease. Cushman & Wakefield represented the landlord, Schuster Bauman.

May 23, 2023

Development Life Sciences New Jersey Northeast Top Stories

SJP Properties Unveils Plans for Next Phases of $731M Life Sciences Development in New Brunswick, New Jersey

by Taylor Williams May 23, 2023

NEW BRUNSWICK, N.J. — New York City-based SJP Properties has unveiled plans for the second and third phases of the HELIX Health + Life Science Exchange, a $731 million life sciences development in New Brunswick, about 45 miles south of Manhattan. Developed in partnership with New Brunswick Development Corp., Phase II of the project will be known as H-2 and will feature 600,000 square feet of build-to-suit lab and office space that can accommodate a range of users. The final phase of HELIX, H-3, will include a 42-story mixed-use building that will have traditional office space and 220 units of housing in addition to life sciences space. The first phase of HELIX, known as H-1, is currently under construction adjacent to Rutgers University’s campus in the downtown area. Totaling 574,000 square feet, H-1 will house the New Jersey Innovation HUB, the new home of Rutgers Robert Wood Johnson Medical School and a Rutgers translational research facility equipped with a variety of labs. The initial phase of the project will also have a 10,000-square-foot market hall with food options and a 3,000-square-foot restaurant that opens onto a 70-foot-wide plaza. The site of the four-acre innovation district is across the street from …

May 23, 2023

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