LOWELL, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $12.8 million sale of Willard Street Apartments, a 72-unit multifamily complex in Lowell, a northern suburb of Boston. The three-building property houses three studios, 24 one-bedroom units and 45 two-bedroom apartments. Francis Saenz, Drew Kirkland, Jim Casey, Brad Carlson and Brett Curtis represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
NEW YORK CITY — West Publishing Corp. has signed a five-year, 46,105-square-foot office lease extension at 3 Times Square in Midtown Manhattan. The company will occupy the entire 17th floor and a portion of the 18th floor at the 885,000-square-foot building, which was originally constructed in 2001 as the headquarters for Reuters and recently underwent a capital improvement program. Mitchell Konsker, Dan Turkewitz and Christine Tong of JLL represented the tenant in the lease negotiations. Tom Keating represented the landlord, locally based investment firm Rudin, on an internal basis.
EVERETT, MASS. — A partnership between two locally based developers, RISE and btcRE, will build a 46-unit multifamily project at 52 School St. in Everett, a northern suburb of Boston. The four-story building will feature a mix of studio, one- and two-bedroom units, and seven residences will be reserved for renters earning 80 percent or less of the area median income. Needham Bank provided financing for the construction of the project, which is scheduled to begin in the third quarter.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and nonprofit RiseBoro Community Partnership has begun construction on a $146 million affordable housing project in the Brownsville area of Brooklyn. The unit mix will consist of 130 supportive housing residences for formerly homeless young adults and families; 34 residences that will be reserved for renters earning 60 percent or less of the area median income (AMI); 51 apartments that will be restricted for households earning 50 percent or less of AMI; and one superintendent’s unit. Units will come in studio, one-, two- and three-bedroom floor plans, and the building will also house a 3,800-square-foot community center and 1,600 square feet of ground-floor retail space, as well as a fitness center, rooftop terrace, classroom spaces, children’s play area and a community room. Aufgang Architects designed the project, and SD Builders & Construction is serving as the general contractor. Completion is slated for summer 2025.
SOMERVILLE, MASS. — The Preservation of Affordable Housing (POAH) has broken ground on Phase I of Clarendon Hill, a multifamily redevelopment project in the northern Boston suburb of Somerville that will add 168 affordable housing units to the local supply. The entire development, which is located on Powder House Boulevard, will ultimately consist of 591 units. Phase I will feature 41 one-bedroom apartments, 121 two-bedroom residences and six three-bedroom units that will be reserved for residents earning between 30 and 80 percent of the area median income. Bank of America provided construction financing for the project, which is being developed in partnership with the Somerville Community Corp. and the Somerville Housing Authority. Phase I is slated for a fall 2024 completion. Clarendon Hill was originally built in 1948 as a residence for veterans returning from WWII. MassHousing also provided financing to fund renovations and preserve the property’s affordability status.
BROOKFIELD, CONN. — Greystone has provided a $35 million Fannie Mae loan for the refinancing of Barnbeck Place Apartments, a 165-unit multifamily property located in southern Connecticut’s Fairfield County. Built in 2015, the property offers studio, one- and two-bedroom units and amenities such as a fitness center and a clubhouse. Twenty percent of the units are reserved for households earning 80 percent or less of the area median income. Dan Sacks and Avi Kozlowski of Greystone originated the financing, which was structured with a fixed interest rate and a five-year term, on behalf of the undisclosed borrower. Barnbeck Place was 98 percent occupied at the time of the loan closing.
PISCATAWAY, N.J. — JLL has negotiated the $21.2 million sale of a 108,875-square-foot industrial property located in the Northern New Jersey community of Piscataway. The property features a clear height of 24 feet, 24 loading docks, two drive-in doors and 83 parking spaces. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully leased to 19 tenants at the time of sale.
NEW YORK CITY — First Look Media, a nonprofit organization that offers streaming and production services, has signed a 7,896-square-foot office lease at 853 Broadway in Manhattan. The lease term is five years, and the space spans the entire 10th floor. The 21-story, 157,000-square-foot building is currently undergoing a multimillion-dollar renovation. Andrew Wiener and Rob Fisher internally represented the landlord, The Feil Organization, in the lease negotiations. Gary Stein, Ken Ruderman and Michael Bertini of Savills represented First Look Media.
NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust has topped out Terminal Warehouse, a 1.3 million-square-foot industrial redevelopment project in Manhattan’s West Chelsea neighborhood. Designed by COOKFOX Architects, the project centers on the conversion of a historic warehouse that was originally built in 1891 into a mixed-use destination with office and retail components. The development also includes 2.5 acres of open green space. Full completion is slated for 2024.
LIVINGSTON, N.J. — Cushman & Wakefield has arranged the sale of West Essex Logistics Center, a 293,887-square-foot industrial property in the Northern New Jersey community of Livingston. The property is a redevelopment of the former CIT Bank office headquarters campus and features a clear height of 36 feet, 54 loading docks and two drive-in doors. Gary Gabriel, David Bernhaut, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the seller, a partnership between Bluewater Property Group and Affinius Capital, in the deal. The buyer was Atlanta-based Invesco Real Estate.