Northeast

Extra Space Storage Agrees to Acquire Life Storage for $12.7B

by Taylor Williams April 3, 2023

SALT LAKE CITY AND BUFFALO, N.Y. — Extra Space Storage Inc. (NYSE: EXR), a Salt Lake City-based REIT, has entered into a definitive agreement to acquire Buffalo-based REIT Life Storage (NYSE: LSI) in an all-stock transaction. According to multiple news outlets including The Wall Street Journal and Reuters, the deal is valued at $12.7 billion. The combined portfolio will yield the largest self-storage operation in the country, with over 3,500 locations spanning over 264 million square feet that serve more than 2 million customers. In announcing the deal, executives of both REITs noted that combining their respective platforms creates opportunities to maximize value for shareholders via additional scaling of third-party management services and access to elevated levels of joint-venture equity and bridge-loan debt for future developments and acquisitions. Under the terms of the agreement, Life Storage shareholders will receive roughly nine-tenths of a share of Extra Space common stock for each share of Life Storage stock that they own. At closing, Extra Space and Life Storage shareholders are expected to own approximately 65 percent and 35 percent of the combined company, respectively. The boards of directors of both companies have unanimously approved the transaction, and the deal is expected to …

April 3, 2023

Affordable Housing Development Multifamily New York Northeast

Durst Organization Completes Lease-Up of 70-Story Apartment Tower in Queens

by Taylor Williams March 31, 2023

NEW YORK CITY — The Durst Organization has completed the lease-up of SVEN, a 70-story apartment tower in Queens. Designed by Handel Architects, the building is the borough’s second tallest and houses 958 units, including 288 income-restricted residences, as well as 50,000 square feet of amenities. Leasing began in January 2021, and the building’s market-rate residences are now fully occupied. Finback Brewery will also open a microbrewery and taproom at SVEN later this year.

March 31, 2023

Connecticut Development Multifamily Northeast

Urby Delivers Final Phase of 641-Unit Apartment Community in Stamford, Connecticut

by Taylor Williams March 31, 2023

STAMFORD, CONN. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has delivered the final phase of Stamford Urby, a 641-unit apartment community located in southern coastal Connecticut. Designed by Concrete Amsterdam, the latest phase of the project added 176 units to the 11-building development. Residences are available in studio, one- and two-bedroom formats, with rents starting at approximately $2,075 per month for a studio. Amenities include a pool, outdoor grilling and dining areas, a fitness center, dog park, central courtyard and a coworking lounge.

March 31, 2023

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Brokers $22.5M Sale of Mixed-Use Building in Brooklyn

by Taylor Williams March 31, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $22.5 million sale of a 19,437-square-foot mixed-use building at 150 Lawrence St. in Brooklyn. According to LoopNet Inc., the building was originally constructed in 1920 and features office and residential uses. Shaun Riney, Michael Salvatico and Robbie Ferman of Marcus & Millichap represented the seller, The Kao Family, in the transaction. The trio also procured the buyer, private investor and developer Solomon Schwimmer. Future plans for the parcel were not disclosed.

March 31, 2023

Franklin-Square-New-Freedom-Pennsylvania

Development Multifamily Northeast Pennsylvania

Burkentine Opens 134-Unit Multifamily Complex in New Freedom, Pennsylvania

by Taylor Williams March 31, 2023

NEW FREEDOM, PA. — Burkentine, a Pennsylvania-based residential developer, has opened Franklin Square, a 134-unit multifamily complex in New Freedom, located along the Maryland-Pennsylvania border. Franklin Square consists of 62 for-rent townhomes with one- to four-bedroom floor plans and 72 garden-style apartments, all on a six-acre site. Vortex Brewing Co. anchors the complex’s retail component. Information on starting rents was not disclosed.

March 31, 2023

Leasing Activity New Jersey Northeast Office

Law Firm Signs 5,909 SF Office Lease in Hackensack, New Jersey

by Taylor Williams March 31, 2023

HACKENSACK, N.J. — Law firm Newman, Simpson & Cohen LLP has signed a 5,909-square-foot office lease at Court North Plaza in the Northern New Jersey community of Hackensack. The three-building, 335,000-square-foot complex offers a fitness center, conference room and a cafeteria, as well as an onsite bank, dry cleaner and car detailing service. Stephen Jennings internally represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Josh Folco, formerly of Alexander Anderson Real Estate Group, represented the tenant.

March 31, 2023

Affordable Housing Development Loans Massachusetts Multifamily Northeast Top Stories

MassDevelopment Issues $151M in Bond Financing for Affordable Housing Projects Near Boston

by Jeff Shaw March 31, 2023

BOSTON — MassDevelopment, Massachusetts’ state development finance agency and land bank, has issued $151.7 million in tax-exempt bonds to public housing authorities in the Boston suburbs of Brookline, Cambridge, Framingham and Medford. The proceeds will be used to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing homelessness. Additionally, the bonds will be used to create 46 new affordable apartments as well as to upgrade common areas, infrastructure, safety systems and landscaping. Brookline Housing Authority will use $40 million in proceeds to renovate the Sussman House Apartments in the southwest Boston suburb of Brookline. The community is a 100-unit complex that was built in 1969. Renovations include installing a new roof, windows and exterior cladding system; replacing the central heating and cooling system; upgrading elevators and unit interiors; and a new community room. Cambridge Housing Authority will use $21 million in proceeds to renovate and expand its building at 116 Norfolk St. in Cambridge, which is across the Charles River from Boston. The property, which was built in 1920, will be converted from 38 single-room units into studio apartments with their own kitchens and full bathrooms. Additionally, the project calls for 24 …

March 31, 2023

Development Industrial New York Northeast Self-Storage

Manhattan Mini Storage Underway on 1,200-Unit Redevelopment Project on Upper East Side

by Taylor Williams March 30, 2023

NEW YORK CITY — Manhattan Mini Storage is underway on a self-storage redevelopment project on the Upper West Side that will add 1,200 units to the local supply. The company, which is owned by Missouri-based developer and operator StorageMart, plans to redevelop the site of the former CMX Cinema into a six-story self-storage building that offers 65,000 net rentable square feet of space. The project, which is slated for a 2024 completion, will also function as an addition to Manhattan Mini Storage’s existing facility at 420 E. 62nd St.

March 30, 2023

Leasing Activity New York Northeast Office

Law Firm Signs 157,808 SF Office Lease in Midtown Manhattan

by Taylor Williams March 30, 2023

NEW YORK CITY — Washington, D.C.-based law firm Venable LLP has signed a 157,808-square-foot office lease at 151 West 42nd Street in Midtown Manhattan. The lease term is 15 years, and the deal represents a consolidation from the firm’s previous two offices at 1270 and 1290 Avenue of the Americas. About 270 people will work in the new office, which spans the 48th through 52nd floors, as well as space on the concourse level. Newmark represented Venable in the lease negotiations. The Durst Organization owns the building.

March 30, 2023

Acquisitions New Jersey Northeast Office

Gilbane Development Sells 100,925 SF Office Building in Princeton, New Jersey

by Taylor Williams March 30, 2023

PRINCETON, N.J. — Rhode Island-based Gilbane Development Co. has sold Crossroads Corporate Center, a 100,925-square-foot office building in Princeton. The three-story building was constructed on 45 acres in 1991 and has been renovated multiple times over the ensuing years. Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Thomas Romano, J.B. Bruno and Jason Lundy of JLL represented Gilbane in the transaction. A joint venture led by Simone Realty purchased Crossroads Corporate Center for an undisclosed price.

March 30, 2023

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