Northeast

Newmark Brokers $11M Sale of Downtown Boston Office Building

by Taylor Williams November 1, 2023

BOSTON — Newmark has brokered the $11 million sale of a 73,000-square-foot office building located at 186 Lincoln St. in downtown Boston. The nine-story building recently underwent $5 million in capital improvements and was roughly 50 percent leased at the time of sale. Tenants include CozyKin, SmartSense by Digi, Full Contact Advertising and Mightier. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Joseph Alvarado of Newmark represented the undisclosed seller in the transaction and procured the buyer, locally based investment firm City Realty Group.

November 1, 2023

Industrial Leasing Activity Northeast Pennsylvania

Westinghouse to Open 87,420 SF Industrial Facility Near Pittsburgh, Create 40 Jobs

by Taylor Williams November 1, 2023

ETNA, PA. — Electric products and services provider Westinghouse will open an 87,420-square-foot industrial facility in Etna, located northeast of downtown Pittsburgh, a move that will add about 40 jobs and $18 million in capital investment to the local economy. Westinghouse will use the space at 51 Bridge St. to manufacture various electrical components and advance clean energy initiatives. New York-based private equity firm The AM Group owns the building. Construction began earlier this year and is slated for a first-quarter 2024 completion.

November 1, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $120M Loan for Refinancing of Manhattan Hotel

by Taylor Williams October 31, 2023

NEW YORK CITY — An affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $120 million loan for the refinancing of the 341-room Renaissance Hotel in Manhattan’s Chelsea neighborhood. The hotel features a variety of rooms and suites, a fitness center, meeting space and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the loan through an undisclosed life insurance company on behalf of the borrower, locally based developer LAM Generation.

October 31, 2023

Development Industrial Massachusetts Northeast Self-Storage

Basis Industrial Delivers 806-Unit Self-Storage Facility in Plymouth, Massachusetts

by Taylor Williams October 31, 2023

PLYMOUTH, MASS. — Basis Industrial has delivered an 806-unit self-storage facility in Plymouth, located in southern Massachusetts at the base of Cape Cod. The three-story facility spans 111,000 gross square feet of climate-controlled space and was completed in phases, with construction beginning in March 2022. Basis Industrial has engaged Public Storage to operate the facility.

October 31, 2023

Development Massachusetts Multifamily Northeast

Nauset Construction Completes 94-Unit Multifamily Project in Somerville, Massachusetts

by Taylor Williams October 31, 2023

SOMERVILLE, MASS. — Locally based general contractor Nauset Construction has completed Union 346, a 94-unit multifamily project located outside of Boston in Somerville. Designed by ICON Architecture and developed by a partnership between John M. Corcoran & Co., Grossman Cos. and SMT Development, Union 346 rises four stories and houses studio and one-bedroom units, 18 of which are reserved as affordable housing. The property also features 2,000 square feet of retail space. Amenities include a fitness center, lounge with a kitchen and a rooftop deck. Information on starting rents was not disclosed.

October 31, 2023

Development Multifamily New York Northeast

Ginsburg Development Begins Leasing 58-Unit Multifamily Project in Haverstraw, New York

by Taylor Williams October 31, 2023

HAVERSTRAW, N.Y. — Ginsburg Development has begun leasing a 58-unit multifamily project in Haverstraw, about 35 miles north of New York City, that represents Phase II of a larger development known as Admirals Cove. Units come in one-, two- and three-bedroom floor plans and are housed across two four-story buildings. Amenities include a pool, fitness center, Zen garden, outdoor grilling and dining stations and a playground. Rents start at $2,530 per month for a one-bedroom apartment. Phase I of Admirals Cove opened in June and is now 90 percent leased.

October 31, 2023

Acquisitions Multifamily New York Northeast

ERG Commercial Negotiates $2.9M Sale of Yonkers Apartment Building

by Taylor Williams October 31, 2023

YONKERS, N.Y. — New York City-based brokerage firm ERG Commercial Real Estate has negotiated the $2.9 million sale of a 16-unit apartment building in Yonkers, located north of Manhattan. The four-story building at 15 Locust Hill Ave. was originally constructed in 1927. Mary Guarino of ERG Commercial represented the buyer and seller, both of which were locally based entities that requested anonymity, in the transaction.

October 31, 2023

Development Multifamily New York Northeast

Durst Organization Tops Out 647-Unit Multifamily Project in Queens

by Taylor Williams October 30, 2023

NEW YORK CITY — The Durst Organization has topped out 20 and 30 Halletts Point, a 647-unit multifamily project in the Astoria neighborhood of Queens. The complex consists of a 27-story building and a 32-story building that are part of the larger Halletts Point mixed-use development, which will eventually total more than 2,000 residential units. Residences will come in studio, one- and two-bedroom formats. Amenities will include a fitness center, rooftop terraces, resident lounges and a children’s play area, as well as ground-floor retail space and onsite parking. Urban Atelier Group is the general contractor for 20 and 30 Halletts Point, which are slated for 2025 deliveries.

October 30, 2023

Development Life Sciences New York Northeast Office

New York Blood Center to Open 187,000 SF Office, Life Sciences Facility in Rye, New York

by Taylor Williams October 30, 2023

RYE, N.Y. — The New York Blood Center will open a 187,000-square-foot office and life sciences facility in Rye, a northern suburb of New York City. The 14.8-acre site at 601 Midland Ave. formerly housed an office and data center facility for cosmetics giant Avon, that has now been vacant for about four years. The Westchester County Local Development Corp. has approved a $52 million, tax-exempt bond for the redevelopment, which will include new HVAC, electrical systems, windows and roofing. The façade and landscaping will also be upgraded, and new clinical and research laboratories will be added. The $108 million project is estimated to take 12 to 18 months to complete.

October 30, 2023

12-18-Vanderhoof-Ave.-Denville-New-Jersey

Development Industrial New Jersey Northeast

JLL Secures Joint Venture Equity for 119,250 SF Industrial Project in Denville, New Jersey

by Taylor Williams October 30, 2023

DENVILLE, N.J. — JLL has secured joint venture equity for a 119,250-square-foot industrial project that will be located in the Northern New Jersey community of Denville. The site at 12-18 Vanderhoof Ave. spans 19 acres, and the facility will offer a clear height of 36 feet, 18 loading bays, one drive-in door and parking for 52 cars and 13 trailers. Marc Duval, Jason Lundy, Jordan Avanzato, Nicholas Stefans and Jose Cruz of JLL worked on behalf of the sponsor, Cervenka Development Partners, to arrange the equity partnership with global investment manager Monocle Group.

October 30, 2023

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