Northeast

Greystone Provides $257.2M Refinancing for 1,155-Unit The Beacon Apartments in Jersey City

by John Nelson March 14, 2023

JERSEY CITY, N.J. — Greystone, a privately held commercial real estate financial services firm, has provided a $257.2 million loan for The Beacon, a six-building apartment complex in Jersey City totaling 1,155 units. The borrower, Building and Land Technology (BLT), is using the loan to refinance the construction loan stemming from the project’s adaptive reuse of a historic hospital. The Beacon opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Judah Rosenberg of Greystone originated the Freddie Mac loan, which features a 10-year term and fixed interest rate. John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Brian Whitmer, Niko Nicolaou and David Bernhaut of Cushman & Wakefield arranged the financing on behalf of BLT. “The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” says Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live-work-play environment.” Situated on 14 acres near Jersey City’s Journal Square, McGinley Square and Bergen Lafayette neighborhoods, The Beacon is located within two …

March 14, 2023

Lincoln-Equities-Valley-Cottage-New-York

Development Industrial New York Northeast

Lincoln Equities Breaks Ground on 220,000 SF Spec Industrial Project in Valley Cottage, New York

by Taylor Williams March 13, 2023

VALLEY COTTAGE, N.Y. — Lincoln Equities has broken ground on a 220,000-square-foot speculative industrial project in Valley Cottage, about 30 miles north of Manhattan. The warehouse and distribution center will be situated on a 23-acre site within Executive Park. Building features will include a clear height of 36 feet, 34 loading docks, two drive-in doors, 41 trailer stalls and parking for 123 cars. Completion is scheduled for the third quarter. JLL has been tapped as the leasing agent. According to the development team, the project represents the first speculative logistics facility to be built in Rockland County since 2009.

March 13, 2023

Leasing Activity Life Sciences Massachusetts Northeast

SmartLabs to Open 140,000 SF Flexible Space at CambridgeSide in Metro Boston

by Taylor Williams March 13, 2023

CAMBRIDGE, MASS. — SmartLabs, which designs, builds and operates multifunctional labs, will open a 140,000-square-foot flexible lab and office space at CambridgeSide, a mixed-use mall redevelopment located across the Charles River from Boston. The spaces will be located on the third floor and will be customizable to accommodate life sciences companies from fewer than 10 to more than 100 employees. The facility, which will be the fourth in the Boston area for SmartLabs, is slated to open in late 2024. A partnership between New England Development and a client advised by UBS Asset Management owns CambridgeSide.

March 13, 2023

Leasing Activity New York Northeast Office

Touro University to Expand Academic Campus at 3 Times Square in Manhattan

by Taylor Williams March 13, 2023

NEW YORK CITY — Touro University, a nonprofit higher education institute, will expand its academic campus at 3 Times Square in Midtown Manhattan. Touro, which originally leased seven full floors and portions of the ground and second floors totaling 243,305 square feet, is now adding 66,438 square feet on the 10th and 11th floors. Locally based investment firm Rudin owns 3 Times Square, which is currently in the midst of a capital improvement program. Richard Bernstein of Cushman & Wakefield, in conjunction with Touro internal agent Jeffrey Rosengarten, represented the university in the lease negotiations. Tom Keating of Rudin, along with Ron Lo Russo and Heather Thomas of Cushman & Wakefield, represented ownership.

March 13, 2023

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $7M Sale of Northern New Jersey Gas Station

by Taylor Williams March 13, 2023

SOMERSET, N.J. — Marcus & Millichap has brokered the $7 million sale of a gas station and convenience store located in the Northern New Jersey community of Somerset. QuickChek occupies the property, which is located immediately off I-287. Matthew Klang and Michael Tuccillo of Marcus & Millichap represented the undisclosed seller and developer in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal, additional terms of which were not disclosed, as the broker of record.

March 13, 2023

Industrial Leasing Activity Massachusetts Northeast

DCNE Signs 70,337 SF Industrial Lease in Avon, Massachusetts

by Taylor Williams March 13, 2023

AVON, MASS. — DCNE, a wholesale distributor of HVAC systems, has signed a 70,337-square-foot industrial lease in the southern Boston suburb of Avon. The single-tenant property at 54 Bodwell St. sits on 4.6 acres and features 13 loading docks and a customer showroom. Ovar Osvold, Sean Hannigan and Kevin Brawley of Colliers represented DCNE and the landlord, DH Property Holdings, in the lease negotiations.

March 13, 2023

Development Loans Multifamily New York Northeast Top Stories Walker & Dunlop

Walker & Dunlop Arranges $131M Construction Loan for Queens Multifamily Project

by Taylor Williams March 13, 2023

NEW YORK CITY — Walker & Dunlop has arranged a $131 million construction loan for a 240-unit multifamily project that will be located in the Long Island City area of Queens. The site at 23-10 42nd Road lies at the convergence of the borough’s Court Square and Queens Plaza districts. Preliminary sitework was completed last fall, and the development team expects to fully deliver the building in summer 2025. Apartments will be available in studio, one- and two-bedroom formats and will feature Class A finishes. Residents will have access to more than 15,000 square feet of indoor and outdoor amenities, including a fitness center, coworking spaces, sky lounge and multiple amenity terraces, all with views of the Manhattan skyline. A syndicate led by Corebridge Financial (formerly AIG) and Los Angeles-based PCCP LLC provided the floating-rate loan, specific terms of which were not disclosed. The borrower is locally based developer Werwaiss Properties, which has partnered with Albanese Development Corp. on the project. “This thoughtfully conceived residential tower in one of New York’s most rapidly growing, transit-rich neighborhoods will help create additional market-rate and attainable housing options in New York City,” says Brian Haber, managing director at PCCP. Jonathan Schwartz, Aaron Appel, …

March 13, 2023

Development New York Northeast Office

Partnership Nears Completion of $350M Redevelopment of Manhattan Office Building

by Taylor Williams March 10, 2023

NEW YORK CITY — A partnership between Tribeca Investment Group, Meadow Partners and PGIM Real Estate is nearing completion of the $350 million redevelopment of 295 Fifth Avenue, a 19-story office building in Midtown Manhattan. The 710,000-square-foot building was constructed in 1920 and is known as The Textile Building for its previous function as a showroom for those products. Designed by Studio MAI, the redevelopment involves a gut renovation of the lobby, the addition of two penthouse-level floors and various upgrades to common areas and mechanical systems. The partnership also recently received $150 million in financing to fund the capital improvements.

March 10, 2023

Industrial Leasing Activity Northeast Pennsylvania

Can Corp. of America Signs 114,550 SF Industrial Lease in Reading, Pennsylvania

by Taylor Williams March 10, 2023

READING, PA. — Steel packaging manufacturer Can Corp. of America has signed a 114,550-square-foot industrial lease at Route 61 Distribution Center in Reading, about 65 miles northwest of Philadelphia. The building at 184 Tuckerton Road spans 392,030 square feet and is now fully leased. Paul Touhey, Sean Bleiler and Abraham Kromah of CBRE represented the landlord, Endurance Real Estate, in the lease negotiations. The tenant representative was not disclosed.

March 10, 2023

Acquisitions Industrial Northeast Pennsylvania

Velocity Venture Partners Acquires 94,280 SF Industrial Property in Bensalem, Pennsylvania

by Taylor Williams March 10, 2023

BENSALEM, PA. — Locally based investment firm Velocity Venture Partners has acquired a 94,280-square-foot industrial property in Bensalem, about 20 miles northeast of Philadelphia. ProCorr Display & Packaging, a manufacturer of corrugated boxes and other packaging materials, occupies the entirety of the building at 2260 State Road, which features a clear height of 20 feet and three drive-in doors. Carl Neilson and Andrew McGhee of Colliers represented the undisclosed seller in the transaction and procured Velocity as the buyer.

March 10, 2023

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