Northeast

LOOK Dine-In Cinemas to Open Eight-Screen Theater in West Manhattan

by Taylor Williams February 20, 2023

NEW YORK CITY — Luxury moviegoing concept LOOK Dine-In Cinemas will open an eight-screen theater at 625 West 57th Street in Manhattan. The space spans 25,000 square feet within the 32-story residential building, which is owned by The Durst Organization. The venue will be the first in New York City for LOOK Dine-In Cinemas. Theaters will range in size from 20 to 172 seats to support small screenings and major premieres. Eric Engelhardt, Ashlea Aaron and Karen Rose internally represented the landlord in the lease negotiations. Beth Rosen of RIPCO and Joseph Harbor HWGA Group represented the tenant. An opening date was not disclosed.

February 20, 2023

Development Multifamily New Jersey Northeast

Garden Communities Delivers 175-Unit Apartment Complex in Toms River, New Jersey

by Taylor Williams February 20, 2023

TOMS RIVER, N.J. — New Jersey-based developer Garden Communities has delivered Green Meadows at Pleasant Plains, a 175-unit apartment complex in the coastal community of Toms River. The development features one-, two- and three-bedroom units, with the largest floor plan being 2,330 square feet. Private patios/balconies are available in select residences. Amenities include a pool, fitness center and a community room. The community is now 75 percent leased, with rents for available two- and three-bedroom units starting at $3,425 per month

February 20, 2023

Development Multifamily New Jersey Northeast

Park Stone, Fields Grade Complete 79-Unit Multifamily Project in Jersey City

by Taylor Williams February 20, 2023

JERSEY CITY, N.J. — A partnership between Park Stone Management and Fields Grade has completed Le Leo, a 79-unit multifamily project in Jersey City’s Journal Square neighborhood. Designed by Marchetto Higgins Stieve, Le Leo features studio, one- and two-bedroom apartments that are furnished with stainless steel appliances and quartz countertops. Amenities include a fitness center, resident lounge, rooftop terrace, conference room and a dog run. Rents start at approximately $2,500 per month for a studio.

February 20, 2023

Acquisitions Massachusetts Net Lease Northeast Retail

Marcus & Millichap Brokers $5.8M Sale of Net-Leased Retail Property in Saugus, Massachusetts

by Taylor Williams February 20, 2023

SAUGUS, MASS. — Marcus & Millichap has brokered the $5.8 million sale of a 17,069-square-foot retail property in Saugus, a northern suburb of Boston, that is net leased to Harbor Freight Tools. Gabriel Britti, Ricardo Esteves and Ronnie Issenberg of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also procured an undisclosed, national REIT as the buyer. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.

February 20, 2023

Leasing Activity New York Northeast Office

Law Firm Signs 16,375 SF Office Lease at 250 Broadway in Lower Manhattan

by Taylor Williams February 20, 2023

NEW YORK CITY — Law firm Pollack, Pollack, Isaac & DeCicco has signed a 16,375-square-foot office lease at 250 Broadway in Lower Manhattan. The 648,000-square-foot building recently underwent a lobby remodel and expansion. Anne Holker, Charles Borrok, Jonathan Fales, Frank Cento, Jonathan Fein and Michelle Mean of Cushman & Wakefield represented the landlord, AmTrust RE, in the lease negotiations. Eric Zemachson of Newmark represented the tenant.

February 20, 2023

Affordable Housing Loans Multifamily New York Northeast

Partnership Receives $100M Loan for Refinancing of Brooklyn Affordable Housing Complex

by Taylor Williams February 17, 2023

NEW YORK CITY — A partnership between The Community Preservation Corp. and Proto Property Services has received a $100 million loan for the refinancing of Riverdale Osborne Towers, a 525-unit affordable housing complex in Brooklyn. The property comprises four nine-story buildings, a preschool and 10,500 square feet of retail space. The partnership originally acquired the property in 2007 and immediately implemented a $39 million capital improvement program. A portion of the proceeds of this loan, which was originated by Rockport Mortgage Corp. through HUD’s 223(f) program, will also be used to fund renovations of kitchens and bathrooms and preserve the property’s affordability status.

February 17, 2023

Development Loans Multifamily Northeast Pennsylvania

JLL Arranges $77.5M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams February 17, 2023

PHILADELPHIA — JLL has arranged a $77.5 million construction loan for a 466-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. Phase I of the development will deliver 279 units, a parking garage and 8,450 square feet of retail space. Amenities will include a pool, fitness center, theater, coworking space, dog run and a convenience mart. Michael Klein, Tom Didio and Ryan Ade of JLL arranged the loan through an undisclosed life insurance company on behalf of the borrower and developer, Saxum Real Estate. A construction timeline was not disclosed.

February 17, 2023

100-Technology-Way-Smithfield-Rhode-Island

Acquisitions Life Sciences Massachusetts Northeast

Davis Cos. Acquires 122,000 SF Life Sciences Facility in Smithfield, Rhode Island

by Taylor Williams February 17, 2023

SMITHFIELD, R.I. — Boston-based investment firm The Davis Cos. has acquired a 122,000-square-foot life sciences facility at 100 Technology Way in Smithfield, a northwestern suburb of Providence. The acquisition includes a vacant 15.5-acre parcel that can support an additional 175,000 square feet of new development. The seller was Rubius Therapeutics, which most recently used the facility for the development of gene and cell therapy treatments. Davis has hired Newmark to market the facility for lease.

February 17, 2023

Development Multifamily Northeast Pennsylvania

Odin Properties, RAM Development Break Ground on 31-Unit Multifamily Project in Philadelphia

by Taylor Williams February 17, 2023

PHILADELPHIA — A partnership between two locally based firms, Odin Properties and RAM Development, has broken ground on Front Street Lofts, a 31-unit multifamily project in Philadelphia’s Norris Square neighborhood. The six-story building will house studio, one- and two-bedroom units as well as ground-floor commercial space. Completion is slated for fall 2024.

February 17, 2023

Healthcare Leasing Activity New Jersey Northeast

Brave Wings Therapy Signs 12,954 SF Medical Office Lease in Fairfield, New Jersey

by Taylor Williams February 17, 2023

FAIRFIELD, N.J. — Brave Wings Therapy has signed a 12,954-square-foot medical office lease in the Northern New Jersey community of Fairfield. The pediatric speech therapy services provider has committed to Airport Executive Center, a four-story, 88,000-square-foot building that is owned by Bergman Real Estate Group. Andrew Kirshenbaum of NAI James E. Hanson represented Brave Wings Therapy in the lease negotiations.

February 17, 2023

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