NEW YORK CITY — Serendipity Labs, a provider of flexible workspace solutions, will open a 41,000-square-foot space at 205 East 42nd Street, a 532,000-square-foot building in Midtown Manhattan. The lease term is 10 years. The space encompasses three floors and can support up to 450 desks and 100 people. Robert Becker and Lauren Ferrentino internally represented the landlord, The Durst Organization, in the lease negotiations. Michael Berman of JLL represented Serendipity Labs. An opening date was not disclosed.
CHATHAM, N.J. — Helping Hands Family, a provider of support services for children with autism, has signed a 4,830-square-foot medical office lease in the Northern New Jersey community of Chatham. The single-tenant building includes 14 parking spaces. Zach Schwartz of MSC Retail represented the tenant in the lease negotiations. Andrew Kirshenbaum of NAI James E. Hanson represented the landlord, an entity doing business as 330 Main Street Chatham LLC.
By Rod Olivero, senior director at Getzler Henrich It appears that the hybrid workforce is here to stay, leaving the future of traditional office space largely unknown. As return-to-office policies continue to evolve, an increasing number of companies are either embracing, or adjusting to, the reality that accommodating some level of remote workforce is now an inevitability. When workers packed up their laptops and work documents and walked out of their offices in March 2020 in compliance with U.S. stay at home mandates, few employer/tenants, landlords or lenders could have imagined what would ensue. The state of the workforce today isn’t merely a function of employees not wanting to return to an office environment on either a full- or part-time basis. In more cases than one might imagine, companies are coming to realize that they can, in fact, operate effectively and with great efficiency under some level of remote worker scenario. Collectively, these businesses occupy tens of millions of square feet of office space in some of the nation’s most historically valuable urban real estate markets. Regardless of their motivation, as more companies embrace or acquiesce to the reality of remote work, companies have started to shrink their physical footprint …
WOODBRIDGE, N.J. — JLL has arranged a $43.2 million loan for the refinancing of St. Georges Crossing, a 343,423-square-foot shopping center located in the Northern New Jersey community of Woodbridge. Grocer ShopRite, which recently renewed its lease, anchors the center, which was fully leased at the time of sale. Other tenants include P.C. Richard & Son, PetSmart and T.J. Maxx. Jim Cadranell, Greg Nalbandian and Salvatore Buzzerio arranged the 12-year, fixed-rate loan through PGIM Real Estate on behalf of the borrower, Levin Properties LP.
BASKING RIDGE, N.J. — New Jersey-based developer Garden Communities has completed the second phase of The Enclave at Dewy Meadows, a 198-unit multifamily project in the Northern New Jersey community of Basking Ridge. Phase I of the project comprised 90 units, and the latest phase added another 108 apartments. Residences come in one-, two- and three-bedroom floor plans and include individual washers and dryers, as well as private balconies/patios in select units. The amenity package comprises a pool, courtyards, fitness center, two lounges, business center, dog park, card room and a children’s play area. Rents start at $2,700 per month for a one-bedroom unit.
PLYMOUTH MEETING, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has sold a 65,155-square-foot retail property leased to Whole Foods Market in Plymouth Meeting, a northwestern suburb of Philadelphia, for $27 million. The store, which is located within Plymouth Meeting Mall, features a taco truck, rooftop patio, onsite pub and private event/meeting space. Jim Galbally, Chris Munley and Colin Behr of JLL represented PREIT in the transaction. The buyer was an undisclosed institutional investment firm.
WHITESTONE, N.Y. — Cushman & Wakefield has brokered the $12.1 million sale of a 4.6-acre industrial outdoor storage site in Whitestone, located north of Queens. The site, which is also zoned to support 121,882 square feet of industrial development, comprises six lots that are leased to 12 tenants on short-term bases. Daniel Abbondandolo, Robert Kuppersmith and Joegy Raju of Cushman & Wakefield represented the undisclosed seller in the transaction. Brian Sarath, also with Cushman & Wakefield, represented the buyer, Top Rock Holdings.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $6.7 million sale of a 22-unit multifamily property in the Pelham Bay area of The Bronx. The seven-story building offers one-, two- and three-bedroom units, includes 11 parking spots and was fully occupied at the time of sale. Daniel Mahfar, Jason Gold and Victor Sozio of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
By Ben Starr, partner at Atlantic Retail As the retail real estate industry seeks to understand what may lie ahead in 2023, a study of the wild ride it took in 2022 will likely produce the best clues. As early as March of last year, it was clear that 2022 would be a year of activity like none of the prior 15. While headlines through the spring and summer emphasized a run-up in consumer prices and a recession hovering on the back of interest rate hikes, users of retail space intensified their pursuits of new opportunities, unbowed by the looming economic clouds. Everyone — traditional commodity retailers, direct-to-consumer concepts, restaurants, fitness users, medical and other services — was chasing deals. Whether small or large or in primary, secondary or tertiary markets, activity heated up with each new month. Reflecting Larger Trends With its dense middle-class demographics, close proximity to Boston and high traffic counts, Saugus has historically been in high demand among category killers as well as high-profile service and restaurant operators. Though its local mall, Square One, has struggled as larger, more regional malls rose in upscale neighboring markets, the heavily traveled Route 1 corridor has remained one of …
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Arbor Report Finds Rental Housing Insulated from Economic Contraction, Risk Factors Endure
— By Ivan Kaufman, founder, chairman and CEO of Arbor Realty Trust, Inc.; and Sam Chandan, a professor of finance and director of the Chen Institute for Global Real Estate Finance at the NYU Stern School of Business Rental housing is uniquely positioned to withstand tremendous economic headwinds. Although some observers point to the slowdown in apartment rent growth as a sign of growing weakness, this trend is a cyclical feature that is not reflective of any structural change in the profile of demand or supply. It is normal to expect a period of slowing rent growth while there is uncertainty in the economic outlook. In-depth findings on these trends, plus a thorough economic outlook for 2023 and a complete breakdown of risk factors, are detailed in Arbor Realty Trust Special Report Spring 2023: Navigating a Corrective Environment, from which this article is excerpted. While no asset class is immune from the challenges of higher interest rates, the presence of amortization, which spreads out a loan into a series of fixed payments over time, makes the multifamily sector less likely to see mounting distress. All Department of Housing and Urban Development (HUD)-conforming multifamily loans are fully amortizing. Moreover, Fannie …