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Northeast

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LoansNew YorkNortheastOfficeTop Stories

Fisher Brothers, Blackstone Receive $850M CMBS Refinancing for Midtown Manhattan Office Tower

by Taylor Williams

NEW YORK CITY — Fisher Brothers and Blackstone Real Estate have received $850 million in CMBS debt for the refinancing of 1345 Avenue of the Americas, a 50-story office tower in Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase and Citibank provided the debt to the locally based co-investors. The refinancing was executed as part of a larger recapitalization of the 2 million-square-foot building, which also saw funds backed by Blackstone acquire a 46 percent interest in the property at a valuation of $1.4 billion. Fisher Brothers also increased its majority ownership of the asset as part of the transaction. The building was 92 percent leased at the time of the loan closing, with nearly 1.1 million square feet of leases signed since 2023. Tenants include the Intercontinental Exchange, Equitable Financial, Fortress Investment Group and law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP. Fisher Brothers completed a $120 million capital improvement project at 1345 Avenue of the Americas in 2021. Designed by Skidmore, Owings & Merrill, the project upgraded the building’s exterior, redesigned the lobby with touchless elevators and added a new amenity floor with flexible meeting space, a tenant lounge, wellness center and an indoor terrarium. “The completion of …

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheastSeniors Housing

WinnCos. to Undertake Affordable Seniors Housing Renovation Project in Plainfield, New Jersey

by Taylor Williams

PLAINFIELD, N.J. — Regional owner-operator WinnCos. will undertake an affordable seniors housing renovation project in the Northern New Jersey community of Plainfield. Designed by New Jersey-based Inglese Architecture & Engineering, the project will modernize the 225-unit Richmond Towers and the 128-unit Joanne Hollis Gardens complexes and preserve the properties’ status as affordable for residents earning 30 percent or less of the area median income. Richmond Towers was built more than 50 years ago and features two 12-story towers housing 135 studio apartments and 90 one-bedroom apartments. Built in 1954 as West End Gardens, Joanne Hollis Gardens was rededicated in 2015 to posthumously honor the longtime resident who served as Plainfield housing commissioner and city councilwoman. The two-story, garden-style complex offers 16 one-bedroom, 66 two-bedroom, 32 three-bedroom and 14 four-bedroom apartments. WinnCos. is developing the project in partnership with the Housing Authority of Plainfield.

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IndustrialLeasing ActivityNew YorkNortheast

Newmark Secures 154,000 SF Industrial Lease in Burlington, New Jersey

by Taylor Williams

BURLINGTON, N.J. — Newmark has secured a 154,000-square-foot industrial lease in Burlington, located outside of Philadelphia in Southern New Jersey. According to LoopNet Inc., the newly constructed building at 1804 River Road features a cross-dock configuration, a clear height of 36 feet, two drive-in bays, 50 exterior dock doors and 229 car parking spaces. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, automotive parts supplier GMB North America, in the lease negotiations. The name and representative of the landlord were not disclosed.

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AcquisitionsConnecticutMultifamilyNortheast

NEPCG Arranges $8.5M Sale of Student Housing Complex in Danbury, Connecticut

by Taylor Williams

DANBURY, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of 62 Chestnut Street, a 36-unit student housing complex that serves Western Connecticut State University in Danbury. Built in 2010, the property offers townhome-style units that come in two- and three-bedroom floor plans, some of which include attached garages. Jeff Wright and Rich Edwards of NEPCG represented the seller, a Connecticut-based developer, in the transaction. The buyer was not disclosed.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $4.7M Sale of Multifamily Property in Belleville, New Jersey

by Taylor Williams

BELLEVILLE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.7 million sale of a 28-unit multifamily property in the Northern New Jersey community of Belleville. The property at 5-22 Carpenter Terrace consists of seven buildings that each house four units, several of which have value-add potential. Matt Weilheimer and Tom Scatuorchio of Kislak represented the seller, an entity doing business as Belleville28 LLC, in the transaction. The duo also procured the buyer, Rodani Homes LLC.

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DevelopmentNortheastPennsylvaniaRetail

Emory Hill Construction Completes Renovation of 26,520 SF Goodwill Store in Aston, Pennsylvania

by Taylor Williams

ASTON, PA. — Delaware-based Emory Hill Construction has completed the renovation of a 26,520-square-foot Goodwill store in Aston, a southwestern suburb of Philadelphia. Big Lots formerly occupied the space, which is located within Village Green Shopping Center. The redesigned layout features a 20,408-square-foot sales floor, a 5,830-square-foot processing area and a 1,209-square-foot mezzanine area that houses an employee breakroom, restrooms, manager’s office and server room.

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DevelopmentIndustrialNortheastPennsylvania

TCC Breaks Ground on 376,000 SF Industrial Project in Carroll Township, Pennsylvania

by Taylor Williams

CARROLL TOWNSHIP, PA. — Trammell Crow Co. (TCC) has broken ground on York County Trade Center, a 376,000-square-foot industrial project in Carroll Township, a southwestern suburb of Harrisburg. The site spans 35 acres, and the building will feature a cross-dock configuration, a clear height of 40 feet, 80 dock doors and 3,600 square feet of office space. Ware Malcomb is the project’s architect, and Conewago Enterprises is the general contractor. KBC Advisors will market the property for lease. Completion is scheduled for April 2026.

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AcquisitionsDevelopmentMultifamilyNew JerseyNortheast

JLL Brokers $25M Sale of Multifamily Development Site in Paramus, New Jersey

by Taylor Williams

PARAMUS, N.J. — JLL has brokered the $25 million sale of a multifamily development site in the Northern New Jersey community of Paramus. The site is located along Forest Avenue within Bergen Town Center. The buyer, a joint venture between Russo Development and KRE Group, plans to develop 426 units on the site in two phases. Plans also call for Class A amenities and about 5,000 square feet of retail space. Jose Cruz, Ryan Robertson, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Urban Edge Properties, in the transaction.

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IndustrialLeasing ActivityNew JerseyNortheast

Newmark Arranges 150,000 SF Industrial Lease in Hamilton, New Jersey

by Taylor Williams

HAMILTON, N.J. — Newmark has arranged a 150,000-square-foot industrial lease in the Central New Jersey community of Hamilton. According to LoopNet Inc., the newly constructed building at 40 Enterprise Ave. features a clear height of 40 feet, two drive-in bays, 46 exterior dock doors and 141 car parking spaces. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, CEVA Logistics, in the lease negotiations. The name and representative of the landlord were not disclosed.

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Build-to-RentDelawareDevelopmentNortheastSingle-Family Rental

JLAM Underway on 102-Unit Build-to-Rent Residential Project in Lewes, Delaware

by Taylor Williams

LEWES, DEL. — JLAM, an investment and development firm with offices in Delaware and Charlotte, is underway on construction of Lightkeeper’s Village, a 102-unit build-to-rent residential project in the coastal Delaware city of Lewes. The community will feature one-, two- and three-bedroom units and amenities such as a clubhouse, pool, fitness center and common green spaces. The design/build team includes Schell Brothers, regional architecture firm Union, Christiana Excavating and engineering firm Davis, Bowen & Friedel. Leasing is expected to begin before the end of the year.

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