EDGEWOOD, N.Y. — Uncle Giuseppe’s Marketplace has purchased a 53,600-square-foot industrial building in Edgewood, located on Long Island, for $13.5 million. The building sits on a 3.3-acre site at 77 Rodeo Drive and features a clear height of 26 feet, one drive-in door, 70 parking spots and 12,500 square feet of office space. Frank Frizalone, Nick Gallipoli, Thomas DeLuca and John Giannuzzi of Cushman & Wakefield represented the undisclosed seller in the transaction. Paramount Properties Group represented Uncle Giuseppe’s.
BURLINGTON, N.J. — New Jersey-based investment firm Aspen Real Estate has sold Bromley Corporate Center, a 57,900-square-foot industrial building in the Southern New Jersey community of Burlington, for $8.5 million. According to LoopNet Inc., the property was built in 1989. The building also recently underwent a comprehensive redevelopment to be re-converted from office back to its original industrial use. Ian Richman and Ross Abramsohn of Colliers represented Aspen in the transaction. The buyer was not disclosed.
CAMBRIDGE, MASS. — Marcus & Millichap has brokered the $6.6 million sale of Ellery Apartments, a 14-unit multifamily building in Cambridge, located across the Charles River from Boston. Originally constructed in 1880, the three-story building at 84-86 Ellery St. houses four studios and 10 one-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a private family, in the transaction and procured the buyer. Both parties requested anonymity.
NEW YORK CITY — A joint venture between Fetner Properties, MCB Real Estate and Farallon Capital Management has acquired Verdant Fort Greene, a residential building located within the Fort Greene neighborhood of Brooklyn, for $209 million. M&T Realty Capital Corp. (MTRCC) provided a $141.5 million senior loan for the transaction. Situated at 240 Willoughby St., the 30-story, mixed-income complex features 463 units, 147 of which are designated for affordable housing. The joint venture purchased Verdant Fort Greene and assumed the ground lease at construction completion and prior to lease-up. The property was 25 percent leased at the time of sale, according to Fetner. “We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market-rate housing to the city,” says Hal Fetner, president and CEO of Fetner Properties. The complex, which is located directly across from Fort Green Park, offers studios, one- and two -bedroom floorplans ranging in size from 370 square feet to 792 square feet, with the top four floors featuring penthouse suites. Apartments also offer private terraces, floor-to-ceiling windows, custom integrated Bluetooth speaker systems and in-unit washers/dryers. Additionally, Verdant Fort Greene features more than 30,000 …
ROSLYN, N.Y. — Cushman & Wakefield has brokered the $31 million sale of a mixed-use property in Roslyn, located on Long Island in Nassau County. Built in 2016, Roslyn Lumber Yard comprises 25 luxury residential duplex units and 60,648 square feet of retail space. Retail tenants include the Roslyn Salt Cave, Bout Boxing & Fitness, Northeast Financial Network and Great Shapes Swimwear. Rob Kuppersmith, Dan Abbondandolo, Joegy Raju and Victor Little of Cushman & Wakefield represented both the seller, developer Lumber Earth Realty, and procured the buyer, GB Family Holdings, in the transaction.
PHILADELPHIA — Newmark has arranged the $24.5 million sale of a 95-unit apartment building in the Logan Square neighborhood near downtown Philadelphia. The six-story building at 1600 Callowhill St. was originally constructed in 1926 (renovated in 2019) and offers 2,500 square feet of retail space. According to Apartments.com, units come in studio, one- and two-bedroom floor plans that range in size from 504 to 1,225 square feet, and amenities include a fitness center, sundeck and package handling services. Erin Miller, Steven Schultz and Chris Koehler of Newmark represented the seller, Ivy Realty, in the transaction. The buyer was Turio Residential Co.
NEWPORT, R.I. — Locally based landlord Procaccianti Cos. will develop a 91-room hotel in the coastal Rhode Island city of Newport. TPG Hotels & Resorts will operate the property as The Bellevue Hotel, which is part of its INTERA Collection family of brands. Plans for the project call for multiple food-and-beverage venues, spa and wellness facilities and underground parking to expand the street-level pedestrian experience. Lastly, the building’s three-story structure will incorporate Juliet balconies, with interior rooms overlooking the garden. Procaccianti has received all necessary permit and approvals, and construction is set to begin late this year and to be complete in early 2027.
BAYONNE, N.J. — Turnbridge Equities, an investment firm with four offices across the country, has begun the $12 million repositioning of Bayonne Distribution Center, a 613,129-square-foot industrial complex in Northern New Jersey. The property consists of three buildings that range in size from 18,748 to 433,204 square feet and are situated on an 18-acre site that includes 2.3 acres of industrial outdoor storage space. Turnbridge acquired the property earlier this year and has tapped NAI James E. Hanson as the leasing agent.
NEW YORK CITY — TickPick, an online platform for buying and selling of fee-free event tickets, has signed a 17,000-square-foot office headquarters lease at One Penn Plaza in Midtown Manhattan. Alec Kirschner of Vestian, a global brokerage firm specializing in tenant representation, represented TickPick in the lease negotiations. Vornado Realty Trust owns the building and was self-represented.
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Multifamily, Seniors Housing Sectors Remain Positive Real Estate Performers
By Troy Marek, Regions Real Estate Capital Markets As we embark on the second half of 2025 amid some economic uncertainty, there are two bright spots within real estate. Both the multifamily and the seniors housing/healthcare sectors boast strong fundamentals and occupancies. RealPage data indicates 138,302 apartment units were absorbed in the first quarter, and NIC MAP data shows a seniors housing occupancy increase to 87.4 percent, or 621,000 occupied units over the same period. This suggests strong demand in both critical housing sectors, at the same time new supply is slowing. Interest Rates Drive Lending Activity Agencies Freddie Mac, Fannie Mae and HUD remain the primary loan providers supporting these two asset classes today. Unsurprisingly, interest rates heavily impact lending activity. Since the Federal Reserve decided to hold rates steady in May, sector experts have been closely watching employment and inflation data, as well as tariff impacts, as all three have the power to influence the Fed to lower rates later this year. With the Federal Reserve deciding to hold rates as-is in June, industry players will continue to keep an eye on the data. Once rates are brought down some, perhaps later this year, multifamily and seniors housing/healthcare …