NEW YORK CITY — Cushman & Wakefield has negotiated a 25,868-square-foot industrial lease near JFK International Airport in Queens. The tenant, logistics provider ECMS Express, is taking space at Inwood Logistics Center, a 10-building development. Rico Murtha, Helen Paul, Sonny Singh, Thomas Deluca, David Frattaroli, John Giannuzzi and Joseph Hentze Jr. represented the landlord, a partnership led by Onyx Equities, in the lease negotiations. Rusty Smith, also with Cushman & Wakefield, represented ECMS Express in the deal.
NEW YORK CITY — The Swedish Institute Inc. has signed a 17,610-square-foot office lease expansion in Manhattan’s Chelsea district. The organization, which specializes in health and wellness education, now occupies 57,678 square feet at 151 W. 26th St. The Swedish Institute also extended its original lease for 40,068 square feet for another 10 years. Mark Weiss of Cushman & Wakefield represented the tenant in the lease negotiations. Max Koeppel represented the landlord, Koeppel Rosen LLC, on an internal basis.
NEW YORK CITY — A partnership between Connecticut-based Cross Ocean Partners and Dallas-based Lincoln Property Co. has acquired the leasehold interest in 470 Vanderbilt Avenue, a 650,000-square-foot office building in downtown Brooklyn. According to LoopNet Inc., the 10-story building was originally constructed in 1931 and last renovated in 2012. The building was fully leased at the time of sale, with the New York City Human Resources Administration and New York City Housing Authority serving as the longstanding anchor tenants. The seller and sales price were not disclosed, but Crain’s New York Business reports that the seller was local real estate giant RXR and the price was approximately $70 million.
MARLBOROUGH, MASS. — Locally based developer The Procopio Cos. has topped out 57 Main, a 92-unit multifamily project located in the western Boston suburb of Marlborough. Designed by The Architectural Team and built by Angus Construction, 57 Main will feature 52 one-bedroom apartments and 40 two-bedroom apartments, as well as 3,220 square feet of ground-floor retail space and a landscaped courtyard facing Union Park. Completion is slated for next spring.
RED BANK, N.J. — A limited liability company doing business as Thrive RB LLC has broken ground on a 32-unit multifamily project in the Northern New Jersey community of Red Bank, located near the Jersey Shore. Known as THRIVE Red Bank, the three-story building is being developed as housing for neurodivergent individuals. Five units will be subject to income restrictions, and the remainder will be private-pay housing. Completion is slated for 2027.
NEW YORK CITY — Marcus & Millichap has brokered the $10.4 million sale of a 34-unit apartment building on Manhattan’s Upper East Side. The five-story building at 234-236 E. 88th St. was originally constructed in 1920. Joe Koicim and Logan Markley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CHESHIRE, CONN. — Locally based brokerage firm O,R&L Commercial has arranged the $2.7 million sale of Country Plaza, a 26,000-square-foot office and retail complex in Cheshire, located roughly midway between Hartford and New Haven. The property is home to a mix of food-and-beverage, service retail and healthcare users. Toby Brimberg of O,R&L represented the undisclosed seller and the buyer, Kisco Funding Group, in the deal.
WESTCHESTER COUNTY, N.Y. — Starwood Property Trust has provided $500 million in financing for a portfolio of 42 industrial buildings totaling approximately 2.4 million square feet in Westchester County, located north of New York City. The buildings are housed within three industrial parks and ae collectively known as the Westchester Industrial Portfolio. Peter Rotchford, Christopher Peck, Andrew Scandalios, Tyler Peck and Christopher Pratt of JLL arranged the debt on behalf of the owner, a partnership between affiliates of Dune Real Estate Partners and Robert Martin Co.
BILLERICA, MASS. — Newmark has arranged the recapitalization of Axis Park North, a 450,000-square-foot industrial and life sciences campus located north of Boston in Billerica. The owner, a partnership between Camber Development and Wheelock Street Capital, sold a stake in the property to GEM Realty Capital for $79 million. The percentage was not disclosed. The six-building campus can support manufacturing and research-and-development uses and is currently home to tenants such as ASMPT AEi, Generac Power Systems and SuperConducting Systems. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper, Tony Coskren and Brian Pinch of Newmark represented both sides in the transaction.
WOODBRIDGE, N.J. — Locally based developer Woodmont Properties has broken ground on a 300-unit multifamily project in the Northern New Jersey community of Woodbridge. Woodmont Rail at Metropark will rise six stories and will offer studio, one-, two- and three-bedroom units that will range in size from 574 to 1,400 square feet. Residences will feature Energy Star appliances, quartz countertops, spa-like bathrooms and private balconies. Amenities will include a pool, fitness center, multi-sport simulator, clubroom, media room, coworking space, dog run, outdoor dining stations and a rooftop lounge. Completion is scheduled for 2028.