PARSIPPANY, N.J. — CBRE has negotiated an 85,100-square-foot industrial lease renewal in the Northern New Jersey community of Parsippany. The building at 150 Lackawanna Ave. was originally constructed in 1974. Thomas Mallaney and Denise Kokulak led the CBRE team that represented the tenant, Wieland Metal Services, in the lease negotiations. Scott Perkins of NAI James E. Hanson represented the landlord, FAO Realty LLC.
SOUTH AMBOY, N.J. — BNE Real Estate Group has completed The Pearl at Station Bay, a 205-unit multifamily project located about 30 miles south of New York City in South Amboy. Designed by Minno & Wasko Architects and Planners with interiors by Mary Cook Associates, the four-story building was developed as part of Phase II of Station Bay, a $500 million waterfront redevelopment of the former Manhattan Beach Club site. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool, fitness center with a yoga studio, golf simulator lounge, game lounge, coworking space with private offices, café with coffee and a snack bar, private event suite with a bar and lounge, dog run and outdoor grilling and dining stations. Rents start in the mid-$2000s for a studio apartment.
MORRIS PLAINS, N.J. — CBRE has negotiated the sale of The Highlands at Morris Plains, a 116-unit apartment complex in Northern New Jersey. Built in 2003, the property offers one- and two-bedroom units and amenities such as a fitness center, business center, dog run, outdoor grilling and dining stations and package handling service. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the undisclosed seller in the transaction and procured the buyer, a joint venture between Shamah Properties and Sagard Real Estate.
NEW YORK CITY — A partnership between Boston-based investment firm The Davis Cos. and Eloise Capital has begun leasing 1975 Madison, a 97-unit apartment building in Harlem. The site is located within the newly formed Harlem 125th Street Business Improvement District. Designed by DXA Studio and built by Broadway Construction Group, the building houses one- and two-bedroom units and amenities such as a wellness garden, coworking area, media room, fitness center, dog wash station and a penthouse lounge. Rents start at approximately $3,350 per month for a one-bedroom apartment.
SEAFORD, DEL. — Patriot Aluminum has purchased a 45,000-square-foot industrial building in Seaford, located in the central part of Delaware. The fencing manufacturer plans to relocate from Maryland and to invest about $4.8 million in equipping and building out its new space on Whitehurst Drive, which is being upgraded to support production, assembly and distribution uses. The company, which also plans to fabricate its own products at the site, expects to hire 19 additional people in addition to the 20 jobs coming from Maryland.
JOHNSON CITY, N.Y. — New York-based brokerage firm Jacobson Properties has arranged the sale of a 25,648-square-foot healthcare property in Johnson City, located near the New York-Pennsylvania border. The building at 530 Columbia Drive houses medical office space and an ambulatory surgery center. Lisa Menin of Jacobson Properties represented the seller, a limited liability company, in the transaction. The buyer was an institutional healthcare real estate investment firm. Both parties requested anonymity.
NEW YORK CITY — SCALE Lending, the debt financing arm of New York City-based Slate Property Group, has provided a $305 million construction loan for a new multifamily project in the Mott Haven area of The Bronx. The borrower is locally based development and investment firm The Beitel Group. The unnamed project will comprise two interconnected buildings that will rise 40 and 26 floors and house 755 studio, one- and two-bedroom apartments. Amenities will include an outdoor pool, large outdoor terrace, gym with sauna and steam room, pickleball court, golf simulator, coworking area, party room and children’s play room, as well as 11,500 square feet of retail space. Beitel Group bought the land at 355 Exterior St., which is situated along the Harlem River, last fall and subsequently demolished all existing structures. Prestige Construction NY is serving as the general contractor for the project, which has been vested into the city’s 421a program for inclusion of an affordable housing component. Landstone Capital Group arranged the construction loan, which carries an 18-month term with two six-month extension options, through SCALE Lending on behalf of Beitel Group. Construction is slated for a June 2026 completion. “The Mott Haven submarket of New York …
WHITE PLAINS, N.Y. — A partnership between New York City-based owner-operator RXR and Korman Communities has begun leasing 5 Cottage, a 307-unit apartment building in White Plains. The building represents the second phase of a larger development known as AVE Hamilton Green that also features 515 underground parking spaces, 55,000 square feet of open space and 26,000 square feet of commercial space. Units are available in studio to three-bedroom floor plans, as well as in penthouses and live/work loft apartments. Specific residential amenities include indoor gaming areas, coworking spaces, a speakeasy bar, golf simulator, children’s playroom, private chef’s dining room, indoor pool and outdoor grilling and dining stations. RXR and Korman have also leased 85 percent of the 170 units at the first building within AVE Hamilton Green, 25 Cottage. Rents start at $2,366 per month for a studio apartment.
LIVINGSTON, N.J. — New York City-based Kushner has broken ground on Livana Livingston, a 280-unit multifamily project in Northern New Jersey. Designed by Lessard Architecture, Livana Livingston will feature two buildings, one of which has been designed for renters age 55 and above, that will be developed on the adjacent sites of the former Westminster Hotel and Somerset Regal Bank. Units will come in one- and two-bedroom formats, and both unit types will offer floor plans that include dens. Amenities will include a fitness center, sauna and steam rooms, coworking space, a clubroom, private dining room, game room, rooftop terrace, pickleball courts, pet spa and a community garden lawn. Completion is slated for 2027.
BEVERLY, MASS. — A partnership between two nonprofit owner-operators, Beacon Communities ad Harborlight Homes, has completed a multifamily adaptive reuse project in Beverly, a northeastern suburb of Boston. Beverly Village for Living & The Arts is a redevelopment of the former Briscoe School, which was originally built in 1923 and closed in 2018, into an affordable seniors housing complex. Of the complex’s 91 units, 85 are subject to income restrictions, while the other six units will be rented as live-work studios at market rates. The conversion involved preserving historic elements of the building, such as the windows and façade, while also installing sustainable utility systems.