BOUND BROOK, N.J. — A partnership between two regional developers, Denholtz Properties and Redwood Real Estate Group, has broken ground on The Rail at Bound Brook, a 143-unit multifamily project located about 50 miles southwest of Manhattan. The six-story building will offer studio, one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas. A tentative completion date was not disclosed.
NEW YORK CITY — Cushman & Wakefield has negotiated a 41,854-square-foot office sublease at 195 Broadway in Manhattan’s Financial District. Peter Trivelas and Gary Ceder of Cushman & Wakefield represented the sublandlord, real estate services firm Orchard Technologies, in the lease negotiations. Laura Pomerantz, Ethan Silverstein and Theodora Livadiotis, also with Cushman & Wakefield, represented the subtenant, an undisclosed digital media startup that is taking space on the building’s 26th floor.
HOOKSETT, N.H. — Boston-based developer Port One Cos. is underway on construction of Granite Woods Commerce Center, a 500,000-square-foot speculative industrial project located at 47 Hackett Hill Road in the southern New Hampshire city of Hooksett. The property will feature a clear height of 36 feet, 403 parking stalls, 86 trailer parking stalls, 67 loading docks with 53 future dock positions, two drive-in doors and build-to-suit office space. Completion is slated for early next year. Newmark has been retained to market the property for lease.
HACKENSACK, N.J. — Locally based developer Garden Communities has opened The Jefferson, a 377-unit apartment community located outside of New York City in Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two- bedroom units ranging in size from 735 to 1,598 square feet, with most residences offering private balconies/patios. Communal amenities include a pool, fitness center, business center, private bowling alley, a billiards and entertainment room, golf simulator, children’s playroom, outdoor grilling and dining areas and a dog park. Rents start at $2,490 per month for a one-bedroom apartment.
BUFFALO, N.Y. — Community Preservation Partners (CPP) has acquired Ellicott Park Townhomes, a 220-unit affordable housing complex in downtown Buffalo. Built in 1967, the property consists of one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. The seller and sales price were not disclosed, but CPP plans to implement a $14.2 million capital improvement program that will be part of a total investment consideration of $54.7 million.
NEW YORK CITY — Locally based brokerage firm GFI Realty has arranged the $4.1 million sale of a 29-unit multifamily building located at 1342 St. Lawrence Ave. in the Soundview neighborhood of The Bronx. Built in 1928, the five-story building houses 23 one-bedroom units and six two-bedroom units.Zachary Fuchs of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the transaction.
TOWACO, N.J. — Pharmaceutical company Generichem Corp. has signed a 27,500-square-foot life sciences lease in the Northern New Jersey community of Towaco. According to LoopNet Inc., the building at 425 Main Road was constructed on 2.7 acres in 1984. Marc Trevisan and Tom Mallaney of CBRE represented the tenant in the negotiations for the full-building lease. Cushman & Wakefield represented the landlord, Schuster Bauman.
NEW BRUNSWICK, N.J. — New York City-based SJP Properties has unveiled plans for the second and third phases of the HELIX Health + Life Science Exchange, a $731 million life sciences development in New Brunswick, about 45 miles south of Manhattan. Developed in partnership with New Brunswick Development Corp., Phase II of the project will be known as H-2 and will feature 600,000 square feet of build-to-suit lab and office space that can accommodate a range of users. The final phase of HELIX, H-3, will include a 42-story mixed-use building that will have traditional office space and 220 units of housing in addition to life sciences space. The first phase of HELIX, known as H-1, is currently under construction adjacent to Rutgers University’s campus in the downtown area. Totaling 574,000 square feet, H-1 will house the New Jersey Innovation HUB, the new home of Rutgers Robert Wood Johnson Medical School and a Rutgers translational research facility equipped with a variety of labs. The initial phase of the project will also have a 10,000-square-foot market hall with food options and a 3,000-square-foot restaurant that opens onto a 70-foot-wide plaza. The site of the four-acre innovation district is across the street from …
By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …
PHILADELPHIA — DH Property Holdings has begun sitework on a two-building, 759,210-square-foot industrial project at 5000 Richmond St. on the northeast side of Philadelphia. The 348,210-square-foot Building A will feature a clear height of 40 feet, 42 loading dock doors and parking for 81 trailers. Building B will total 411,000 square feet and offer 70 loading dock doors and 125 trailer parking stalls. Completion is slated for the fourth quarter of 2024. CBRE has been appointed as the leasing agent.