NEW YORK CITY — An unspecified, New York City agency has signed a 640,000-square-foot office lease at 110 William St. in downtown Manhattan. The 20-year lease essentially brings the 32-story, 928,000-square-foot building, which was originally constructed in 1960, to full occupancy. Hal Stein and Daniel Appel of Newmark, along with Todd Stracci of JLL, represented the landlord, a joint venture between Pacific Oak Capital Advisors and Savanna, in the lease negotiations. Robert Giglio of Cushman & Wakefield and Ellen Israel of JRT Realty Group represented the tenant.
QUAKERTOWN, PA. — The James Balliet Property Group, a division of brokerage firm Keller Williams Real Estate, has negotiated the sale of Richland Plaza, a 225,000-square-foot shopping center located in the Lehigh Valley city of Quakertown. Velocity Venture Partners acquired the property for $16.7 million and plans to implement a redevelopment, specific details of which were not disclosed. Tenants at the center, which is situated on 20 acres, include Wells Fargo, Ollie’s Bargain Outlet and Pearle Vision Center. James Balliet represented the seller, APS Associates, in the transaction.
WHIPPANY, N.J. — Coldwell Banker Realty New Homes has begun leasing 34 Eden, an 81-unit apartment complex located in the Northern New Jersey community of Whippany. Units come in one-, two- and three-bedroom formats and range in size from 690 to 1,500 square feet. Amenities include a pool, fitness center, resident lounge, business center and a pet wash station. The first move-ins will begin in August. Rents start at roughly $3,000 per month for a one-bedroom apartment. The owner/developer was not disclosed.
PROVIDENCE, R.I. — New York City-based Dwight Capital has provided a $19.5 million HUD-insured loan for the refinancing of 580 South Water, a 69-unit apartment complex in Providence. The riverfront property offers one- and two-bedroom units and amenities such as a fitness center, lounge area/workspace and a rooftop lounge. Josh Hoffman and Jonathan Pomper of Dwight Capital originated the financing through HUD’s 223(f) program. The borrower was not disclosed.
FARMINGTON, N.H. — Marcus & Millichap has brokered the sale of Farmington Self Storage, a 35-unit facility located near the New Hampshire-Maine border. The facility was built on 3.3 acres in 1995 and totals 7,647 net rentable square feet. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, plans to expand the facility by about 14,000 net rentable square feet. Occupancy was 100 percent at the time of sale.
PHILADELPHIA — Walker & Dunlop Inc. has arranged $40 million in limited partner equity and $135 million in construction financing for 5000 Richmond Street, a 750,000-square-foot, last-mile distribution facility in Philadelphia. The project will include two Class A buildings each with clear heights of 40 feet, a total of 112 loading dock doors, 206 trailer parking stalls and 759 car parking stalls. The site is within a Qualified Opportunity Zone and benefits from a long-term tax abatement from the city. The development will be situated six miles from Center City and offer immediate access to I-95, I-276 and I-476, which connect to New York City and Washington, D.C. Vacancy in the metro Philadelphia industrial market ticked up slightly in the first quarter to 4.4 percent, according to CBRE. But the market remains undersupplied, leading rents to gain upward momentum, states the brokerage. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Mo Beler, Michael Diaz and Michael Ianno of Walker & Dunlop represented the borrower, DH Property Holdings LLC (DHPH). Barings provided the construction financing. “This multi-year effort began with our team sourcing limited partner capital to help DHPH acquire the land in the depths of COVID, and culminated in a …
NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $65.3 million construction loan for a 121-unit multifamily project that will be located in the Astoria neighborhood of Queens. The nine-story, waterfront building will include two retail spaces, a community center and onsite parking. The borrower and developer is NuVerse Advisors LLC. Units will come in studio, one-, two- and three-bedroom floor plans. Construction is expected to last about 30 months, putting the project on track for a late 2025 or early 2026 delivery.
NEW YORK CITY — Locally based investment firm Slate Property Group has acquired Queenswood Apartments, a 296-unit affordable housing complex in the borough’s Corona neighborhood. The two-building complex, which was constructed in 1990, was facing imminent expiration of its affordability mandate. Slate has secured a 40-year extension of that mandate with the NYC Housing Development Corp. and the NYC Department of Housing Preservation & Development. Under the new agreement, 35 units will be reserved for renters earning 30 percent or less of the area median income (AMI); eight residences will be earmarked for households earning 50 percent or less of AMI; 230 units will be restricted for tenants making 80 percent or less of AMI; and 22 apartments will be set aside for those making 100 percent or less of AMI.
BOSTON — Shawmut Design & Construction has completed the renovation of the Four Seasons Boston, a 273-room hotel located roughly midway between the state capital’s Back Bay and downtown areas. The project team upgraded the lobby and arrival area and added new art installations. A new lounge and restaurant called Coterie also recently opened at the property. An entity doing business as FSH Boylston Inc. owns the hotel.
NEW YORK CITY — Global Holdings Management Group has purchased Mondrian Park Avenue, a 190-room boutique hotel in Manhattan’s NoMad neighborhood. The hotel’s accommodations include rooms with queen and king beds as well as several different types of suites. Mondrian Park Avenue also houses several food-and-beverage establishments, including a rooftop bar. The sales price were not disclosed.