FLORHAM PARK, N.J. — CBRE has brokered the $9.2 million sale of a 50,600-square-foot office and industrial building in the Northern New Jersey community of Florham Park. The facility at 5 Vreeland Road was originally built in 1976 and formerly housed the operations of Tropar Trophy until the plaque-making company was sold last year. Tom Mallaney, Elli Klapper and Denise Kokulak of CBRE represented the seller, the Ilaria Family Trust, in the transaction. The team also procured the buyer, Faropoint, which has retained CBRE as the leasing agent.
NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. has broken ground on the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom formats that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is expected to be complete in 2027.
NEW YORK CITY — Affinius Capital has provided a $120 million loan for the refinancing of the Prime NYC Self-Storage Portfolio, a collection of three self-storage facilities totaling 7,230 units in New York City. The names and addresses of the properties, which exclusively offer climate-controlled space, were not disclosed, but the locations span Brooklyn, Queens and The Bronx. Drew Anderman of CBRE arranged the loan through Affinius Capital on behalf of the owner, Prime Group Holdings. Miami-based lender 3650 Capital provided an undisclosed amount of junior mezzanine financing for the deal.
NORTH PROVIDENCE, R.I. — CBRE has negotiated the sale of Residences at Brentwood, a 240-unit apartment complex in North Providence. Built in 1987, the property offers one- and two-bedroom units with an average size of 692 square feet. Amenities include an indoor and outdoor pool, fitness center and a clubhouse. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, Massachusetts-based Taymil Partners, in the transaction. The buyer was FPA Multifamily.
MONTVALE, N.J. — Cushman & Wakefield has brokered the $5.7 million sale of a 29,898-square-foot office building in the Northern New Jersey community of Montvale. The single-tenant building at 20 Craig Road was fully leased at the time of sale to JURA Inc., a Swiss company that makes coffee machines. Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Mountain Development Corp., in the transaction. Brian Anderson and Eddie Miro, also with Cushman & Wakefield, arranged the acquisition financing on behalf of the buyer, Fortune Touch LLC.
NEW YORK CITY — Tutor Perini Corp. has signed a 27,990-square-foot, six-year office lease in Midtown Manhattan. The general contractor will occupy part of the eighth floor at 520 Eighth Avenue and the entire ninth floor at 266 West 27th Street, two interconnected buildings that share a lobby. Matthew Mandell of GFP Real Estate represented the landlord in the lease negotiations on an internal basis.
STORRS, CONN. — A joint venture between Landmark Properties and Manulife Investment Management has opened The Standard at Four Corners, an 890-bed student housing community located near the University of Connecticut campus in Storrs. Designed by Dwell Design, the property offers 392 fully furnished units in studio, one-, two- and three-bedroom configurations with bed-to-bath parity. Shared amenities include an academic lounge, 24-hour study rooms, a fitness center, resort-style pool and spa, jumbotron lawn, outdoor gaming areas, fire pits, grilling stations and a clubroom. The property also features 14,500 square feet of ground-floor retail space.
RANDOLPH, N.J. — A partnership between two developers, CrownPoint Group and Crossroads Cos., has broken ground on a 125-unit multifamily project in Randolph, about 40 miles west of New York City. Designed by Comito Associates and known as Liberty Village, the development will feature townhouse-style residences that will be housed within 11 buildings across a 14.5-acre site. The property will have 25 affordable housing units. Amenities will include fitness center, multiple social lounges, a golf simulator, children’s playroom and a business center with work pods and meeting areas. Completion is slated for summer or fall of 2026.
BOSTON — JLL has brokered the sale of the 80-room Boxer Hotel located at 107 Merrimac St. in Boston’s West End. The nine-story hotel was originally built in 1904 and last renovated in 2013. Additional upgrades to certain common areas and amenity spaces were completed in 2020. Amenities include a fitness center, bike rental program and an onsite restaurant and bar. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, Hersha Hotels & Resorts, in the transaction. The buyer was Eurostars Hotel Co.
BOSTON — Regional brokerage firm Hunneman has arranged the $11.8 million sale of a two-building, 14-unit apartment complex in the Brookline area of Boston. According to Apartments.com, the property at 10-12 Greenway Court was originally constructed in 1915 and exclusively offers two-bedroom units. Carl Christie and Dan McGee of Hunneman represented the seller and procured the buyer, both of which requested anonymity, in the transaction.