Northeast

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Black Bear, Greystone to Develop $110M Multifamily Project in Palmer Township, Pennsylvania

by Taylor Williams July 14, 2025

PALMER TOWNSHIP, PA. — A joint venture between Black Bear Asset Management (BBAM) and Greystone Capital will develop a $110 million multifamily project in Palmer Township, located outside of Allentown in the Lehigh Valley region. The garden-style development will consist of seven elevator-served buildings that will house 320 apartments and 92 for-sale townhomes. Amenities will include a fitness center, clubhouse and green spaces. Construction is scheduled to begin in the first quarter of next year. Bryan Manz and Emil DePasquale of Black Bear Capital Partners, a subsidiary of BBAM, arranged financing for the acquisition of the land.

July 14, 2025

Loans Multifamily New Jersey Northeast

Cushman & Wakefield Arranges $81M Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams July 14, 2025

JERSEY CITY, N.J. — Cushman & Wakefield has arranged an $81 million loan for the refinancing of One Grove, a 200-unit apartment building in Jersey City. Designed by MHS Architecture and completed in 2024, One Grove offers studio, one-, two- and three-bedroom units and amenities such as a landscaped rooftop terrace, fitness center, coworking space, resident lounge and a demonstration kitchen. The property also offers fully furnished, short-term rental apartments. Brad Domenico, Frank Stanislaski, Jack Subers, Niko Nicolaou and Ryan Dowd of Cushman & Wakefield arranged the loan through Societe Generale Group on behalf of the borrower, TKK Capital.

July 14, 2025

Acquisitions Connecticut Multifamily Northeast

CBRE Brokers $20.7M Sale of Putnam Green Apartments in Greenwich, Connecticut

by Taylor Williams July 14, 2025

GREENWICH, CONN. — CBRE has brokered the $20.7 million sale of Putnam Green, a 66-unit apartment complex located in the southern coastal Connecticut community of Greenwich that was built in 1976. According to Apartments.com, the property offers one- and two-bedroom units. The sale represents a fee interest in the land, which was ground-leased to the neighboring property. CBRE negotiated a termination with the ground leaseholder contemporaneously with the closing of the sale of the fee interest in the land. Jeffrey Dunne, Eric Apfel and Travis Langer of CBRE brokered the deal(s). The seller was PIC Associates, and the buyer was Bedford Realty Associates.

July 14, 2025

Healthcare Leasing Activity Northeast Pennsylvania

Cardiology Consultants of Philadelphia to Open 13,100 SF Ambulatory Surgery Center in Wayne

by Taylor Williams July 14, 2025

WAYNE, PA. — Cardiology Consultants of Philadelphia will open a 13,100-square-foot ambulatory surgery center in Wayne, located northwest of the city. The company will build out and operate the facility in partnership with Cardiovascular Logistics, SCA Health and Penn Medicine. Paul Rogers and Charlie Rogers of Colliers represented the cardiology group in its site selection and lease negotiations. The opening is slated for the end of the year.

July 14, 2025

Acquisitions Development Multifamily New York Northeast Top Stories

Vanbarton Group Receives $250M in Financing for Manhattan Multifamily Conversion Project

by Taylor Williams July 14, 2025

NEW YORK CITY — Locally based investment and development firm Vanbarton Group has received $250 million in financing for an office-to-residential conversion project at 1011 First Ave. in Manhattan. An affiliate of Eldridge Capital Management provided the debt. The Roman Catholic Archdiocese of New York, which had housed its headquarters within the 20-story, 400,000-square-foot building since 1973, sold the property to Vanbarton Group for $103 million. The archdiocese has since relocated to 488 Madison Ave. The building is located within the Sutton Place submarket in Midtown Manhattan and is known locally as the Cardinal Terrence Cooke Center. Vanbarton plans to convert the property into a 420-unit multifamily property that will offer approximately 8,000 square feet of street-level retail space and more than 55,000 square feet of amenity space. Of the 420 units, 25 percent (105) will be reserved as affordable housing, though specific income restrictions were not disclosed. “The addition of 1011 First Avenue to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate and encompassing over 5 million square feet and 5,000 residences,” said Joey Chilelli, Principal at Vanbarton Group. CBRE’s Doug Middleton …

July 14, 2025

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

CSTO, WinnDevelopment Begin $40M Repositioning of Boston Affordable Housing Complex

by Taylor Williams July 11, 2025

BOSTON — A partnership between local nonprofit organization Castle Square Tenants Organization (CSTO) and regional owner-operator WinnDevelopment has begun the $40 million repositioning of Eva White Apartments, a 102-unit affordable housing complex in Boston’s South End. The project will encompass upgrades to unit interiors and the creation of new amenity spaces, as well as energy system retrofits to the property’s two seven-story buildings. Specifically, each of the property’s 34 studios, 57 one-bedroom units and 11 two-bedroom units will be improved with modern kitchens, bathrooms and living room flooring. New health and wellness spaces and a new fitness room will be created for residents. The current common laundry room, community room and management office will also be renovated. Bank of America, MassHousing and Citizens Bank are financing construction, with BoA also serving as the federal Low-Income Housing Tax Credit investor. Completion is scheduled for 2026. Eva White Apartments originally opened in 1967 and serves seniors and people with disabilities. The Boston Housing Authority holds a 99-year ground lease on the complex, which protects the property’s long-term affordability status. CSTO became the 99 percent owner of the property in December after securing the financing for the project. This venture marks the organization’s …

July 11, 2025

Acquisitions Industrial New Jersey Northeast

NAI Mertz Negotiates Sale of 273,000 SF Industrial Facility in Delanco, New Jersey

by Taylor Williams July 11, 2025

DELANCO, N.J. — NAI Mertz has negotiated the sale of a 273,000-square-foot industrial facility in Delanco, located in Southern New Jersey. The building at 800 Coopertown Road, which was fully leased at the time of sale, features a clear height of 22 feet, 130-foot truck court depths and ample automobile and trailer parking space. A partnership between regional investment firm DH Property Holdings and New York City-based DRA Advisors purchased the building from Soho Studio Corp. for an undisclosed price. Scott Mertz of NAI Mertz brokered the deal.

July 11, 2025

Acquisitions Industrial New York Northeast

Uncle Giuseppe’s Buys Industrial Building in Edgewood, New York for $13.5M

by Taylor Williams July 11, 2025

EDGEWOOD, N.Y. — Uncle Giuseppe’s Marketplace has purchased a 53,600-square-foot industrial building in Edgewood, located on Long Island, for $13.5 million. The building sits on a 3.3-acre site at 77 Rodeo Drive and features a clear height of 26 feet, one drive-in door, 70 parking spots and 12,500 square feet of office space. Frank Frizalone, Nick Gallipoli, Thomas DeLuca and John Giannuzzi of Cushman & Wakefield represented the undisclosed seller in the transaction. Paramount Properties Group represented Uncle Giuseppe’s.

July 11, 2025

Acquisitions Industrial New Jersey Northeast

Aspen Real Estate Sells Industrial Building in Burlington, New Jersey for $8.5M

by Taylor Williams July 11, 2025

BURLINGTON, N.J. — New Jersey-based investment firm Aspen Real Estate has sold Bromley Corporate Center, a 57,900-square-foot industrial building in the Southern New Jersey community of Burlington, for $8.5 million. According to LoopNet Inc., the property was built in 1989. The building also recently underwent a comprehensive redevelopment to be re-converted from office back to its original industrial use. Ian Richman and Ross Abramsohn of Colliers represented Aspen in the transaction. The buyer was not disclosed.

July 11, 2025

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $6.6M Sale of Apartment Building in Cambridge, Massachusetts

by Taylor Williams July 11, 2025

CAMBRIDGE, MASS. — Marcus & Millichap has brokered the $6.6 million sale of Ellery Apartments, a 14-unit multifamily building in Cambridge, located across the Charles River from Boston. Originally constructed in 1880, the three-story building at 84-86 Ellery St. houses four studios and 10 one-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a private family, in the transaction and procured the buyer. Both parties requested anonymity.

July 11, 2025

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