Northeast

Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn

by Sarah Daniels November 7, 2022

As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …

November 7, 2022

Development Healthcare New Jersey Northeast

Public-Private Partnership Tops Out $750M Cancer Treatment Facility in Northern New Jersey

by Taylor Williams November 4, 2022

NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has topped out the Jack and Sheryl Morris Cancer Center, a $750 million treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as research labs and retail space. HOK Architects designed the project, and Jingoli is serving as the general contractor. Construction of the 12-story, 520,000-square-foot building is slated for completion in 2024.

November 4, 2022

Acquisitions Multifamily Northeast Pennsylvania

FPA Multifamily Acquires Multifamily Property in Chadds Ford, Pennsylvania, for $96.5M

by Taylor Williams November 4, 2022

CHADDS FORD, PA. — San Francisco-based investment firm FPA Multifamily has acquired Valleybrook at Chadds Ford, a 352-unit multifamily property located about 30 miles southwest of Philadelphia, for $96.5 million. Built in 2002, the property offers one-, two- and three-bedroom units with an average size of 992 square feet. Residences feature stainless steel appliances, quartz and granite countertops and individual washers and dryers. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas and a resident clubhouse. Mark Thomson, Carl Fiebig, Francis Coyne and Tyler Margraf of JLL represented the seller, a fund advised by Crow Holdings Capital, in the transaction. FPA Multifamily plans to implement a value-add program.

November 4, 2022

Loans Multifamily New York Northeast

CBRE Provides $12.3M Agency Loan for Refinancing of Manhattan Housing Cooperative

by Taylor Williams November 4, 2022

NEW YORK CITY — CBRE has provided a $12.3 million Freddie Mac loan for the refinancing of River View Towers, a 385-unit residential complex located on Manhattan’s Upper West Side. The 24-story building is a housing cooperative, meaning residents own their respective units, but can only sell to qualified applicants at prices based on the existing occupant’s equity in the unit. Mark Fisher and Alex Furnary of CBRE originated the 30-year, fixed-rate loan, which was part of a larger $33.3 million financing package. The New York State Housing Finance Agency also provided a $20.4 million loan to allow the undisclosed borrower to pay off existing debt and fund capital improvements.

November 4, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $6.2M Sale of Northern New Jersey Apartment Complex

by Taylor Williams November 4, 2022

ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.2 million sale of Winfield Scott Tower, a 48-unit apartment complex located in the Northern New Jersey community of Elizabeth. The 10-story building, which includes 26,000 square feet of retail space, was originally constructed in 1927 as a hotel and banquet hall and converted to residential use in the 1990s. Jeff Squires of Kislak represented the seller, a private lender that previously acquired the property out of foreclosure, in the transaction. Squires also procured the buyer, Magill Real Estate.

November 4, 2022

Acquisitions Life Sciences New Jersey Northeast

Cushman & Wakefield Brokers Sale of 44,400 SF Life Sciences Facility in Plainsboro, New Jersey

by Taylor Williams November 4, 2022

PLAINSBORO, N.J. — Cushman & Wakefield has brokered the sale of a 44,400-square-foot life sciences facility located at 107 Morgan Lane in Plainsboro, a suburb of Princeton. At the time of sale, the single-story building was leased to a subsidiary of global pharmaceutical firm WuXi AppTec. Frank DiTommaso, David Bernhaut and Andy Merin of Cushman & Wakefield represented the seller, XBL Realty, in the transaction. The buyer was undisclosed.

November 4, 2022

Development Mixed-Use New York Northeast Retail Top Stories

Joint Venture Explores Mixed-Use Redevelopment Options for 10-Acre The Galleria at White Plains

by Jeff Shaw November 4, 2022

WHITE PLAINS, N.Y. — Pacific Retail Capital Partners (PRCP) and Aareal Bank have formed a new joint venture with SL Green Realty Corp. and the Cappelli Organization to consider redevelopment options for The Galleria at White Plains, a 10-acre indoor shopping mall in the New York City suburb of White Plains. The envisioned renovations to The Galleria are part of a larger renaissance for the area. The mall is part of a qualified Opportunity Zone, meaning that new investments in the area may be eligible for preferential tax treatment under certain conditions. Built in 1980 by Canadian developer Cadillac Fairview, the mall currently rises four stories and features approximately 865,000 square feet of retail space. The property, including its parking garages, spans two blocks adjacent to the White Plains train station, providing easy access to New York City. The Galleria is located at the intersection of Main Street and Dr. Martin Luther King Boulevard, and sits in proximity to multiple high-rise residential towers and office buildings, as well as Pace University’s Westchester campus and the White Plains City and Westchester County courthouses. According to the Galleria’s website, the mall currently includes retailers such as Forever 21, American Eagle and H&M, …

November 4, 2022

Development Industrial Northeast Pennsylvania

Endurance Real Estate Breaks Ground on 1 MSF Industrial Project in Chambersburg, Pennsylvania

by Taylor Williams November 3, 2022

CHAMBERSBURG, PA. — Pennsylvania-based investment and development firm Endurance Real Estate Group has broken ground on Chambersburg Logistics Park, a 1 million-square-foot industrial project that will be located about 55 miles southwest of Harrisburg. The site spans 93 acres and is located immediately off Exit 10 of I-81. Building features will include a clear height of 40 feet, 166 overhead dock positions, four drive-in doors, 213 trailer stalls (expandable to 303), 375 car parking spaces (expandable to 561) and an ESFR sprinkler system. PNC Bank provided construction financing for the project, which is slated for a fourth-quarter 2023 completion. Endurance is developing Chambersburg Logistics Park in partnership with an affiliate of Guardian Life Insurance Co. and has tapped Cushman & Wakefield to lease the facility. Cushman & Wakefield also advised on Endurance’s capitalization of the project.

November 3, 2022

Loans Northeast Office Pennsylvania Retail

JLL Arranges $74M Loan for Refinancing of Southside Works in Pittsburgh

by Taylor Williams November 3, 2022

PITTSBURGH — JLL has arranged a $74 million loan for the refinancing of Southside Works, a 471,939-square-foot office and retail development in Pittsburgh. Built in phases between 2002 and 2004 and renovated in 2021, Southside Works comprises 245,570 square feet of office space and 226,369 square feet of retail space. The development also features multiple pocket parks, open green spaces, sport courts and a dog park. Nick Unkovic and Jeremy Bernstein of JLL arranged the six-year, floating-rate loan through Dollar Bank on behalf of the borrower, SomeraRoad.

November 3, 2022

Acquisitions Multifamily Northeast Pennsylvania

Starkman Realty Negotiates $29M Sale of Carlton Park Apartments in Philadelphia

by Taylor Williams November 3, 2022

PHILADELPHIA — Locally based brokerage firm Starkman Realty Group has negotiated the $29 million sale of Carlton Park Apartments, a 117-unit multifamily property in Philadelphia’s East Falls neighborhood. New Jersey-based AJH Management sold the garden-style property, which was originally built in 1958 and offers one-, two- and three-bedroom units, to an undisclosed buyer. Jason Starkman of Starkman Realty Group brokered the deal.

November 3, 2022

Newer Posts

Older Posts