NEW YORK CITY — GAIA Real Estate has acquired a 28-unit multifamily building at 106 Norfolk St. on Manhattan’s Lower East Side for $14 million. The majority of the units at the fully occupied property, which features one- and two-bedroom floor plans, are rented at market rates. The building also houses two retail spaces that are occupied by food and beverage concepts. Bob Knackal of JLL represented the undisclosed seller in the transaction.
NEW YORK CITY — Capital One has signed a 60,000-square-foot office lease expansion to occupy an additional three floors at 114 Fifth Avenue, a 19-story building in Manhattan’s Flatiron District. The 352,000-square-foot building was originally constructed in 1910 and redeveloped in 2014. The lender now occupies 116,296 square feet across six floors. A joint venture between Columbia Property Trust, Allianz Real Estate and L&L Holding Co. owns the property. David Berkey of L&L Holding internally represented the landlord in the lease negotiations. Dale Schlather and Greg Herman of Cushman & Wakefield represented Capital One.
PHILADELPHIA — Cushman & Wakefield has negotiated a new lease at The Washington, a historic building located within Philadelphia’s Independence Mall. The tenant, Lighthouse Immersive & Impact Museums, will open a 31,718-square-foot exhibition gallery on the building’s ground floor next spring. Brian Young, Jack Meyers, Howard Traul and Dan Brogan of Cushman & Wakefield represented the locally based landlord, Keystone Development + Investment, in the lease negotiations.
BASKING RIDGE, N.J. — Locally based investment and development firm Edgewood Properties has purchased Westgate, a 250,000-square-foot office building in the Northern New Jersey community of Basking Ridge. The building was constructed in 1991 to house the headquarters of Everest Reinsurance Co. That company relocated to Warren Corporate Center in summer 2019. Amenities include a full-service cafeteria, fitness center, outdoor terrace and landscaped gathering spaces and a conference room. Jose Cruz, Kevin O’Hearn, Sean Ryan, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the undisclosed seller in the transaction.
NEW ROCHELLE, N.Y. — A partnership between two locally based firms, Simone Development Cos. and Stagg Group, has broken ground on West View Apartments, a 186-unit affordable housing project that will be located north of Manhattan in New Rochelle. The project represents the second phase of a larger mixed-use development, the first phase of which added 35,000 square feet of civic and office space to the local supply last summer. The studio, one- and two-bedroom units that will be housed within the 24-story residential building will be reserved for households earning 60 percent or less of the area median income. Completion of West View is slated for summer 2025.
BAY SHORE, N.Y. — Duro Dyne Corp., a manufacturer and distributor of sheet metal accessories and equipment for HVAC systems, has signed an 82,064-square-foot industrial lease at 158 Candlewood Road in the Long Island community of Bay Shore. The tenant is expanding from its adjacent location at 81 Spence St. Leslie Lanne, Doug Omstrom and Max Omstrom of JLL represented the landlord, Rockefeller Group, in the lease negotiations. Paul Leone and Phil Heilpern of CBRE represented Duro Dyne.
LOWELL, MASS. — Boutique brokerage firm Peak Real Estate Partners has negotiated the sale of a 62,000-square-foot office and lab building located at 75 Technology Drive in the northern Boston suburb of Lowell. Jumbo Capital sold the property to Boston-based Rhino Capital Advisors for an undisclosed price. Anthony Biette of Peak Real Estate brokered the deal on behalf of both parties. Northmarq arranged acquisition financing through Cambridge Savings Bank. The building was fully leased at the time of sale.
BURLINGTON, MASS. — SRS Real Estate Advisors has arranged the $7.2 million sale of an 8,815-square-foot retail property in the northern Boston suburb of Burlington. The property was built in 2016 and was fully leased at the time of sale to tenants such as Starbucks and Sherwin-Williams. Matthew Mousavi and Patrick Luther of SRS represented the seller, a private regional developer, in the transaction. Susan Harris, also with SRS, represented the buyer, an East Coast-based private partnership. Both parties requested anonymity.
BASKING RIDGE, N.J. — Locally based investment and development firm Edgewood Properties has purchased Westgate, a 250,000-square-foot office building in the Northern New Jersey community of Basking Ridge. The vacant building was constructed in 1991 to house the headquarters of Everest Reinsurance Co. That company relocated to Warren Corporate Center in summer 2019. Amenities include a full-service cafeteria, fitness center, outdoor terrace and landscaped gathering spaces and a conference room. Jose Cruz, Kevin O’Hearn, Sean Ryan, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the undisclosed seller in the transaction.
NEW ROCHELLE, N.Y. — A partnership between two locally based firms, Simone Development Cos. and Stagg Group, has broken ground on West View Apartments, a 186-unit affordable housing project that will be located north of Manhattan in New Rochelle. The project represents the second phase of a larger mixed-use development, the first phase of which added 35,000 square feet of civic and office space to the local supply last summer. The studio, one- and two-bedroom units that will be housed within the 24-story residential building will be reserved for households earning 60 percent or less of the area median income. Completion of West View is slated for summer 2025.