ALBANY, N.Y. — JLL has negotiated the sale of the Homewood Suites & Tru by Hilton Albany Crossgates Mall, a 192-room, dual-branded hotel located in the state capital. The hotel houses 96 rooms from each brand, and guests have access to one check-in desk, complimentary hot breakfast, 24/7 fitness and business centers. Pyramid Management Group sold the property to Maine Course Hospitality Group for an undisclosed price. Alan Suzuki and Director Matthew Enright of JLL brokered the deal.
NEW YORK CITY — Berkley Insurance Co. has signed a 60,000-square-foot office lease renewal at 757 Third Avenue, a 504,953-square-foot building in Midtown Manhattan. The new lease term is eight years, and the space spans the 10th and 11th floors. The 26-story building offers tenant amenities such as a lounge, full kitchen, pantry, coffee bar, wellness club and conference space. Mitchell Konsker, Clark Finney, Simon Landmann and Lance Yaskinsky of JLL represented the landlord, institutional investment firm BentallGreenOak, in the lease negotiations. Tom Gibson of Newmark represented the tenant.
NEW YORK CITY — CBRE has brokered the $415 million sale of 160 Riverside Boulevard, a 455-unit multifamily building on Manhattan’s Upper East Side. The building sits between West 67th and West 68th streets and overlooks the Hudson River. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units that range in size from 498 to 1,797 square feet and amenities such as a fitness center, clubhouse, package handling system and a playground. Darcy Stacom led a CBRE team that represented the seller, Equity Residential, in the transaction. The buyer was locally based investment firm A&E Real Estate. Square Mile Capital Management provided $285.8 million in acquisition financing for the deal.
NEW YORK CITY — Newmark has arranged a $61.2 million acquisition loan for a portfolio of three multifamily properties totaling 94 units in Manhattan’s Chelsea neighborhood. The pre-war buildings are located at 301 W. 22nd St., 300 W. 21st St. and 229 W. 20th St. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Dan Morin and Andrew Harwood of Newmark arranged the loan through Slate Asset Management on behalf of the borrower, Slate Property Group. The new ownership plans to upgrade unit interiors and modernize the buildings’ façades, lobbies and common areas.
PEABODY, MASS. — Local developer WinnCos. has completed the $49.3 million renovation of The Tannery, a 284-unit affordable housing community in Peabody, a northeastern suburb of Boston. WinnCos. acquired the historic property, which was originally built in the 1800s to house a leather tanning facility prior to its conversion to residential use, in 2019. Today, The Tannery features units that are reserved for households earning 30, 60 or 80 percent or less of the area median income (AMI). Bank of America provided $25 million in low-income housing tax credit equity for the project.
ANDOVER, MASS. — 3Step Sports, which provides services and support to youth athletics programs, has signed a 64,000-square-foot office lease at Brickstone Square in the northern Boston suburb of Andover. The 1 million-square-foot, four-building campus was originally constructed about 100 years ago and recently underwent an extensive capital improvement program. Blake Baldwin, Shayne O’Neil and Petra Flynn of Cushman & Wakefield represented the landlord, KS Partners, in the lease negotiations. Matt Quinlan of SVN Parsons represented the tenant.
PARAMUS, N.J. — Locally based brokerage firm Jeffery Realty has negotiated the sale of a 53,000-square-foot industrial building located at 404 Sette Drive in the Northern New Jersey community of Paramus. New Jersey-based investment firm The STRO Cos. purchased the property from an unnamed seller for an undisclosed price. Bill Farkas of Jeffery Realty brokered the deal.
Developers have seen permitting and entitlement timelines lengthen exponentially over the past few years. What is causing increased timelines and how do developers overcome challenges and avoid unnecessary delays? If expanded timelines are inevitable in some cases, how can developers ensure that slowdowns do not spread to other aspects of development? Many municipalities have been overwhelmed by an explosion in projects and applications in the development queue, and the issues are compounded by employee turnover within these organizations. Municipal slowdowns in upgrading utility capacities have further stalled the process of development. Additionally, the process for obtaining permits and entitlements has grown increasingly complex in certain regions, regardless of property type. REBusiness Online spoke with experts at Bohler, a land development design and consulting firm, to learn the best practices for keeping delays and budgets under control in the face of growing timeline uncertainties. To avoid problems before they begin, these experts recommend early due diligence and local expertise, as well as an approach that incorporates the community, local agencies and the authority having jurisdiction at crucial points. Bohler’s team also emphasizes the importance of working through waiting periods and working on different elements of a project concurrently, so that if …
NEW YORK CITY — Cushman & Wakefield has arranged a $367.8 million in financing for a portfolio of 23 industrial properties totaling approximately 3 million square feet in the Mid-Atlantic region. Specifically, the properties are located in Pennsylvania, Maryland and New Jersey and were fully leased to 41 tenants at the time of sale. Tenant footprints range in size from 7,238 to 478,715 square feet. John Alascio, Alex Hernandez, Alex Lapidus, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through J.P. Morgan on behalf of the borrower, Ares Management.
LEXINGTON, MASS. — A joint venture between Dallas-based developer Trammell Crow Co. and Invesco Real Estate will develop a 310,000-square-foot life sciences project in the northwestern Boston suburb of Lexington. The six-story facility will be known as 440 Bedford and will feature a covered parking garage, bicycle storage area, cafeteria, fitness center and various outdoor spaces, including proximity to the Minuteman bicycle trail. Completion is slated for the middle of 2024.