Northeast

Kislak Arranges $36M Sale of Apartment Complex in Hackensack, New Jersey

by Taylor Williams April 18, 2022

HACKENSACK, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $36 million sale of The VUE Hackensack, a 78-unit apartment complex in Northern New Jersey. The property was built in phases between 2015 and 2017 and consists of six one-bedroom units and 72 two-bedroom units with an average size of 1,205 square feet. Amenities include a fitness center, resident lounge and virtual doorman service. Andrew Scheinerman of Kislak represented the seller, an entity doing business as 295 Polifly Realty LLC, in the off-market transaction. Scott Davidovic, also with Kislak, procured the buyer, Sutton Equity LLC.

April 18, 2022

Seven-Tower-Bridge-Conshohocken-Pennsylvania

Leasing Activity Northeast Office Pennsylvania

Lutron Electronics Signs 27,000 SF Office Lease in Metro Philadelphia

by Taylor Williams April 18, 2022

CONSHOHOCKEN, PA. — Lutron Electronics has signed a 27,000-square-foot office lease at Seven Tower Bridge in the northern Philadelphia suburb of Conshohocken. The Pennsylvania-based energy products manufacturer will occupy space at Seven Tower Bridge, a 260,000-square-foot building situated along the Schuylkill River that is owned by a partnership between American Real Estate Partners and Oliver Tyrone Pulver Corp. (OTP). Tyler Vandegrift of JLL represented Lutron Electronics in the lease negotiations. Esther Pulver of OTP, in conjunction with Ken Kearns of Cadence Real Estate Advisors, represented the landlord.

April 18, 2022

Development New York Office Top Stories

JPMorgan Plans 60-Story Global Headquarters in Midtown Manhattan

by Julia Sanders April 15, 2022

NEW YORK CITY — JPMorgan has unveiled plans to build 270 Park Avenue, a 60-story skyscraper rising 1,388 feet in Midtown Manhattan, for the financial firm’s new global headquarters. Construction is scheduled for completion by the end of 2025. 270 Park Avenue replaces a previous building, which was designed in the late 1950s for about 3,500 employees. The new project will feature 2.5 million square feet of flexible and collaborative space. The asset will offer 2.5 times more outdoor space on the ground level of Park and Madison avenues, with wider sidewalks and a large public plaza. The office tower will also include a food hall, health and wellness center, communal spaces, HVAC filtration systems and a conference center. The property will be fully powered by renewable energy sourced from a New York State hydroelectric plant and will operate on net zero carbon emissions. The asset will include technology to help it run efficiently, including intelligent building systems that use sensors, AI and machine learning systems to adapt to energy needs; advanced water storage and reuse systems to reduce water usage by more than 40 percent; and automatic solar shades connected to HVAC systems for greater energy efficiency. JPMorgan is …

April 15, 2022

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $104M in Financing for Manhattan Affordable Housing Community

by Taylor Williams April 15, 2022

NEW YORK CITY — Merchants Capital has provided $104 million in financing for Harlem River Houses I and II, a 690-unit affordable housing community located between West 151st and West 153rd streets in Manhattan. The buildings were constructed in the mid-1930s and were added to the National Register of Historic Places in 1979. The financing structure consists of a straight-to-permanent New York City Housing Development Corp. (NYCHDC) loan crafted by the NYCHDC, Freddie Mac and Merchants Capital. The borrower, a joint venture between the Settlement Housing Fund and West Harlem Group Assistance, will use a portion of the proceeds to fund capital improvements and preserve affordability. Upon completion of the renovation, the property will offer 693 apartments across eight residential buildings that will house more than 1,400 residents Renovations will include upgrades to apartments, common areas and elevators, as well as security and heating systems. Upgrades in units will include new kitchens, bathrooms, floors and appliances, along with updates to windows and building exteriors. Sidewalks, gardens and sculptures within the property grounds will be restored, and new playgrounds, benches and activity spaces will be installed. Additionally, all electrical, mechanical and plumbing systems will be renovated or replaced.

April 15, 2022

Development Northeast Pennsylvania Retail

Federal Realty Underway on Redevelopment of 374,000 SF Shopping Center in Metro Philadelphia

by Taylor Williams April 15, 2022

BROOMALL, PA. — Federal Realty Investment Trust (NYSE: FRT) is underway on the second phase of the redevelopment of Lawrence Park Shopping Center, a 374,000-square-foot retail and dining destination located in the northwestern Philadelphia suburb of Broomall. The project carries a total price tag of $30 million. Grocer ACME Markets currently anchors the 29-acre center, and other tenants include HomeGoods, T.J. Maxx and Mrs. Marty’s Deli. The redevelopment began last year with the delivery of a healthcare facility for Main Line Health. Phase II includes the addition of 32,000 square feet of retail space that is preleased to users such as P.J. Whelihan’s Pub + Restaurant, Kindercare and Crumbl Cookies. In addition, Federal Realty will upgrade the center’s landscaping and outdoor seating and dining areas. All current tenants will remain open during construction.

April 15, 2022

Acquisitions Multifamily New York Northeast

JLL Brokers Sale of 302-Unit Vitagraph Apartments in Brooklyn

by Taylor Williams April 15, 2022

NEW YORK CITY — JLL has brokered the sale of The Vitagraph, a 302-unit apartment community located in the Midwood neighborhood of Brooklyn. Constructed in 2019, the eight-story building features one-, two- and three-bedroom apartments with high-end finishes, in-unit washers and dryers and private terraces. Amenities include an indoor and outdoor kids’ play area, courtyard, 24-hour doorman service, business center, fitness center and a rooftop patio. Jeffrey Julien, Steven Rutman, Ethan Stanton, Rob Hinckley, Brendan Maddigan and Stephen Palmese of JLL represented the seller, New York City-based developer Northlink Capital, in the transaction. The buyer was a partnership between The Dermot Co., Principal Real Estate Investors and Dutch pension fund PGGM.

April 15, 2022

Leasing Activity Northeast Office Pennsylvania

Law Firm Signs 79,719 SF Office Lease at Four Gateway Center in Pittsburgh

by Taylor Williams April 15, 2022

PITTSBURGH — Law firm Dickie, McCamey & Chilcote PC has signed a 79,719-square-foot office lease at Four Gateway Center, a 1.5 million-square-foot office building in downtown Pittsburgh. The firm will relocate from its longtime space at PPG Place to occupy five floors at Four Gateway Center, which features a newly built conference facility and fitness center, in spring 2025. Dan Adamski, Nick Francic and Reid Mauro of JLL represented the tenant in its site selection and lease negotiations. The representative of the landlord, Hertz Investment Group, was not disclosed.

April 15, 2022

Leasing Activity New York Northeast Office

Avison Young Negotiates 41,937 SF Office Sublease at 195 Broadway in Manhattan

by Taylor Williams April 15, 2022

NEW YORK CITY — Avison Young has negotiated a 41,937-square-foot office sublease at 195 Broadway in downtown Manhattan. Lattice, a consulting firm focused on improving company cultures, will sublease the space at the 11-story building from Namely, a provider of human resources software. Brooks Hauf, Peter Johnson and Leah Zafra of Avison Young, along with Bryan Emanuel and John Diepenbrock of Raise Commercial Real Estate, represented the sublessee in the negotiations. Steve Rotter, Brett Harvey, Justin Haber and Kyle Riker of JLL represented the sublessor.

April 15, 2022

Loans Multifamily New York Northeast

MetLife Provides $70M Loan for Refinancing of Manhattan Apartment Tower

by Taylor Williams April 14, 2022

NEW YORK CITY — MetLife Investment Management has provided a $70 million permanent loan for the refinancing of 21 West Street, a 33-story apartment tower in Manhattan’s Financial District. The pet-friendly property offers 293 units in one-, two- and three-bedroom formats and amenities such as a fitness center, rooftop deck, community lounge with a playroom and catering kitchen and a 24-hour lobby attendant. Jonathan Schwartz, Adam Schwartz, Aaron Appel, Keith Kurland, Michael Ianno and Triston Stegal of Walker & Dunlop arranged the financing on behalf of the borrower, locally based owner-operator Rose Associates. The 12-year loan was structured with a fixed rate and interest-only payments for the entire term.

April 14, 2022

Acquisitions Industrial Northeast Vermont

FoxRock Acquires 165,611 SF Industrial Facility in Brattleboro, Vermont

by Taylor Williams April 14, 2022

BRATTLEBORO, VT. — FoxRock, a commercial investment firm based in Boston’s South Shore area, has acquired a 165,611-square-foot industrial facility located in the southern Vermont city of Brattleboro. The site at 90 Technology Drive spans 48.5 acres and is situated roughly a mile from Interstate 91. At the time of sale, the facility was fully leased to two tenants: New Chapter, a vitamin- and supplement-focused subsidiary of Proctor & Gamble; and UNFI, a wholesale grocery distributor. The seller and sales price were not disclosed.

April 14, 2022

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