Northeast

Breslin Realty to Develop 201-Unit Multifamily Project in Lynbrook, New York

by Taylor Williams April 12, 2022

LYNBROOK, N.Y. — Breslin Realty Development Corp. will build The Langdon, a 201-unit multifamily project that will be located in the Long Island community of Lynbrook. Located at 47 Broadway, the new development will replace the former Mangrove Feather factory, which has been vacant for 15 years. The Langdon will consist of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments, as well as 2,000 square feet of ground-floor retail space and onsite parking for 205 vehicles. Construction is expected to begin within 60 days and to be complete in summer 2023. Lee Spiegelman, Mark DeLillo, Marc Schulder and Felipe Marin of BlueGate Partners arranged construction financing for the project, which carries a total price tag of $109 million, according to the debt placement team.

April 12, 2022

Civic Leasing Activity New York Northeast

Museum of Women to Open 25,000 SF Venue at 480 Broadway in Manhattan

by Taylor Williams April 12, 2022

NEW YORK CITY — The Museum of Women will open a 25,000-square-foot venue at 480 Broadway in Manhattan’s SoHo neighborhood. The museum will offer 14 interactive exhibits, as well as a commissary and gift shop. The short-term lease agreement will expire in January 2023. Richard Skulnik, Lindsay Zegans and Ben Sabin of RIPCO Real Estate represented the landlord, KPG Funds, in the lease negotiations. Josh Berger of Norman Bobrow & Co. represented the tenant.

April 12, 2022

Leasing Activity Northeast Office Pennsylvania

Gilbane Building Co. Signs 16,655 SF Office Lease at Philadelphia Navy Yard

by Taylor Williams April 12, 2022

PHILADELPHIA — Rhode Island-based construction firm Gilbane Building Co. has signed a 16,655-square-foot office lease at 1200 Intrepid Ave. within the Philadelphia Navy Yard. Gilbane is relocating from the Wanamaker Building, a historic structure in the Center City neighborhood that originally housed a department store, where the company has been a tenant since 1996. Tony Rossi and Richard Levine of CBRE represented Gilbane in the lease negotiations., Ensemble Real Estate Solutions & Investments owns the property.

April 12, 2022

Acquisitions Multifamily New York Northeast

JLL Negotiates $146M Sale of Long Island Apartment Community

by Taylor Williams April 11, 2022

LINDENHURST, N.Y. — JLL has negotiated the $146 million sale of The Wel, a 260-unit apartment community located in the Long Island community of Lindenhurst. Built in 2021, The Wel offers studio, one-, two- and three-bedroom units with an average size of 916 square feet. Residences are furnished with stainless steel appliances, stone countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking space, game room, rooftop lounge, fire pits, a dog wash station and landscaped courtyards. Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O’Hearn and Jason Lundy of JLL represented the seller, a joint venture between Tritec Real Estate Co. and an affiliate of Rockwood Capital, in the transaction. The buyer was Fairfield Properties.

April 11, 2022

Acquisitions Connecticut Multifamily Northeast

Cushman & Wakefield Brokers Sale of 240-Unit Multifamily Property in Norwalk, Connecticut

by Taylor Williams April 11, 2022

NORWALK, CONN. — Cushman & Wakefield has brokered the sale of Avalon East Norwalk, a 240-unit multifamily property located in the southern coastal part of Connecticut. Avalon East Norwalk features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations and a resident lounge. Brian Whitmer, Adam Spies, Al Mirin, Matt Torrance, Michael Collins, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the seller, Virginia-based multifamily REIT AvalonBay Communities, in the transaction. The team also procured the buyer, Boston-based DSF Group, which will rebrand the property as Halstead Norwalk.

April 11, 2022

Connecticut Industrial Loans Northeast Office

Red Oak Provides $10M Loan for Refinancing of Industrial, Office Property in Bloomfield, Connecticut

by Taylor Williams April 11, 2022

BLOOMFIELD, CONN. — Michigan-based lender Red Oak Capital Holdings has provided a $10 million loan for the refinancing of an industrial and office property located in the northern Hartford suburb of Bloomfield. South Campus at Gillette Ridge comprises a 435,853-square-foot office building, a 101,652-square-foot warehouse and a 40,688-square-foot flex building on a 50.8-acre site. Amenities include a fitness center, conference center, full-service kitchen and a cafeteria. The undisclosed sponsor plans to use a portion of the proceeds to fund capital improvements.

April 11, 2022

Development Massachusetts Multifamily Northeast

Procopio Cos. Tops Off 49-Unit Multifamily Project in Wilmington, Massachusetts

by Taylor Williams April 11, 2022

WILMINGTON, MASS. — Locally based developer The Procopio Cos. has topped off Lume, a 49-unit multifamily project in Wilmington, a northern suburb of Boston. The 74,000-square-foot, transit-served development carries a price tag of $20 million. Upon completion this fall, Lume will consist of 39 garden-style apartments and 10 townhomes. Amenities will include a fitness center, clubroom, coworking space and a pet spa. DMS Design is the project architect, with interiors by Conant Design Group. Boston-based Charlesgate is the leasing and management agency.

April 11, 2022

Acquisitions Industrial New York Northeast Self-Storage

Storage Post Acquires Self-Storage Facility in Staten Island

by Taylor Williams April 11, 2022

NEW YORK CITY — Storage Post, an Atlanta-based self-storage owner-operator, has acquired a newly built facility located at 600 Richmond Terrace on Staten Island. The number of units was not disclosed, but the property spans approximately 148,000 square feet of net rentable climate-controlled space. The seller and sales price were also not disclosed.

April 11, 2022

Acquisitions Multifamily New York Northeast Top Stories

A&E Real Estate Acquires Apartment Tower in Manhattan from Equity Residential for $266M

by John Nelson April 11, 2022

NEW YORK CITY — A&E Real Estate, a private multifamily investment and management firm based in New York City, has purchased 140 Riverside Boulevard, a luxury 354-unit apartment tower on the Upper West Side of Manhattan. Equity Residential (NYSE: EQR), a multifamily REIT based in Chicago, sold the 28-story community for $266 million. Darcy Stacom and Ryan Silber of CBRE represented Equity Residential in the sale. Built in 2002, the apartment tower features controlled access, a doorman, fitness center, interior courtyard, multiple tenant lounges, onsite management, package services, storage space and concierge services. The property is situated opposite Riverside Park South, a New York City park that fronts the Hudson River. Additionally, the community includes commercial space currently leased to New York Cat Hospital, a veterinarian’s clinic, and Dwight School, a private school catering to pre-K and kindergarten students. “140 Riverside Boulevard is a stand-out in the New York market, situated both waterfront and park-front with direct access to the Hudson River Park system,” says Stacom. “The property has been meticulously maintained and is truly excellent real estate — as this transaction validates.” Founded in 2011, A&E Real Estate began with the acquisition of a 49-unit apartment community in Brooklyn. …

April 11, 2022

Acquisitions Massachusetts Multifamily Northeast

Taurus, Kayne Anderson Acquire 1,020-Unit Multifamily Property in Metro Boston

by Taylor Williams April 8, 2022

FRAMINGHAM, MASS. — A joint venture between global private equity firm Taurus Investment Holdings and Kayne Anderson Real Estate has acquired Halstead Framingham, a 1,020-unit multifamily development located on the western outskirts of Boston. Halstead Framingham, which was originally built in 1976, was 98 percent occupied at the time of sale. The community’s amenity package consists of a fitness center with simulation surfing options, resident lounge with shared workspaces, a pool, pickleball court and multiple grilling areas. The joint venture plans to implement a capital improvement program focused on sustainability and rebrand the property as The Green on 9 & 90. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based DSF Group, in the transaction.

April 8, 2022

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