NEW YORK CITY — Reidy Contracting Group has signed a 7,723-square-foot office lease at The Banks Building, located at 58 W. 40th St. in Manhattan. Michael Nazarian and Matt Kashani of Norman Bobrow & Co. represented the tenant, which is expanding and relocating from a 4,000-square-foot space at 120 West 31st Street, in the lease negotiations. Laura Belt Ponomarev represented the landlord, an entity doing business as 58-64 40th St. Corp., on an internal basis.
The famed stability of healthcare and medical office building (MOB) real estate continues in 2022, with the Midwest acting as a microcosm for the sector’s trends and challenges nationwide. Adapting to complement large healthcare system needs, adding urgent care centers and keeping costs low are some of the main concerns for brokers this space. Five healthcare/MOB brokers sat down with REBusinessOnline to discuss what is influencing the sector. Michael Kalil, chief operating officer and director of brokerage, and Jeff Cavazos, senior vice president, NAI Farbman, Southfield, Mich.; Matthew Gregory, senior VP office brokerage, and Michael Simpson, president, NAI Ohio Equities, Columbus, Ohio; and Doug Taatjes, partner/associate broker, NAI Wisinski of West Michigan, Grand Rapids, Mich. weighed in on the present and future of healthcare/MOB real estate. REBusiness: What trends are we going to see in healthcare in 2022? What factors might influence further investment in this field? Matt Gregory: Improvements to building infrastructure will be the most significant trend in 2022. There will be a push toward better HVAC filtration, higher cleaning standards and so forth. Mike Simpson: Yes, I think the healthy building initiative is something that’s going to pick up more momentum this year. Doug Taatjes: In our …
NEW YORK CITY — H.I.G. Realty Partners, an affiliate of global investment banking firm H.I.G. Capital, has provided a $240 million permanent loan for the refinancing of The Paxton, a 43-story mixed-use development in downtown Brooklyn that is nearing completion. Developed by locally based firm Jenel Real Estate, The Paxton will ultimately feature 327 for-rent residential units, 109,000 square feet of office space and up to 36,000 square feet of retail space. The project is located in the borough’s downtown area, just across both the Brooklyn Bridge and Manhattan Bridge from downtown Manhattan. Marvel Architecture designed the building, full completion of which is slated for the fall. CBRE and RIPCO Real Estate have been tapped to lease The Paxton’s office and retail components, respectively. The tower’s location on Fulton Street is part of a growing area that includes 35,494 residents, 16,501 residential units, 3 million square feet of office space and 1.9 million square feet of retail space. In addition, the area houses 11 higher education institutions with upwards of 60,000 students, as well as over 100 arts and cultural institutions. “We are excited to be a part of such a well-built, well-located property in the growing downtown Brooklyn market,” …
JERSEY CITY, N.J. — A developer doing business as 400 Claremont LLC has completed 3 Acres, a 629-unit apartment community in Jersey City. Designed by Marchetto Higgins Stieve, the property offers micro studio, studio, one- and two-bedroom units with quartz countertops, stainless steel appliances and individual washers and dryers. Indoor amenities include a fitness center, saunas, conference room, work pods, demonstration kitchen, multi-sport simulator and screening room, resident lounge and a game room with a mini bowling alley. Outside, residents have access to a rooftop terrace with a pool, as well as a dog run and courtyards with dining stations, workout areas and games. The property is roughly 50 percent leased, and rents start at $1,575 per month for a one-bedroom unit.
BURLINGTON, MASS. — SVN | Parsons Commercial Group | Boston has arranged the $8.8 million sale of a 40,000-square-foot office/flex building in Burlington, a northern suburb of Boston. The building sits on three acres just off Route 128 and across from the Burlington Mall. Marci Alvarado of SVN represented the seller, a partnership between two limited liability companies, in the transaction. Dean Blackey and Elizabeth Holmes of RW Holmes represented the buyer, ACCO Properties LLC.
NEW YORK CITY — CBRE has negotiated a 20,293-square-foot office lease at 444 Madison Avenue in Midtown Manhattan. The tenant will occupy the entire 10th floor of the 42-story building, which was recently renovated. Paul Amrich, Meghan Allen, James Ackerson and Max Tarter of CBRE represented the landlord, Westbrook Partners, in the lease negotiations. The representative of the tenant, The Doris Duke Management Foundation, was not disclosed.
NEW YORK CITY — Bold Charter School will open a 10,000-square-foot learning center at 1093 Southern Blvd. in The Bronx. The school, which will open in time for the 2022-2023 academic year, will have eight classrooms and will be able to support about 240 students in grades K-4. Stephen Powers and Lindsay Ornstein of OPEN Impact Real Estate, along with Tom Hines and Casey Noel of Transwestern, represented Bold Charter School in its site selection and lease negotiations. David Israeli and Joseph Israeli represented the landlord, Meyerson Management LLC, on an internal basis.
EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.6 million sale of a 17-unit multifamily property in the Northern New Jersey community of East Orange. The property includes three retail spaces. Julie Gralla of Kislak represented the seller in the transaction, and Joni Sweetwood of Kislak represented the buyer. Both parties requested anonymity.
RIDGEWOOD, N.J. — Signature Bank has funded a $39 million loan for the refinancing of a portfolio of eight industrial properties totaling approximately 395,000 square feet that are located in various areas of Northern New Jersey. Specifically, the warehousing and logistics facilities are located in Woodbridge, Moonachie, Clifton, Woodland Park, Wyckoff and Roselle. Zachary Bermudez led the Signature Bank team that originated the financing on behalf of the borrower, New Jersey-based STRO Cos.
PHILADELPHIA — Locally based financial intermediary Scope Capital Group has arranged a $17.7 million construction loan for Box Factory Lofts, a 63-unit multifamily project that will be located in Philadelphia’s Fishtown neighborhood. Designed by SITIO Architecture + Urbanism, Box Factory Lofts will house studio, one- and two-bedroom units, as well as 1,100 square feet of commercial space. Construction is slated for a mid-2023 completion. Edward Brown of Scope Capital Group arranged the loan, which carried a 24-month term and an 80 percent loan-to-cost ratio, through a local community bank on behalf of the undisclosed, locally based borrower/developer.