MONTCLAIR, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $38 million sale of Hawthorne Towers, a 133-unit multifamily building in the Northern New Jersey community of Montclair. The property, which was originally built in 1962 and renovated multiple times over the years, offers studio, one- and two-bedroom units and amenities such as a pool and outdoor grilling and dining areas. Joseph Brecher and Ken Uranowitz of Gebroe-Hammer represented the seller, Hawthorne Towers LLC, in the transaction. David Oropeza, also with Gebroe-Hammer, procured the buyer, Rockledge Ventures LLC. Brad Domenico of Progress Capital arranged acquisition financing.
NEW YORK CITY — TPG Architecture has signed a 40,431-square-foot office lease renewal at 132 West 31st Street in Midtown Manhattan’s Penn Plaza district. The lease term is seven years. The property was built in the 1920s and recently renovated to feature an upgraded lobby, meeting rooms and elevators, as well as new food and beverage concepts. Mitchell Konsker, Matthew Astrachan, Kyle Young and Thomas Swartz of JLL represented the landlord, Vanbarton Group, in the lease negotiations. CBRE’s Mark Ravesloot, Michael Monahan and William Iacovelli represented the tenant.
JERSEY CITY, N.J. — JLL has arranged a $105 million loan for the refinancing of a two-building, 362-unit apartment community in Jersey City. The buildings, which are branded Rivet and Rivet 26, feature studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Both buildings offer amenities such as fitness centers with yoga studios, indoor and outdoor lounges, pet spas and cybercafés. Jon Mikula, Michael Klein and Gerard Quinn of JLL arranged the nonrecourse loan through Franklin BSP Realty Trust Inc. on behalf of the borrower, a joint venture between The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments. The loan carried a two-year term and a floating interest rate. Electra Capital provided a $19 million mezzanine loan for the deal to supplement the $86 million senior loan.
HAVERHILL AND LOWELL, MASS. — Los Angeles-based CIT Group has provided a $35.6 million acquisition loan for two multifamily properties totaling 107 units in Boston’s North Shore area. The Heights at Haverhill is located about 40 miles north of the state capital, while Thorndike Exchange is located about 30 miles northwest of Boston in Lowell. Both properties include ground-floor commercial space. The borrower was not disclosed.
ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $14.3 million sale of Elizabeth Towers, a 193-unit multifamily building in Northern New Jersey. The elevator-served, 13-story building houses 72 studios, 120 one-bedroom units and one two-bedroom apartment, all of which are subject to either age or income restrictions. Joseph Keenan and Jeff Squires of Kislak represented the seller, Marshall & Moran Inc., in the transaction. Joni Sweetwood, also with Kislak, represented the buyer, an entity doing business as Elizabeth Towers TG LLC.
NEW YORK CITY — Sigma Computing Inc., a provider of data analytics software, has signed a 15,500-square-foot office lease at Zero Irving, a 21-story building in Midtown Manhattan. The tenant will occupy space on the ninth floor of the for five years. Jeff Rodgers, Stephen Cisarik and Brent Ozarowski of Newmark represented Sigma Computing in the lease negotiations. JLL represented the landlord, a partnership between RAL Development and Junius Real Estate Partners.
By Steve Firestone, Crown Bay Group Why would anyone choose investing in an aging workforce housing property over razing it to make room for Class A apartments? Are these challenging properties worth the risk? Making this choice may not be right for everyone, but the returns can be unbelievably rewarding. The secret recipe for transforming Class B and C properties to benefit the community, local residents and your bottom line isn’t complicated. The key is entering into each deal with a genuine interest and desire to do what is right and what matters to the residents who call this property home. The age-old saying — by doing good, you will do well — still holds true today. There is an overwhelming demand for Class B and C assets. While a large portion of new development over the past decade has been Class A luxury, the Class A market makes up only 20 percent of the total rental market. New construction of affordable, market-rate units is just not financially feasible today. Consequently, meaningful workforce supply has rarely been added this past decade. Despite the pervasive need for workforce housing, the supply has decreased with older units being demolished to make room …
NEW YORK — Atlanta-based self-storge investment firm Storage Post has acquired four facilities totaling 3,900 units in the New York City area. Specifically, the properties, which span more than 370,000 gross square feet, are located in Garden City, Floral Park, Huntington Station and Yorktown Heights. Storage Post has operated the facilities on behalf of the seller, an undisclosed institutional investor, since 2016 and will continue to do so following the change in ownership.
BOSTON — CBRE Investment Management has acquired a partial interest in 100 Binney, a 432,932-square-foot life sciences building in Boston’s Kendall Square neighborhood. The percentage of the interest was not disclosed. The 10-story building was constructed in 2018 and was fully leased at the time of the sale, with pharmaceutical giant Bristol Myers Squibb serving as the anchor tenant. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed building owner/seller in the recapitalization deal and procured CBRE Investment Management as the buyer.
PENNSAUKEN, N.J. — Colliers has brokered the sale of a 60,000-square-foot industrial property in the Southern New Jersey city of Pennsauken. The facility was fully leased at the time of sale. SNS Real Estate Investment Group LLC acquired the property from an undisclosed seller. Ian Richman of Colliers brokered the deal. New Jersey-based Freedom Bank provided acquisition financing.