Northeast

Cushman & Wakefield Brokers Sale of 78,922 SF Life Sciences Facility in Princeton

by Taylor Williams May 4, 2022

PRINCETON, N.J. — Cushman & Wakefield has brokered the sale of a 78,922-square-foot life sciences facility located at 350 Carter Road in Princeton. The facility sits on 19 acres and houses a mix of chemistry and biology labs and other spaces designed to meet the needs of modern life sciences users. Gary Gabriel, David Bernhaut, Frank DiTommaso, Brett Grifo, Keith Braccia, Eric Johnstone, Shawn Straka and Todd Elfand of Cushman & Wakefield represented the seller, an affiliate of metro Philadelphia-based Equus Capital Partners, in the transaction.

May 4, 2022

Loans Massachusetts Northeast Office

Fantini & Gorga Arranges $13M Loan for Refinancing of Boston Office Building

by Taylor Williams May 4, 2022

BOSTON — Locally based mortgage banking firm Fantini & Gorga has arranged a $13 million loan for the refinancing of The Berkeley Building, a historic office and retail property in Boston’s Back Bay area. The building was originally constructed in 1906. Wayne Clough and Colin Monahan of Fantini & Gorga arranged the 10-year, fixed-rate loan through Lincoln Financial Group. The sponsor, Boston-based A.W. Perry Inc., will use a portion of the proceeds to fund capital improvements.

May 4, 2022

Acquisitions Connecticut Northeast Retail

TA Realty Acquires King’s Crossing Shopping Center in Fairfield, Connecticut, for $58M

by Taylor Williams May 3, 2022

FAIRFIELD, CONN. — Boston-based investment firm TA Realty has acquired King’s Crossing, an 82,000-square-foot shopping center located in the southern Connecticut city of Fairfield, for $58 million. Built in 2011, King’s Crossing was 97 percent leased at the time of sale to tenants such as Whole Foods Market, CVS Pharmacy, Petco, Five Guys, Sleep Number and Chipotle Mexican Grill. Jose Cruz, Kevin O’Hearn, Danny Finkle, Michael Oliver, Steve Simonelli, Andrew Scandalios and Grace Braverman of JLL represented the undisclosed institutional seller in the transaction.

May 3, 2022

Development New York Northeast Office

Joint Venture Tops Out 16-Story Office Building in Lower Manhattan

by Taylor Williams May 3, 2022

NEW YORK CITY — A joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines has topped out 555 Greenwich, a 16-story office building in Lower Manhattan. Designed by COOKFOX Architects, the 270,000-square-foot building, which is located in the Hudson Square neighborhood, will include ground-floor retail space and 33,000 square feet of outdoor amenity space via 11 terraces. Completion is slated for 2023.

May 3, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $38.5M Sale of Hackensack Apartment Community

by Taylor Williams May 3, 2022

HACKENSACK, N.J. — The Kislak Co. Inc. has negotiated the $38.5 million sale of 22 Sussex, an 88-unit apartment building in the Northern New Jersey community of Hackensack. The property consists of 22 studios, 51 one-bedroom units and 15 two-bedroom units. Residences average 883 square feet and feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, coworking lounge, rooftop deck and a gaming area. Andrew Scheinerman of Kislak represented the seller and developer, an entity doing business as 22 Sussex Street Urban Renewal LLC, in the transaction. Scheinerman also procured the buyer, Lusia Realty Corp.

May 3, 2022

Acquisitions Affordable Housing Multifamily Northeast Pennsylvania

Starkman Realty Arranges $3.1M Sale of Affordable Housing Building in Chester, Pennsylvania

by Taylor Williams May 3, 2022

CHESTER, PA. — Locally based brokerage firm Starkman Realty Group has arranged the $3.1 million sale of Buckman Meadows, a 42-unit affordable housing building in Chester, a southwestern suburb of Philadelphia. The property was originally constructed in 1917 to house shipbuilders during World War I and subsequently converted to a veterans’ hospital and then an affordable housing complex for veterans in 2015. New Jersey-based Tunic Group purchased Buckman Meadows from an undisclosed partnership. Jason Starkman of Starkman Realty Group represented both parties in the deal.

May 3, 2022

Leasing Activity New York Northeast Office

Praxis Signs 7,462 SF Office Lease at 446 Broadway in Manhattan

by Taylor Williams May 3, 2022

NEW YORK CITY — Social media platform Praxis has signed a 7,462-square-foot office lease at 446 Broadway in Manhattan. The lease term is five years, and the space encompasses the entire third floor. Greg Herman of Cushman & Wakefield represented Praxis in the lease negotiations. David Malawer of Newmark represented the landlord, KPG Funds. The building is now fully leased.

May 3, 2022

Emergency Rental Assistance Program graph

Affordable Housing Arbor Realty Trust Content Partner Development Features Midwest Multifamily Northeast Southeast Texas Western

As Affordability Crisis Deepens, Policies and Market Shift to Assist the Underserved

by Sarah Daniels May 3, 2022

By Omar Eltorai, Arbor Realty Trust To understand the affordable housing market in spring 2022, one needs to first assess how this sector weathered the pandemic and then assess the current state of housing affordability across the country. In-depth findings on these trends are included in the Arbor Realty Trust-Chandan Economics Affordable Housing Trends Report, from which this article is excerpted. Weathering the Pandemic When it comes to the pandemic response, federal policymakers proved effective at defusing a large-scale increase in homelessness from financially insecure households. The Center for Disease Control and Prevention’s (CDC) eviction moratorium, while unpopular among industry advocates, prevented an estimated 1.6 million evictions, according to an analysis by Eviction Lab. After the Supreme Court struck down the federal moratorium in August 2021[1], the wave of evictions that many were forecasting did not immediately materialize. Nationally, tracked eviction filings ticked up but remained well below their pre-pandemic averages, according to Eviction Lab. A key reason why many at-risk renters have remained in their homes is the deployment of funds allocated in the Emergency Rental Assistance Program (ERA) — a funding pool designed to assist households that are unable to pay rent or utilities. The ERA Program was …

May 3, 2022

Development Loans New York Northeast Office

Parkview Financial Provides $92M Construction Loan for Brooklyn Office Building

by Taylor Williams May 2, 2022

NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $92 million construction loan for a 215,379-square-foot office building that will be located at 1498-1538 Coney Island Avenue in Brooklyn’s Midwood neighborhood. The project will include 51,000 square feet of retail space and a 267-space automated parking structure. Construction is underway and expected to be complete in October 2023. Between the office and retail components, the building is 30 percent preleased. Aaron Birnbaum and Elliott Kunstlinger of Meridian Capital Group arranged the loan through Parkview on behalf of the borrower, an affiliate of locally based developer Baruch Singer.

May 2, 2022

Affordable Housing Development Massachusetts Multifamily Northeast

Callahan Completes Renovation, Expansion of Squirrelwood Apartments in Cambridge, Massachusetts

by Taylor Williams May 2, 2022

CAMBRDIGE, MASS. — Callahan Construction Managers has completed the renovation and expansion of Squirrelwood Apartments, an affordable housing project located across the Charles River from Boston in Cambridge. The project involved renovating 10 of the property’s buildings and constructing two more from the ground up. Of the 88 units, 64 are reserved for renters earning 60 percent or less of the area median income (AMI); 14 residences are restricted to households earning 30 to 50 percent of AMI, and the remaining 10 are designated as Massachusetts Workforce program units.

May 2, 2022

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