Northeast

Howard Hughes Corp. Receives Municipal Approval for $850M Mixed-Use Project in Manhattan’s Seaport District

by Taylor Williams January 3, 2022

NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) has received approval from the City of New York for the development of an $850 million mixed-use project in Manhattan’s Seaport District. The 26-story building at 250 Water St. will house office, retail and multifamily uses, with the housing component comprising 80 percent market-rate and 20 percent affordable units. The residential element of the project will also include for-sale and for-rent units. More specifically, current plans for the 324-foot-tall building call for 270 multifamily units to be developed above five stories of office and retail space. The site currently houses a parking lot that spans a full city block. Skidmore, Owings & Merrill is the architect of the project, which was originally announced in October 2020. The Dallas-based developer estimates that the project will generate more than $1 billion in economic impact, including the creation of more than 3,000 construction and permanent jobs. Howard Hughes Corp. plans to begin remediation of the site this year, with the commencement of vertical construction to occur after that process is completed. “This project will play a vital role in New York City’s recovery through the creation of a new mixed-income rental building, office …

January 3, 2022

Acquisitions New York Northeast Office

Boston Properties Acquires Midtown Manhattan Office Building for $300M

by Taylor Williams December 23, 2021

NEW YORK CITY — Boston Properties (NYSE: BXP) has acquired 350 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan. Enterprise Asset Management sold the 20-story building for approximately $300 million. The new ownership plans to implement a capital improvement program to enhance building systems, work suites and common areas. Boston Properties also secured a $220 million loan for the refinancing of the existing debt attached to the property.

December 23, 2021

Acquisitions New Jersey Northeast Office

CBRE Negotiates $16M Sale of Office Building in Roseland, New Jersey

by Taylor Williams December 23, 2021

ROSELAND, N.J. — CBRE has negotiated the $16 million sale of a 121,667-square-foot office building in the Northern New Jersey community of Roseland. At the time of sale, the property was 91 percent leased to tenants in the cybersecurity, legal and financial services sectors. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented the seller, a partnership between Northlight Capital Partners and Accordia Realty, in the transaction. The team also procured the buyer, New York-based investment firm Aresco Management.

December 23, 2021

Development Massachusetts Multifamily Northeast

Greystar Nears Completion of 126-Unit Multifamily Project in Boston

by Taylor Williams December 23, 2021

BOSTON — South Carolina-based Greystar is nearing completion of a 126-unit multifamily project in Boston’s historic Bay Village neighborhood. Designed by Sasaki and Höweler + Yoon, the property rises 19 stories and spans 150,000 square feet, including ground-floor retail space. Boston-based Transom Real Estate handled the permitting and entitlement processes prior to selling the site to Greystar. Construction began in March 2020, and full completion is slated for next summer.

December 23, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of 53-Unit Apartment Complex in Toms River, New Jersey

by Taylor Williams December 23, 2021

TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of Briar Knoll, a 53-unit apartment complex in Toms River, located in the central coastal part of the Garden State. The property offers 43 one-bedroom units and 10 two-bedroom units. Chez Eider and Andrew Townsend of Marcus & Millichap represented the seller, Pine View Equity Group LLC, in the transaction, and procured a private investor as the buyer. James Conley and Neil Campbell of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.

December 23, 2021

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $5.5M Construction Loan for Bronx Multifamily Project

by Taylor Williams December 23, 2021

NEW YORK CITY — Locally based firm Ariel Property Advisors has arranged a $5.5 million construction loan for a 24-unit multifamily project in the Morrisania neighborhood of The Bronx. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the loan. The borrower was an international family office, and the direct lender was a local debt fund. Both of those parties involved in the transaction requested anonymity.

December 23, 2021

Development Life Sciences Massachusetts Northeast Top Stories

Joint Venture Receives $246M Construction Loan for Life Sciences Project in Metro Boston

by Katie Sloan December 23, 2021

SOMERVILLE, MASS. — A partnership between Leggat McCall Properties, DLJ Real Estate Capital Partners and Deutsche Finance America (DFA) has received $246 million in construction financing for 808 Windsor, a life sciences development located roughly four miles outside Boston in Somerville. Brett Paulsrud and Henry Schaffer of JLL Capital Markets secured the five-year loan through Bank OZK. 808 Windsor will be positioned adjacent to the newly developed Union Square MBTA Green Line Station within Boynton Yards, a master-planned development that is set to span up to 1.35 million square feet. The 11-story property will include 346,000 square feet of state-of-the-art lab space, 7,000 square feet of retail and 242 below-grade parking spaces. A timeline for the development was not announced. Boston remains a top life sciences market in the U.S., with recently announced projects including the conversion of a 105,000-square-foot building in suburban Boston and the conversion of a 102,727-square-foot office building in Boston’s Seaport District into life sciences space, among others. Leggat McCall Properties is an owner, developer and service provider for corporate, educational and healthcare properties across the greater Boston area. The company has developed over 42 million square feet of projects over the past 10 years. …

December 23, 2021

Development Massachusetts Mixed-Use Northeast

Berkeley, Singerman Begin Work on 352,000 SF Mixed-Use Redevelopment in Metro Boston

by Taylor Williams December 22, 2021

MALDEN, MASS. — A joint venture between Boston-based Berkeley Investments and Chicago-based Singerman Real Estate has begun construction on Exchange 200, a 352,000-square-foot mixed-use redevelopment in the northern Boston suburb of Malden. The project will convert a four-story office building into a life sciences and lab facility that will continue to house retail space. As part of the conversion, the joint venture will upgrade the building’s utility systems. Dellbrook JKS is the general contractor for the project, and TRIA is the architect. JLL is handling leasing. The development team expects for prospective tenants to be able to take occupancy by next October.

December 22, 2021

Acquisitions Multifamily Northeast Pennsylvania

Goldcrest Properties Acquires Apartment Complex in Marietta, Pennsylvania for $39M

by Taylor Williams December 22, 2021

MARIETTA, PA. — New Jersey-based Goldcrest Properties has acquired a 172-unit apartment complex in Marietta, located southeast of Harrisburg, for $39 million. The property was built in 2020 and offers a clubhouse, fitness center and onsite laundry facilities. Aaron Jungreis and Michelle Jungreis of New York-based Rosewood Realty Group represented Goldcrest Properties as well as the seller, Inch & Co., in the transaction.

December 22, 2021

Loans Multifamily New York Northeast

HAP Investments Receives $76.7M Loan for Refinancing of East Harlem Multifamily Portfolio

by Taylor Williams December 22, 2021

NEW YORK CITY — Locally based investment and development firm HAP Investments has received a $76.7 million loan for the refinancing of a portfolio of three multifamily buildings totaling 160 units in East Harlem. The buildings are located at 2338 Second Ave., 329 Pleasant Ave. and 2211 Third Ave. Allegiant Real Estate Capital provided the three-year loan, specific terms of which were not disclosed.

December 22, 2021

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