Northeast

Stan Johnson Co. Negotiates $10.8M Sale of Philadelphia Retail Condo Leased to CVS

by Taylor Williams December 15, 2021

PHILADELPHIA — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased retail assets, has negotiated the $10.8 million sale of a 12,485-square-foot retail condo in Philadelphia that is leased to CVS. The store is housed within a 62-unit multifamily building known as Shirt Corner that is located in the Old City District. Brandon Duff, Austin Duff, Matt Spangenberg and Mack Wolfgram of Stan Johnson Co. represented the seller, a Chicago-based private investor, in the transaction. The buyer was a 1031 exchange investor from Indiana.

December 15, 2021

Acquisitions Multifamily New York Northeast

Conway Capital Acquires Brooklyn Multifamily Building for $8M

by Taylor Williams December 15, 2021

NEW YORK CITY — Locally based investment firm Conway Capital, in partnership with a private family investment group, has acquired a 16-unit multifamily building in the Park Slope area of Brooklyn for $8 million. The new ownership plans to renovate the four-story property at 423 16th St., which was originally built in 1920. Derek Bestreich and Luke Sproviero of Bestreich Realty Group represented the seller, a private investor, in the transaction.

December 15, 2021

Leasing Activity New York Northeast Office

Ergatta Signs 11,185 SF Office Lease in Manhattan’s Flatiron District

by Taylor Williams December 15, 2021

NEW YORK CITY — Ergatta, a health and wellness company known for indoor rowing products and fitness regimens, has signed a 11,185-square-foot office lease at 40 West 25th Street, a 136,226-square-foot building in Manhattan’s Flatiron District. The 12-story building was originally constructed in 1913 and most recently renovated in 2018. Michael Mathias and Sean Hoffman of Savills represented the tenant in the lease negotiations. A joint venture between Kaufman Organization and AXA Insurance owns the property.

December 15, 2021

Acquisitions Massachusetts Northeast Office

KKR, Synergy Acquire Office Building in Boston’s Seaport District for $234.5M

by Taylor Williams December 14, 2021

BOSTON — A partnership between global investment firm KKR and Boston-based Synergy Investments has acquired Two Drydock, a 235,000-square-foot office building located in the state capital’s Seaport District, for $234.5 million. The 13-story building features 7,000 square feet of ground-floor retail space that was recently leased to Lord Hobo Brewing Co. and Render Coffee, as well as 150 above-ground parking spaces and a 10,000-square-foot outdoor plaza. Newmark represented the seller, international developer Skanska, which originally broke ground on the property in June 2018, in the transaction.

December 14, 2021

Affordable Housing Development Multifamily New York Northeast

Omni New York Completes 387-Unit Affordable Housing Project in Queens

by Taylor Williams December 14, 2021

NEW YORK CITY — Locally based developer Omni New York LLC has completed Archer Green, a 387-unit affordable housing project in the Jamaica area of Queens. The property includes 70,000 square feet of commercial space, a portion of which is preleased to German discount grocer Aldi. Amenities include a fitness room, outdoor terrace, community lounge, children’s playroom, media and coworking space, package lockers and bike storage space. Information on income restrictions was not disclosed.

December 14, 2021

Development Multifamily New York Northeast Seniors Housing

Sunrise, Hines, Welltower Open 151-Unit Seniors Housing Community in Manhattan

by Taylor Williams December 14, 2021

NEW YORK CITY — A partnership between Sunrise Senior Living, Houston-based Hines and Welltower (NYSE: WELL) has opened Sunrise at East 56th, a 151-unit high-rise community on Manhattan’s Upper East Side. The property offers assisted living and memory care services. Sunrise is collaborating with Northwell Health for services at the building. SLCE Architects designed the property, and Champalimaud Design created the interiors. The fourth, 11th and 15th floors feature landscaped outdoor terraces and gardens with views of the Manhattan skyline.

December 14, 2021

Connecticut Loans Multifamily Northeast

Dwight Capital Provides $29M Loan for Refinancing of Connecticut Multifamily Asset

by Taylor Williams December 14, 2021

MYSTIC, CONN. — New York City-based Dwight Capital has provided a $29 million bridge loan for the refinancing of Harbor Heights Apartments, a 121-unit multifamily asset in Mystic, located in the southern coastal part of Connecticut. The property was built on 10.5 acres in 2020 and offers a pool, fitness center, clubhouse with a kitchen, dog park and outdoor grilling areas. Daniel Malka and Jacob Gauptman of Dwight Capital originated the loan. The undisclosed borrower will also use a portion of the cash-out proceeds to fund predevelopment costs for a second phase of the property, a 72,000-square-foot surgical center.

December 14, 2021

Acquisitions Industrial New Jersey Northeast

Seagis Property Group Acquires 63,000 SF Warehouse in South Hackensack, New Jersey

by Taylor Williams December 14, 2021

SOUTH HACKENSACK, N.J. — Metro Philadelphia-based investment firm Seagis Property Group has acquired a 63,000-square-foot warehouse in South Hackensack, located outside of New York City in the Meadowlands submarket. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The deal increases the size of Seagis Property Group’s New Jersey portfolio to 33 buildings totaling 5.2 million square feet.

December 14, 2021

Civic Development New York Northeast Retail Top Stories

Public-Private Partnership to Develop $9.5B International Terminal at JFK Airport in New York City

by John Nelson December 14, 2021

NEW YORK CITY — The Port Authority of New York and New Jersey has reached an agreement with a consortium of private financial sponsors to build a 2.4 million-square-foot international terminal that will anchor the south side of John F. Kennedy International Airport (JFK) in New York City. The $9.5 billion project will comprise 23 gates and be built in phases at the airport’s T1, T2 and the former T3 terminals, with groundbreaking anticipated for next year. The port authority expects for the first gates at the new terminal, dubbed New Terminal One, to debut in 2026, with full project completion expected in 2030. The overall development is expected to support 10,000 new jobs, including 6,000 construction jobs. “The time to get large infrastructure projects done is now, and I’m committed to getting JFK’s brand new Terminal One underway and completed as soon as possible,” says New York Gov. Kathy Hochul. The design-build team for the project includes AECOM Tishman and Gensler. The passenger facilities at New Terminal One will feature larger check-in, security and concessions areas. Design elements will include high ceilings, natural light, interior green space and local artwork. Technology that will be supported at the terminal include …

December 14, 2021

Development Multifamily New Jersey Northeast

Enburg Group Opens 378-Unit Apartment Community in Hackensack, New Jersey

by Taylor Williams December 13, 2021

HACKENSACK, N.J. — Enburg Group, a developer that was established in Taiwan in 1978 as a food manufacturer, has opened Brick of Hackensack, a 378-unit apartment community in the Northern New Jersey city’s downtown area. The 15-story building features studio, one- and two-bedroom units that are furnished with stainless steel appliances, marble quartz countertops and individual washers and dryers. Amenities include a pool, fitness center with a yoga studio and a clubhouse with a pool table and TVs. Rents start at $1,800 per month for a studio unit.

December 13, 2021

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