Northeast

Omnibuild Delivers 510-Room Hyatt Place New York Chelsea Hotel in Manhattan

by Taylor Williams October 14, 2021

NEW YORK CITY — Locally based construction firm Omnibuild has delivered the Hyatt Place New York Chelsea Hotel, a 510-room property located at 140 W. 24th St. in Manhattan. Developed by Magna Hospitality Group and designed by Gene Kaufman Architects, the hotel rises 45 stories and spans 173,000 square feet. The hotel also features a glass staircase to the hotel’s mezzanine space, a second-floor terrace bar area and a guest breakfast pantry. The second-floor terrace area includes a wall opening/glass hanger door leading to the bar, which includes a retractable enclosure system to ensure year-round use.

October 14, 2021

Development New York Northeast Office

SL Green Completes Redevelopment of 640,000 SF Manhattan Office Building

by Taylor Williams October 14, 2021

NEW YORK CITY — Locally based landlord SL Green Realty Corp. (NYSE: SLG) has completed the redevelopment of 410 10th Avenue, a 640,000-square-foot office building in Midtown Manhattan. The 20-story building was originally constructed in 1927 as the Master Printer’s Building, named for its ability to support printing presses. New York-based MdeAS led the design of the redevelopment, including a lobby relocation, addition of an adjacent garden and new windows, updating of retail storefronts, a full façade restoration and a refresh of office space. During construction, the building was purchased by The 601W Cos., but SL Green continued to oversee the redevelopment.

October 14, 2021

Acquisitions Industrial NAI New Jersey Northeast

NAI Hanson Brokers $26.3M Sale of Industrial Development Site in Kearny, New Jersey

by Taylor Williams October 14, 2021

KEARNY, N.J. — NAI James E. Hanson has brokered the $26.3 million sale of a 5.4-acre industrial development site in the Northern New Jersey community of Kearny. The site is located within five miles of Port Newark, just off Exit 15E of the New Jersey Turnpike. Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase of NAI Hanson represented the buyer, San Francisco-based REIT Terreno Realty Corp., in the acquisition of the land. The new ownership did not disclose specific development plans.

October 14, 2021

Affordable Housing Development Loans Multifamily New York Northeast

KeyBank Provides $18.7M in Financing for Affordable Housing Project in Cohoes, New York

by Taylor Williams October 14, 2021

COHOES, N.Y. — KeyBank has provided $18.7 million in financing for Erie Point, a 40-unit affordable housing project in Cohoes, a suburb of Albany. The financing consists of $8.3 million in Low-Income Housing Tax Credit (LIHTC) equity and a $10.4 million construction loan. Half the units will be supported by an Empire State Supportive Housing Initiative to provide supportive housing for households earning 50 percent or less of the area median income (AMI). Eight units will be rented to households earning 30 percent or less of AMI, and the remaining units will be restricted to renters who make 60 percent or less of AMI. The borrower and developer of the eight-building project is The Community Builders. Kelly Frank and Ryan Olman of KeyBank structured the financing. The capital stack also includes a $2.3 million permanent loan from Community Preservation Corp.

October 14, 2021

Acquisitions Connecticut Northeast Office

CBRE Negotiates $15M Sale of Office Building in Westport, Connecticut

by Taylor Williams October 14, 2021

WESTPORT, CONN. — CBRE has negotiated the $15 million sale of a 35,777-square-foot office building in Westport, located in the southern coastal part of the state. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Travis Langer of CBRE represented the seller, EWKAI Post Road Properties LLC, in the transaction. The team also procured the buyer, an affiliate of Waterway Capital LLC. The property was fully leased, primarily to Wells Fargo, at the time of sale.

October 14, 2021

Acquisitions Multifamily NAI New Jersey

JLL Negotiates Sale of 328-Unit Apartment Community in Lyndhurst, New Jersey

by Taylor Williams October 13, 2021

LYNDHURST, N.J. — JLL has negotiated the sale of The Union at Lyndhurst, a 328-unit apartment community in Northern New Jersey. The property offers studio, one- and two-bedroom units with an average size of 1,007 square feet. Residences are furnished with stainless steel appliances, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center, dog park and multiple courtyards. Jose Cruz, Michael Oliver, J.B. Bruno, Kevin O’Hearn and Steve Simonelli of JLL represented the seller, Mesirow Institutional Real Estate Direct Investments, in the transaction. Pacific Urban Investors acquired the asset for an undisclosed price.

October 13, 2021

Acquisitions Affordable Housing Multifamily New York Northeast

Hudson Valley Property Group Buys Two Affordable Housing Communities in Spring Valley, New York

by Taylor Williams October 13, 2021

SPRING VALLEY, N.Y. — Hudson Valley Property Group has purchased two affordable housing communities totaling 220 units in Spring Valley, about 35 miles north of New York City. The properties include the 144-unit Lakeview Village and the 76-unit Highview Apartments. The new ownership plans to invest in capital upgrades to preserve affordability; all apartments will subsequently be restricted to tenants earning 60 percent or less of the area median income (AMI). Renovations will include energy-efficient upgrades such as Energy Star-rated appliances, high-efficiency heating and cooling systems and LED bulbs; updated bathrooms and new flooring; ventilation upgrades; and other cosmetic improvements. Plans are also in place for common spaces to receive green building and cosmetic upgrades.

October 13, 2021

Development Multifamily New Hampshire Northeast Seniors Housing

Edgewood Senior Solutions Breaks Ground on 190-Unit Project in Londonderry, New Hampshire

by Taylor Williams October 13, 2021

LONDONDERRY, N.H. — Massachusetts-based Edgewood Senior Solutions Group has broken ground on The Baldwin, a 190-unit continuing care retirement community (CCRC) in Londonderry, approximately 45 miles northwest of Boston. Designed by DiMella Shaffer, The Baldwin will offer amenities such as an indoor pool, fitness center, art studio and gallery, library and a woodworking shop. Construction is scheduled for a summer 2023 completion.

October 13, 2021

Leasing Activity New York Northeast Office

Accounting Firm Signs 145,000 SF Office Lease at 200 Park Avenue in Manhattan

by Taylor Williams October 13, 2021

NEW YORK CITY — Accounting and advisory firm BDO USA has signed a 15-year, 145,000-square-foot office lease at 200 Park Avenue, a 58-story tower in Midtown Manhattan. In January 2024, the tenant will consolidate its three Manhattan offices to three entire floors, as well as a dedicated portion of the lobby of the 3.1 million-square-foot building. Mitti Liebersohn, Mark Robbins, Keith Caggiano, Jeff Lindenmeyer and Jeff Burger of Avison Young represented BDO USA in the lease negotiations. Gus Field and Megan Sheehan represented the landlord, Tishman Speyer, which owns the building in partnership with Irvine Co. Office Properties, on an internal basis.

October 13, 2021

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $7.2M Sale of Brooklyn Multifamily Building

by Taylor Williams October 13, 2021

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $7.2 million sale of a multifamily building located in the Bay Ridge neighborhood of Brooklyn. Built in 1961, the seven-story building spans 30,000 square feet and consists of 42 rent-stabilized residential units and one office unit. Aaron Jungreis and Nick Pappas of Rosewood Realty represented the seller, The Baldwin LLC, in the transaction. The duo also procured the buyer, Meridian Properties LLC.

October 13, 2021

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