Northeast

Parkview Financial Provides $50M Construction Loan for Queens Multifamily Project

by Taylor Williams October 12, 2021

NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $50 million construction loan for a multifamily project in the Astoria neighborhood of Queens. The 13-story building will consist of 143 condominiums and 40,034 square feet of ground-floor commercial space. The property will offer a mix of 11 studios, 48 one-bedroom apartments and 84 two-bedroom units with an average unit size of 743 square feet. Amenities will include a fitness center and a rooftop terrace. The borrower and developer, Ming Garden Realty LLC, expects to complete the project in fall 2023.

October 12, 2021

Leasing Activity New York Northeast Office

Orchard Technologies Signs 107,443 SF Office Lease at 195 Broadway in Manhattan

by Taylor Williams October 12, 2021

NEW YORK CITY — Real estate services firm Orchard Technologies Inc. has signed a 107,443-square-foot office lease at 195 Broadway, a 29-story building in Manhattan’s Financial District. Orchard will occupy part of the 24th floor, as well as the entire 25th and 26th floors of the 1.1 million-square-foot tower, which formerly housed the world headquarters of AT&T and is thus known locally as The Telegraph Building. Peter Trivelas and Gary Ceder of Cushman & Wakefield represented the tenant, which plans to take occupancy of the space early next year, in the lease negotiations. Andrew Wiener represented the landlord, L&L Holding Co., on an internal basis.

October 12, 2021

Acquisitions Industrial Northeast Pennsylvania

Velocity Ventures Buys 97,000 SF Industrial Flex Property in Metro Philadelphia

by Taylor Williams October 12, 2021

CHERRY HILL, N.J. — Locally based investment firm Velocity Ventures Partners has purchased Rockhill Industrial Center, a 97,000-square-foot industrial flex property in the Philadelphia suburb of Cherry Hill. The eight-building facility, whose suites range in size from 2,000 to 20,000 square feet, was fully leased at the time of sale. Chris Henderson of JLL represented Velocity Ventures in the transaction. The seller and sales price were not disclosed.

October 12, 2021

Acquisitions Industrial Massachusetts Northeast

Marcus & Millichap Arranges Sale of 31,135 SF Industrial Building in Malden, Massachusetts

by Taylor Williams October 12, 2021

MALDEN, MASS. — Marcus & Millichap has arranged the sale of a 31,135-square-foot industrial building in the northern Boston suburb of Malden. The property was originally built in the 1940s as a metal finishing facility. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the Florida-based seller and procured the buyer, Combined Properties Inc., in the transaction.

October 12, 2021

Acquisitions Industrial NAI New Jersey Northeast

NAI DiLeo-Bram Brokers Sale of 30,000 SF Industrial Park in Piscataway, New Jersey

by Taylor Williams October 12, 2021

PISCATAWAY, N.J. — NAI DiLeo-Bram has brokered the sale of Clover Leaf Industrial Park, a four-building, 30,000-square-foot development that is located on a 26-acre site in the Northern New Jersey community of Piscataway. Chris Galiano of NAI DiLeo-Bram represented the seller, a private family that owned the asset for 30 years, in the $10.5 million deal. The buyer, Contracting Leasing Corp., a provider of trailer leasing services, will also operate its business out of the facility.

October 12, 2021

Acquisitions Industrial New York Northeast Pennsylvania

Cushman & Wakefield Arranges Sale, Financing for 2.5 MSF Northeast Industrial Portfolio

by Taylor Williams October 11, 2021

NEW YORK CITY — Cushman & Wakefield has arranged the sale of the Interstate Industrial Portfolio, a collection of 15 buildings totaling approximately 2.5 million square feet located in various markets throughout the Northeast. Those markets include Harrisburg, Pennsylvania, and Columbus, Ohio, as well as the Upstate New York cities of Syracuse, Rochester and Albany. Cushman & Wakefield’s David Bernhaut, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the seller, Heritage Capital Group, in the transaction. Gideon Gil, Alex Lapidus and Meredith Donovan, also with Cushman & Wakefield, arranged $114.2 million in acquisition financing on behalf of the undisclosed buyer. An affiliate of LoanCore Capital provided the loan. The portfolio was 97 percent leased at the time of sale.

October 11, 2021

Acquisitions Multifamily New York Northeast

Greystar Acquires Age-Restricted Apartment Community on Long Island for $118M

by Taylor Williams October 11, 2021

PORT JEFFERSON STATION, N.Y. — South Carolina-based multifamily development and management firm Greystar has acquired The Vistas of Port Jefferson, a 244-unit, 55-plus apartment community on Long Island, for $118 million. Built in 2019, the property’s unit mix comprises 36 one-bedroom units, 144 two-bedroom units, and 64 two-bedroom townhouses. In addition, 15 percent of the residences are reserved for renters earning between 30 and 80 percent of the area median income. Amenities include a pool, clubhouse, fitness center and walking/biking trails. Benjamin Co. sold the property to Greystar for a per-unit price of roughly $483,600. Michael Tuccillo of Marcus & Millichap and Jack Bick of S. Charaton Realty brokered the deal.

October 11, 2021

Development Industrial New York Northeast Self-Storage

Davis Cos. to Develop 17-Story Self-Storage Facility in Manhattan’s Chelsea District

by Taylor Williams October 11, 2021

NEW YORK CITY — The Davis Cos., a Boston-based development and investment firm, will build a 17-story self-storage facility at 155-165 W. 29th St. in Manhattan’s Chelsea District. The property will span approximately 180,000 square feet and feature more than 6,300 units of various sizes. Davis, which is developing the project in partnership with Highland Development Ventures LLC, has completed demolitions of the existing structures on the site and expects to open the facility in spring 2023. Mancini Duffy is the project architect, and Cauldwell-Wingate Construction is the general contractor. Santander Bank and United Overseas Bank provided construction financing.

October 11, 2021

Acquisitions Industrial Northeast Pennsylvania

CBRE Negotiates $33.5M Sale of Philadelphia Industrial Property

by Taylor Williams October 11, 2021

PHILADELPHIA — CBRE has negotiated the $33.5 million sale of a 454,456-square-foot industrial property located along the Interstate 95 corridor in Philadelphia. The property was originally built in 1960 on a 26.4-acre site and recently underwent a $3.7 million capital improvement program. Building features include clear heights of 18 to 24 feet, parking for 189 cars and 46 trailers and 16,800 square feet of office space. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill, Lauren Dawicki, Stephen Marzullo and Adam Silverman of CBRE represented the seller, Ivy Realty, in the transaction. CBRE’s Steven Doherty and Nick Harris arranged acquisition financing on behalf of the buyer, a partnership between two New York-based firms, Ajax Advisors and Brickman Associates. The property was fully leased at the time of sale.

October 11, 2021

Development Healthcare Life Sciences Northeast Office Pennsylvania

Iovance Biotherapeutics Opens 136,000 SF Life Sciences Facility at Philadelphia Navy Yard

by Taylor Williams October 11, 2021

PHILADELPHIA — Iovance Biotherapeutics Inc. (NASDAQ: IOVA) has opened a 136,000-square-foot life sciences facility at the Philadelphia Navy Yard, where the biomanufacturing firm will produce T cell-based immunotherapies for cancer patients. Gattuso Development Partners developed the facility, which is located within an opportunity zone, and CRB provided design and construction services.

October 11, 2021

Newer Posts

Older Posts