Tuesday, November 4, 2025
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Northeast

219-E.-42nd-St.-Manhattan
DevelopmentLoansMultifamilyNew YorkNortheastOffice

Metro Loft, DWREI Receive $720M in Financing for Manhattan Office-to-Residential Conversion Project

by Taylor Williams

NEW YORK CITY — A joint venture between Metro Loft Management and David Werner Real Estate Investments (DWREI) has received $720 million in financing for an office-to-residential conversion project in Manhattan. The project will convert the 10-story, 290,000-square-foot office building at 219 E. 42nd St., which formerly served as the global headquarters for pharmaceutical giant Pfizer Inc., into a multifamily complex. When combined with the adjacent building at 235 E. 42nd St., the development will feature more than 1,600 apartments, 25 percent of which will be reserved as affordable housing, as well as 100,000 square feet of amenity space and 30,000 square feet of retail space. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing through Madison Realty Capital on behalf of the joint venture. Construction is slated for a late 2027 completion. The IPA team also arranged $75 million in bridge financing for the project last fall, with Northwind Group serving as the direct lender on that deal.

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6110-W.-Passyunk-Ave.-Philadelphia
DevelopmentNortheastPennsylvania

Alterra, Eco Materials Open $40M Soil Remediation Facility in South Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between Alterra IOS, a locally based investment firm specializing in industrial outdoor storage facilities, and Eco Materials has opened a $40 million soil remediation facility in South Philadelphia. The site spans roughly 6 acres at 6110 W. Passyunk Ave. The facility reclaims and repurposes sand, aggregate and construction waste through an advanced wet washing process, ultimately remediating and repurposing more than 85 percent of incoming materials back into the construction ecosystem for future use. 

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AcquisitionsNew JerseyNortheastRetail

Joint Venture Buys 181,150 SF Shopping Center in Paramus, New Jersey

by Taylor Williams

PARAMUS, N.J. — A joint venture partnership between Heidenberg Properties Group, Red Starr Investments, Norse Realty Group and DAG Paramus has purchased Paramus Park South, a 181,150-square-foot shopping center in Northern New Jersey. Anchored by a 100,223-square-foot Stew Leonard’s Supermarket, the center was 67 percent leased at the time of sale. CBRE brokered the sale of the property, the seller of which was not disclosed. Ackman-Ziff Real Estate Group structured the joint venture and arranged acquisition financing for the deal.

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IndustrialLoansNew JerseyNortheast

City National Bank Provides $14.5M Loan for Refinancing of Northern New Jersey Industrial Facility

by Taylor Williams

WYCKOFF, N.J. — City National Bank has provided a $14.5 million loan for the refinancing of a 115,084-square-foot industrial facility located at 500 W. Main St. in the Northern New Jersey community of Wyckoff. Built in 1966, the shallow-bay property features a clear height of 21 feet, six dock doors, nine drive-in doors and 115 parking spaces. Michael Klein, Max Custer and Christian Badalamenti of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, The STRO Cos. At the time of the loan closing, the facility was fully leased to 12 tenants across manufacturing, distribution and service industries.

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ConnecticutHealthcareLoansNortheast

Cronheim Mortgage Arranges $6.2M in Financing for Medical Office Building in Wethersfield, Connecticut

by Taylor Williams

WETHERSFIELD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $6.2 million in financing for a 40,000-square-foot medical office building in Wethersfield, located just south of Hartford. The building at 1210 Silas Deane Highway was developed in 2022 as a build-to-suit for Starling Physicians, Connecticut’s largest physician-led multispecialty medical group. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 25-year loan through an undisclosed local bank. The sponsor is an affiliate of Connecticut-based Phoenix Realty Management.

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One-Congress-Boston
LoansMassachusettsNortheastOffice

JLL Arranges $650M Loan for Refinancing of Downtown Boston Office Tower

by Taylor Williams

BOSTON — JLL has arranged a $650 million loan for the refinancing of One Congress, a 43-story, 1 million-square-foot office tower in downtown Boston. Designed by Pelli Clarke & Partners, One Congress was completed in 2023 within Bulfinch Crossing, which is a redevelopment of the former Government Center Garage. The building offers amenities such as a full-floor center with food and beverage service, a 15,000-square-foot rooftop terrace, a 7,000-square-foot fitness center and a triple-height lobby with a coffee bar and seating. Financial services company State Street Corp. (510,000 square feet) and data management services provider InterSystems Corp. (420,000 square feet) are the anchor tenants. Riaz Cassum, Coleman Benedict, Jim Meisel, Mike Shepard and Hugh Doherty of JLL arranged the loan through Bank of America and Wells Fargo on behalf of the borrower, a partnership between Carr Properties and National Real Estate Advisors.

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AcquisitionsNew YorkNortheastOffice

RFR Sells 600,000 SF Office Building in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Locally based investment and development firm RFR has sold 522 Fifth Avenue, a 600,000-square-foot office building in Midtown Manhattan. The 23-story building was originally constructed in 1896 and has served as the corporate headquarters facility for both J.P. Morgan and Morgan Stanley at various points in time. RFR acquired 522 Fifth Avenue from Morgan Stanley for $350 million in 2020 and repositioned the building by acquiring the retail condominium, redeveloping the lobby, enlarging the windows and activating over 17,000 square feet of outdoor space. The undisclosed buyer also plans to occupy the building. No third-party brokers were involved in the sale.

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Leasing ActivityNew JerseyNortheastOffice

CBRE Negotiates 33,843 SF Lease at Newport Office Center in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — CBRE has arranged a 33,843-square-foot office lease at Newport Office Center in Jersey City. The tenant, Berkley Insurance, will occupy a portion of the ninth floor of Newport Office Center III, a 15-story, 620,000-square-foot building. Howard Fiddle, Benjamin Joseph, Greg Barkan and Erin Wenzler of CBRE, along with internal agents Meredith Jackness, Ray Kawas and Tim Johnson, represented the landlord, LeFrak, in the lease negotiations. The tenant representative was not disclosed.

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Leasing ActivityNew YorkNortheastOffice

Mudrick Capital Signs 26,600 SF Office Headquarters Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Mudrick Capital Management has signed a 12-year, 26,600-square-foot office headquarters lease in Midtown Manhattan. The investment management firm plans to relocate and expand from 527 Madison Avenue to the 16th floor of 31 West 52nd Street early next year. Patrick Heeg, Thomas Hines and Chase Gordon of Transwestern represented the tenant in the lease negotiations. Frank Doyle, David Kleiner and Andrew Coe of JLL, along with internal agents Peter Brindley, Doug Neye and Sean Kirk, represented the landlord, Paramount Group.

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Leasing ActivityNew YorkNortheastRetail

My Gym to Open 3,000 SF Children’s Fitness Facility in Commack, New York

by Taylor Williams

COMMACK, N.Y. — My Gym, a global children’s fitness concept, will open a 3,000-square-foot facility in the Long Island community of Commack. The facility will be located next to Planet Fitness within the 222,000-square-foot Mayfair Shopping Center. E.J. Moawad of Levin Management Corp. represented the landlord in the lease negotiations. Juliana Chiarelli and Jason Sobel of RIPCO Real Estate represented My Gym.

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