Northeast

Mack-Cali Unveils Latest Phase of Redevelopment of 4.3 MSF Harborside Campus in Jersey City

by Taylor Williams May 11, 2021

JERSEY CITY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has unveiled the latest phase of the redevelopment of Harborside, a 4.3 million-square-foot mixed-use campus in Jersey City. The redevelopment of the 422,590-square-foot Harborside 1, which is one of five office buildings on the campus, is complete and includes a new façade and lobby, as well as infrastructure upgrades. The building also features a private terrace on the fourth floor with views of the Hudson River and Manhattan skyline. As part of this phase, Mack-Cali also introduced new art installations and public spaces and announced summer programming, including the opening of Smorgasburg, an open-air food market. Harborside also features 71,000 square feet of retail and restaurant space, fitness and wellness programming, a 351-room Hyatt Regency hotel, a food hall and a daycare center. In addition, the site can support approximately 3.5 million square feet of new commercial and residential development.

May 11, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Partnership Buys 52-Acre Commercial Campus Near Boston, Plans Life Sciences Conversion

by Taylor Williams May 11, 2021

BEDFORD, MASS. — A partnership between boutique investment manager Optimum Asset Management, Boston-based developer Redgate and AEW Capital Management LP has purchased a 52-acre commercial campus in Bedford, located northwest of Boston. The new ownership plans to convert the existing 288,000-square-foot anchor office building into a life sciences facility. The site also has the capacity to support another 300,000 square feet of office, lab and manufacturing space. The seller was not disclosed. Matt Sherry and Jon Schneider of JLL brokered the sale. JLL is also marketing the property for lease.

May 11, 2021

Acquisitions Connecticut Multifamily Northeast

ER Properties Acquires 186-Unit Apartment Community in West Hartford, Connecticut

by Taylor Williams May 11, 2021

WEST HARTFORD, CONN. — ER Properties Fund LLC has acquired Westgate Apartments, a 186-unit multifamily community in West Hartford. Built on 10 acres in 1962, the property offers studio, one- and two-bedroom units, as well as a pool and a fitness center. Victor Noletti, Eric Pentore and Wes Klockner of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, BFN Westgate LLC, and procured ER Properties as the buyer.

May 11, 2021

Acquisitions Hospitality New York Northeast

JLL Negotiates Sale of 179-Room Shoreham Hotel in Midtown Manhattan

by Taylor Williams May 11, 2021

NEW YORK CITY — JLL has negotiated the sale of Shoreham, a 179-room boutique hotel located near Central Park in Midtown Manhattan. The 89,681-square-foot property offers a fitness center, business center, restaurant and more than 2,000 square feet of meeting and event space. Jeffrey Davis, K.C. Patel, Michele Mahl, Nikhil Chuchra and Desmund Delaney of JLL represented the undisclosed seller in the transaction. A private investor purchased the asset for an undisclosed price.

May 11, 2021

Acquisitions Multifamily Northeast Pennsylvania

Kislak Arranges $17M Sale of The Villas at Willow Run Apartments in Willow Street, Pennsylvania

by Taylor Williams May 11, 2021

WILLOW STREET, PA. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has arranged the $17 million sale of The Villas at Willow Run, a 72-unit multifamily complex in Willow Street, located in Lancaster County. The property was built in 2019 and was fully occupied at the time of sale. Units feature granite countertops, individual washers and dryers and private patios. Matt Wolf and Robert Holland of Kislak represented the seller and buyer in the transaction. Both parties requested anonymity.

May 11, 2021

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Pittsburgh Development Landscape Favors More Multifamily, Adaptive Reuse Projects

by Taylor Williams May 11, 2021

By Mark Fogel, president and CEO, ACRES Capital As the state’s second-most populous metro, the Pittsburgh MSA is the anchor of western Pennsylvania. Over the last 20 years, Pittsburgh has pivoted and evolved into a hub for the healthcare, education and technology industries, thus attracting an influx of young, high-earning millennials. Over the last 10 years, Pittsburgh has undergone an economic resurgence. Firms such as Google and Uber have opened regional headquarters in the city, lured by the strong base of talent graduating from Carnegie Mellon University’s (CMU) computer science and robotics programs. In fact, Pittsburgh has been the epicenter for autonomous vehicles (AVs) since the mid-1980s, when CMU’s Robotics Department developed the world’s first self-driving car. AV research, development and testing are expected to be catalysts of growth for the city in the coming years. In addition, the cutting-edge research at the University of Pittsburgh School of Medicine and the associated University of Pittsburgh Medical Center, which operates eight hospitals within the MSA and plans to build three more over the next several years, is attracting medical professionals from around the world. These factors, combined with a low cost of living and proximity to high-end amenities, have helped Pittsburgh …

May 11, 2021

Development Mixed-Use New York Northeast Office Retail Top Stories

Macy’s Proposes Overhaul of Herald Square Store in Manhattan, Including New Office Tower

by John Nelson May 11, 2021

NEW YORK CITY — Macy’s Inc. (NYSE: M) has unveiled plans to overhaul its flagship Herald Square store at the corner of 34th Street and Seventh Avenue in Midtown Manhattan. The plan would add a commercial office tower atop the store. The size and design features of the office component were not disclosed. The plan includes a private investment totaling $235 million by Macy’s that would modernize the public spaces around the flagship store, including upgraded subway access, improved transit connections and pedestrian-friendly and car-free streetscapes at Broadway Plaza and Herald Square. Macy’s would improve Herald Square Subway Station’s entrances and add publicly accessible elevators at Seventh Avenue, Broadway, 34th Street and 35th Street that are compliant with Americans with Disabilities Act (ADA). The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output, according to Macy’s. “Today’s announcement is a resounding vote of confidence for Manhattan and the entire state, and a strong indication that New York’s retailers and consumers will drive this economic recovery,” says Melissa O’Connor, president and CEO of the Retail Council of New York State, the …

May 11, 2021

Development Multifamily New Jersey Northeast

LeFrak Organization Begins Leasing 336-Unit Multifamily Community in Newport, New Jersey

by Taylor Williams May 10, 2021

NEWPORT, N.J. — The LeFrak Organization, a family-owned development firm, has begun leasing The Beach, a 336-unit multifamily community in Newport, located across the Hudson River from Lower Manhattan. Designed by HLW Architects, the waterfront property offers studio, one-, two-, three- and four-bedroom units with private terraces or balconies. Amenities include a pool, fitness center, coworking lounge, dog park, package lockers, children’s play area, library, game room and a rooftop lounge with a wet bar. Rents start at $2,450 per month for a studio apartment.

May 10, 2021

Acquisitions Industrial Northeast Pennsylvania

Endurance Real Estate Acquires 191,979 SF Industrial Facility in Hazelton, Pennsylvania

by Taylor Williams May 10, 2021

HAZELTON, PA. — Endurance Real Estate Group has acquired 360 Maplewood Drive, a 191,979-square-foot manufacturing and distribution facility in Hazelton, located roughly midway between Allentown and Scranton. The property was built in 1993, expanded in 1995 and features a clear height of 30 feet, 11 dock doors and rail access. Endurance plans to upgrade the facility’s roof, lighting and sprinkler system. Endurance acquired the property from an undisclosed seller in an off-market sale-leaseback transaction. Mike Hess of CBRE arranged that deal. CBRE will also market the building for lease upon completion of the capital improvements program in the third quarter.

May 10, 2021

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $17.8M Sale of Two Multifamily Assets in Manhattan

by Taylor Williams May 10, 2021

NEW YORK CITY — Ariel Property Advisors has arranged the $17.8 million sale of a pair of multifamily assets totaling 32 units and three commercial spaces in Manhattan’s Nolita neighborhood. Shimon Shkury, Victor Sozio, Howard Raber, Michael Tortorici and Jack Moran of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

May 10, 2021

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