Northeast

Heritage Capital Completes 89-Unit Multifamily Redevelopment Project in Hackensack

by Taylor Williams March 8, 2021

HACKENSACK, N.J. — Heritage Capital Management has completed 210 Main, an 89-unit multifamily project located just outside New York City in Hackensack. The 11-story former bank building, which was originally constructed in the 1910s, houses studio, one- and two-bedroom units and 5,500 square feet of ground-floor retail space. Units feature stainless steel appliances, walk-in closets, workspaces and terraces. Amenities include a media room and game lounge and onsite storage units. Rents start at approximately $1,850 per month for a studio unit.

March 8, 2021

Acquisitions Multifamily New Jersey Northeast

CBRE Negotiates $25.5M Sale of Multifamily Development Site in Jersey City

by Taylor Williams March 8, 2021

JERSEY CITY, N.J. — CBRE has negotiated the $25.5 million sale of a multifamily development site consisting of three parcels totaling 7.2 acres in Jersey City. Charles Berger, Elli Klapper, Mark Silverman, Thomas Mallaney, Bill Waxman and Kevin Dudley of CBRE represented the seller, Alpha Assembly Solutions Inc., in the transaction. The buyer was Route 440 Owner LLC. Specific plans for the new development were not disclosed.

March 8, 2021

Loans Multifamily New York Northeast

Alliant Provides $5.5M Loan for Refinancing of Mobile Home Park Near Buffalo

by Taylor Williams March 8, 2021

LOCKPORT, N.Y. — Alliant Credit Union has provided a $5.5 million loan for the refinancing of a 457-pad mobile home park in Lockport, located in the Buffalo area. The property offers amenities such as a clubhouse, pool, playground and basketball court. Ned Perlman of Largo Capital arranged the loan, which was structured with a 10-year term and a 30-year amortization schedule.

March 8, 2021

Leasing Activity New York Northeast Office

Aegis Capital Corp. Signs 9,134 SF Office Lease in Melville, New York

by Taylor Williams March 8, 2021

MELVILLE, N.Y. — Investment banking firm Aegis Capital Corp. has signed a 9,134-square-foot office lease at 1305 Walt Whitman Road in Melville, located on Long Island. The three-story property was built in 1955. Joseph Lopresti of JLL represented Aegis Capital in the lease negotiations. Tim Parlante internally represented the landlord, The Feil Organization, which acquired the asset in 2015 and implemented a value-add program.

March 8, 2021

Development Industrial Loans New York Northeast

Innovo Property Group Receives $155M Construction Loan for Queens Industrial Project

by Taylor Williams March 5, 2021

NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has received a $155 million construction loan for a 900,000-square-foot industrial project in the Long Island City area of Queens. The site previously housed the warehouse of online grocer FreshDirect. Innovo will redevelop the property to function as a last-mile distribution facility with elevated truck courts and a vertical parking structure. An affiliate of Starwood Property Trust provided the loan. IPG acquired the asset in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Since then, the partnership has demolished the existing warehouse.

March 5, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $60M Loan for Refinancing of Hackensack Apartment Building

by Taylor Williams March 5, 2021

HACKENSACK, N.J. — JLL has arranged a $60 million loan for the refinancing of Excelsior II, a 267-unit apartment building located just outside of New York City in Hackensack. According to Apartments.com, the property was built in 1999, features one-, two- and three-bedroom units and offers amenities such as a pool, spa and a fitness center. Greg Nalbandian and Michael Lachs of JLL arranged the 30-year, fixed-rate loan through John Hancock Investment Management on behalf of the borrower, Tidewater Real Estate Co.

March 5, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Pennrose Breaks Ground on Seniors Housing Adaptive Reuse Project in Auburn, Massachusetts

by Taylor Williams March 5, 2021

AUBURN, MASS. — Pennrose and the Town of Auburn, located just south of Worcester, have broken ground on the historic rehabilitation of the Julia Bancroft School, a 60-unit, mixed-income development for seniors age 62 and older. Plans for the redevelopment include renovating the original 1920s school building, demolishing the later-built addition and replacing it with a new, four-story building. The project is slated for completion in summer 2022. The Massachusetts Department of Housing and Community Development provided 9 percent federal low-income housing tax credits for the project.

March 5, 2021

Healthcare Leasing Activity Life Sciences New York Northeast Office

Georgetown Co. Signs Tenants to 200,000 SF Life Sciences Project in Manhattan

by Taylor Williams March 5, 2021

NEW YORK CITY — Locally based developer The Georgetown Co. has signed leases with two tenants to its 200,000-square-foot life sciences project at 787 11th Ave. on Manhattan’s Far West Side. The property is now fully preleased. Healthcare provider Mount Sinai signed a long-term lease for 165,000 square feet, and scientist and designer Neri Oxman inked a deal to operate a 36,000-square-foot space. The property houses space for lab, office, research and biomedical uses.

March 5, 2021

Acquisitions Industrial NAI New Jersey Northeast

NAI Mertz Brokers Sale of 61,000 SF Industrial Building in Mount Laurel, New Jersey

by Taylor Williams March 5, 2021

MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of a 61,000-square-foot industrial building in Mount Laurel, located outside Philadelphia in Bergen County. The property is located just off I-295 near the New Jersey Turnpike and Routes 70 and 73. Jonathan Klear, Fred Meyer, Roy Kardon, Jeff Licht and Jared Licht of NAI Mertz represented the buyer, industrial investment firm Faropoint, in the transaction. The seller was not disclosed.

March 5, 2021

Development Multifamily New York Northeast

Toll Brothers Completes 421-Unit Carraway Apartments in West Harrison, New York

by Taylor Williams March 4, 2021

WEST HARRISON, N.Y. — Toll Brothers Inc. (NYSE: TOL), in a joint venture with J.P. Morgan Global Alternatives, has completed Carraway, a 421-unit apartment community in West Harrison, about 30 miles north of New York City. The property offers studio, one- and two-bedroom units that are furnished with quartz countertops, marble-style backsplashes and wood-style flooring. Communal amenities include a pool, fitness center, private workspaces, resident clubroom and a private dining room. Rents start at $1,275 per month for a studio unit, according to Apartments.com.

March 4, 2021

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