NEW YORK CITY — Avison Young has brokered the sale of two four-story multifamily properties in Manhattan’s East Village neighborhood for a combined $7.5 million. The four-unit property at 349 E. 13th St. sold for $3.5 million, and the five-unit building at 405 E. 6th St. went for $4 million. Brandon Polakoff of Avison Young represented the undisclosed seller and the California-based 1031 exchange buyer in the transaction.
BERKELEY HEIGHTS, N.J. — New Jersey-based developer The Connell Company is underway on The Park, a $400 million mixed-use redevelopment project in the Northern New Jersey community of Berkeley Heights. The development spans 185 acres and will feature office, hospitality, residential and retail uses, as well as a network of jogging and nature trails, upon completion in 2023. Connell is set to begin construction this year on The District, a phase that will include some 300 apartments, as well as retail and entertainment space. The previous phase featured office space that opened last summer.
CAMBRIDGE, MASS. — The Massachusetts Institute of Technology (MIT) has submitted plans for a 690-bed residence hall for graduate students at 269-301 Vassar St. on the university’s campus in Cambridge, according to reports by development tracking platform Bldup. The university will develop the project with American Campus Communities, according to reports, in order to “allow MIT the financial flexibility and resources necessary to expand bed capacity and expedite capital renewal improvements.” Further details on the development were not announced.
WILLOW GROVE, PA. — College Town Communities will develop a 132-unit student housing development near the Penn State Abington campus in Willow Grove, a northern suburb of Philadelphia. The developer recently acquired the four-acre development site from Fairhill Properties for $2.5 million. Chris Pennington of Binswanger Commercial Real Estate Services brokered the land deal. The new development will offer fully furnished two-bedroom units alongside communal amenities including a clubhouse, fitness center, business center, café, media lounge and a resort-style pool. The groundbreaking is scheduled for spring.
WATERTOWN, MASS. — A joint venture between Harrison Street Real Estate Capital and LCB Senior Living has acquired The Residence at Watertown Square, a 90-apartment senior living community located in the western Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano arranged an undisclosed amount of acquisition financing for the transaction. The seller was also undisclosed.
WAYNE, N.J. — Discount hardware and equipment retailer Harbor Freight Tools has opened a 16,000-square-foot store in Wayne, located outside of New York City. Lew Finkelstein, C.J. Huter and Roy Paret of The Goldstein Group represented the Landlord, Glen Eagle Shopping Center LLC, in the lease negotiations. Marcus Bourn and Andrew Connolly of Newmark represented the tenant.
BOSTON — Newmark has arranged the $1.5 billion recapitalization of 401 Park Drive and 201 Brookline Ave. in Boston’s Fenway submarket. The 1.5 million-square-foot campus sits on nearly nine acres. Concurrent with the financing transaction, Alexandria Real Estate Equities Inc. acquired a majority stake in the campus. The seller is a joint venture between institutional investors advised by J.P. Morgan Global Alternatives and Samuels & Associates. Boston-based Samuels will retain a minority interest in the campus and continue to operate, lease and lead development activities for the property in conjunction with the new majority owner. The asset at 401 Park Drive is an existing 973,145-square-foot office and retail tower. It is currently 93 percent occupied. The second property, 201 Brookline Ave., is a 510,116-square-foot laboratory and office tower that is currently under construction. It is 17 percent pre-leased with tenants expected to take occupancy in 2022. There is also potential for an additional phase of commercial development at the site. Located next to an MBTA Green Line station, the campus incorporates a recently created 1.1-acre park that provides direct access to new retailers Time Out Market and Trillium Brewing Co. The park also features an ice-skating rink in the winter. …
WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported fourth-quarter revenue of $69.5 billion, exceeding the $68.7 billion projected by analysts, as the Rhode Island-based drugstore and pharmacy expanded its COVID-19 testing and vaccination services. CVS also reported quarterly net income of $975 million, down from $1.7 billion in the fourth quarter of 2019. In addressing the earnings report, CEO Karen Lynch said that the company expects to roll out a wider range of healthcare services in 2021. The stock price of CVS, which operates about 10,000 stores across the United States, opened at $73.57 on Tuesday, Feb. 26, up from $71.19 per share a year ago.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to sell its 25 percent interest in Tower 46, a mixed-use building located at 55 W. 46th St. in Manhattan, for $275 million. SL Green acquired its stake in the building, which includes office, retail and multifamily uses, in 2014. The buyer is a fund backed by Brookfield Asset Management. Paul Gillen, Anthony Ledesma and Kyle van Buitenen of Hodges Ward Elliott represented SL Green in the transaction, which is expected to close before the end of the first quarter.
PLAINVIEW, N.Y. — Chelsea Living has opened The Residences at Plainview, an active adult community in the Long Island hamlet of Plainview. The community features newly renovated studio, one-bedroom and two-bedroom apartments with full kitchens, a custom wellness program and amenities reminiscent of a luxury hotel. Chelsea operates a full-service assisted living and memory care community, Somerset Gardens, in Plainview less than a mile from the new property. The number of units at the property was not disclosed.