Northeast

Gene Editing Firm Signs 263,500 SF Life Sciences Lease in Boston’s Seaport District

by Taylor Williams July 28, 2020

BOSTON — Gene editing firm CRISPR Therapeutics has signed a 263,500-square-foot life sciences lease at The 105, a new development in Boston’s Seaport District by Breakthrough Properties. Construction of The 105 began earlier this year and is expected to be complete in early 2022. Cushman & Wakefield represented the tenant in the lease negotiations. Newmark Knight Frank represented Breakthrough Properties, which was launched in 2019 by New York City-based Tishman Speyer and biotech investment firm Bellco Capital. Gene editing refers to technologies that give scientists the ability to change an organism’s DNA.

July 28, 2020

Development Hospitality Northeast Pennsylvania

Integrated Capital Completes Renovation of 140-Room DoubleTree by Hilton Pittsburgh

by Taylor Williams July 28, 2020

PITTSBURGH — Los Angeles-based Integrated Capital has completed the multimillion-dollar renovation of the 140-room DoubleTree by Hilton Hotel Pittsburgh. The project upgraded the bedding and televisions of the rooms, as well as the painting and lighting of the hallways. The six-story hotel, which is located adjacent to the Meadows Racetrack & Casino, also offers amenities such as a pool, fitness center, two restaurants and 13,000 square feet of meeting and event space.

July 28, 2020

Loans Multifamily New York Northeast

Procida Provides $8.7M Acquisition Loan for Multifamily Portfolio in Sleepy Hollow, New York

by Taylor Williams July 28, 2020

SLEEPY HOLLOW, N.Y. — Procida Funding has provided an $8.7 million bridge loan for the acquisition of a 70-unit portfolio in Sleepy Hollow. The portfolio consists of 63 multifamily spaces and seven commercial units. The borrower, Sleepy Hollow Holdings LLC, will use a portion of the proceeds to fund a capital improvements program that is already underway. The portfolio was 94 percent occupied at the time of the loan closing.

July 28, 2020

Affordable Housing Development Massachusetts Multifamily Northeast

Vitus Underway on 82-Unit Affordable Housing Redevelopment in Boston

by Taylor Williams July 28, 2020

BOSTON — Vitus, a national owner and builder of affordable housing, is underway on the redevelopment of Fort Hill Gardens and Esperanza Trust, two communities totaling 82 units in Boston’s Roxbury neighborhood. Vitus expects to invest about $100,000 per unit, with construction expected to be complete this winter. The kitchens, bathrooms and living rooms will all be upgraded with fresh paint and new doors and windows. Both properties will also receive exterior improvements such as new roofing and curb and walkway upgrades.

July 28, 2020

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 140,418 SF Columbus Crossing Retail Center in Philadelphia

by Taylor Williams July 27, 2020

PHILADELPHIA — JLL has negotiated the sale of Columbus Crossing, a 140,418-square-foot retail center located along Christopher Columbus Boulevard in southeastern Philadelphia. The open-air, riverfront property was fully leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Ulta Beauty, Planet Fitness, Chipotle Mexican Grill and AT&T. In addition, a Walmart and Home Depot shadow-anchor the center. Chris Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. The trio also procured the buyer, Paramount Realty Services.

July 27, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $23.7M Sale of Apartment Complex in Jersey City

by Taylor Williams July 27, 2020

JERSEY CITY, N.J. — Gebroe-Hammer Associates, a New Jersey-based brokerage firm, has arranged the $23.7 million sale of The Fairmount at McGinley Square, a 58-unit apartment complex in Jersey City. The newly built, Class A property features studio, one- and two-bedroom units as well as 3,200 square feet of ground-floor commercial space. Niko Nicolaou of Gebroe-Hammer represented the seller, New Jersey-based investment firm KABR Group, and procured the buyer, Tenth Avenue Holdings.

July 27, 2020

Leasing Activity Maine Northeast Office

BerryDunn Signs 87,906 SF Lease for New Office Headquarters in Portland, Maine

by Taylor Williams July 27, 2020

PORTLAND, MAINE — Accounting and consulting firm BerryDunn has signed an 87,906-square-foot office lease for its new headquarters at 2211 Congress Street in Portland. The company will relocate from 100 Middle Street, where it has operated for the last 30 years, beginning in early 2021. Chris Paszyc and Jessica Estes of The Boulos Company represented BerryDunn in the site selection and lease negotiations. Drew Sigfridson, Craig Young and Jon Rizzo of Boulos worked with Tim Stewart of Cushman & Wakefield to represent the landlord, insurance provider Unum. The building is set to undergo a capital improvement program that will include the build-out of a fitness center and micro-market.

July 27, 2020

Acquisitions Multifamily New York Northeast

Conway Capital Buys Multifamily Building in Brooklyn for $4.5M

by Taylor Williams July 27, 2020

NEW YORK CITY — Locally based investment firm Conway Capital has purchased a multifamily building located at 181 Court St. in Brooklyn for $4.5 million. The four-story property consists of six residential units and a ground-floor retail space that is leased to Court Street Bagels through 2023. Conway Capital will implement a value-add program that will upgrade the kitchens and bathrooms and deliver additional bedrooms. Eric Gleitman of Mercury Capital represented the buyer in the transaction. Urban Standard Capital provided acquisition financing for the deal. The seller was not disclosed.

July 27, 2020

Acquisitions Industrial New Hampshire Northeast

Index Packaging Acquires 45,938 SF Industrial Property in Dover, New Hampshire

by Taylor Williams July 27, 2020

DOVER, N.H. — Index Packaging Inc., a locally based supplier of custom packaging services, has acquired a 45,938-square-foot industrial building in Dover, located near the Maine-New Hampshire border. Chris Healey of CBRE represented Index Packaging in the transaction. The seller was 150 Venture Drive LLC. The sale also included 20 acres for additional expansion.

July 27, 2020

Development Multifamily New York Northeast Top Stories

Extell Development Opens First Units at 68-Story Brooklyn Point Residential Tower

by Taylor Williams July 27, 2020

NEW YORK CITY — New York City-based Extell Development Co. has begun closing condo sales and allowing resident move-ins at Brooklyn Point, a 68-story multifamily tower that is the borough’s tallest building. In addition to sales commencing and the return to in-person appointments and tours, the building’s first model residences will soon be unveiled. Designed by Kohn Pedersen Fox, the 720-foot-tall Brooklyn Point is located in downtown Brooklyn, across the street from Willoughby Square Park in the 600,000-square-foot City Point mixed-use development. Brooklyn Point offers a total of 483 for-sale residences in studio, one-, two- and three-bedroom floor plans. Pricing now starts at approximately $900,000, with buyers receiving a 25-year tax abatement. The property features more than 40,000 square feet of indoor and outdoor amenity space, including an infinity pool; outdoor movie screening space; a health and wellness club with an indoor pool, rock climbing wall and basketball court; and a spa. Brooklyn Point will also house a bar, salon, coworking space, chef’s demonstration kitchen, game lounge and a children’s play area. A ninth-floor terrace will offer outdoor lounge and grilling areas, a putting green and a bar. “With the neighborhood continuing to reopen and the area’s energetic atmosphere returning …

July 27, 2020

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