Northeast

MassHousing Provides $87.2M in Financing for Preservation of Apartment Property Near Boston

by Taylor Williams August 4, 2020

CAMBRIDGE, MASS. — MassHousing has provided $87.2 million in financing for the renovation and preservation of a 300-unit affordable housing community located at 808 Memorial Drive in Cambridge. MassHousing provided the borrower, Homeowners Rehab Inc., with a $61.5 million tax-exempt construction and permanent loan, $24.9 million in taxable and tax-exempt tax credit equity bridge financing and a $787,763 interest reduction payment (IRP) loan. The project will also use $8.9 million of income during the construction period for development costs. Renovations are expected to be complete by the end of 2022. Bruner Cott is designing the project, and NEI General Contracting is handling construction.

August 4, 2020

Development Hospitality Northeast Pennsylvania

NREA Opens 236-Room Canopy by Hilton Hotel in Philadelphia’s Center City Area

by Taylor Williams August 4, 2020

PHILADELPHIA — National Real Estate Advisors LLC (NREA) has opened a 236-room hotel under the Canopy by Hilton luxury brand in Philadelphia’s Center City neighborhood. BLT Architects designed the project, which is an adaptive reuse of Philadelphia’s historic Stephen Girard Building, which was built in 1896 as the headquarters of the Directors of City Trusts. Amenities include a 24-hour fitness center, 3,600 square feet of indoor and outdoor meeting space and complimentary bike service for exploring the city. Restaurant seating is currently limited due to COVID-19. Davidson Hotels & Resorts is the operator of the hotel.

August 4, 2020

Industrial Leasing Activity New York Northeast

CBRE Negotiates 200,775 SF Industrial Lease in Blauvelt, New York

by Taylor Williams August 4, 2020

BLAUVELT, N.Y. — CBRE has negotiated a 200,775-square-foot industrial lease at Hudson Crossing Industrial Park, a 1.2 million-square-foot development in Blauvelt, about 30 miles north of Manhattan. The tenant, an undisclosed e-commerce user, will occupy 123,999 square feet at 400 Oritani Drive and 76,776 square feet at the neighboring building at 200 Oritani Drive. Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazrides, Lauren Hageman, Gerard Monahan and Brian Fiumara of CBRE represented the landlord, Onyx Equities, in the lease negotiations.

August 4, 2020

Industrial Leasing Activity New Jersey Northeast

Amazon Vendor Signs 67,430 SF Industrial Lease in Parsippany, New Jersey

by Taylor Williams August 4, 2020

PARSIPPANY, N.J. — Linemart NJ, an e-commerce fulfillment vendor for Amazon, has signed a 67,430-square-foot industrial lease at 60 E. Halsey Road in Parsippany, about 30 miles west of New York City. Scott Peck of New Jersey-based brokerage firm Resource Realty represented the tenant in the lease negotiations. Tom Consiglio and Bill Pastuszak, also with Resource Realty, represented the landlord, Longpoint Realty Partners.

August 4, 2020

Acquisitions Multifamily New York Northeast

Alpha Realty Arranges Sale of 48-Unit Apartment Building in Brooklyn

by Taylor Williams August 4, 2020

NEW YORK CITY — Alpha Realty has arranged the sale of a 48-unit apartment building located at 1675 Ocean Ave. in the Midwood area of Brooklyn. The property also houses two office spaces for a total of approximately 54,000 square feet of commercial space. Lev Marshev and Yehuda Leser of Alpha Realty brokered the off-market transaction between a local family that sold the asset to a private investor for $8.5 million.

August 4, 2020

Farley Building Penn District Manhattan NYC

Development Leasing Activity Mixed-Use New York Northeast Office Top Stories

Facebook Leases 730,000 SF of Office Space at Vornado’s Farley Building in Manhattan

by John Nelson August 4, 2020

NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building. The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed. “The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” says Robert Cookson, Facebook’s vice president of real estate and facilities. The Farley Building spans a double-wide city block between 31st and 33rd streets and 8th and 9th avenues. The property is part of Vornado’s Penn District development. Vornado owns more than 10 million square feet in Penn District, which is undergoing a $2 billion redevelopment, not including infrastructure and transit improvements by City of New York totaling $3 billion. Penn District includes the Farley Building, Penn 1 and Penn 2, all of which are under construction. Penn 1 and 2 are redevelopments of One Penn Plaza and Two Penn Plaza, …

August 4, 2020

Industrial-Portfolio-Pennsauken-New-Jersey

Acquisitions Industrial New Jersey Northeast

Colliers Negotiates Sale of Two Industrial Parks Totaling 1.1 MSF in Pennsauken, New Jersey

by Taylor Williams August 3, 2020

PENNSAUKEN, N.J. — Colliers International has negotiated the sale of Twinbridge Industrial Park and Veterans Industrial Park, a pair of industrial developments totaling 32 buildings and approximately 1.1 million square feet in Pennsauken, located east of Philadelphia. The properties are situated immediately off State Highways Route 73 and 130 and were fully leased to 49 tenants at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was a joint venture between Wharton Industrial and Walton Street Capital.

August 3, 2020

Development Multifamily New York Northeast

JLL Arranges $55M in Joint Venture Equity for Queens Multifamily Project

by Taylor Williams August 3, 2020

ASTORIA, N.Y. — JLL has arranged $55 million in joint venture equity for a multifamily project in the Astoria neighborhood of Queens. The project will be constructed on a 2.5-acre site at 30-77 Vernon Blvd and will consist of 534 units across three buildings. Stephen Palmese, Rob Hinckley, Jeffrey Julien, Nicco Lupo and Steven Rutman of JLL worked on behalf of the developer, Cape Advisors, to secure the undisclosed equity partner.

August 3, 2020

Industrial Loans New Jersey Northeast

Progress Capital Arranges $18M Acquisition Loan for Future Amazon Facility in Mount Olive, New Jersey

by Taylor Williams August 3, 2020

MOUNT OLIVE, N.J. — Progress Capital has arranged an $18 million acquisition loan for a 132,000-square-foot industrial facility in Mount Olive, about 50 miles west of New York City. The property served as a warehouse for Sam’s Club until 2018 and will now be leased to Amazon as a fulfillment center. Kathy Anderson of Progress Capital arranged the loan through Lakeland Bank on behalf of the buyer, Asset Realty & Construction Group.

August 3, 2020

Leasing Activity New Jersey Northeast Retail

Burlington to Open 47,000 SF Store at Former Sports Authority Space in Secaucus, New Jersey

by Taylor Williams August 3, 2020

SECAUCUS, N.J. — Burlington has open a 47,000-square-foot store at a space formerly occupied by Sports Authority at Mill Creek at Harmon Meadow in Secaucus, located just across the Hudson River from Manhattan. New Jersey-based Levin Management Corp. represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.

August 3, 2020

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