NEW YORK CITY — Marcus & Millichap has brokered the $5.7 million sale of a four-story mixed-use building located at 32 Avenue A in Manhattan’s East Village area. The building comprises three newly renovated apartments and a retail space occupied by Mary O’s Irish Pub. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction.
NEW YORK CITY — Greek restaurant concept Pixida has signed a 16,129-square-foot lease to open a new, Mediterranean-style restaurant in Manhattan’s Nomad district. The lease term is 20 years, and the space is located within 245 Fifth Avenue, a 24-story, 321-527-square-foot building. David Graff of Compass represented Pixida, which expects to open in late 2025, in the lease negotiations. Brad Schwarz and Olivia Hwang of Lee & Associates, along with internal agent Gregg Weisser, represented the landlord, The Moinian Group.
JERSEY CITY, N.J. — Kushner is nearing completion of The Journal, a nearly $1 billion luxury apartment development in Jersey City’s Journal Square area. The project features two 64-story towers that are now topped out, and preleasing efforts are set to begin in early 2025. Kushner has selected Manhattan-based The Marketing Directors as the marketing and leasing agent for the property. Upon completion, The Journal will comprise more than 2 million square feet with 1,723 apartment units and 45,000 square feet of upscale amenity spaces. Target has leased the entirety of the development’s 40,000 square feet of ground-floor retail space. Positioned adjacent to the Journal Square PATH station, The Journal will provide convenient access to Manhattan. Residents will enjoy views of the Hudson River, Statue of Liberty, Ellis Island and the Manhattan skyline. Designed by global architectural firm Woods Bagot, The Journal is characterized by a slender, vertical profile. A nearly one-acre public plaza adorned with landscaping and seating areas will open onto John F. Kennedy Boulevard. Amenities at The Journal will encompass a wide array of health, wellness and recreational options, including an Olympic-size indoor pool, whirlpool spa, sauna, steam rooms, bowling alley, golf simulator and multiple lounges. The …
SAUGUS, MASS. — Chicago-based investment firm Waterton has purchased Residences at Stevens Pond, a 326-unit community in Saugus, approximately 10 miles north of Boston. Constructed in 2003, Residences at Stevens Pond consists of 25 three-story residential buildings and a clubhouse building. The community features one-, two- and three-bedroom units, including apartments, lofts and townhomes. Amenities include a pool and spa, outdoor pavilion with fireplace, fitness center, arcade, indoor half-basketball court and a golf simulator. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, Los Angeles-based investment firm JRK Property Holdings, in the transaction and procured Waterton as the buyer. The new ownership plans to renovate the unit interiors and common areas at the community. Planned updates include new quartz countertops, backsplashes and cabinets, as well as lighting and plumbing fixtures throughout.
NEW YORK CITY — Locally based brokerage firm GFI Realty Services has arranged the $5.6 million sale of a 49-unit apartment building at 100 Fort Washington Ave. in Manhattan’s Washington Heights neighborhood. Constructed in 1930, the six-story building houses a mix of one-, two-, three-, four- and five-bedroom units. Zachary Fuchs and Matthew Sparks of GFI Realty represented the seller in the transaction, while Sparks also procured the buyer. Both parties were private investors.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $3.2 million sale of an industrial property in Brooklyn. The site at 193-199 Varet St. comprises a two-story, 3,783-square-foot building and a 7,500-square-foot vacant lot. According to LoopNet Inc. the building was constructed in 1975 and features a clear height of 15 feet. Sean Kelly and Benjamin Vago of Ariel represented the seller, the Armel Family, in the transaction. The buyer was not disclosed.
KING OF PRUSSIA, PA. — Defense contractor Arcfield has signed a 36,000-square-foot office lease in King of Prussia, a northern suburb of Philadelphia. The space spans the entire third floor and partial first floor at 1400 Morris Drive, a newly renovated building within the 1.1 million-square-foot Chesterbrook development. Doug Newbert, Mike MacCrory and Whitney Hunter of JLL represented the landlord, Rubenstein Partners, in the lease negotiations. John Shelly and Gina Brennan of Cushman & Wakefield represented Arcfield.
NEW YORK CITY — La Pecora Bianca Restaurant Group will open an 11,300-square-foot Italian restaurant at 200 Park Avenue in Midtown Manhattan. Known as Giulietta, the restaurant will feature 250 indoor seats and an additional 200 seats across an outside dining and bar area. Hospitality advisory firm Friend of Chef represented the operator in the negotiations for the 15-year lease. Irvine Co. Office Properties owns 200 Park Avenue, which is known locally as The Metlife Building. The opening is slated for spring 2026
JERSEY CITY, N.J. — Beverly Hills, Calif.-based Kennedy Wilson has provided a $175 million senior construction loan for the development of Artwalk Towers, a 49-story apartment high-rise project in Jersey City. Locally based KRE Group is the developer behind the new multifamily tower, which will comprise 595 units in the city’s Journal Square neighborhood. KRE Group, which has developed more than 1,800 apartments in Journal Square across multiple projects, expects to complete Artwalk Towers by fourth-quarter 2027. Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin and Eli Zaoutis of BlueGate Partners arranged the construction loan and represented the private family that sold the land. Upon completion, Artwalk Towers will feature a street connector to a PATH train station, resort-style pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. “We are excited to close on our first loan with [KRE Group], which has a proven track record of delivering top-tier projects that meet the needs of the area’s residents,” says Thomas Whitesell, head of Kennedy Wilson’s debt investment group. “The Artwalk Towers loan aligns with our strategy to support transformative multifamily developments in urban areas.” Whitesell says that the firm’s debt investment group …
By David DiRienzo, director — business development, at Talonvest Capital, Inc. This is part one of a two-part series discussing the key drivers behind transaction volume and the steps owners can take to ensure they are well-positioned going forward. Much has been written about the decline in transaction volumes over the last 24 months. There is no question that properties are changing hands at a slower pace compared to the activity seen during the low interest rate environment that prevailed during the pandemic. Even so, many investors continue to seek out financing to address a variety of circumstances. In today’s market, beyond simply refinancing due to an upcoming loan maturity, three scenarios have been driving financing activity among owners of self-storage, multifamily and industrial assets: restructuring debt as a project evolves, elective refinancing to improve performance and capitalizing on a new business plan. We will cover the first theme below in part one of this two-part series. Business Plan Progression Offers Opportunities for Owners to Unlock Value As a business plan evolves and the asset matures, it’s beneficial for owners to reassess their capital stack to optimize investment performance and maximize their goals. Completing a refinance at a natural project inflection …