Northeast

RMS Cos. Begins Work on Phase I of 1,000-Unit Multifamily Project in Hartford

by Taylor Williams October 21, 2020

HARTFORD, CONN. — Connecticut-based developer RMS Cos. has begun construction of the $50 million first phase of Downtown North, a redevelopment project in Hartford that will ultimately add 1,000 new units to the local supply. Phase I of the project will feature studio, one- and two-bedroom floor plans, as well as retail and entertainment space and a 330-space parking garage, at Parcel C, located just north of Dunkin’ Donuts Stadium at Main and Trumbull streets. Construction of Phase I is expected to last about 20 months. The entire Downtown North redevelopment is valued at $200 million and will be developed in phases over the next five years.

October 21, 2020

Acquisitions New Jersey Northeast Office

JLL Negotiates Sale of 228,000 SF Office Building in Florham Park, New Jersey

by Taylor Williams October 21, 2020

FLORHAM PARK, N.J. — JLL has negotiated the sale of 180 Park Avenue, a 228,000-square-foot office building in Florham Park, about 30 miles west of New York City. Built in 2001, The Class A building is situated on 26.6 acres within the 268-acre Green at Florham Park master-planned development that is also home to Summit Medical Group, MD Anderson and the New York Jets. The building was 75 percent leased at the time of sale and offers amenities such as a newly renovated atrium lobby with a coffee bar, full-service cafeteria, fitness center, tenant lounge and a conference center. Container shipping firm Maersk Inc. is the building’s anchor tenant. Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver of JLL represented the undisclosed seller in the transaction. The buyer was a joint venture between Vision Properties and The Birch Group. Greg Nalbandian of JLL placed a three-year, floating-rate acquisition loan through CBRE Global Investors on behalf of the buyer.

October 21, 2020

Acquisitions Affordable Housing Multifamily New Jersey Northeast

SVN Brokers Sale of 412-Unit Affordable Housing Portfolio in Jersey City

by Taylor Williams October 21, 2020

JERSEY CITY, N.J. — SVN Affordable | Levental Realty has brokered the sale of a 412-unit affordable housing portfolio in Jersey City. The portfolio consists of four properties: Van Wagenen I (233 units), Van Wagenen II (114 units), Bergen Manor (40 units) and Kennedy Manor (25 units). SVN represented the undisclosed seller in the transaction. The buyer was a joint venture between Hudson Valley Property Group and Nuveen, the $1 trillion asset manager of TIAA. The new ownership will implement sustainable upgrades to the existing buildings in order to extend their affordability.

October 21, 2020

Loans Multifamily New Hampshire Northeast Office

Fantini & Gorga Arranges Two Loans Totaling $10.8M for Commercial Assets in Dover, New Hampshire

by Taylor Williams October 21, 2020

DOVER, N.H. — Boston-based mortgage banking firm Fantini & Gorga has arranged two loans totaling $10.8 million for the refinancing of a pair of commercial assets in Dover, located near the Maine-New Hampshire border. The first property is a 32-unit apartment building with 9,000 square feet of commercial space that was built in 2015. The second asset is a historic building constructed in the late 1800s that features 24 commercial units and 21 residential units. Derek Columbe and Lindsay Feig of Fantini & Gorga placed the loans through a regional bank on behalf of the undisclosed borrower.

October 21, 2020

Acquisitions Multifamily New York Northeast

Vincent Theurer Acquires 49-Unit Apartment Building in Brooklyn

by Taylor Williams October 21, 2020

NEW YORK CITY — Vincent Theurer, CEO of Approved Oil, has acquired a 49-unit apartment building at 417-441 40th St. in the Sunset Park neighborhood of Brooklyn. The property sold for $9 million, or roughly $183,000 per unit. Adam Hess, Edward Setton and Lane Matalon of Meridian Capital Group represented the seller, Ilan Goldstein of Slope Realty, in the transaction.

October 21, 2020

New York Northeast

Total Investment Sales Volume Drops 47 Percent Year-Over-Year in New York City, Says REBNY

by Taylor Williams October 20, 2020

NEW YORK CITY — Total commercial and residential investment sales volume in New York City declined 47 percent between September 2019 and September 2020 as buyers and sellers have both grappled with economic uncertainty amid the COVID-19 pandemic, according to a new report from the Real Estate Board of New York (REBNY). In addition, the report found that the volume of tax revenue generated for both the city and state during that period fell by 36 percent. Through the first nine months of the year, the city has experienced a total commercial and residential investment sales volume of $21.5 billion, a 45 percent decline compared with that period in 2019, causing a 42 percent decrease in tax revenue. The report did note that total sales volume across both commercial and residential assets rose by 9 percent between August and September, fueled mainly by a 43 percent month-to-month increase in the latter category.

October 20, 2020

Company News New York Northeast

Newmark Knight Frank Rebrands as Newmark

by Taylor Williams October 20, 2020

NEW YORK CITY — Newmark Group Inc. (NASDAQ: NMRK) has rebranded itself as Newmark, a strategic move that reflects a more forward-thinking vision for providing a full suite of commercial real estate services, company officials announced on Monday. Newmark’s primary impetus for rebranding is to outwardly reflect the organization’s evolution into a global commercial real estate leader on the forefront of industry trends, with a progressive standout industry culture. Newmark will maintain its alliance with London-based global real estate consulting firm Knight Frank, both domestically and abroad.

October 20, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

KeyBank Provides $5M Acquisition Loan for Seniors Housing Apartments in Paterson, New Jersey

by Taylor Williams October 20, 2020

PATERSON, N.J. — KeyBank’s Community Development Lending and Investment (CDLI) team has provided $5 million in acquisition financing for Rosa Parks Apartments, a 50-unit affordable housing property for seniors in Paterson. The borrower was Radiant Property Management LLC, a Newark-based real estate services company that will also manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.

October 20, 2020

Leasing Activity New York Northeast Office

Regus Signs 36,600 SF Coworking Lease Extension at 136 Madison Avenue in Manhattan

by Taylor Williams October 20, 2020

NEW YORK CITY — Global coworking firm Regus has signed a 36,600-square-foot lease extension at 136 Madison Avenue, a 300,000-square-foot office building in Manhattan. Regus occupies the entire 15th and 16th floors of the building, and this transaction extends the tenant’s term through 2031. Michael Cohen and Andrew Roos of Colliers International represented the tenant and the landlord, Williams Equities, in the lease negotiations.

October 20, 2020

Leasing Activity New York Northeast Office

Law Firm Inks 14,078 SF Office Lease at 485 Lexington Avenue in Manhattan

by Taylor Williams October 20, 2020

NEW YORK CITY — Kreindler & Kreindler LLP, a law firm specializing in aviation accident cases, has signed a 14,078-square-foot office lease at 485 Lexington Avenue, a 32-story building located near Grand Central Station in Midtown Manhattan. Brian Goldman and Cooper Weisman of Newmark represented the tenant in the lease negotiations. SL Green Corp. owns the building, which was most recently renovated in 2007.

October 20, 2020

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