NEW YORK CITY — Los Angeles-based developer CIM Group and Brooklyn-based LIVWRK have topped out Front & York, a 21-story mixed-use tower located at 85 Jay St. in the Dumbo neighborhood of Brooklyn. The property is situated on 3.1 acres and will consist of 408 for-sale condominium units, 320 rental apartments and 150,000 square feet of retail space. Residential amenities will include a pool, outdoor lounge areas, coworking space and a chef’s kitchen with a private dining room.
SCRANTON, PA. — Marcus & Millichap has brokered the sale of The Oppenheim Building, a 193,000-square-foot historic office property in downtown Scranton. The property was built in 1888 and was 27 percent occupied at the time of sale. Craig Dunkle and Jackson Day of Marcus & Millichap handled the sale on behalf of the undisclosed seller through Ten-X auction platform. The buyer, a Pennsylvania-based developer, will convert the building into a Class A multifamily property.
YONKERS, N.Y. — Cushman & Wakefield has arranged an $80 million loan for the refinancing of a 435,000-square-foot industrial asset located at 555 Tuckahoe Road in Yonkers, located north of New York City. The property was built in 1963. J.P. Morgan Asset Management provided the fixed-rate loan to the borrower, Alfred Weissman Real Estate LLC. Gideon Gil, Zachary Kraft and Meredith Donovan of Cushman & Wakefield handled the transaction.
By Marc Isdaner, senior managing director, principal, Colliers International; and Ian Richman, senior managing director, Colliers International Strong job and population growth in recent years have caused the Philadelphia/Southern New Jersey industrial market to continually rise on the radars of both investors and developers. As the nation battles COVID-19, we see demand for industrial space growing as more users look to service last-mile customers in densely populated areas. This market is no exception. With the right guidance and counseling, investors can achieve strong returns here, even as variables like user demand and land/construction costs continue to rise, bringing valuations and sales prices along with them. Projects Get Bigger We continue to see developers take down large tracts near major thoroughfares in this region, oftentimes building on speculative bases. Examples of such projects are Mansfield Logistics Park, a 960,000-square-foot, two-building spec development by Clarion Partners off Interstate 295 in Burlington County that is nearing completion; and The Cubes at East Greenwich, a two-building spec development located off I-295 in Gloucester County. The latter project is being developed in an area that was largely inactive until 2018, as land sites and established industrial parks such as Pureland were essential built out. Scout …
MORRISTOWN, N.J. — JLL has arranged a $116.3 million construction loan for Phase I of North Market, a mixed-use project that will be located in Morristown, about 30 miles west of New York City. At completion, the 32.6-acre project will consist of 350 multifamily units, 40,500 square feet of office space, a 150-room boutique hotel and 94,500 square feet of retail and restaurant space. Thomas Didio of JLL arranged the loan through an undisclosed life insurance company on behalf of the borrower and developer, The S. Hekemian Group LLC of Englewood, New Jersey. Phase I, which is expected to be complete in about 24 months, will focus on the multifamily component, which will include amenities such as a pool, fitness center, outdoor grilling areas, coworking space and saunas.
EASTON, PA. — NAI Summit has brokered the sale of a 180,000-square-foot industrial facility located at 3700 Glover Road in Easton, about 70 miles north of Philadelphia. According to LoopNet Inc., the property is situated on 15 acres and features 26-foot clear heights, 15 loading docks and parking for 242 cars and numerous trucks. Mike Adams of NAI Summit represented the buyer, personal care products manufacturer A.P. Deauville, which is relocating and expanding from New Jersey into this facility. The new owner-occupant is effectively doubling its footprint and expects to bring more than 100 new jobs to the region. The seller was not disclosed.
NEW YORK CITY — FTI Consulting Inc., a publicly traded global advisory firm, has signed a 120,720-square-foot office lease at 1166 Avenue of the Americas in Manhattan. The company will occupy the 14th, 15th and 16th floors of the 1.6 million-square-foot building as its New York City headquarters. Paul Glickman, Jonathan Fanuzzi, Cynthia Wasserberger, Diana Biasotti and Jeffrey Sussman of JLL represented the landlord, Edward J. Minskoff Equities Inc., in the lease negotiations. Connor Faught, Brian Given, Sheena Gohil, Robert Gallucci and Jim Southard of Colliers International, along with in-house representatives Daniel Johnson and Chuck Cerria Jr., represented FTI Consulting. Trevor Adler and Ida Phair of law firm Stroock & Stroock & Lavan LLP advised the property owner in the transaction. Bruce Saber, Genta Stafaj and Samuel Grubner of DLA Piper LLP provided legal counsel to the tenant.
PHILADELPHIA — Designer Shoe Warehouse (DSW) has opened a 15,616-square-foot store at Fashion District Philadelphia, a shopping, dining and entertainment destination in the Center City neighborhood. DSW’s opening comes on the heels of the debuts of tenants such as Kate Spade Outlet and Industrious, as well as the re-openings of Candytopia and Wonderspaces. Pennsylvania Real Estate Investment Trust (PREIT) owns Fashion District Philadelphia.
HARRISON, N.Y. — CBRE has negotiated a 12,900-square-foot office lease expansion at 440 Mamaroneck Ave. in Harrison, located near the New York-Connecticut border. The tenant, Stillman Management Realty, renewed its 8,000-square-foot lease and committed to an additional 4,900 square feet. Bud Wiesenberg and Bob Caruso of CBRE represented the tenant in the lease negotiations. RPW Group owns the building.
WALTHAM, MASS. — Newmark Knight Frank (NKF) has arranged the $330 million sale of Reservoir Woods East, a two-building, 515,273-square-foot office campus in Waltham. The building located at 40 Sylvan Road is a three-story, 312,845-square-foot asset, while the building at 50-60 Sylvan Road is a two-story, 202,428-square-foot property. The campus, which is situated 18 miles west of downtown Boston, also features up to 440,000 square feet of development potential, ideal for life-sciences use. A subsidiary of Verizon Laboratories leases space at 50-60 Sylvan on a short-term basis. Edward Maher, Robert Griffin, Matthew Pullen and Samantha Hallowell of NKF represented the seller, a joint venture between affiliates of Marcus Partners and The Davis Cos., in the transaction. The buyer was not disclosed. William Sleeper, also of NKF, provided financial analysis support. “Reservoir Woods East offers an attractive combination of near-term cash flow and long-term development upside within greater Boston, which is arguably the country’s most attractive market,” says Maher, vice chairman of NKF. “The property presents an exceptional opportunity to benefit from the momentum of the Waltham-Lexington life sciences cluster, which has become a bona fide extension of Cambridge in recent years.” The Reservoir Woods East campus also includes a structured …