Northeast

Pictured is an office interior in New York City.

Lee & Associates: Absorption Is Positive Across All Property Types According to Third-Quarter Report

by Sarah Daniels October 24, 2024

Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type. Positive retail news has led to positive industrial news, as rising demand for retail goods has bolstered tenant demand for industrial space just as additional industrial inventory is coming on line. Steady economic growth and continuing impediments to home ownership have created strong absorption in the multifamily sector. Rent growth and vacancy rates have largely plateaued. Lee & Associates has made their complete third-quarter report available here (with more detailed information broken down according to property type). Below is an overview of the strengths and challenges in the industrial, office, retail and multifamily sectors. Industrial Overview: U.S. Demand Spikes Industrial demand across the United States dramatically improved in the third quarter. There were 52.8 million square feet of positive net absorption in the country in the third quarter, a 76 percent jump from the same period a year ago and more than double the …

October 24, 2024

Development Multifamily New Jersey Northeast

KRE Group Completes 285-Unit Beacon Hill Apartments in Marlboro, New Jersey

by Taylor Williams October 23, 2024

MARLBORO, N.J. — New Jersey-based developer KRE Group has completed Beacon Hill, a 285-unit apartment community in the Northern New Jersey community of Marlboro. Beacon Hill consists of 14 three-story buildings on a 47-acre site. Units come exclusively in two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, tile backsplashes, individual washers and dryers and private outdoor terraces. Amenities include a pool, playground, outdoor grilling and dining stations, bocce ball courts and a dog park. More than 200 leases have already been signed at Beacon Hill, with rents starting at about $3,200 per month.

October 23, 2024

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Negotiates $6.6M Sale of Jersey City Apartment Building

by Taylor Williams October 23, 2024

JERSEY CITY, N.J. — Locally based brokerage firm Redwood Realty Advisors has negotiated the $6.6 million sale of Common on Pine, a 16-unit apartment building in Jersey City. Common on Pine was completed earlier this year and offer amenities such as a fitness center and a rooftop lounge, as well as one ground-floor commercial space. Steve Matovski of Redwood represented the seller, an entity doing business as 327 Communipaw LLC, in the transaction and procured the undisclosed buyer.

October 23, 2024

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $4M Sale of Boston Multifamily Portfolio

by Taylor Williams October 23, 2024

BOSTON — Marcus & Millichap has brokered the $4 million sale of a 12-unit multifamily portfolio in the Dorchester area of Boston. The Fuller Street Portfolio comprises two six-unit buildings at 46-48 and 301-305 Fuller St. and a vacant buildable lot. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

October 23, 2024

Leasing Activity New York Northeast Retail

Primark to Open 78,760 SF Store at PENN District in Midtown Manhattan

by Taylor Williams October 23, 2024

NEW YORK CITY — Primark will open a 78,760-square-foot store within the PENN District in Midtown Manhattan, its first in the borough. The apparel and accessories retailer will backfill a space at 150 W. 34th St. that was formerly occupied by Old Navy. Vornado Realty Trust (NYSE: VNO) owns the building, which according to LoopNet Inc. was originally constructed in 1900 and renovated in 1998. A tentative opening date was not announced.

October 23, 2024

Leasing Activity New York Northeast Office

Maybern Signs 11,000 SF Office Lease in Manhattan’s NoHo District

by Taylor Williams October 23, 2024

NEW YORK CITY — Financial technology firm Maybern has signed an 11,000-square-foot office lease in Manhattan’s NoHo district. The space spans the entire 11th floor of the building at 10 Astor Place. Jonathan Franzel and Leo Kone of Newmark represented the tenant in the lease negotiations. Robert Silver, Anthony Sciacca and Brittany Silver, also with Newmark, along with internal agent Neith Stone, represented the landlord, GFP Real Estate.

October 23, 2024

New York Northeast Office Retail

RXR Recapitalizes 500,000 SF Office, Retail Building in Manhattan

by Taylor Williams October 22, 2024

NEW YORK CITY — RXR has recapitalized 620 Avenue of the Americas, a 500,000-square-foot office and retail building in Manhattan’s Chelsea neighborhood, via a new partnership with global investment management firm Hudson Bay Capital Management. The building, which was originally constructed in 1896, is home to tenants such as footwear provider Cole Haan and labor union SEIU Local 32BJ. The partnership has also secured a five-year, $320 million loan facility to fund the repositioning of the property. Additional terms of the transaction were not disclosed.

October 22, 2024

Loans Multifamily Northeast Pennsylvania Student Housing

BridgeInvest Provides $54.3M Loan for Refinancing of Philadelphia Student Housing Property

by Taylor Williams October 22, 2024

PHILADELPHIA — BridgeInvest has provided a $54.3 million loan for the refinancing of The Avery, a 796-bed student housing property in Philadelphia. The Avery, which serves students at Temple University, features one- and two-bedroom units and amenities such as a fitness center, community kitchen, lounge areas, game rooms and study spaces. The property also houses 5,900 square feet of ground-floor retail space. The undisclosed sponsor acquired The Avery in 2021 and implemented capital improvements and rebranded it from The Edge.

October 22, 2024

Healthcare Loans New Jersey Northeast Retail

G.S. Wilcox Arranges $26.2M Loan for Refinancing of Northern New Jersey Retail, Healthcare Property

by Taylor Williams October 22, 2024

HOBOKEN, N.J. — Locally based intermediary G.S. Wilcox & Co. has arranged a $5.4 million loan for the refinancing of a 48,268-square-foot retail and healthcare property in the Northern New Jersey community of Hoboken. The property was fully leased at the time of the loan closing to a pharmacy, bank and a primary care provider. David Fryer of G.S. Wilcox arranged the loan, which carried a seven-year term with full-term interest-only payments, through an undisclosed life insurance company. The name of the borrower was also not disclosed.

October 22, 2024

Loans New York Northeast Office

Cushman & Wakefield Places $24M Acquisition Loan for Manhattan Office Building

by Taylor Williams October 22, 2024

NEW YORK CITY — Cushman & Wakefield has placed a $24 million acquisition loan for The Plant, a 246,343-square-foot office building located at 321 W. 44th St. in Midtown Manhattan. The building was 56 percent leased at the time of the loan closing to tenants such as Broadway Dance Center, TagWall, AKA NYC Limited, Sony Records and Sunlight Studios. Chase Johnson and Caleb Riebe of Cushman & Wakefield originated the debt through an undisclosed life insurance company. The name of the borrower was also not disclosed.

October 22, 2024

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