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The-Clayborn-Medford-Massachusetts
DevelopmentMassachusettsMultifamilyNortheast

Davis Cos. Underway on 289-Unit Multifamily Project in Medford, Massachusetts

by Taylor Williams

MEDFORD, MASS. — Locally based developer The Davis Cos. is underway on construction of The Clayborn, a 289-unit multifamily project located north of Boston in Medford. The 7.9-acre site formerly housed a self-storage facility. Designed by CUBE 3 Architects, The Clayborn will offer studio, one-, two- and three-bedroom units as well as six townhomes. The Clayborn will also have an affordability component, although specific income restrictions were not disclosed. Amenities will include a pool, fitness center, playground, golf simulator and putting green, coworking space, dog park and a rooftop deck. Plumb House is the general contractor for the project, which is expected to be complete in 2027.

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DevelopmentMultifamilyNortheastPennsylvania

Hankin Group Breaks Ground on 160-Unit Multifamily Project in Downingtown, Pennsylvania

by Taylor Williams

DOWNINGTOWN, PA. — Locally based developer Hankin Group has broken ground on a 160-unit multifamily project in Downingtown, a western suburb of Philadelphia. The project is an expansion of the 70-acre River Station development and will consist of two buildings that will have 67 and 93 units. Residences will come in one- and two-bedroom formats and will range in size from 765 to 1,217 square feet. Residents will have access to amenities such as a pool, coffee bar, fitness center, sports court, golf simulator, demonstration kitchen, business center and a county-wide trail system. Completion of the first building is slated for summer 2026.

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630-Third-Avenue-Manhattan
DevelopmentNew YorkNortheastOffice

Joint Venture to Undertake $50M Renovation of Midtown Manhattan Office Building

by Taylor Williams

NEW YORK CITY — A joint venture between Boston-based owner-operator The Davis Cos., Tribeca Investment Group (TIG) and ATCO will undertake a $50 million renovation of 630 Third Avenue, a 23-story, 261-445-square-foot office building in Midtown Manhattan. Renovations will include a full lobby remodeling, construction of a tenant amenity center and conferencing space and delivery of move-in ready office suites. Construction is set to begin in the first quarter and to last six to eight months. CBRE has been named as the leasing agent for 630 Third Avenue.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $18.5M Sale of Northern New Jersey Shopping Center

by Taylor Williams

PARSIPPANY, N.J. — Marcus & Millichap has brokered the $18.5 million sale of a 45,315-square-foot shopping center located in the Northern New Jersey community of Parsippany. Built in 1970 and renovated in 2012, Baldwin Shopping Center was fully leased at the time of sale to tenants such as Walgreens, Concentra, Enterprise Rent-A-Car and State Farm Insurance. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsIndustrialNew YorkNortheast

ERG Commercial Arranges $8.5M Loan for Refinancing of Staten Island Industrial Building

by Taylor Williams

NEW YORK CITY — Locally based financial intermediary ERG Commercial Real Estate has arranged an $8.5 million bridge loan for the refinancing of a 40,000-square-foot industrial building on Staten Island. According to LoopNet Inc., the building at 501 Industry Road was completed in 1976 and features a clear height of 30 feet. The direct lender was a national bank, and the borrower was a local private investment group. Both parties requested anonymity. The building was fully leased at the time of the loan closing

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Leasing ActivityNew YorkNortheastRetail

Five Iron Golf to Open 15,856 SF Entertainment Venue in Brooklyn

by Taylor Williams

NEW YORK CITY — Five Iron Golf will open a 15,856-square-foot entertainment venue in Brooklyn. The space spans the ground floor and lower level of 25 Kent, a 500,000-square-foot office building, and will include 13 simulators, a 7,000-square-foot gym and a bar and kitchen. Anthony Dattoma of CBRE represented Five Iron Golf, which plans to open in the second quarter of 2026, in the lease negotiations. Ben Birnbaum, Neal Ohm, Andrew Taub and Caleb Petersen of Newmark represented the landlord, Global Holdings.

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Leasing ActivityNew YorkNortheastOffice

Citymeals on Wheels Signs 15,214 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Citymeals on Wheels has signed a 15,214-square-foot office lease in Midtown Manhattan. The nonprofit organization will occupy the entire ninth floor of 360 Lexington Avenue, a 24-story building. Steven Soutendijk of Cushman & Wakefield represented the tenant in the lease negotiations. Mitchell Konsker, Barbara Winter and Thomas Swartz of JLL, along with internal agent Samuel Salberg, represented the landlord, AMTrustRE.

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AcquisitionsNew YorkNortheastOffice

AmTrustRE Agrees to Buy Midtown Manhattan Office Building for $217M

by Taylor Williams

NEW YORK CITY — Locally based investment and development firm AmTrustRE has entered into an agreement to buy 260 Madison Avenue, a 22-story office building in Midtown Manhattan, for roughly $217 million. The approximately 570,000-square-foot building was constructed in 1952 and was roughly 68 percent leased at the time of sale. Tenants include Hanesbrands, MGM, Regus, McLaughlin & Stern and Marcus & Millichap. AmTrust plans to invest between $60 million and $70 million in capital improvements to the building. The seller was The Sapir Organization.

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Sarah-Neuman-Skilled-Nursing-Facility-Mamaroneck-New-York
AcquisitionsMultifamilyNew YorkNortheastSeniors Housing

Kiser Group Negotiates $76M Sale of Skilled Nursing Facility in Mamaroneck, New York

by Taylor Williams

MAMARONECK, N.Y. — Chicago-based brokerage firm Kiser Group has negotiated the $76 million sale of the 250-bed Sarah Neuman Skilled Nursing Facility in Mamaroneck, roughly 30 miles northeast of New York City. According to Kiser Group, the property was initially under contract for $84 million, but the first buyer had to withdraw from the transaction due to rising interest rates. Mark Myers led the Kiser Group team that arranged the sale. The seller was an undisclosed religious nonprofit organization. Myers also arranged interim financing on behalf of the buyer, including a $5 million loan, throughout the approval process.

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The-Bishop-Plainfield-New-Jersey
LoansMultifamilyNew JerseyNortheast

Invictus Real Estate Provides $60M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams

PLAINFIELD, N.J. — Invictus Real Estate Partners, a New York-based real estate private equity firm, has provided a $60 million construction loan for The Bishop, a multifamily project in the Northern New Jersey community of Plainfield. The site is located at 401 E. 3rd St., and the project, which represents Phase II of a larger development, will add 266 rental units and 10,000 square feet of retail space to the local supply. Amenities will include an outdoor lounge, golf simulator, fitness center, game room, pool, screening room, children’s playroom and a pickleball court. Brian Anderson of Cushman & Wakefield arranged the loan through Invictus on behalf of the borrower, New Jersey-based developer Ramani Group.

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