Northeast

Rosenblum Begins Construction on $18M Multifamily Project in Troy, New York

by Taylor Williams June 24, 2019

TROY, N.Y. — The Rosenblum Companies, a development and management firm based in Albany, has begun construction on Vicina, an $18 million multifamily project in Troy, located just outside the state capital. The property will consist of 80 units in studio, one- and two-bedroom formats, as well as 2,600 square feet of ground-floor commercial space. Amenities will include rooftop grilling stations, a fitness center, pet spa and package service. The first units are expected to be available for occupancy in spring 2020.

June 24, 2019

Development Northeast Pennsylvania Retail

U-Haul-Amerco to Redevelop Former Macy’s Building at Mall in Monaca, Pennsylvania

by Taylor Williams June 24, 2019

MONACA, PA. — U-Haul — Amerco Real Estate Co. will redevelop the former Macy’s building at Beaver Valley Mall in Monaca, located northwest of Pittsburgh. The building will be converted into a 50,000-square-foot retail and office property that will offer direct access to the mall. Remaining anchors at the mall include J.C. Penney, Dick’s Sporting Goods and Planet Fitness. CBRE will handle leasing of the new space.

June 24, 2019

Connecticut Industrial Leasing Activity Northeast

Pearce Commercial Negotiates 56,000 SF Warehouse Lease in Milford, Connecticut

by Taylor Williams June 24, 2019

MILFORD, CONN. — Local brokerage firm Pearce Commercial has negotiated a 56,000-square-foot warehouse lease in Milford, located between Bridgeport and New Haven. John Bergin of Pearce Commercial represented the tenant, Meridith Baer Home, a California-based home staging firm. Bergin also represented the landlord, MDC Milford Associates LLC, a division of Mountain Development Corp.

June 24, 2019

Leasing Activity New York Northeast Retail

Food Bazaar to Open 45,885 SF Grocery Store in Harlem

by Taylor Williams June 24, 2019

NEW YORK CITY — Food Bazaar will open a 45,885-square-foot grocery store at One East Harlem, a mixed-use development currently under construction and located at 201 E. 125th St. in Harlem. The grocer is expected to take occupancy of its two-story space by late 2021. The store will also offer dedicated parking for customers and staff. Mark Tergesen and Joe Italiaander of ABS Partners Real Estate represented Food Bazaar in the lease negotiations. Michael Berfield of Bridges Development Group represented the landlord in conjunction with Ripco Real Estate

June 24, 2019

Development Industrial New Jersey Northeast Top Stories

Joint Venture Breaks Ground on 4.1 MSF Industrial Park in Linden, New Jersey

by Taylor Williams June 24, 2019

LINDEN, N.J. — A joint venture between Advance Realty Investors, Greek Development and PGIM Real Estate has broken ground on Linden Logistics Center, a 4.1 million-square-foot industrial park in Linden, located south of Newark. Linden Logistics Center will consist of eight Class A buildings that will run the gamut of industrial uses: warehousing, distribution, logistics, fulfillment and manufacturing. The development team will complete the project in phases, with the first deliveries slated for late 2020. Upon completion, the property will be the largest industrial development in the region, according to the developers. The project is situated on 350 acres off Tremley Point Road near the Port of New York/New Jersey. Prior to the joint venture acquiring the plot in 2018, the land was vacant for 15 years. The site housed chemical manufacturing operations during the 20th century. Estimated development costs for the new property were not disclosed. In addition to being located within 10 miles of the port, Linden Logistics Center will offer proximity to the New Jersey Turnpike and Newark Liberty International Airport. Individual buildings will be designed with flexible layouts to suit specific tenants. Excess space will be available for car and trailer parking, cross-docking capabilities and rail …

June 24, 2019

Development Massachusetts Northeast Office

Joint Venture Breaks Ground on 1 MSF Office Tower in Downtown Boston

by Taylor Williams June 21, 2019

BOSTON — A joint venture between Carr Properties, National Real Estate Advisors LLC and locally based HYM Investment Group has broken ground on One Congress, a 1 million-square-foot speculative office tower in downtown Boston. The project will include 10,800 square feet of retail space and will anchor Bulfinch Crossing, a mixed-use development that includes residential, hotel, office and retail uses. The office building will top out at about 600 feet and feature 30,000 square feet of fitness, wellness and food and beverage offerings, as well as bike facilities and an outdoor roof garden. Completion is slated for 2023.

June 21, 2019

Acquisitions Multifamily New York Northeast Student Housing

Vesper Acquires 290-Bed Student Housing Community in Upstate New York

by Taylor Williams June 21, 2019

BINGHAMTON, N.Y. — Vesper Holdings has acquired 20 Hawley, a 290-bed student housing community located near Binghamton University in Upstate New York. The community offers a mix of one-, two-, three-, four-, five- and six-bedroom units with bed-to-bath parity. Shared amenities include a fitness center, yoga studio, golf simulator, game room, movie theater, study lounges, a business center, hot tub and an outdoor lounge with grilling stations. New York City-based Vesper plans to undertake $1.8 million worth of renovations at the property, including upgrades to unit interiors and shared amenity spaces; extensive enhancements to the property’s exteriors; and substantial technology upgrades throughout the complex.

June 21, 2019

Development Multifamily New Jersey Northeast

Ironstate, Kushner Begin Preleasing 46-Story Multifamily Tower in Jersey City

by Taylor Williams June 21, 2019

JERSEY CITY, N.J. — Local firms Ironstate Development Co. and Kushner Real Estate Group have begun preleasing 235 Grand, a 46-story multifamily tower in Jersey City. Designed by HLW International, the property comprises 546 units in studio, one- and two-bedroom floor plans. Amenities include a pool, movie theater, outdoor grilling areas, a playground and a dog run. Initial occupancy is scheduled for September. Monthly rents start at $2,060 for a studio unit, $2,540 for a one-bedroom unit and $3,680 for a two-bedroom residence.

June 21, 2019

Development Multifamily New York Northeast Seniors Housing

Partnership to Develop 154-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams June 21, 2019

NEW YORK CITY — A partnership led by Enterprise Housing Credit Investments LLC has purchased 1080 Washington Avenue in The Bronx for $82 million, with plans to develop an affordable seniors housing community on the site. Project plans currently call for the development of a 12-story building with 154 units, including 57 supportive homes for homeless seniors, with all units being reserved for households earning 50 percent or less of the area median income. The project will be funded through bond financing and Low-Income Housing Tax Credits (LIHTC), as well as through subsidies from New York State Homes and Community Renewal and the New York City Department of Housing Preservation and Development. Demolition of the current structure is underway, and construction is set to begin later this year and to be complete in fall 2021.

June 21, 2019

Industrial Leasing Activity New York Northeast

Krispy Kreme Signs 26,486 SF Industrial Lease in The Bronx

by Taylor Williams June 21, 2019

NEW YORK CITY — Krispy Kreme Doughnut Corp. has signed a 26,486-square-foot industrial lease at 535 Zerega Ave. in The Bronx. The lease brings the 70,000-square-foot building to full occupancy. Neil Seth of Cushman & Wakefield represented Krispy Kreme, which will use the space as its new corporate commissary to accommodate expansion plans, in the lease negotiations. Josh Gopan represented the landlord, Simone Development Cos., on an internal basis.

June 21, 2019

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