Friday, November 14, 2025
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Northeast

AcquisitionsIndustrialNew YorkNortheast

Cushman & Wakefield Arranges Sale of 3,750 SF Industrial Property in the Bronx

by David Cohen

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a vacant 3,750-square-foot industrial building in the Hunts Point neighborhood of the Bronx. The sales price was $975,000. Located at 1318 Oak Point Ave., the property consists of 2,500 square feet of industrial space with 14-foot ceilings on the ground floor, five roll-up garage doors and 1,250 square feet of space on the second floor. Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was an Opportunity Fund formed by My Tool Rental, a Brooklyn-based tool rental firm that is expanding into the Bronx.

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IndustrialLeasing ActivityNortheastPennsylvania

Binswanger Secures 81,226 SF Industrial Lease in Philadelphia

by David Cohen

PHILDELPHIA — Binswanger has secured an 81,226-square-foot industrial lease for Hunter Keystone Peterbilt in Philadelphia. The property is located at 2811 Charter Road. Hunter Keystone Peterbilt plans to operate a full-service Navistar International heavy and medium duty truck dealership and an Idealease heavy and medium duty truck leasing company at the location. Hunter is a network of truck dealerships that has been in business for more than 80 years. Chris Pennington of Binswanger’s Philadelphia office secured the 10-year lease on behalf of Hunter from the property owner, Charter Road Realty.

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AcquisitionsNortheastOffice

Savanna Acquires 126,256 SF Office Building in Manhattan for $100M

by David Cohen

NEW YORK CITY — New York City-based real estate investment owner/operator Savanna has acquired a 12-story, 126,256-square-foot office and retail building in the NoMad neighborhood of Manhattan. The sales price was $100 million. Located at 48 W. 25th St., the property was built in 1920. Savanna plans to implement a $21 million capital improvement plan at the property, which will include a complete lobby renovation as well as roof and façade repairs. Adam Spies, Adam Doneger and Josh King of Cushman & Wakefield represented the seller, a longtime family owner, in the transaction.

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DevelopmentLoansMultifamilyNew YorkNortheast

Equicap Closes $24.5M Construction Loan for Apartment Building in East Harlem

by David Cohen

NEW YORK CITY — Equicap has provided a $24 million construction loan for the development of a 60-unit apartment building in East Harlem. The property also includes 6,500 square feet of retail space. The building is part of NYC Fresh, a program that allows developers to construct or renovate retail space that will be leased by a minimum 6,000-square-foot grocery store operator. Equicap provided the non-recourse loan to the borrower, a developer. The financing was secured at 475 basis points above the 30-day LIBOR.

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LoansMassachusettsMultifamilyNortheast

Cornerstone Realty Capital Arranges $14.3M Refinancing for Apartment Community in Massachusetts

by David Cohen

BRAINTREE, MASS. — Cornerstone Realty Capital has arranged a $14.3 million loan to refinance a 72-unit apartment complex in Braintree. The property consists of six buildings, each with in-unit laundry and a private balcony or patio. The borrower, True North Capital Partners, plans to update the property with full bathroom, kitchen and electrical upgrades. Community updates will include a grilling station, sports court and playground. Cornerstone secured a full-term fixed-rate financing structure through an undisclosed lender with 36 months of interest-only payments followed by 30-year amortization schedule.

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DevelopmentLoansMultifamilyNew YorkNortheastSeniors Housing

KeyBank Provides $10.8M Loan to Convert Public School in Upstate New York into Affordable Seniors Housing

by David Cohen

VERONA, N.Y. — KeyBank Community Development Lending & Investment (CDLI) has provided a $10.8 million construction loan to convert a public school into affordable seniors housing in Verona, located just off Interstate 90 between Syracuse and Utica. Named the Jason Gwilt Memorial Senior Apartments, the project will feature 50 units and a senior center. Apartments are reserved for seniors making up to 50 percent of the area median income, with 15 units specifically set aside for homeless and frail residents. Services for those frail and homeless residents will be paid for using Empire State Supportive Housing Initiative funds made available through New York State Homes and Community Renewal (HCR). In addition to KeyBank’s construction loan, HCR provided Low-Income Housing Tax Credits (LIHTC) that will generate more than $10 million in equity for the project, and $5.2 million in low-interest, long-term mortgages. The City of Oneida Housing Authority provided $430,000 in project funds and the New York State Energy Research and Development Agency (NYSERDA) provided $50,000 in energy saving equipment. Joseph Eicheldinger and Gregory Kiger on KeyBank’s CDLI team arranged the financing.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $3.6M Sale of BP Gas Station in Jersey City

by David Cohen

JERSEY CITY, N.J. — Marcus & Millichap has brokered the $3.6 million sale of a net-leased BP gas station in Jersey City. The property is located at 1505 John Fitzgerald Kennedy Blvd., directly off I-78, a major highway connecting Pennsylvania, New Jersey and New York. Preet Sabharwal, Dan Corcoran and Michael Grunberg of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the transaction. The buyer was also undisclosed.    

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DevelopmentHospitalityNew YorkNortheast

Atlas Hospitality Receives $40M Construction Loan for Boutique Hotel in Manhattan

by David Cohen

NEW YORK CITY — Atlas Hospitality, in partnership with Fortuna Realty Group, has received a $40 million construction loan from Bank of America Merrill Lynch for the development of a 128-room boutique hotel in the financial district of Manhattan. Located at 120-122 Water St., the 26-story building will include a high-end restaurant on the ground floor and a double-deck rooftop with views of Manhattan. Fortuna Realty Group will manage the property upon its completion in 2020. Terms of the financing were not disclosed.

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AcquisitionsConnecticutMultifamilyNortheast

IPA Arranges $24M Sale of Multifamily Community in Avon, Connecticut

by David Cohen

AVON, CONN. — Institutional Property Advisors has arranged the $24 million sale of Avon Place Apartments, a 164-unit multifamily community in Avon. Located at 46 Avonwood Road, the property was built in 1973 on more than 46 acres. The community is comprised of three brick residential buildings and a clubhouse. Victor Nolletti, Eric Pentore of IPA and Wes Klockner of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was the Clairmont Group LLC.

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AcquisitionsDevelopmentMultifamilyNew JerseyNortheast

CBRE Brokers $14.5M Sale of Development Site in Harrison, New Jersey

by David Cohen

HARRISON, N.J. — CBRE has brokered the $14.5 million sale of a five-acre development site in Harrison. Located at 15 Essex St., the site consists of a 233,000-square-foot industrial facility as well as a vacant lot. Charles Berger, Elli Klapper, Mark Silverman, Thomas Sullivan and Paul Touhey of CBRE represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, plans to demolish the existing industrial facility and build a multifamily development on the property.

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