Northeast

Greystar, ECHO Realty Break Ground on Multifamily, Retail Development in Pittsburgh

by Katie Sloan September 24, 2024

PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on Ophelia and The Meridian, a multifamily and retail project located at the intersection of Penn and Shady avenues in Pittsburgh. The development will include Ophelia, a 231-unit multifamily project by Greystar; The Meridian, a 44,000-square-foot retail development spearheaded by ECHO Realty; and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom configurations, 35 of which will be subject to income restrictions under the city’s affordable housing program. Shared amenities will include a fitness center with an outdoor workout area, coworking space, a pool, grilling and lawn area and a clubroom with billiards and a bar. The development is set for completion in early 2026 with preleasing planned to begin in late 2025. The Meridian will include a 36,000-square-foot Market District grocery store alongside inline retail space, which has been preleased to tenants including Shake Shack and Barnes & Noble. The retail portion of the larger project is set to begin opening in 2025. “Pittsburgh has a lot to offer with several of the country’s best universities — Pitt, Carnegie Mellon and Duquesne — and significant growth in the tech industry,” …

September 24, 2024

Development Industrial New York Northeast

Oxbo International to Open 195,000 SF Manufacturing Plant in Bergen, New York

by Taylor Williams September 23, 2024

BERGEN, N.Y. — Dutch farm machinery and equipment provider Oxbo International will open a 195,000-square-foot, build-to-suit industrial project in Bergen, a western suburb of Rochester. The site spans 50 acres, and the new facility will replace Oxbo’s existing plant that is located about seven miles away and has been operational since 1969. Oxbo will enter into a 25-year ground-lease agreement with the owner, Ohio-based Geis Development, and expects to employ about 200 people at the plant at full capacity. Construction is slated for an October 2025 completion.

September 23, 2024

Acquisitions New York Northeast Retail

IPA Negotiates $14M Sale of Upstate New York Shopping Center

by Taylor Williams September 23, 2024

BINGHAMTON, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $14 million sale of Price Chopper Plaza, a 127,000-square-foot shopping center located in the upstate New York community of Binghamton. Regional grocer Price Chopper has been the anchor tenant at the center, which was 97 percent leased at the time of sale, since 1987. Other tenants include Planet Fitness, Big Lots and Dollar Tree. Jim Koury of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

September 23, 2024

Industrial Loans New Jersey Northeast

JLL Arranges $9M Permanent Loan for Northern New Jersey Industrial Building

by Taylor Williams September 23, 2024

MOUNT OLIVE, N.J. — JLL has arranged a $9 million permanent loan for a 161,000-square-foot industrial building in the Northern New Jersey community of Mount Olive. Constructed in 1982, the building features clear heights of 19 to 22 feet, 112 surface parking spaces, 30 trailer parking spaces, 11 tailboard loading docks and three drive-in doors. Greg Nalbandian and Ben Morgenthal of JLL arranged the 10-year, fixed-rate loan through life insurance company TruStage on behalf of the borrower, Commercial Realty Group. The building was fully leased at the time of the loan closing to UnCommon Logistics.

September 23, 2024

Acquisitions Industrial New York Northeast Office

Marcus & Millichap Brokers $8.5M Sale of Two Industrial, Office Buildings in Queens

by Taylor Williams September 23, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $8.5 million sale of two industrial and office buildings in the Long Island City area of Queens. The adjacent properties are located at 37-11 Vernon Blvd. and 814 37th Ave. and include a total of 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. The buildings also feature 20-foot ceilings, conference rooms and overhead crane space. Jakub Nowak of Marcus & Millichap represented the seller, Vernon Associates LLC, in the transaction and procured the buyer, an undisclosed local private investor.

September 23, 2024

Development Hospitality New York Northeast

JT Magen Completes 32,000 SF Hospitality Project in Midtown Manhattan

by Taylor Williams September 23, 2024

NEW YORK CITY — National general contractor JT Magen has completed The Paramount Club, a 32,000-square-foot hospitality project located on the concourse level of 1301 Avenue of the Americas in Midtown Manhattan. The Paramount Club features TVs, a pool table, fitness/wellness center, business lounge, classroom-style training room, 18-person boardroom and a variety of dining options, including an atrium restaurant, café, grab-and-go market and private dining spaces. Loffredo Brooks Architects designed the club, space for which was repurposed from existing lower levels at the property.

September 23, 2024

Development Loans Multifamily New York Northeast Office

IPA Arranges $75M in Financing for Redevelopment of Former Pfizer Headquarters Building in Manhattan

by Taylor Williams September 20, 2024

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $75 million in financing for the redevelopment of the former Pfizer headquarters building in Midtown Manhattan. The project will convert the 10-story, 290,000-square-foot office building at 219 E. 42nd St. into a multifamily complex with 660 units that will come in studio, one-, two- and three-bedroom floor plans. When combined with the adjacent building at 235 E. 42nd St., the development will feature more than 1,400 apartments. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA arranged the financing through Northwind Group on behalf of the developer, a partnership between David Werner Real Estate Investments and Metro Loft Management. Alexandria Real Estate Equities bought the former Pfizer headquarters building in 2018 following the pharmaceutical giant’s announcement that it would be relocating its headquarters to The Spiral, Tishman Speyer’s 2.8 million-square-foot building in the Hudson Yards district.

September 20, 2024

Valley-View-Park-East-Hanover-New-Jersey

Development Multifamily New Jersey Northeast

KRE Group Begins Leasing 239-Unit Apartment Community in East Hanover, New Jersey

by Taylor Williams September 20, 2024

EAST HANOVER, N.J. — Locally based developer KRE Group has begun leasing Valley View Park, a 239-unit apartment community in East Hanover, about 30 miles west of Manhattan. The property, which is named for a golf course that occupied the site from 1937 to 1973, consists of five four-story buildings. Units come in one- and two-bedroom floor plans, and 34 residences are subject to income restrictions. The amenity package comprises a pool, fitness center, clubhouse, indoor and outdoor children’s play areas, outdoor grilling and dining stations, a gaming lawn, dog park and walking trails. Rents start at approximately $2,700 per month for a one-bedroom apartment. Construction began in April 2023.

September 20, 2024

Development Northeast Pennsylvania

U.S. Development Completes 107-Unit Multifamily Project in Philadelphia

by Taylor Williams September 20, 2024

PHILADELPHIA — U.S. Development has completed Frankford Grand, a 107-unit multifamily project in Philadelphia’s Fishtown neighborhood. The five-story building houses 50 studios, 32 one-bedroom units and 25 two-bedroom apartments, as well as 15,000 square feet of retail space across two levels. Amenities include a fitness center, private courtyard garden and a rooftop deck. Rents start at $1,100 per month for a studio apartment. U.S. Development has tapped Jim Onesti and Evangeline Gambardella of The Mike McCann Team to market and lease the property.

September 20, 2024

Leasing Activity Massachusetts Northeast Retail

Whole Foods to Open 42,560 SF Store in Hyannis, Massachusetts

by Taylor Williams September 20, 2024

HYANNIS, MASS. — Whole Foods Market will open a 42,560-square-foot store at 790 Iyannough Road in the Cape Cod community of Hyannis. The Austin-based grocer is relocating its Hyannis store from 990 Iyannough Road, which has served the community for the past decade. The store will feature full-service meat and seafood counters, a bakery, wellness and beauty section and a prepared foods counter. The grand opening is set for Thursday, Oct. 10.

September 20, 2024

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