BAYONNE, N.J. — TWTH Express has signed a 255,069-square-foot industrial lease in the Northern New Jersey community of Bayonne. The California-based freight and logistics company is taking space at Bayonne Distribution Center, a three-building, 613,129-square-foot industrial complex that includes 2.3 acres of industrial outdoor storage space. Chris Okada of Okada & Co. and Emanuel Westfried of Two Bins Capital represented the tenant in the lease negotiations. Russell Verducci of NAI James E. Hanson represented the landlord, Turnbridge Equities, which acquired the property earlier this year and recently launched a $12 million repositioning program.
NEW YORK CITY — Lument has provided a $26.8 million HUD-insured loan for the refinancing of three affordable seniors housing properties totaling 203 units in Brooklyn. West End Gardens I and II are both located in the Borough Park neighborhood, while Webster Terrace is located in the Kensington submarket. All three properties are reserved for renters aged 62 and above and mobility-impaired individuals. Paul Weissman and Andrew Nicoll of Lument originated the financing, which was structured as a scattered-site loan and carries a fixed interest rate and a fully amortized 35-year term, through HUD’s 223(f) program. The borrower was HDF Cos.
WELLS, MAINE — Marcus & Millichap has brokered the sale of a self-storage development site in Wells, located in York County near the Maine-New Hampshire border. The site at 71 Spencer Drive is approved for a 70,000-square-foot (net rentable) facility. Nathan Coe, Gabriel Coe, Brett Hatcher and Luke Dawley of Marcus & Millichap represented the locally based seller, Patco Construction, in the transaction. The team also procured the buyer, a partnership between two New Hampshire-based investment and development firms, Brady Sullivan Properties and True Storage.
By Tom Kucharski, CEO of Invest Buffalo Niagara When Ralph Wilson selected Buffalo to be the home of the new Bills franchise in the American Football League in the 1950s, it was one of the nation’s 10 highest populated cities, making it a natural fit. However, a general shift around the country away from traditional manufacturing as a major base for economic activity, combined with a number of other factors, led to a decline in the city’s employment and population bases in the ensuing decades. Over the past 25 years, Buffalo has reversed that trend, emerging as a city on the rise. The region recently saw its first population growth in over 70 years, according to the 2020 census. That growth has been spurred by a diversification of the local economy, attracting businesses in industries such as advanced manufacturing, food processing and life sciences. Companies were especially enticed by the region’s low cost of doing business and affordable energy supplied by the nearby Niagara River. A key to maintaining that momentum has been Buffalo’s self-reinvestment, including massive redevelopment projects centered around reclaiming the city’s waterfront district. The first wave of these efforts began about a decade ago. Specifically, prior to …
LAUREL HOLLOW, N.Y. — International development and construction firm Skanska has topped out a $248 million life sciences project in Laurel Hollow, located on Long Island. The 379,500-square-foot facility is known as the Artificial Intelligence and Quantitative Biology building and is part of the initial phase of the expansion of the Cold Spring Harbor Laboratory campus. Upon completion, the facility will include neuroscience labs, an AI research center, conference center and housing for visiting scientists. Phase II of the development will feature an 81,000-square-foot research, housing and conference center and a 56,000-square-foot housing and collaborative research center for visiting scientists. Empire State Development has committed $55 million in funding to the project, substantial completion of which is expected by early 2027.
PALMER TOWNSHIP, PA. — A joint venture between Black Bear Asset Management (BBAM) and Greystone Capital will develop a $110 million multifamily project in Palmer Township, located outside of Allentown in the Lehigh Valley region. The garden-style development will consist of seven elevator-served buildings that will house 320 apartments and 92 for-sale townhomes. Amenities will include a fitness center, clubhouse and green spaces. Construction is scheduled to begin in the first quarter of next year. Bryan Manz and Emil DePasquale of Black Bear Capital Partners, a subsidiary of BBAM, arranged financing for the acquisition of the land.
JERSEY CITY, N.J. — Cushman & Wakefield has arranged an $81 million loan for the refinancing of One Grove, a 200-unit apartment building in Jersey City. Designed by MHS Architecture and completed in 2024, One Grove offers studio, one-, two- and three-bedroom units and amenities such as a landscaped rooftop terrace, fitness center, coworking space, resident lounge and a demonstration kitchen. The property also offers fully furnished, short-term rental apartments. Brad Domenico, Frank Stanislaski, Jack Subers, Niko Nicolaou and Ryan Dowd of Cushman & Wakefield arranged the loan through Societe Generale Group on behalf of the borrower, TKK Capital.
GREENWICH, CONN. — CBRE has brokered the $20.7 million sale of Putnam Green, a 66-unit apartment complex located in the southern coastal Connecticut community of Greenwich that was built in 1976. According to Apartments.com, the property offers one- and two-bedroom units. The sale represents a fee interest in the land, which was ground-leased to the neighboring property. CBRE negotiated a termination with the ground leaseholder contemporaneously with the closing of the sale of the fee interest in the land. Jeffrey Dunne, Eric Apfel and Travis Langer of CBRE brokered the deal(s). The seller was PIC Associates, and the buyer was Bedford Realty Associates.
WAYNE, PA. — Cardiology Consultants of Philadelphia will open a 13,100-square-foot ambulatory surgery center in Wayne, located northwest of the city. The company will build out and operate the facility in partnership with Cardiovascular Logistics, SCA Health and Penn Medicine. Paul Rogers and Charlie Rogers of Colliers represented the cardiology group in its site selection and lease negotiations. The opening is slated for the end of the year.
NEW YORK CITY — Locally based investment and development firm Vanbarton Group has received $250 million in financing for an office-to-residential conversion project at 1011 First Ave. in Manhattan. An affiliate of Eldridge Capital Management provided the debt. The Roman Catholic Archdiocese of New York, which had housed its headquarters within the 20-story, 400,000-square-foot building since 1973, sold the property to Vanbarton Group for $103 million. The archdiocese has since relocated to 488 Madison Ave. The building is located within the Sutton Place submarket in Midtown Manhattan and is known locally as the Cardinal Terrence Cooke Center. Vanbarton plans to convert the property into a 420-unit multifamily property that will offer approximately 8,000 square feet of street-level retail space and more than 55,000 square feet of amenity space. Of the 420 units, 25 percent (105) will be reserved as affordable housing, though specific income restrictions were not disclosed. “The addition of 1011 First Avenue to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate and encompassing over 5 million square feet and 5,000 residences,” said Joey Chilelli, Principal at Vanbarton Group. CBRE’s Doug Middleton …