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The Pavilion-Long-Branch-New-Jersey
AcquisitionsMultifamilyNew JerseyNortheast

ICON Real Estate Arranges $18M Sale of Apartment Building in Long Branch, New Jersey

by Taylor Williams

LONG BRANCH, N.J. — Local brokerage firm ICON Real Estate Advisors has arranged the $18 million sale of The Pavilion, a 46-unit apartment building in the Northern New Jersey community of Long Branch. The five-story building was completed in 2021. According to RentCafé, units comes in one-, two- and three-bedroom floor plans, and amenities include a courtyard and outdoor grilling and dining stations. The seller and developer, Jebara Partners, sold The Pavilion to Henshaw Realty, which acquired the property via a 1031 exchange. ICON represented both parties in the transaction.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $9.5M Sale of Northern New Jersey Retail Building

by Taylor Williams

WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $9.5 million sale of Coviello Plaza, a three-story, 27,100-square-foot retail building in West New York, located across the Hudson River from Manhattan. CVS anchors Coviello Plaza, which was originally built in 1988 and houses 11 units. Devin Perez, Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Leasing ActivityNortheastOfficePennsylvania

Buchanan Ingersoll & Rooney Extends 115,335 SF Office Lease in Downtown Pittsburgh

by Taylor Williams

PITTSBURGH — Buchanan Ingersoll & Rooney has extended its 115,335-square-foot office lease in downtown Pittsburgh. The law firm will remain the anchor tenant at the Union Trust Building, a historic property located at 501 Grant St. Gerry McLaughlin of Newmark represented the tenant in the lease negotiations. Jason Stewart and Jackie Bezek of JLL represented the landlord, Boston-based owner-operator The Davis Cos., which acquired the building in 2017 and subsequently executed a $100 million redevelopment.

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Leasing ActivityNew YorkNortheastOffice

Centerbridge Partners Signs 75,826 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Centerbridge Partners has signed a 75,826-square-foot office lease in Midtown Manhattan. The investment management firm will relocate from a nearby location to the entire 22nd and 23rd floors of 345 Park Avenue, a 1.9 million-square-foot building that was constructed in 1969, via a 15-year lease. Robert Steinman represented the landlord, Rudin, in the lease negotiations on an internal basis. Neil Goldmacher, Brian Goldman and Matthew Lorberbaum of Newmark represented Centerbridge.

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The-Arbor-Bronx
DevelopmentMultifamilyNew YorkNortheast

Fetner Properties Completes Renovation of 127-Unit Apartment Complex in The Bronx

by Taylor Williams

NEW YORK CITY — Locally based owner-operator Fetner Properties has completed the renovation of The Arbor, a 127-unit apartment complex in The Bronx. The Arbor, which was originally constructed in 2006 in the borough’s Riverdale neighborhood, consists of two nine-story buildings that house one-, two-, three- and four-bedroom units. Post-renovation, residences feature stainless steel appliances and in-unit washers and dryers, as well as new kitchen counters, cabinets, backsplashes and fixtures. Fetner also reimagined the building’s lobby and upgraded amenity spaces, which include a fitness center, resident lounge, children’s playroom and a courtyard.

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DevelopmentLoansMultifamilyNew JerseyNortheast

Drew Capital Arranges $16.2M Construction Loan for Newark Multifamily Project

by Taylor Williams

NEWARK, N.J. — Drew Capital, a New Jersey-based mortgage banking firm, has arranged a $16.2 million construction loan for Central Pointe, a 77-unit multifamily project that will be located in Newark’s University Heights neighborhood. Designed by INOA Architecture, Central Pointe will have six studios, 29 one-bedroom units and 42 two-bedroom residences, with 16 apartments designated as affordable housing. Amenities will include a fitness center, coworking lounge, communal spaces and a rooftop garden. Trevian Capital provided the loan to the developer, Newark-based Giga Holdings, which expects to complete the project next summer. Akiva Drew led the debt placement effort for Drew Capital

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AcquisitionsNew YorkNortheastRetail

United Properties Corp. Buys Shopping Center in Horseheads, New York for $13.5M

by Taylor Williams

HORSEHEADS, N.Y. — New York-based investment firm United Properties Corp. has purchased Southern Tier Crossing, an 84,000-square-foot shopping center in Horseheads, located in the southern-central part of the state. The sales price was $13.5 million. According to information on the website of Nashville-based brokerage firm Matthews, the center was built in 2008 and is home to tenants such as Burlington, PetSmart, ULTA and Five Below. The seller was not disclosed.

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AcquisitionsNew YorkNortheastRetail

TerraCRG Negotiates $8.6M Sale of Brooklyn Retail Building

by Taylor Williams

NEW YORK CITY — Local brokerage firm TerraCRG has arranged the $8.6 million sale of a multi-level retail building in the Williamsburg area of Brooklyn. The building at 76 Ainslie St., which according to LoopNet Inc. was constructed in 1974, totals 9,084 square feet across three levels. Daniel Lebor, Dan Marks and Thomas Horrigan of TerraCRG brokered the deal. The buyer and seller were not disclosed.

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Shops-at-Chestnut-Hill
Market ReportsNortheastNortheast Market ReportsRetail

Retail Entrances, Expansions in Greater New England Follow Spoke-to-Hub Pattern

by Taylor Williams

By Taylor Williams Ask a local retail broker or landlord to name tenants that are currently expanding aggressively in the greater Boston area and throughout New England as a whole, and odds are that “Ross Dress for Less” will come up within the first minute.  Of course, the California-based discount retailer has been crushing it for some time now. Ross announced in mid-March that it had opened 17 new stores, including four under its dd’s Discounts brands, in the first quarter — openings that followed the rollout of 36 new stores last fall. According to USA Today, these new stores came as part of Ross’ broader plan to grow its store count by about 200 units over the course of 2025 and 2026. These new store openings included locations in New York and New Jersey, but at the time, that appeared to be the northbound extent of the expansion. Not surprising, given that the discount apparel market in New England has long been dominated by TJX Cos., the metro Boston-based parent company of both T.J. Maxx and Marshalls, with Burlington also routinely capturing a respectable share of that market.  The fact that Boston proper was — and still is — …

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Gardens-at-Roseland-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Garden Communities Begins Leasing 211-Unit Apartment Complex in Roseland, New Jersey

by Taylor Williams

ROSELAND, N.J. — Local owner-operator Garden Communities has begun leasing a 211-unit apartment complex in the Northern New Jersey community of Roseland. Gardens at Roseland offers single-level and duplex apartments that come in one- and two-bedroom floor plans. Amenities include a pool, fitness center, an entertainment room, fireside lounge and private workspaces, sports court, playground and outdoor grilling and dining stations. Rents start at roughly $2,700 per month for a one-bedroom unit.

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