Northeast

235-E.-42nd-St.-Manhattan

NEW YORK CITY — The Midtown Manhattan office building that is under construction on East 42nd Street and was evacuated on Tuesday, July 7 following reports of buckling columns, sagging floors and falling debris is in “stable” condition, according to reports from USA Today and NBC News on the morning of Wednesday, July 8. Both publications cited a Tuesday evening statement from Ahmed Tigani, commissioner of the New York City Department of Buildings, in reporting this assessment. USA Today also reports that Tigani told reporters that “jacks were in place to stabilize the weak points and new steel was being installed to create additional stability.” In addition, CNN reported this morning that New York City officials are “confident” in the efficacy of the emergency measures undertaken over the past 24 hours but have not ruled out the possibility of a partial, or “localized” collapse. CNN also reported that additional stabilization practices will be implemented in the coming days. About a year ago, a partnership between Metro Loft Management and David Werner Real Estate Investments announced plans to execute a residential conversion of the 10-story office building at 219 E. 42nd St. The partnership planned to merge the converted space at …

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30-Montgomery-Jersey-City

JERSEY CITY, N.J. — A partnership between Real Capital Solutions (RCS) and Lamar Cos. has acquired 30 Montgomery, a 368,049-square-foot office building in Jersey City. The 16-story waterfront building was 61 percent leased at the time of sale to tenants such as Bluevine Capital, Wayste (Sourgum), Asset Based Lending and Outcomes Matter Innovations. The building has also received $30 million in recent capital improvements, including upgrades to the lobby, façade, building systems and common areas. The seller and sales price were not disclosed.

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SECAUCUS, N.J. — Quest Diagnostics has extended its 131,000-square-foot office headquarters lease in the Northern New Jersey community of Secaucus. The space is located within the 11-story, 465,000-square-foot building at 500 Plaza Drive, which was originally constructed in 1985. David Opper, Conor Dolan and David Zelinski of CBRE represented Quest Diagnostics in the lease negotiations. David Stifelman and Tim Greiner of JLL represented the landlord, Signature Acquisitions.

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HOOSICK FALLS, N.Y. — Marcus & Millichap has brokered the sale of an 82-bed skilled nursing facility in Hoosick Falls, located about 30 miles northeast of Albany. Originally built in 1954 and expanded in 1995, the single-story facility at 21 Danforth St. features a community dining hall, resident lounges and outdoor walking areas. Joseph Knapp and John Horowitz of Marcus & Millichap represented the undisclosed seller in the transaction.

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NEW YORK CITY — Newmark has arranged the $515 million refinancing of 31 West 52nd Street, a 785,000-square-foot office building in Midtown Manhattan. A consortium of lenders that was led by Wells Fargo and included Bank of America, Barclays, Citi, Goldman Sachs and JP Morgan provided the debt, which consists of a $415 million senior mortgage loan, a $40 million B-note and a $60 million mezzanine loan. Jordan Roeschlaub, Adam Spies, Adam Doneger, Nick Scribani, Tim Polglase, Dan Axelson and Jack Fenton of Newmark arranged he fixed-rate debt package on behalf of the borrower, local investment firm Rithm Capital. Cushman & Wakefield’s Gideon Gil, Zach Kraft and Cecelia Galligan also advised on the transaction.

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NEW YORK CITY — A partnership led by L+M Development Partners is underway on construction of a 320-unit affordable housing project in the Rockaway area of Queens. The project will be known as Building D within the 116-acre Arverne East waterfront development and will house 230 rental units and 90 for-sale units, as well as indoor and outdoor amenity spaces. Information on rent restrictions was not disclosed. Other project partners include Urbane Development, The Bluestone Organization, Mega Group Development, Triangle Equities Development Co., New York State Homes and Community Renewal, the New York City Department of Housing Preservation and Development and the New York City Housing Development Corp.

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The-Witherspoon-Philadelphia

PHILADELPHIA — SSH Real Estate has begun leasing The Witherspoon, a 186-unit apartment building in downtown Philadelphia that is a redevelopment of a historic former hospitality structure. The building, located on Juniper Street, was originally constructed in 1896. Today, The Witherspoon offers studio, one- and two-bedroom units with an average size of 601 square feet. Rents start at $1,290 per month for a studio apartment. Scully Co. manages the property.

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The-Overlook-Somersworth-New-Hampshire

SOMERSWORTH, N.H. — A partnership between developers Tidemark and BOD Holdings has completed The Overlook, a 135-unit multifamily project in Somersworth, located on the Maine-New Hampshire border. Designed by New Hampshire-based PROCON, the complex is located in the downtown area and offers studio, one-, two- and three-bedroom units and amenities such as a fitness center, package room, leasing office and onsite parking. Construction began in August 2024.

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WEYMOUTH, MASS. — A joint venture between New York City-based Brookfield Properties and Boston-based New England Development has purchased the site of the former South Weymouth Naval Air Station in metro Boston. The co-developers acquired the 1,400-acre site from Washington Capital Management for $65 million. Brookfield and New England Development are planning a mixed-use redevelopment that would include 6,500 housing units, along with about 2 million square feet of commercial and retail space. The project will span more than 1,400 acres across three municipalities — Weymouth, Rockland and Abington, Mass. The Weymouth City Council has unanimously approved the land reuse plan, which also was approved by the towns of Rockland and Abington. The State of Massachusetts has also expressed strong support for the redevelopment plan. The redevelopment will mark the largest residential and commercial project to date in Massachusetts, according to John Twohig, executive vice president of New England Development. In addition to the commercial and residential components, the proposed project will preserve more than 880 acres of open and restricted space that can be activated for both public recreational use and wildlife preservation. Situated about 16 miles south of Boston in Norfolk and Plymouth counties, the South Weymouth Naval …

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Carrier-Woods-Scarborough-Maine

SCARBOROUGH, MAINE — JLL has provided a $13.5 million Fannie Mae loan for the refinancing of Carrier Woods, an 84-unit apartment complex in Scarborough, located just south of Portland. Built in 2018, Carrier Woods comprises seven buildings that house 80 market-rate units and four affordable units in one- and two-bedroom floor plans. Amenities include garden plots and a dog park. Henry Schaffer, Mike Shepard, Madeline Joyce and Hunter Cuthbertson of JLL originated the seven-year, fixed-rate loan on behalf of the borrower, Chestnut Realty Management.

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