WHITE PLAINS, N.Y. — A partnership between New York City-based owner-operator RXR and Korman Communities has begun leasing 5 Cottage, a 307-unit apartment building in White Plains. The building represents the second phase of a larger development known as AVE Hamilton Green that also features 515 underground parking spaces, 55,000 square feet of open space and 26,000 square feet of commercial space. Units are available in studio to three-bedroom floor plans, as well as in penthouses and live/work loft apartments. Specific residential amenities include indoor gaming areas, coworking spaces, a speakeasy bar, golf simulator, children’s playroom, private chef’s dining room, indoor pool and outdoor grilling and dining stations. RXR and Korman have also leased 85 percent of the 170 units at the first building within AVE Hamilton Green, 25 Cottage. Rents start at $2,366 per month for a studio apartment.
Northeast
LIVINGSTON, N.J. — New York City-based Kushner has broken ground on Livana Livingston, a 280-unit multifamily project in Northern New Jersey. Designed by Lessard Architecture, Livana Livingston will feature two buildings, one of which has been designed for renters age 55 and above, that will be developed on the adjacent sites of the former Westminster Hotel and Somerset Regal Bank. Units will come in one- and two-bedroom formats, and both unit types will offer floor plans that include dens. Amenities will include a fitness center, sauna and steam rooms, coworking space, a clubroom, private dining room, game room, rooftop terrace, pickleball courts, pet spa and a community garden lawn. Completion is slated for 2027.
BEVERLY, MASS. — A partnership between two nonprofit owner-operators, Beacon Communities ad Harborlight Homes, has completed a multifamily adaptive reuse project in Beverly, a northeastern suburb of Boston. Beverly Village for Living & The Arts is a redevelopment of the former Briscoe School, which was originally built in 1923 and closed in 2018, into an affordable seniors housing complex. Of the complex’s 91 units, 85 are subject to income restrictions, while the other six units will be rented as live-work studios at market rates. The conversion involved preserving historic elements of the building, such as the windows and façade, while also installing sustainable utility systems.
NEW YORK CITY — Pinterest has signed an 83,000-square-foot office lease at 11 Madison Avenue in Manhattan. The visual discovery platform will occupy the entire 13th floor of the 30-story, 2.3 million-square-foot building. Evan Margolin, Justin Haber and Michael Berg of JLL represented Pinterest in the lease negotiations. Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski of Newmark represented the landlord, SL Green.
MAYNARD, MASS. — Tractor Supply Co. will open a 21,840-square-foot store in Maynard, about 25 miles west of Boston. Tractor Supply will be the first retailer to open at 17 Digital Way, the final building within Maynard Crossing, a mixed-use development that comprises 11 buildings across 56 acres. A tentative opening date was not disclosed. Locally based development and investment firm Capital Group Properties owns Maynard Crossing.
WESTHAMPTON BEACH, N.Y. — Global investment management firm AllianceBernstein (NYSE: AB) has provided a $120 million loan for the refinancing of Hampton Business District, a 50-acre industrial park located in the Long Island community of Westhampton Beach. Developed in 2014 by a partnership between New York-based Rechler Equity Partners and Suffolk County, Hampton Business District comprises five buildings totaling 385,002 square feet that feature clear heights of 18 to 22 feet. At the time of sale, the property was 94 percent leased to 24 tenants, including Iron Mountain and United Refrigeration Solutions. Peter Rotchford, Andrew Scandalios, Tyler Peck and Doug Omstrom of JLL arranged the loan on behalf of Rechler Equity Partners.
NEW YORK CITY — Locally based developer EMP Capital Group has begun leasing a 259-unit apartment complex in Brooklyn. Designed by Isaac & Stern Architects and located at the nexus of the Clinton Hill and Prospect Heights neighborhoods, Prosper Brooklyn offers studio, one- and two-bedroom units, many of which include dedicated work-from-home spaces. Amenities include a fitness center with a sauna, pickleball court, media lounge, screening room, game room, pet spa, children’s playroom, business center and a rooftop terrace with grilling and dining stations. Ownership has tapped MNS Real Estate to market and lease Prosper Brooklyn. Rents start at $3,250 per month for a studio apartment.
DANBURY, CONN. — JLL has brokered the sale of a 192-unit apartment complex in Danbury, located along the Connecticut-New York border. Built in 1971, ReNew Danbury is a garden-style complex that offers studios, one-, two- and three-bedroom units with an average size of 988 square feet. Amenities include a pool, playground, clubhouse with a theater, game room, coffee bar and a fitness center. Steve Simonelli, Jose Cruz, Michael Oliver, Elizabeth DeVesty, Ryan Roberston, Austin Pierce and Jeremy Weinstock of JLL represented the seller, San Francisco-based investment firm FPA Multifamily, in the transaction. The buyer was private equity real estate firm Jones Street Investment Partners.
SOMERVILLE AND NEW BRUNSWICK, N.J. — Berkadia has negotiated the sale of a portfolio of two multifamily properties totaling 156 units in Central New Jersey. The Lexington & Jefferson Apartments in Somerville was built in the 1960s and totals 118 units in one-, two- and three-bedroom floor plans. Century Apartments in New Brunswick was completed in 1969 and totals 38 units in studio, one- and two-bedroom floor plans. Nat Gambuzza and Trevor Fiebel of Berkadia represented the seller and procured both New Jersey-based buyers in the transaction. All parties requested anonymity. Berkadia also arranged acquisition financing for Lexington & Jefferson Apartments.
GETZVILLE, N.Y. — Locally based financial intermediary Largo Capital has arranged a $41.8 million construction loan for a 246-unit multifamily project in Getzville, located just north of Buffalo. The project will feature a mix of studio, one-, two- and three-bedroom units in addition to traditional amenities. Ned Perlman of Largo Capital arranged the loan through an undisclosed regional bank. The name of the property and the developer were also not disclosed.
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