LAS VEGAS — Ranking No. 2 and No. 4, respectively, Jersey City and Brooklyn are both among the Top 5 markets to watch in terms of overall real estate prospects, according to the Emerging Trends in Real Estate 2026 report, which is jointly produced every year by the Urban Land Institute (ULI) and accounting firm PwC. Pittsburgh was the only other Northeastern market to crack the Top 10, coming in at No. 7. Jersey City, which benefits from immediate proximity to Manhattan, has a massive amount of multifamily product in development, such that overall apartment inventory has increased by 20 percent over the past five years, according to the report. The market has effectively positioned itself as a low[er]-cost alternative for people who work in Manhattan but cannot afford to live there. As such, Jersey City boasts a robust population of well-educated residents with relatively high levels of disposable income. Along with its ease of connectivity to the country’s business and financial hub, these attributes contributed to the ranking. Brooklyn similarly offers a healthy contingent of sophisticated, high-earning laborers to accompany more cultured and eclectic lifestyles versus Manhattan. And according to the report, the borough’s office vacancy rate of 17.9 …
BOSTON — Newmark has brokered the $125 million sale of 399 Boylston Street, a 245,084-square-foot office building in Boston’s Back Bay district. The 13-story building has had an average occupancy rate of 85 percent over the past five years and was 90 percent leased at the time of sale. In addition, the property recently underwent a capital improvements program that delivered a new lobby and entryway, as well as improvements to tenant suites. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, an entity doing business as BRE Boylston Owner LLC, in the transaction. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr., Bobby Alvarado and Conor Reenstierna, also with Newmark, arranged acquisition financing on behalf of the buyer, San Francisco-based DivcoWest.
STATE COLLEGE, PA. — A joint venture between Georgia-based Landmark Properties and Golden Primera will develop a 546-bed student housing community near the Penn State University campus in State College. The 11.2-acre site is located at 418-428 Westerly Parkway, and the cottage-style property will be known as The Retreat at Westerly. The community will offer 142 units in two- and five-bedroom configurations with bed-to-bath parity. The property will also feature a 10,500-square-foot amenity area with a pool, pickleball court, sauna, cold plunge, jumbotron, fitness center, multi-sport simulator, study lounges, grilling and fire pit areas and additional green space for outdoor recreation. A construction timeline was not announced.
WORCESTER, MASS. — MassDevelopment has provided $21.4 million in tax-exempt bond financing for a 73-unit, 16-building affordable housing complex in Worcester. The owner, Worcester Common Ground, will use proceeds to renovate the complex, which houses units that are reserved for renters earning between 30 and 60 percent of the area median income, and preserve its affordability status. Improvements will include the replacement and upgrading of electrical, mechanical and plumbing systems, as well as the renovation of kitchens and bathrooms. Roofs will also be replaced, and four fully accessible units will also be created. Construction is underway and is expected to be complete in spring 2027.
NEW YORK CITY — Stripe has signed a 139,497-square-foot direct office lease expansion in Lower Manhattan. The global financial technical services company now occupies 285,977 square feet of space across eight floors at 28 Liberty Street, where Stripe first took occupancy in summer 2024 via a four-floor sublease. Peter Riguardi, John Wheeler, Mitchell Konsker and Michael Berman of JLL represented the undisclosed landlord in the lease negotiations. Jeff Fischer and Sacha Zarba of CBRE represented Stripe. The deal brings the building’s office component to 96.5 percent occupancy.
JERSEY CITY, N.J. — JLL has negotiated the sale of The Morgan at Provost Square, a 417-unit apartment building in Jersey City. Built in 2016, the 38-story building houses studio, one-, two- and three-bedroom units with an average size of 876 square feet, as well as penthouses on the top two floors. The Morgan at Provost Square also features approximately 12,700 square feet of retail space and a seven-story parking garage with 372 covered spaces. Amenities include a rooftop pool, fitness center, a sky lounge with a private conference room, an outdoor courtyard, pet spa and multiple coworking spaces. Jose Cruz, Michael Oliver, Steve Simonelli, Ryan Robertson, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, a joint venture that included Toll Brothers Apartment Living, in the transaction. JLL also advised the buyer, private equity real estate firm Rockpoint.
CAMP HILL, PA. — Berkadia has arranged the sale of The Overlook, a 288-unit apartment community located outside of Harrisburg in Camp Hill. Built in 2012, The Overlook offers one- and two-bedroom units across six buildings. Amenities include a fitness center, yoga studio, pool, business center, dog park, outdoor grilling and dining stations and a clubhouse. Zac Pierce, Matt Stefanski and Maura Spellman of Berkadia represented the undisclosed seller in the transaction. The buyer was locally based investment firm The Apartment Gallery. The Overlook was 97.5 percent occupied at the time of sale.
BELLEVILLE, N.J. — First Bank has provided an undisclosed amount of construction financing for a retail expansion project that will be located in the Northern New Jersey community of Belleville. The site spans 18.7 acres at 11 Franklin Ave. The first building opened in October 2022 and is fully leased to Starbucks. The second building will house three restaurant tenants, one of which will be Chipotle Mexican Grill. Michael Klein, Jon Mikula, Ryan Carroll and Kevin Badger of JLL arranged the floating-rate debt on behalf of the borrower, a partnership between two New Jersey-based developers, Tulfra Real Estate and The Hampshire Cos.
BETHLEHEM, PA. — Ecopax LLC, a locally based manufacturer of food packaging products, will open a 104,238-square-foot industrial facility in the Lehigh Valley city of Bethlehem. The property at 1355 Easton Road will complement an existing 315,643-square-foot manufacturing and warehousing facility and will feature six new loading docks and 12 additional truck parking spaces. Local company J.G. Petrucci Co. is developing the facility. An tentative construction completion date was not announced.
NEW YORK CITY — Vialto Group has signed a 10,000-square-foot office lease expansion in Manhattan’s Plaza District. The private equity firm now occupies 17,500 square feet across two floors at 545 Madison Avenue, a 17-story, 140,000-square-foot building. Tara Stacom led the Cushman & Wakefield team that represented the landlord, Marx Realty, in the lease negotiations. David Dusek, also with Cushman & Wakefield, represented Vialto Group.
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