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Residences at The Streets of St. Charles
Investment SalesNewsNortheastPennsylvania

Morgan Properties Acquires 11-Property Portfolio for $501 Million

by Channing Hamilton

CONSHOHOCKEN, PA. — Morgan Properties has acquired a portfolio of 3,054 apartments across 11 communities in eight states. Chicago-based Trilogy Real Estate Group was the seller in the deal, which was valued at $501 million. The assets — which are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee — were built between 1989 and 2018. Newmark brokered the sale of 10 of the communities in the portfolio, while Walker & Dunlop brokered the sale of one property. Morgan Properties states that the firm plans to implement a …

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Investment SalesNew YorkNewsNortheast

A&E Real Estate Buys Manhattan Apartment Building for $116.5 Million

by Channing Hamilton

NEW YORK CITY — A&E Real Estate has acquired Rivers Bend, a 22-story apartment building located on Manhattan’s Upper East Side, for $116.5 million. Jack Brick of S. Charatan Realty represented the seller, locally based investment firm Soloviev Group, in the transaction. The building, which was originally built in 1963, rises 22 stories at 501 E. 87th St. The property is doorman- and elevator-served. Select units feature private balconies or patios, and tenants have access to amenities such as a rooftop terrace with an enclosed pool and a fitness center. 

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Coles Street Apartments
DevelopmentFinanceNew JerseyNewsNortheast

The Hekemian Group Secures Financing for 465-Unit Project in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — The Hekemian Group has secured financing for the construction of Coles Street Apartments, a 465-unit high-rise community in downtown Jersey City. Located at 305 Coles St., Cole Street Apartments will offer studio, one- and two-bedroom apartments. The average unit size will be 875 square feet. Residents will have access to amenities such as a rooftop pool and lounge, golf simulator, clubrooms, work lounges, a fitness center, concierge service and on-site garage parking. The development will also include 8,142 square feet of ground-level retail space. Thomas Didio, Thomas Didio Jr., Gerard …

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Edgemere Commons A2
DevelopmentNew YorkNewsNortheast

Tishman Speyer to Break Ground on $166 Million Project in Queens

by Channing Hamilton

NEW YORK CITY — TS Communities, the affordable housing platform of Tishman Speyer, is set to break ground on Edgemere Commons A2, a 244-unit affordable housing development in Queens. The community will rise 18 stories at 337 Beach 52nd St. Units will come in studio, one-, two- and three-bedroom floor plans. Edgemere Commons A2 will be affordable for households earning between 40 to 80 percent of the area median income. Additionally, 73 units will be set aside as supportive housing. Social service provider Breaking Ground will operate the supportive housing units. Residents will …

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Average effective rent in northern New Jersey
From the MagazinesMarket ReportsNew JerseyNortheast

Why North Jersey is More Than NYC’s Affordable Neighbor

by Channing Hamilton

Stability is a defining characteristic of the Northern New Jersey multifamily market. Unlike some markets that are prone to dramatic booms and busts, the region has long benefited from a diverse economy, proximity to New York City, an educated workforce and a steady flow of young professionals and families seeking high-paying jobs.  These fundamentals have allowed North Jersey to thrive over the past few years, with immigration fueling population growth and new industry clusters producing new jobs. These trends will drive demand for rental housing and allow investors to find …

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Mark Biancucci
New JerseyNewsNortheastPeople News

The Michaels Organization Adds New Deputy Chief Financial Officer

by Channing Hamilton

CAMDEN, N.J. — Camden-based owner, operator and developer The Michaels Organization has hired Mark Biancucci to the newly created position of deputy chief financial officer. Most recently, Biancucci was the chief financial officer at Lendlease, where he oversaw financial strategies for the company’s investment management, development, construction and military housing portfolio. Prior to joining Lendlease, he held senior finance roles at a private real estate firm.

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6208 Eighth Ave.
DevelopmentFinanceNew YorkNewsNortheast

S3 Capital Provides $210 Million Construction Loan for Mixed-Use Development in Brooklyn

by Channing Hamilton

NEW YORK CITY — S3 Capital has provided a $210 million construction loan for a 28-story mixed-use project located at 6208 Eighth Ave. in the Sunset Park neighborhood of Brooklyn. Chicago-based Watermark Capital is the project’s sponsor. The company obtained the financing alongside its joint venture partner, Rubin Equities. Once completed, the development will consist of 497 apartment units and 100,000 square feet of retail space. Residents will have access to shared amenities such as a fitness center, rooftop terrace, bike storage, a yoga room, sauna, screening room and coworking spaces. The project is …

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Astoria Cove
DevelopmentFinanceNew YorkNewsNortheast

S3 Capital Provides $300 Million Construction Loan for Mixed-Use Development in Queens

by Channing Hamilton

NEW YORK CITY — S3 Capital has provided $300 million in construction financing for the development of a mixed-use project located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan on behalf of KS Group and Alma Realty Corp., two developers based in Newark and Long Island City, respectively.  Upon completion, the development will comprise 731 apartments across one 26-story tower and three mid-rise buildings. The project will offer affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real …

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FinanceNew YorkNewsNortheast

Wells Fargo Provides $231 Million in Bond Financing for Manhattan Apartment Building

by Channing Hamilton

NEW YORK CITY — Wells Fargo has provided $231 million in tax-exempt bond financing for Hawthorn Park, a 54-story residential tower located at 160 W. 62nd St. on Manhattan’s Upper West Side. The building features 339 units, 271 of which are rented at market rates and 68 of which have been set aside as affordable for households earning 50 percent or less of the area median income. According to Apartments.com, Hawthorn Park was built in 2014. The property offers studio apartments with an average size of 500 square feet. Amenities …

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The Italic
Affordable HousingDevelopmentNew YorkNewsNortheast

Partnership Begins Leasing 50-Story Apartment Building in Queens

by Channing Hamilton

NEW YORK CITY — A partnership between two locally based developers, Fetner Properties and Lions Group, has begun leasing The Italic, a 50-story building located at 26-32 Jackson Ave. in the Long Island City area of Queens. The building offers 363 units in studio, one-, two- and three-bedroom configurations, with 109 residences designated as affordable housing. Income restrictions for these units were not disclosed. Rents start at approximately $3,800 per month for a studio. Shared amenities include a communal lounge, fitness center, golf simulators, a basketball court, coworking spaces and …

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