Northeast

Lofts-at-Princeton
DevelopmentLeasing & MarketingNew JerseyNewsNortheast

Garden Communities Completes Phase I of Lofts at Princeton

by Lynn Peisner

PRINCETON, N.J. — Locally based developer Garden Communities has completed the first phase of construction of Lofts at Princeton and is now leasing. The 154-unit community is about halfway between New York City and Philadelphia. Floor plans are offered as one- through three-bedroom layouts with monthly asking rents currently averaging $2,399. The community is being developed in three phases and will include a grand total of 656 apartments upon full completion, the date of which was not disclosed. Units feature patios or balconies, stainless-steel appliances and bathrooms with large vanities …

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The-Declan
DevelopmentNew JerseyNew YorkNewsNortheast

Rockpoint Opens Declan in Weehawken

by Lynn Peisner

WEEHAWKEN, N.J. — Rockpoint has opened The Declan in Weehawken. The 10-story, 298-unit property is located across the Hudson River from Manhattan. Floor plans are offered as studios and go up to three-bedrooms. According to Apartments.com, monthly rental rates range from $3,380 to $7,875. Units feature hardwood-style plank flooring, quartz countertops, stainless-steel appliances and private balconies, patios or terraces. Highlights from the long list of amenities include a landscaped courtyard with grills, an outdoor dining room, a double-sided fireplace and a gaming area. The property also is home to a …

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The-Rail-at-Bound-Brook
DevelopmentNew JerseyNewsNortheast

Denholtz, RWC Open The Rail at Bound Brook

by Lynn Peisner

BOUND BROOK, N.J. — Denholtz Properties and RWC have completed The Rail at Bound Brook, about 45 miles south of Manhattan. Construction of the 143-unit property, located at 100 Hamilton St., began in 2023. The six-story building offers studios and one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas.

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Telestar Court
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Advantage Capital Arranges Tax Credits For $51 Million D.C.-Area Affordable Housing Redevelopment

by Lynn Peisner

FALLS CHURCH, VA. — Advantage Capital has secured $15 million in state low-income housing tax credits for Telestar Court, Conifer Realty’s office-to-residential redevelopment in Falls Church. The total project cost for the affordable housing project is $51 million. Advantage Capital arranged the tax credits in connection with the Virginia Housing Opportunity Tax Credit program, a tool for expanding the supply of affordable housing across the commonwealth. The former medical office building will be converted to an 80-unit community serving residents earning between 30 and 80 percent of area median income. …

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Michael McNeill
DevelopmentMarket ReportsMassachusettsNortheast

How Boston Has Evaded Oversupply

by Channing Hamilton

No matter how drastically the national economy fluctuates, Boston’s multifamily market, supported by an educated workforce, hardly wavers. Supply and demand are rarely that far from equilibrium, given the tightness of the residential housing market and the hurdles facing multifamily developers.  Consequently, rent growth is dependable, and modest vacancy rates are the norm. Never as flashy as New York City or San Francisco — or such relative newcomers as Austin and San Jose — Boston is sometimes overlooked, but it has long been one of the top multifamily markets in …

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Richmond-Towers-
Affordable HousingDevelopmentNew JerseyNewsNortheast

WinnDevelopment Selected to Renovate Two Public Housing Properties in Plainfield, New Jersey

by Lynn Peisner

PLAINFIELD, N.J. — The Housing Authority of Plainfield has selected WinnDevelopment to redevelop Richmond Towers and Joanne Hollis Gardens, two affordable housing properties in Plainfield. The project will modernize the communities. Richmond Towers was built in 1972 and features two 12-story towers housing 135 studio apartments and 90 one-bedroom apartments. Built in 1954 as West End Gardens, Joanne Hollis Gardens was rededicated in 2015 to posthumously honor Joanne Hollis, a longtime resident who served as a Plainfield housing commissioner and city councilwoman. The two-story, garden-style complex offers 16 one-bedroom, 66 …

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Pfizer conversion rendering
Affordable HousingDevelopmentNew YorkNewsNortheast

IPA Arranges $720 Million Loan to Convert Manhattan Pfizer HQ to Apartments

by Lynn Peisner

NEW YORK CITY — IPA Capital Markets has closed a $720 million construction loan for a joint venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. According to media outlets, Metro Loft and David Werner also secured a $135 million acquisition loan earlier this year. The buildings are located at 219 and 235 East 42nd St. in the Midtown East neighborhood of Manhattan. Upon completion, the property will include 1,602 …

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Bergen-Town-Center-Land
DevelopmentInvestment SalesNew JerseyNewsNortheast

Russo, KRE Buy Multifamily Land Site Near Bergen Town Center in New Jersey

by Lynn Peisner

PARAMUS, N.J. — Urban Edge Properties, a publicly traded REIT, has sold a land site to Russo Development and KRE Group for $25 million. JLL Capital Markets arranged the transaction. The parcel is adjacent to Bergen Town Center in Paramus. The new community will be developed in two phases. The first phase includes 166 units. The second will include 260 units. In each phase, developers will deliver four floors of residential space over two or three levels of parking. The development will also include an amenity package and two retail suites …

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Society-Brooklyn
Affordable HousingDevelopmentNew YorkNewsNortheast

PMG Opens Mixed-Income High-Rise in Brooklyn

by Lynn Peisner

BROOKLYN, N.Y — Property Markets Group (PMG) opened Society Brooklyn in the Gowanus neighborhood on May 15. The two-tower, 21-story, mixed-use, mixed-income property spans 594,000 square feet and features 517 residential units, 25 percent of which are allocated as affordable housing. Society Brooklyn at Degraw’s affordable units are reserved for tenants earning between 40 and 100 percent of area median income (AMI). Units in the second tower, called Society Brooklyn at Sackett, are for tenants earning between 40 and 130 percent of AMI. MNS Real Estate is handling leasing. The exact …

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Bayfront
Affordable HousingDevelopmentNew JerseyNewsNortheast

Pennrose and Partners Break Ground on 100-Acre Mixed-Income Project

by Lynn Peisner

JERSEY CITY, NJ — Bayfront Development Partners, a joint venture between Pennrose and Paths Development, has broken ground on Bayfront Promenade, the first building in the mixed-use, mixed-income Bayfront redevelopment project in Jersey City. The six-story Bayfront Promenade will feature 210 units, 167 of which are set aside for low- and moderate-income households. These include 74 units designated for families earning up to 60 percent of area median income (AMI) and 93 units for families earning up to 120 percent of AMI. A construction timeline for Promenade was not released, …

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