Northeast

Bisby in Newport, New Jersey
Leasing & MarketingNew JerseyNewsNortheast

The LeFrak Organization Begins Leasing 34-Story Bisby in Newport, New Jersey

by Channing Hamilton

NEWPORT, N.J. — The LeFrak Organization has begun leasing Bisby, a 34-story high-rise community situated in Newport, which is situated across the Hudson River from Lower Manhattan. The property offers 385 units in studio, one-, two-, three- and four-bedroom floor plans. Monthly rates begin at $3,445 for a studio apartment. Amenities include a 33,000-square-foot rooftop terrace with a pickleball court, dog run and an outdoor kitchen, as well as a co-working center, golf simulator, content studio and dog spa. The project was designed by Minno & Wasko Architects & Planners. …

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Garrett House Apartments in Drexel Hill, Pennsylvania
Investment SalesNewsNortheastPennsylvania

Hudson Atlantic Arranges Sale of Garrett House Apartments in Drexel Hill, Pennsylvania

by Channing Hamilton

DREXEL HILL, PENN. — Hudson Atlantic has arranged the sale of Garrett House Apartments, a 57-unit community in the Philadelphia suburb of Drexel Hill. The property traded hands for $6 million at a 5.8 percent cap rate. Adam Zweibel of Hudson Atlantic negotiated the deal. Garrett House Apartments was built in 1960. According to Apartments.com, the community features an on-site laundry room and off-street parking.

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The Knox in New York City
FinanceNew YorkNewsNortheast

Affinius Capital Provides $52 Million Acquisition Loan for The Knox in New York City

by Channing Hamilton

NEW YORK CITY — Affinius Capital LLC has provided a $52 million acquisition loan to Four Winds Real Estate for The Knox, a 110-unit asset situated in the Murray Hill neighborhood of New York City. Units come in studio, one- and two-bedroom floor plans. The property also features 2,700 square feet of ground floor retail space. Community amenities include a rooftop deck, fitness center, live/work lounge and a 24-hour attended lobby.

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FinanceNew YorkNewsNortheast

HKS Real Estate Advisors Brokers $46.5 Million Refinancing for 140-Unit Property in Paramus, New Jersey

by Channing Hamilton

PARAMUS, N.J. — HKS Real Estate Advisors has arranged a $46.5 million CMBS loan for the refinancing of a 140-unit property in the New York City suburb of Paramus. John Harrington of HKS Real Estate arranged the financing through Citigroup on behalf of the borrower, whose identity was not disclosed. The community consists of three buildings on a 35-acre site. According to Apartments.com, the asset is called Soldier Hill Commons and features two-bedroom units. The property was recently completed in 2023.

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DevelopmentNew YorkNewsNortheast

Witkoff, Apollo Commercial Real Estate Finance Top Out 52-Story The Brook in Brooklyn

by Channing Hamilton

NEW YORK CITY — Witkoff and Apollo Commercial Real Estate Finance Inc., a publicly traded mortgage REIT managed by an affiliate of Apollo Global Management, have topped out The Brook in downtown Brooklyn. The Brook will be the sixth tallest building in Brooklyn upon completion, according to the development team. The 52-story building will house 591 apartments, as well as 30,000 square feet of amenities and 21,000 square feet of retail space. Thirty percent of units will be set aside as affordable housing. Income restrictions for these units were not disclosed. …

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Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

MassHousing Provides $41.6 Million in Financing for Affordable Housing Development in Cambridge, Massachusetts

by Channing Hamilton

CAMBRIDGE, MASS. — MassHousing has provided $41.6 million in financing for a 106-unit affordable housing development at 52 New Street in Cambridge. The majority of the funds consists of a $15.4 million permanent loan, as well as $24.7 million in tax credit equity bridge financing. The borrower was locally based social services provider Just A Start. Once completed, the community will feature one-, two- and three-bedroom apartments for households earning 30, 60 and 80 percent of the area median income. The property will also include 3,500 square feet of commercial …

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $9.3 Million Sale of 22-Unit The West in Brooklyn

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the sale of The West, a 22-unit building located at 144 West Street in Brooklyn. The building was completed in 2021 and offers one- and two-unit floor plans. Amenities include a package room, urban garden, lounge with a bar and rooftop deck. Private investor Chesky Landau purchased the asset from an undisclosed seller for $9.3 million. Shaun Riney, Michael Salvatico and Samuel Leppo of Marcus & Millichap represented the seller and procured the buyer.

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FinanceMassachusettsNewsNortheast

KeyBank Provides $24 Million Agency Loan for Refinancing of Pine Brook Place in Haverhill, Massachusetts

by Channing Hamilton

HAVERHILL, MASS. — KeyBank has provided a $24 million Freddie Mac agency loan for the refinancing of Pine Brook Place, a 240-unit complex located in the northern Boston suburb of Haverhill. Dirk Falardeau and Matt Purtell of KeyBank originated the financing on behalf of the borrower, locally based developer The Dolben Co. Pine Brook Place was built on nine acres in 1974. The property offers studio, one- and two-bedroom apartments across 10 buildings. Community amenities include a pool, courtyard and onsite laundry facilities.

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Investment SalesNewsNortheastRhode Island

CBRE Arranges Sale of 140-Unit Mill Creek Townhomes in North Kingstown, Rhode Island

by Channing Hamilton

NORTH KINGSTOWN, R.I. — CBRE has negotiated the sale of Mill Creek Townhomes, a 140-unit complex located in North Kingstown, 24 miles south of Providence. The property was built in 1968 a 47-acre site then expanded in 2006. The community offers two-, three- and four-bedroom units with an average size of 1,126 square feet. Landings Real Estate Group, a private investment group based in Newport, Rhode Island, acquired Mill Creek Townhomes from an affiliate of Massachusetts-based investment firm The Grossman Cos. CBRE’s Simon Butler, Biria St. John, John McLaughlin and …

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Annual Absorption and Deliveries in Philadelphia Apartment Market (2016-2023)
DevelopmentFinanceInvestment SalesMarket ReportsNortheastPennsylvania

A Tale of Two Multifamily Markets in Philadelphia

by Channing Hamilton

Metro Philadelphia has commonly been characterized as stable by multifamily investors. It’s akin to a backhanded compliment when comparing our region to those with higher population growth or more “business-friendly” governments. Cue the overused “eds and meds” story that fails to reference the technology, life sciences or gene therapy industries, all of which help to diversify the region’s employment base and contribute to a strong economy. (The “eds,” of course, are institutions of higher learning and the “meds” are medical facilities.)  Historically, investors also haven’t differentiated between suburban Philadelphia, namely …

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