Northeast

Jefferson Place in Jefferson, New Jersey
DevelopmentNew JerseyNewsNortheast

Diversified Properties Begins Construction of Jefferson Place in Jefferson, New Jersey

by Channing Hamilton

JEFFERSON, N.J. — Diversified Properties has broken ground on the first phase of construction at Jefferson Place, a development located on Hellers Lane in Jefferson. The first phase of the project will include an elevator-served building with 32 one and two-bedroom apartments. Units will range from 855 to 1,216 square feet in size. Planned amenities include private garages, a fitness center, outdoor lounge, grilling areas and individual storage units. Phase one is scheduled for completion in the fall of 2024.

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159 Boerum Street in Brooklyn, New York
DevelopmentNew YorkNewsNortheast

Slate Property Group Tops Out 19-Story Project at 159 Boerum Street in Brooklyn

by Channing Hamilton

BROOKLYN, N.Y. — Slate Property Group has topped out a 19-story building at 159 Boerum Street in Brooklyn’s East Williamsburg neighborhood. Once completed, the property will offer 162 units, 49 of which are affordable. Income restrictions for the affordable units were not disclosed. Planned amenities include a fitness center, roof deck, parking garage and bike storage. The development team also includes Avenue Realty Capital and SD Builders and Construction LLC. Construction is expected to complete in the summer of 2025.

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Harbor Point portfolio in Stamford, Connecticut
ConnecticutFinanceNewsNortheast

Greystone Provides $223.9 Million for The Harbor Point Portfolio in Stamford, Connecticut

by Channing Hamilton

STAMFORD, CONN. — Cushman & Wakefield has arranged $223.9 million for the refinancing of the Harbor Point portfolio in Stamford, 34 miles outside of New York City. The portfolio comprises 989 units across four buildings. John Alascio, Alex Hernandez, Alex Lapidus, Chris Meloni, Niko Nikolaou, Ryan Dowd and Brian Whitmer of Cushman & Wakefield represented the borrower in the transaction. Greystone’s Judah Rosenberg originated the four Freddie Mac mortgages, all of which featured a seven-year fixed-rate and a 35-year amortization period. The Harbor Point portfolio offers studio, one-, two- and …

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240 West State Street in Trenton, New Jersey
DevelopmentInvestment SalesNew JerseyNewsNortheast

Fennelly Associates Brokers Sale of 16-Story Conversion Project in Trenton, New Jersey

by Channing Hamilton

TRENTON, N.J. — Fennelly Associates has negotiated the sale of 240 West State Street, a 240,000-square-foot office building in Trenton. The undisclosed buyer plans to redevelop the 16-story property into an apartment building. Plans for the new community include a mix of studio, one and two-bedroom units, as well as amenities such as a fitness center, pool and cafe. The company will also renovate the building’s parking garage. Jerry Fennelly of Fennelly Associates represented the seller, Garden State Commercial Properties, in the deal.

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Affordable HousingDevelopmentMassachusettsNewsNortheast

Pennrose, WRA Break Ground on Affordable Housing Development in Wareham, Massachusetts

by Channing Hamilton

WAREHAM, MASS. — Pennrose and Wareham Redevelopment Authority (WRA) have broken ground on Littleton Drive, a 93-unit mixed-income community located off Swifts Beach Road in Wareham. The 16-acre project will include a 49-unit property with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. The communities will be affordable to households earning between 30 and 100 percent of the area median income. Units will come in one-, two- and three-bedroom floor plans.  Once the community is complete, Pennrose Management Co. will …

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Hanover North Cambridge in Cambridge, Massachusetts
Investment SalesMassachusettsNewsNortheast

CBRE Arranges $182 Million Sale of Hanover North Cambridge in Cambridge, Massachusetts

by Channing Hamilton

CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a …

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Apex One91 in Manchester, Connecticut
ConnecticutInvestment SalesNewsNortheast

Institutional Property Advisors Brokers Sale of Apex One91 in Manchester, Connecticut

by Channing Hamilton

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Apex One91 in Manchester. IPA’s Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel represented the seller, Paredim Communities, and procured the buyer, Cue Residential. Built in Manchester’s Spencer neighborhood in 1991, Apex One91 comprises 110 units across seven buildings. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool, clubhouse, fitness center and laundry facilities.

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Investment SalesNew YorkNewsNortheast

Ariel Property Advisors Brokers $5.1 Million Sale of Two Buildings in Brooklyn

by Channing Hamilton

NEW YORK CITY — Ariel Property Advisors has brokered the $5.1 million sale of two properties at 105 Wilson Ave. and 153 Wilson Ave. in Brooklyn’s Bushwick neighborhood. Dov Chein, Benjamin Vago and Victor Sozio represented the undisclosed seller in the transaction. The buyer was not disclosed. The building at 105 Wilson Ave. comprises four three-bedroom units and a Japanese restaurant, and the building at 153 Wilson Ave. includes six residential units and a barbershop.

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The Metropolitan in Springfield, New Jersey
DevelopmentLeasing & MarketingNew JerseyNewsNortheast

Garden Communities Begins Pre-Leasing The Metropolitan in Springfield, New Jersey

by Channing Hamilton

SPRINGFIELD, N.J. — Garden Communities has begun pre-leasing for the townhome phase of The Metropolitan in Springfield. The Metropolitan offers 47 townhomes in two- and three-bedroom floor plans. Monthly rents for the townhomes begin at $6,945. The first units are expected to be ready for occupancy before the end of 2023. Future project phases include a 223-unit apartment building and 5,000 square feet of retail space. Amenities include a daytime concierge, coffee bar, community room, co-working spaces, fitness center, EV chargers, a pool and an outdoor kitchen.

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Arthaus in Philadelphia
DevelopmentFinanceInvestment SalesMarket ReportsNortheastPennsylvania

Philadelphia’s Development Fever Starts to Break

by Channing Hamilton

New residential towers and half-built high-rises crowd the Philadelphia skyline. Developers are building more apartments here than at any other time since real estate research firms started keeping track. It’s a big change for Philadelphia, which is not known for building booms, particularly within the city limits. Leading developers say they would break ground on even more apartments if they could, even as the number of vacant units creeps higher. However, hesitant banks and high interest rates have halted many development plans for now. High construction costs and the loss …

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