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437-449 and 438-450 61st Street in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $20 Million Sale of 124-Unit Portfolio in Brooklyn

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has negotiated the sale of a 124-unit portfolio in Brooklyn. The portfolio comprises seven rent-stabilized buildings located at 437-449 and 438-450 61st Street in the city’s Sunset Park neighborhood. The assets feature a mix of one- to four-bedroom units. John Brennan, Bryan Ellis and Miles Davis-Bosch of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were New York-based private investors.

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Frankford Grand in Philadelphia
DevelopmentNewsNortheastPennsylvania

U.S. Development Completes 107-Unit Frankford Grand in Philadelphia

by Channing Hamilton

PHILADELPHIA — U.S. Development has completed Frankford Grand, a 107-unit community located at 1120 Frankford Ave. in the Fishtown neighborhood of Philadelphia. The unit mix includes 50 studios, 32 one-bedroom units and 25 two-bedroom apartments. The first move-ins at the community began on September 15. Amenities include a full-size gym, courtyard garden with bocce ball courts, firepit area, sun deck, 12,000-square-foot green roof and a panoramic roof deck with an outdoor kitchen, grilling areas and shaded terraces. Frankford Grand also includes 15,000 square feet of retail space across two floors. …

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Nathan Wilcox, Principal Architect, The Beck Group
Architecture & DesignDevelopmentIndustry VoicesMidwestNortheastOperationsSoutheastTexasWestern

Four Trends to Watch in Multifamily Design

by Channing Hamilton

Four significant cultural shifts are driving the evolution of multifamily design. Today, developers and architects must create spaces that serve the remote work trend, meet the demand for wellness amenities, keep up with changing sustainability and technology standards and create communities that socially engage their residents. How Hybrid Work Schedules Have Changed Design The shift to remote and hybrid work has profoundly influenced design offerings and space planning at an unprecedented pace in multifamily developments. Before the shift to full-time or partial work from home, the average size of most …

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737 4th Ave in New York City
DevelopmentNew YorkNewsNortheast

Partnership Tops Out $143 Million Mixed-Income Development in Brooklyn

by Channing Hamilton

NEW YORK CITY — A partnership consisting of BEB Capital, Totem / Ailanthus and SK Development has topped out 737 4th Ave, a $143 million mixed-income development in the Sunset Park neighborhood of Brooklyn. Once completed, the building will comprise 193,000 square feet across 14 stories. The property will comprise 187 units. Of the total unit count, 46 units will be permanently affordable at an average of 48 percent of the area median income. Amenities will include a coworking lounge, fitness center, private dining and entertainment areas, a game and …

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The Westporter in Westport, Connecticut
ConnecticutInvestment SalesNewsNortheast

Marcus & Millichap Arranges Sale of The Westporter in Westport, Connecticut

by Channing Hamilton

WESTPORT, CONN. — Marcus & Millichap has arranged the sale of The Westporter, a mixed-use asset in Westport, 48 miles northeast of New York City. The community was built in 2019. The Westporter includes 28 townhomes and apartments, along with four ground-floor retail units. Eric Pentore, Victor Nolletti, Wes Klockner and Ross Friedel of Marcus & Millichap’s New Haven, Connecticut office marketed the asset on behalf of the seller and procured the buyer. Neither party’s identity was disclosed.

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Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

MassDevelopment Provides $7.5 Million Bond Financing for Affordable Housing Conversion Project Near Boston

by Channing Hamilton

LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for an affordable housing development located in the northeastern Boston suburb of Lynn. The project will convert the upper portion of a commercial building into a 24-unit community. Units will be reserved for formerly homeless adults between the ages of 18 and 24 who earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal low-income housing tax credits to finance …

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Investment SalesNew JerseyNewsNortheast

The Kislak Co. Arranges $5.8 Million Sale of 44-Unit Indian Oaks Apartments in Atlantic City, New Jersey

by Channing Hamilton

ATLANTIC CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the sale of Indian Oaks Apartments, a 44-unit property in Atlantic City. The asset traded hands for $5.8 million. Joni Sweetwood of Kislak represented the seller and procured the buyer in the deal. Both parties requested anonymity. The community consists of 11 buildings, which were recently renovated. The unit mix includes 10 one-bedroom apartments, six two-bedroom apartments and 28 two-bedroom townhouses.

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7920 19th Ave. in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges $6 Million Sale of 48-Unit Property in Brooklyn

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has brokered the sale of a 48-unit asset located at 7920 19th Ave. in Brooklyn. John Brennan and Bryan Ellis of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were limited liability companies. The building features one- and two-bedroom units. The property traded hands for $6 million.

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Investment SalesNew JerseyNewsNortheast

Marcus & Millichap Arranges $2.3 Million Sale of 15-Unit Property in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Marcus & Millichap (NYSE: MMI) has brokered the $2.3 million sale of a 15-unit property located at 19 Hopkins Ave. in Jersey City. Built in 1910, the property features studio, one- and two-bedroom units. Jonathan Zamora of Marcus & Millichap marketed the property on behalf of the seller, a local private investor, and procured the buyer, 19 Hopkins Ave LLC.

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Franklin at Hancock Village in Boston
DevelopmentMassachusettsNewsNortheast

Chestnut Hill Realty Delivers 250-Unit Franklin at Hancock Village in Boston

by Channing Hamilton

BOSTON — Chestnut Hill Realty has delivered Franklin at Hancock Village, a 250-unit project in the Brookline neighborhood of Boston. The building rises eight stories and houses one-, two- and three-bedroom apartments. Of the total unit count, 20 percent have been set aside as affordable housing. Rent restrictions for the Franklin at Hancock Village units were not available, but Chestnut Hill reserves units for renters who make at or below 50 percent of area median income at the adjacent John Adams property. Amenities include an outdoor putting green, grilling and …

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