Northeast

160 Vroom Street in Jersey City, New Jersey

CBRE Arranges $8.2 Million Sale of 41-Unit Property in Jersey City, New Jersey

by Channing Hamilton November 2, 2023

JERSEY CITY, N.J. — CBRE has negotiated the $8.2 million sale of a property located at 160 Vroom Street in the Journal Square neighborhood of Jersey City. A private investment group acquired the 41-unit asset from a New York City-based family office. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE Tri-State Capital Markets marketed the property and represented the seller in the negotiations. CBRE also procured the buyer. The property offers 22 one-bedroom units and 19 two-bedroom units, as well as on-site laundry facilities for residents.

November 2, 2023

Finance Investment Sales New Jersey News Northeast

JLL Capital Markets Arranges $27 Million in Financing for Edge Lofts in Hoboken, New Jersey

by Channing Hamilton November 1, 2023

HOBOKEN, N.J. — JLL Capital Markets has brokered the sale of and negotiated $27 million in financing for Edge Lofts in the New York City suburb of Hoboken. Edge Lofts comprises 69 units across two buildings located at 1405 Clinton and 1405 Adams St. The buildings each rise five stories, and were constructed in 2013 and 2019, respectively. Units come in one-, two- and three-bedroom floor plans. Amenities include a package room, resident lounge with a bar and TV, fitness center and a common terrace with grilling stations. JLL Capital Markets …

November 1, 2023

Development Features Finance Leasing & Marketing Northeast Washington, D.C.

Biden-⁠Harris Administration Launches Effort to Spur More Commercial to Residential Conversions

by Channing Hamilton November 1, 2023

WASHINGTON, D.C. — The Biden-Harris Administration has released a new guidebook, developed in partnership with the U.S. Department of Housing and Urban Development (HUD) and other federal agencies. The goal of the guidebook is to help housing providers identify federal resources to finance the conversion of commercial properties to residential and mixed-use developments. In addition to the guidebook, HUD will release an updated notice on how its Community Development Block Grant (CDBG) funding — $10 billion of which has been allocated during the current administration — can be used to boost …

November 1, 2023

20 and 30 Halletts Point in New York City

Development New York News Northeast

The Durst Organization Tops Out 647-Unit 20 and 30 Halletts Point in Queens

by Channing Hamilton October 31, 2023

NEW YORK CITY — The Durst Organization has topped out 20 and 30 Halletts Point, a 647-unit complex in the Queens borough of New York City. 20 and 30 Halletts Point consists of a 27-story building and a 32-story building in the Astoria neighborhood. Apartments will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, rooftop terraces, resident lounges and a children’s play area, as well as ground-floor retail space and onsite parking. The buildings are slated for delivery in 2025. Urban Atelier Group is the …

October 31, 2023

Marine Drive Apartments in Buffalo, New York

Affordable Housing Development New York News Northeast

Habitat Secures Approval for $400 Million Affordable Housing Redevelopment in Buffalo, New York

by Channing Hamilton October 30, 2023

BUFFALO, N.Y. — Habitat, a developer and property manager based in Chicago, has received planned unit development approval from the Buffalo Common Council to redevelop Marine Drive Apartments. The $400 million project is a joint venture between Habitat, Duvernay + Brooks and the Buffalo Municipal Housing Authority. The property currently comprises 616 units across seven 12-story towers, which were built more than 70 years ago and have since fallen into disrepair. Phase one of the redevelopment will include constructing a mix of new towers on the lot adjacent to the complex’s current buildings. …

October 30, 2023

Investment Sales New York News Northeast

Stav Equities Brokers $3.8 Million Sale of Seven-Unit Property in Brooklyn

by Channing Hamilton October 27, 2023

NEW YORK CITY — Stav Equities has negotiated the $3.8 million sale of a seven-unit property located at 10 Clermont Ave. in the New York City borough of Brooklyn. Jacob Stavsky of Stav Equities represented the buyer, Neue Urban, in the off-market transaction. According to LoopNet Inc., the building was constructed in 1915 and comprises 5,240 square feet across four stories.

October 27, 2023

Development Finance New York News Northeast

Bayport Funding Provides $3.2 Million in Financing for Development in Long Island

by Channing Hamilton October 26, 2023

MALVERNE, N.Y. — Bayport Funding has provided $3.2 million in financing for a development in the Long Island community of Malverne. The site at 1104 Hempstead Ave. spans 38,320 square feet. The borrower, who was not disclosed, plans to use the proceeds to acquire and complete the project. The development is currently underway, with completion slated for summer of 2024.

October 26, 2023

Finance New Jersey News Northeast

Greystone Provides $21.6 Million Loan for Affordable Housing Property in Carteret, New Jersey

by Channing Hamilton October 24, 2023

CARTERET, N.J. — Greystone has provided a $21.6 million Fannie Mae Multifamily Affordable Housing loan to refinance an affordable housing community in the Middlesex County city of Carteret. The non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. Ryan Harkins of Greystone originated the financing on behalf of the borrower, Tryko Partners. Roosevelt Village Apartments comprises 101 units across 10 buildings on a 5.2-acre site. The property is income and rent-restricted. However, details regarding these restrictions were not disclosed. Built in 1969, the property …

October 24, 2023

Development Investment Sales New Jersey News Northeast

CrownPoint Group Acquires 14.5-Acre Site to Construct Liberty Village in Randolph, New Jersey

by Channing Hamilton October 24, 2023

RANDOLPH, N.J. — Locally based CrownPoint Group has acquired a 14.5-acre site in Randolph, a city in northern New Jersey. The developer plans to build a 125-unit complex called Liberty Village on the site. Liberty Village will comprise 11 buildings. Of the total unit count, 20 percent will be subject to income restrictions. Apartments will come in two- and three-bedroom floor plans. Planned amenities include a fitness center, golf simulator and a dog park. CrownPoint Group expects to break ground on the project during the third quarter of 2024.

October 24, 2023

Connecticut Investment Sales News Northeast

Northeast Private Client Group Arranges $6.1 Million Sale of Property in Ashford, Connecticut

by Channing Hamilton October 23, 2023

ASHFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the $6.1 million sale of Ashford Hills Apartments in Ashford, 34 miles east of Hartford, Connecticut. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer in the deal. Both parties requested anonymity. According to Apartments.com, Ashford Hills Apartments was built in 1969 and offers one-, two- and three-bedroom units. Units range from 625 to 1,014 square feet in size.

October 23, 2023

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