New York
Sterling Properties Opens NJ Luxury Community
Dubbed SOMA, the transit-oriented property in Somerville, N.J., is a block from the train station and aims for LEED Gold certification
Brooklyn Mixed-Use Development Lands $165M Financing
HFF worked on behalf of a joint venture to arrange the construction loan, which will be used to develop One Boerum Place, a downtown luxury property.
Fully Affordable Community Changes Hands in Brooklyn
The 107-unit asset is located at 1701 W. 3rd Street, in the borough’s Gravesend submarket. Morris Weintraub Associates sold the property to Parkoff Organization for $28 million.
NJ Mixed-Use Development Site Commands $48M
Meridian Investment Sales represented both parties in the deal for the 3.4-acre lot, which will be turned into five buildings consisting of 477 residential units and some 23,000 square feet of retail space.
Stonehenge NYC Names New VP
The firm hired Kunal Chothani, an industry professional who will serve as vice president of acquisitions. Prior to this role, Chothani was head of the New York subsidiary of Akelius Residential Property AB, where he managed transactions and assets valued at more than $1 billion.
Multifamily Brooklyn Report – Winter 2019
Despite a significant rise in deliveries, rents for Lifestyle units grew 3.4 percent and the occupancy rate stayed at 98.1 percent, among the highest in the U.S.
Manhattan Luxury Asset Gets $200M Refi
Greystone Bassuk arranged the 10-year, fixed-rate loan for the property’s owners, a joint venture between Taconic Investment Partners LLC and Mitsui Fudosan America Inc.
Equity Residential Acquires Jersey City Community
Madox is a 131-unit LEED Silver certified building located in the Paulus Hook neighborhood. J.P. Morgan Asset Management was the seller.
Closeup on the Bronx Affordable Housing Market
Developing and preserving affordable units in the dynamic borough of New York City is a genuine challenge. MBD’s Derrick Lovett and Monadnock’s Tom Ciano weigh on the borough’s affordable housing shortage and discuss the companies’ recent multifamily projects.
Multifamily Manhattan Report – Winter 2019
Despite strong demand, apartment construction across the borough has slowed, while the average rent is approaching the $4,200 mark.