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Ariel Property Advisors Hosts Successful Coffee And Cap Rates Event, Examining Investment Sales Performance in 2022 and Outlook for 2023

Ariel Property Advisors (Ariel) hosted its latest Coffee and Cap Rates event on February 2nd sharing the latest trends in investment sales market and capital services in New York City. Over 200 NYC real estate professionals attended this live networking breakfast held at Club 101 located at 101 Park Avenue.... The post Ariel Property Advisors Hosts Successful Coffee And Cap Rates Event, Examining Investment Sales Performance in 2022 and Outlook for 2023 appeared first on Real Estate Weekly. Ariel Property Advisors (Ariel) hosted its latest Coffee and Cap Rates event on February 2nd sharing the latest trends in investment sales market and capital services in New York City. Over 200 NYC real estate professionals attended this live networking breakfast held at Club 101 located at 101 Park Avenue. The theme of this latest Coffee and Cap Rates event was “Follow the Money: Who is Investing in NYC CRE and Why?” and featured a panel of some of the City’s most influential real estate professionals discussing the 2023 investment sales outlook from both a local and national perspective. Shimon Shkury, President of Ariel Property Advisors, moderated the panel and kicked off the event with a presentation discussing the New York City investment sales market in 2022 as well as key findings from the firm’s recent end of year reports. The three industry expert panelists all provided their unique take on the NYC commercial real estate investment market for different sectors. Ofer Yardeni, Chairman and CEO, Stonehenge NYC, discussed the current multifamily sector in the region and his company’s investment strategies; Meir Milgraum, Senior Vice President, Acquisitions, Lightstone, shed light on what his firm is seeing in the local hospitality investment market, which continues its post-pandemic recovery; and Tom Ortinau, Head of Acquisitions, for GFP Real Estate, shared his thoughts on the current and future state of the NYC office market and residential to office conversions. As with previous Coffee & Cap Rates, Ariel will be donating all proceeds to Legal Outreach, a nonprofit that helps young people from underserved New York communities gain admission to the country’s most competitive colleges and universities. The Coffee & Cap Rates series is a semi-annual program, and the next event will take place in July 2023. For more market information, please refer to Ariel’s research reports covering the New York City investment sales market: 2022 Multifamily Year in Review, Manhattan 2022 Commercial Real Estate Trends report, Bronx 2022 Commercial Real Estate Trends report, Brooklyn 2022 Commercial Real Estate Trends report, Queens 2022 Commercial Real Estate Trends report and Northern Manhattan 2022 Commercial Real Estate Trends report. For more market information, please refer to Ariel’s research reports covering the New York City investment sales market: 2022 Multifamily Year in Review, Manhattan 2022 Commercial Real Estate Trends report, Bronx 2022 Commercial Real Estate Trends report, Brooklyn 2022 Commercial Real Estate Trends report, Queens 2022 Commercial Real Estate Trends report and Northern Manhattan 2022 Commercial Real Estate Trends report. The post Ariel Property Advisors Hosts Successful Coffee And Cap Rates Event, Examining Investment Sales Performance in 2022 and Outlook for 2023 appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY52 min. ago Related News

United Federation of Teachers to relocate Bronx office to Co-op City

JLL announced that the United Federation of Teachers (UFT) has leased 45,000-square-feet of office space at 2100 Bartow Ave., a four-story office building in the Co-op City area of the northeast Bronx. The UFT, which represents nearly 200,000 active and retired teachers and other professionals, will relocate its Bronx office... The post United Federation of Teachers to relocate Bronx office to Co-op City appeared first on Real Estate Weekly. JLL announced that the United Federation of Teachers (UFT) has leased 45,000-square-feet of office space at 2100 Bartow Ave., a four-story office building in the Co-op City area of the northeast Bronx. The UFT, which represents nearly 200,000 active and retired teachers and other professionals, will relocate its Bronx office from 2500 Halsey St. to occupy a portion of the fourth floor of the building, which was developed by Prestige Properties as part of the two-million-square-feet mixed-use Bay Plaza development in the Bronx. The new UFT office is expected to open in fall 2023. Originally built in 1988 and redeveloped in 2002, the 180,000-square-foot office building is located between I-95 and Hutchinson River Parkway.  It has extensive available parking, and is 12 blocks from the Gun Hill Road subway station, serviced by the 2 and 5 trains. JLL managing director Al Gutierrez and executive vice president Ian Ceppos represented the landlord in arranging the 20-year lease. The tenant was represented by Mark Boisi and Stephen Bellwood, of Cushman & Wakefield, and Neil Lipinski, of Lipinski Real Estate. “2100 Bartow Ave. provides the UFT with a revitalized office within a highly visible mixed-use development offering excellent transportation options, ample parking and affordable housing all within walking distance,” said Gutierrez. Added a spokesperson for the landlord, “We are delighted to welcome the UFT to 2100 Bartow Ave. where ownership has continually invested in upgrades that cater to the demands of today’s office tenants and attentive on-site management proactively addresses the desires of employees and visitors alike.” The post United Federation of Teachers to relocate Bronx office to Co-op City appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY5 hr. 3 min. ago Related News

The “New” New York Proposal and What It Could Mean for Commercial Real Estate

Last December, a panel of New York Ciity and State advisors led by Governor Kathy Hochul and Mayor Eric Adams published the “New” New York Panel for New York City: Making New York Work for Everyone. In what they deemed a new era of collaboration between city and state, the... The post The “New” New York Proposal and What It Could Mean for Commercial Real Estate appeared first on Real Estate Weekly. Last December, a panel of New York Ciity and State advisors led by Governor Kathy Hochul and Mayor Eric Adams published the “New” New York Panel for New York City: Making New York Work for Everyone. In what they deemed a new era of collaboration between city and state, the ambitious proposal sets forth three major goals, which are comprised of 40 detailed initiatives: Reimagine New York’s Business Districts as Vibrant 24/7 Destinations Make it Easier for New Yorkers to Get to Work Generate Inclusive, Future-Focused Growth This roadmap for the City’s future addresses a variety of concerns, ranging from the need for more flexible zoning in business districts, the ever-looming housing crisis, the affordability of childcare, and overall city safety and cleanliness. While this is undoubtably a pivot in the right direction, the real challenge lies in bringing these aspirations to life. In the three years since the pandemic began, New York City has largely reopened and continues to recover to near pre-COVID levels. According to Avison Young’s data, office visitor volume in Manhattan continues towards stronger in-person visitation, reaching just over half of 2019 levels and surpassing Q3 2022 (51%). In some submarkets such as Midtown Core, Chelsea, and Times Square, the numbers are even more positive at 67.4%, 68.2%, and 69%, respectively. However, through this process, the rigidness of the existing zoning governance has been underscored. Many Class B/C offices sit partially or entirely vacant and current zoning laws make it challenging to convert to a residential use, particularly in and around Midtown Manhattan. The code states that any office in a zoning district that allows residential use can convert if it complies with bulk regulations. Given the architectural differences between office and residential buildings, this is often physically and/or financially infeasible. There are, however, a set of more flexible standards (light, air, yards) for conversion that a building may use if it meets certain criteria: Located in a district that allows residential use Located south of 59th Street, parts of inner Brooklyn and Queens, Downtown Jamaica, St. George or Coney Island special districts or in a special mixed-use district Building built before 1961, before January 1977 in Financial District (FiDi), Jamaica, Coney Island or St. George or before January 1997 in special MX districts. The 1961 cutoff has severely hampered office to residential conversions in Midtown which is why the majority of office-to-residential conversions have occurred in lower Manhattan where the cutoff of 1977 is more lenient. One of the initiatives brought forth in the Plan proposes extending this threshold to December 1990, a change that would unlock approximately 120 million-square-feet (sf) of potential office space conversions in Manhattan. There is also discussion around re-evaluating high-density Midtown zones that do not allow new residential use such as areas between West 23rd Street and West 41st Street that are currently zoned as manufacturing districts. While these proposals are great in theory, some form of tax relief should be introduced in order to make conversion projects pencil. High construction costs, coupled with the increased tax rate associated with residential and the inability to pass-through real estate taxes to tenants, puts a great deal of burden on a landlord, not to mention the fact that there will likely not be affordable requirements attached to any zoning changes. Additionally, the New York City Council and Planning Departments are severely understaffed, impacting the timeline for any zoning text updated. Environmental reviews are also required to make amendments, and these processes are also long and costly. Another initiative of particular interest for those in the commercial real estate industry is around reducing the barriers of housing growth to address the current housing crisis faced by the City. A recent Commercial Observer article states: “as the population is expected to hit 9 million by 2030, something that has not escaped the attention of city officials since a similar New York University study came out in 2016. AKRF, an environmental, planning and engineering consulting firm, and REBNY released their own study this week, however, that highlights the progress — or lack thereof — the city has made in meeting this need. Projects currently in the pipeline only meet about 14 percent of this demand.” To remedy this, the Plan establishes a “moonshot” goal of adding 500,000 units to the supply over the next decade. This would require regulatory and legislative changes as the New York State Multiple Dwelling Law currently establishes a state-level FAR cap of 12.00x. If this cap were removed, city officials would be able to cherry-pick areas in which an increase in density would result in buildings that seamlessly fit in with the neighborhood fabric. In Midtown, for example, many commercial developments far exceed 12.00x FAR, so larger housing projects would integrate quite nicely. Lifting the FAR cap would also target office conversions in under-utilized buildings, especially ones where larger floorplates without access to windows limits conversion potential. In many cases, these buildings are “overbuilt” for residential floor area, so developers are limited in terms of what they can do because if they were to entirely tear the buildings down, the residential projects replacing them would be much smaller. On the other hand, trying to force a square peg into a round hole and retrofitting an office building to meet residential use requirements can be extremely costly and complicated (cutting out interior light-wells, etc.). If the New York City and State can come together to lift this cap and amend the Multiple Dwelling Law for the betterment of the city, it would undoubtably result in an influx of new construction and conversion projects. However, New York City is facing an affordability crisis, and any changes to the zoning or legislature pertaining to housing creation/conversions is destined to include affordable requirements. With the 421a- program now expired, new tax benefits to facilitate multifamily development must be introduced. In the 1decade leading up to 2020, 90% of rental units built in the City relied on some form of tax relief, and the 421-a program was used in 68% of multifamily units constructed between 2010-2020. These statistics demonstrate the power of this essential resource and its impact on the development pipeline. Governor Hochul’s initial replacement program proposal, 485-w, didn’t make it through the last budget. This program would have required deeper affordability tranches than the 421a, making it unlikely for any projects in Manhattan or prime neighborhoods in the boroughs to pencil, and even so, the plan failed to gain support and was rejected when it was brought to a vote. Clearly, it remains to be seen if the ultra-left-leaning anti-real estate force in the New York government will be able to pass any meaningful tax program. As the conclusion of the “New” New York Plan clearly states, the successful implementation of all or parts of this plan will require “an effective and motivated government with appropriate and clear accountability and organizational structures in place.” There is an opportunity for real change to occur, but it cannot happen without a long-term partnership between City and State and a true alignment of goals. If government officials can set aside their political differences to focus on making New York the best place to live and work, there is an exciting future ahead and the positive impact on commercial real estate could be huge. The post The “New” New York Proposal and What It Could Mean for Commercial Real Estate appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY5 hr. 3 min. ago Related News

Newmark Negotiates 864,000-Square-Foot Industrial Lease Renewal in Perris, California

Newmark announces the 864,000-square-foot industrial lease renewal with NFI Industries, a supply chain solutions provider, at Perris Distribution Center in Perris, California. Newmark Executive Managing Directors Mark Kegans, SIOR and Ron Washle, SIOR andManaging Director Dean Washle represented the landlord, Ares Management, formerly known as Black Creek Group. “Our team... The post Newmark Negotiates 864,000-Square-Foot Industrial Lease Renewal in Perris, California appeared first on Real Estate Weekly. Newmark announces the 864,000-square-foot industrial lease renewal with NFI Industries, a supply chain solutions provider, at Perris Distribution Center in Perris, California. Newmark Executive Managing Directors Mark Kegans, SIOR and Ron Washle, SIOR andManaging Director Dean Washle represented the landlord, Ares Management, formerly known as Black Creek Group. “Our team was pleased to represent Ares Management in such this substantial lease renewal,” said Kegans. “Perris Distribution Center is in a prime location for logistics and distribution, as evidenced by the location’s top-tier tenant roster.” Located at 657 Nance Street in Perris, Perris Distribution Center is a two-story cross-dock facility expandable to ±1,137,000 square feet. Building features include approximately 7,000 square feet of office space, minimum 36’ warehouse clearance height, ESFR sprinkler system, LED warehouse lighting, 112 dock-high loading doors and concrete truck courts. The ±43-acre parcel offers 298 auto parking spaces and 224 trailer parking spaces, including an auxiliary parcel to accommodate up to 154 trailer parking spaces or approximately 530 auto parking spaces. Perris Distribution Center is proximate to Freeway 215, with on and off-ramps at Harley Knox Boulevard to the north and Ramona Expressway to the south. Neighboring industrial tenants include The Home Depot, General Mills, Ross, iHerb, Amazon and Wayfair, to name a few. The national industrial market has remained resilient despite recent economic and geopolitical headwinds, according to Newmark Research. For the fifth consecutive quarter, national industrial absorption topped 100 million square feet. The persistent imbalance between demand and new deliveries has pushed vacancy down to 3.7%, likely a cyclical low. Demand remains strong for industrial space with absorption continuing to outpace deliveries. The post Newmark Negotiates 864,000-Square-Foot Industrial Lease Renewal in Perris, California appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Enterprise and Wells Fargo Foundation Announce $20M Housing Affordability Breakthrough Challenge 

The Wells Fargo Foundation is expanding its commitment to housing affordability through another $20 million competition with Enterprise Community Partners (Enterprise) to find housing solutions. The second Housing Affordability Breakthrough Challenge will once again focus on three categories: Financing, Construction, and Access and Resident Support. Innovators are invited to compete for grants of up... The post Enterprise and Wells Fargo Foundation Announce $20M Housing Affordability Breakthrough Challenge  appeared first on Real Estate Weekly. The Wells Fargo Foundation is expanding its commitment to housing affordability through another $20 million competition with Enterprise Community Partners (Enterprise) to find housing solutions. The second Housing Affordability Breakthrough Challenge will once again focus on three categories: Financing, Construction, and Access and Resident Support. Innovators are invited to compete for grants of up to $3 million and two years of technical assistance to transform ideas into solutions that can be replicated in the real world. Applications will open on Jan. 31, 2023, and submissions will be accepted until March 3, 2023.  Recent research shows that millions of U.S. households are unable to find an affordable home, and nearly 7 million homes are needed for renters with extremely low incomes to attain housing stability in urban, suburban, and rural areas alike.   “We cannot address the serious housing affordability gap in this country without improving access and creating cost savings that will help boost supply. The Housing Affordability Breakthrough Challenge has proven that investing in pathbreaking innovations at the local level is a powerful way to build more equity and affordability in our communities nationwide,” said Jacqueline Waggoner, president of Enterprise’s Solutions Division. “We are proud to join Wells Fargo once again as we focus on uplifting and strengthening the most promising ideas to meet the urgent need for more affordable homes and better serve individuals and families across the country.”   “Wells Fargo created the Housing Affordability Breakthrough Challenge to engage entrepreneurs and social innovators and advance ideas that can improve housing opportunities for millions,” said Otis Rolley, president of the Wells Fargo Foundation and head of Philanthropy and Community Impact. “We urgently need to reimagine access to quality affordable places to live in the U.S., which is so tightly linked to economic stability, physical and mental health, and ultimately generational wealth. This $20 million in funding effectively doubles our commitment to find creative solutions to this pressing problem.”  The 2023 Housing Affordability Breakthrough Challenge will consider Native, rural, suburban, Tribal, and urban solutions which have the potential to transform current practices and processes and lay the groundwork for increased housing affordability, access, and stability. Interested organizations can learn more about the competition and how to apply on Enterprise’s website. Additional resources will be available to help organizations prepare their applications, including an informational web session on Feb. 2, 2023.  A variety of entities are eligible to submit an application, including nonprofits, Tribal organizations, and mission-driven for-profit entities in 38 markets where Wells Fargo and Enterprise can provide additional infrastructure to support implementation and help scale the winning innovations: Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Washington D.C., Wisconsin, and Wyoming.  Through a three-round competition, winning innovations will be selected by a panel of judges including leaders from Enterprise, Wells Fargo, and nationally recognized community development and housing experts. The winners are expected to be announced in fall 2023, with the opportunity to take part in a multi-year initiative to share ideas and cultivate their innovations into solutions that can be applied in communities across the U.S.  History of the Housing Affordability Breakthrough Challenge  Launched in 2020, the inaugural Housing Affordability Breakthrough Challenge attracted 800+ applications and ultimately awarded six organizations with $2.5 million in grants each to implement their wide-ranging solutions in housing construction, finance, and resident support and services. Currently, a free exhibition featuring those awardees, “A Better Way Home,” is on display at the National Building Museum in Washington, D.C., until May 8, 2023.  One of the 2020 Breakthrough Challenge winners is cdcb | come dream. come build. in Brownsville, Texas, which together with buildingcommunityWORKSHOP created a modular housing innovation called MiCASiTA — a more sustainable rural homeownership idea that allows families to grow the size of their home as their finances and dreams evolve.  “The Housing Affordability Breakthrough Challenge gave us the time and resources to get to work,” said cdcb Executive Director Nick Mitchell-Bennett. “And with that support, we now actually have a sustainable modular housing product that can be replicated and scaled.”       The post Enterprise and Wells Fargo Foundation Announce $20M Housing Affordability Breakthrough Challenge  appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Hudson Valley iCampus Closes $40 Million in Major Leases, Expects Continued Growth in 2023 

Hudson Valley iCampus, New York’s premier research and innovation hub in the Hudson Valley, is proud to announce that they have closed lease and renewal deals totaling 337,589 square feet on campus, with a value of more than $40 million. The transactions took place between August 2021 and December 2022.  ... The post Hudson Valley iCampus Closes $40 Million in Major Leases, Expects Continued Growth in 2023  appeared first on Real Estate Weekly. Hudson Valley iCampus, New York’s premier research and innovation hub in the Hudson Valley, is proud to announce that they have closed lease and renewal deals totaling 337,589 square feet on campus, with a value of more than $40 million. The transactions took place between August 2021 and December 2022.   “We are very pleased with how swiftly our rebranding program and outreach to the community has positively impacted our leasing efforts,” said Jamie Schwartz, President of Hudson Valley iCampus. “Additionally, the strong onsite management team we have built enables us to provide our tenants with best-in-class management, which continues well after a lease is signed.”    Improvements can be seen throughout the 207-acre campus — from signage and infrastructure to roadways and security.  “The campus is quickly becoming the premier address in the New York tri-state region. We’re excited to take this momentum into 2023 and build upon our success in creating a community where innovation, ingenuity and industry can thrive,” said Schwartz.          Some of the key transactions were:   Pfizer, Inc. (NYSE: PFE), an American multinational pharmaceutical and biotechnology corporation, leased a total of 86,243 square feet of office and laboratory space in multiple buildings at the campus. Pfizer also owns approximately 30 adjacent acres housing additional laboratory and office space. Cushman & Wakefield represented Pfizer.  Momentive Performance Materials, Inc. leased 66,430 square feet in a previously vacant building at the campus. Momentive is a global high-performance silicones and specialties company that is relocating from Tarrytown, N.Y. to open a Global Innovation Center to support its growing performance additives business. Andrew Tarvin of Tarvin Commercial Real Estate Services represented Momentive. John Cunningham of JLL represented the landlord.   Urban Electric Power, Inc., a company that is revolutionizing the traditional alkaline battery (e.g., double A) by transforming it into a powerful rechargeable battery, renewed its lease for 36,048 rentable square feet of manufacturing space.         Auro Vaccines, LLC, renewed its 17,500 square feet of laboratory space. Auro Vaccine is a clinical-stage vaccine development company pioneering a major evolutionary step in the design and development of preventive and therapeutic vaccines for infectious diseases. Andrew Tarvin of Tarvin Commercial Real Estate Services represented Auro Vaccines.     Olaplex, Inc. (Nasdaq: OLPX), expanded its footprint and renewed its 4,537 square feet of laboratory and office space. Olaplex is an innovative, science-enabled, technology-driven beauty company. Rob Lella of Colliers represented the landlord.     The post Hudson Valley iCampus Closes $40 Million in Major Leases, Expects Continued Growth in 2023  appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

The Ritz-Carlton Residences, Estero Bay Announces Expanded Global Sales Reach

 Capitalizing on growing demand throughout the U.S. to own a branded residence in Southwest Florida, The Ritz-Carlton Residences, Estero Bay has now united a powerhouse sales team beyond any other luxury development in the region. London Bay Development Group – the visionary behind the property — announced today the appointment of luxury real estate... The post The Ritz-Carlton Residences, Estero Bay Announces Expanded Global Sales Reach appeared first on Real Estate Weekly.  Capitalizing on growing demand throughout the U.S. to own a branded residence in Southwest Florida, The Ritz-Carlton Residences, Estero Bay has now united a powerhouse sales team beyond any other luxury development in the region. London Bay Development Group – the visionary behind the property — announced today the appointment of luxury real estate veteran George Mato as the new sales director and a partnership with Douglas Elliman Development Marketing (DEDM), to lead sales for the two-tower architectural masterpiece. “There is incredible appetite for Southwest Florida living from all across the U.S. and world in recent years that now reaches far beyond historical trends. The enhanced sales team of The Ritz-Carlton Residences, Estero Bay is a response to this tremendous desire to plant roots in the region,” said Mark Wilson, CEO of London Bay Development Group. “Douglas Elliman has a notable track record and carries cachet that aligns with our brand, which is highly complementary to George’s wealth of knowledge.” As the new sales director, Mato brings more than 30 years of experience to The Ritz-Carlton Residences, Estero Bay. He has spearheaded iconic developments to unprecedented success, including multiple within The Ritz-Carlton brand, and has generated over $8 billion in sales revenue over the course of his career. Prior to joining London Bay Development Group, he served as vice president of sales at Miromar Lakes Beach & Golf Club. To broaden The Ritz-Carlton Residences, Estero Bay’s market footprint, Mato will lead the property’s sales in partnership with Douglas Elliman’s famed Eklund | Gomes Team, which is helmed by Bravo TV’s “Million Dollar Listing” stars Fredrik Eklund and John Gomes. Representing a new development portfolio exceeding $87 billion, DEDM catapults The Ritz-Carlton Residences, Estero Bay onto a global stage through its worldwide network and strategic international alliances. The Ritz-Carlton Residences, Estero Bay present a rare opportunity to live in harmony with nature, beside the unrivaled beauty of Florida’s first aquatic preserve. Spanning 30 acres, two towers will rise 22 stories along nearly a mile of waterfront. Residences are priced from $2.8 million and feature two, three and four bedrooms ranging from 2,628 to 3,885 square feet. Encompassing 224 condominiums, unobstructed sunset and coastal views are enhanced by outdoor livability, with balconies spanning up to 2,200 square feet. Adding to the allure is a backdrop of 500 acres of surrounding natural habitat. “Southwest Florida is a burgeoning market for luxury buyers, and this development is truly a singular offering that unites elegance and hospitality of the Ritz-Carlton brand with exceptional design by Arquitectonica and Meyer Davis, all in an unmatched waterfront setting,” said Jay Parker, CEO of Douglas Elliman Florida, which opened an office on the state’s southwest coast in 2021. “London Bay is highly regarded as a luxury residential market-maker and we are thrilled to be part of this transformative project.” Totaling more than $4 billion in transactions across 13 markets last year, the Eklund | Gomes Team has consistently led Douglas Elliman in sales volume and gross commission income. With more than 80 new developments sold, the team has established itself as an esteemed partner in bringing exceptional residential projects to the market. The Ritz-Carlton Residences, Estero Bay will infuse unsurpassed hospitality into five acres of combined indoor and outdoor amenities – the most of any living opportunity in the marketplace. Inspiring a sense of community is the hallmark of The Ritz-Carlton’s personalized and high-touch concierge service, which will be experienced through the property’s residential team at The Experience Studio, Estero Bay. Rich amenities include a Wellness Center with fitness, yoga and Pilates, and steam and sauna, and a spa. Owners will enjoy three pools, with attendants and personal towel service, and floating-like pavilions at an expansive lagoon water feature. Bocce courts, multiple fire pits, and barbeque stations promote connections with the outdoors and friends.  Centrally located between the two towers is The Oasis, an 8,000-square-foot space that caters to leisure and memorable activities. Residents can gather at the Sunset Lounge as an evening ritual, host in the private dining room, or catch a game in the Sports & News Café. A Wine & Whiskey Room will be equipped with temperature-controlled storage, and interactive moments will be found in the card room or demonstration and catering kitchen.  The Ritz-Carlton Residences, Estero Bay are part of the new Saltleaf coastal village underway, which will introduce direct water access with the 72-slip Saltleaf Marina next door along with a five-star restaurant. The Saltleaf Golf Preserve is also within the community, with London Bay Development delivering a brand new 18-hole championship course in late 2023, as well as a nine-hole short course thereafter.  A short drive away is the friendly town of Bonita Springs, home to dining, boutiques, and galleries, and Barefoot Beach, named one of the top 10 beaches in the U.S. Getting to The Ritz-Carlton Residences, Estero Bay is easy, only 20 minutes from Southwest Florida International Airport. For more information, visit the sales gallery at 5000 Coconut Point, Bonita Springs, or www.TheResidencesEsteroBay.com. The post The Ritz-Carlton Residences, Estero Bay Announces Expanded Global Sales Reach appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Western Specialty Contractors Restoring Façade of Fernandina Beach’s Historic Peck Center

Western Specialty Contractors – Orlando Branch is nearing completion on a year-long project to restore the façade of historic Peck Center in Fernandina Beach, FL. The scope of work, which includes masonry restoration, structural repairs and waterproofing, is expected to be completed by the end of February 2023. Peck Center was originally opened by Professor Moses H. Payne in... The post Western Specialty Contractors Restoring Façade of Fernandina Beach’s Historic Peck Center appeared first on Real Estate Weekly. Western Specialty Contractors – Orlando Branch is nearing completion on a year-long project to restore the façade of historic Peck Center in Fernandina Beach, FL. The scope of work, which includes masonry restoration, structural repairs and waterproofing, is expected to be completed by the end of February 2023. Peck Center was originally opened by Professor Moses H. Payne in 1885 as a four-room school building for African Americans, named Colored School No. 1. When he passed away in 1888, Professor Peck was promoted to Assistant Principal and worked to develop the  high school’s curriculum, with the first senior class graduating from the school in 1891. Today, Peck Center, which includes an auditorium and gymnasium, is used for different community events, classes and recreational activities. It is also home to several City of  Fernandina  Beach offices and not-for-profit organizations. The City of Fernandina Beach contracted with Western to repair and tuckpoint the building’s entire masonry brick and stone exterior, taking care to restore the façade to its original condition. The scope of work includes the following: Removal and replacement of all mortar joints, approximately 75,000 lineal feet. Cleaning of the brick masonry façade, with a mild mortar detergent. Installation of new hot dipped galvanized window lintels/shelf angles. Treatment of existing corroded lintels/shelf angles with new dual component epoxy primer and urethane topcoat. Replacement of damaged/cracked bricks to match the existing color and texture. Removal and replacement of all failed/deteriorated window perimeter sealants. Removal and replacement of all failed/deteriorated vertical control joint sealants. Demolition and replacement of all damaged/cracked horizontal accent stone to match the existing coquina rock finish. The $1.2 million façade restoration project started in January 2022. Walker Consultants is the engineer of record for this project. Clickhere to learn more about Western’s façade restoration services. The post Western Specialty Contractors Restoring Façade of Fernandina Beach’s Historic Peck Center appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Good+Foundation Expands Offices at 307 West 36th St. 

GFP Real Estate, LLC is pleased to announce that Good+Foundation, a nonprofit founded by Jessica Seinfeld in 2001 that “works to dismantle multi-generational poverty by pairing tangible goods with innovative services for low-income fathers, mothers and caregivers, creating an upward trajectory for the whole family,” has signed a five-year lease for... The post Good+Foundation Expands Offices at 307 West 36th St.  appeared first on Real Estate Weekly. GFP Real Estate, LLC is pleased to announce that Good+Foundation, a nonprofit founded by Jessica Seinfeld in 2001 that “works to dismantle multi-generational poverty by pairing tangible goods with innovative services for low-income fathers, mothers and caregivers, creating an upward trajectory for the whole family,” has signed a five-year lease for 10,250 square feet at 307 W. 36th St. in Manhattan’s Garment District.  With warehouses in New York City and Los Angeles, Good+Foundation’s principal goal is to “incentivize parental enrollment and participation in programs like counseling, health services, employment assistance, financial literacy, co-parenting classes and more.”  A tenant of 307 W. 36th St. since 2008, the nonprofit extended its existing 6,500-square-foot lease on the 8th floor and added an additional 3,750 square feet of space on the 17th floor.   “There has been a growing demand for our work as families living on low incomes were hit hard by both the pandemic and inflation,” said Katherine Snider, Chief Executive Officer of Good+Foundation. “The increased space will allow us to hire additional staff, and welcome more corporate volunteer groups, to help process and sort donations of cribs, clothing, diapers, and more. We are grateful to GFP Real Estate and Barbara Yagoda for working with us to support this much-needed scale up of our work.” Barbara Yagoda, Senior Managing Director of GFP Real Estate, represented the landlord and the tenant in the transaction. Built in 1926 and known initially as Garment Wear Arcade, 307 West 36th Street is an 18-story, 220,000-square-foot classic pre-war high-rise building designed by Emery Roth.  Renovated in 2012, the building features a white-marble lobby with entrances on both 36th and 37th Streets, respectively. The building has become home to a wide range of tenants, from notable fashion brands Penn & Fletcher and Lingua Franca to civic design firm Urbahn Architects, as well as many non-profits such as Good+Foundation and the Neighborhood Housing Services of New York City.  The post Good+Foundation Expands Offices at 307 West 36th St.  appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Major retailers and owners show confidence in the Westchester Retail Market as both pricing and leasing activity increase

RM Friedland announced six new retail leases, totaling 30,382 square feet in the month of December with leases to experiential, national, and well-known regional tenants in some of Westchester County’s best centers including: Cortlandt Crossing in Mohegan Lake and TheWaterfront in Port Chester. This punctuates a year ripe with retail... The post Major retailers and owners show confidence in the Westchester Retail Market as both pricing and leasing activity increase appeared first on Real Estate Weekly. RM Friedland announced six new retail leases, totaling 30,382 square feet in the month of December with leases to experiential, national, and well-known regional tenants in some of Westchester County’s best centers including: Cortlandt Crossing in Mohegan Lake and TheWaterfront in Port Chester. This punctuates a year ripe with retail leasing activity with tenants of all types. This activity included transactions with tenants such as: DeCicco& Sons, Jersey Mike’s, Air Riderz, Parsons Xtreme Golf and My Salon Suite to name just a few. Senior Vice President, David Scotto, who has been a broker with RM Friedland for over16 years represented the owner/landlords in each of these transactions. “We have seen an increase in retail leasing activity across Westchester County,” said Scotto. “Tenants that had been dormant during covid such as boutique fitness and other experiential retailers are back in the market in full force.” This sentiment is echoed in the statistical numbers for the fourth quarter. According to the RM Friedland Q4, 2022 Retail Leasing Report, the average availability rate for retail space in Westchester was at 6.17%, which is down slightly quarter over quarter and back to a healthy level after a brief surge post pandemic. The average asking price is $37.01which is up both quarter-over-quarter and year-over-year. This is a sign that owners are optimistic about the activity that they are seeing in the market. “All signs point to a positive year for brick-and-mortar retail in Westchester County. An equilibrium between online and in-person shopping seems to have been reached. We are enthusiastic about the year ahead.” said Sarah Jones-Maturo, president of RM Friedland. For a copy of the RM Friedland Q4 Westchester and Bronx Retail and Office Leasing MarketReports, please contact RM Friedland at 914-968-8500 or email info@rmfriedland.com The post Major retailers and owners show confidence in the Westchester Retail Market as both pricing and leasing activity increase appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

El-Ad National Properties Announces Luxurious Spas in Phase Two of ALINA Residences Boca Raton (ALINA 210 and ALINA 220)

El-Ad National Properties, an Elad Group company, announces luxurious spas featuring hydrothermal experiences for the two buildings in phase two (named ALINA 210 and ALINA 220), of ALINA Residences Boca Raton, an award-winning world-class residential destination in the heart of downtown Boca Raton. The new hydrothermal areas in both  ALINA 210 and ALINA 220 buildings incorporate a variety of authentic hydrothermal  experiences in a modern, luxurious atmosphere. The two new... The post El-Ad National Properties Announces Luxurious Spas in Phase Two of ALINA Residences Boca Raton (ALINA 210 and ALINA 220) appeared first on Real Estate Weekly. El-Ad National Properties, an Elad Group company, announces luxurious spas featuring hydrothermal experiences for the two buildings in phase two (named ALINA 210 and ALINA 220), of ALINA Residences Boca Raton, an award-winning world-class residential destination in the heart of downtown Boca Raton. The new hydrothermal areas in both  ALINA 210 and ALINA 220 buildings incorporate a variety of authentic hydrothermal  experiences in a modern, luxurious atmosphere. The two new spas in ALINA 210 and ALINA 220 complement the spa located in the sold-out phase one building (named ALINA 200) by adding new, unique amenities. The ALINA 220 spa will be available for all residents at ALINA Residences Boca Raton, including residents in phase one’s ALINA 200 building and phase two’s ALINA 210 buildings. Access to the ALINA 210 spa will be exclusive to only the 30 residents of ALINA 210. “With the great success of ALINA’s phase one spa, we are pleased to introduce the  offerings for ALINA residents with the new hydrothermal spas in both phase two buildings,” said Noam Ziv, CEO of El-Ad National Properties. “Buyers are prioritizing amenities now more than ever, and the two new spas add to ALINA’s already impressive roster of amenities.” A new feature across both ALINA 210 and ALINA 220 spa experiences is the ability for residents to create their own personalized thermal circuit. Guests can move through the various steps of the circuit at their own pace and pleasure. From the beginning experience shower, to the sauna, then on to the cool down phase, steam room, and final shower. Each of these steps is progressively revitalizing. Shared co-ed relaxation spaces have also been added. Both new spa facilities include multi-function sauna modes with multiple sauna choices that customize the temperature and humidity levels for an optimal sauna experience. ALINA 210 and ALINA 220 spas feature an enhanced humidity level for its saunas. Complimenting the steam room, and salt room in ALINA phase two are three new experience shower programs, Cold Mist, Caribbean Rain and Atlantic Ocean, with each varying in length, water temperature, ambient lights and sound which add to a full thermal circuit. Both ALINA 210 and ALINA 220 spas will feature periodic bursts of aroma added to their steam room experience. At the ALINA 210 spa, which is exclusive for its 30 residents, a soak in the vitality pool allows guests to relax after their cold experience. The ALINA 220 spa offers a body scrub option with ice from the ice fountain, simulating the Finnish tradition of rolling in snow after a thermal treatment. Designed by architect Peter Stromberg of Garcia Stromberg and brought to life by Moss Construction, ALINA Residences Boca Raton became a beacon of modern living in Boca Raton with seamless indoor/outdoor living spaces, an extraordinary suite of wellness-inspired amenity spaces and a central downtown location.  ALINA 200 is located at 200 SE Mizner Blvd., Boca Raton, Florida 33432. Phase two which is currently under construction is located at 210 and 220 SE Mizner Blvd. Completion is expected in 2024.  For more information, please visit www.alinabocaraton.com.   The post El-Ad National Properties Announces Luxurious Spas in Phase Two of ALINA Residences Boca Raton (ALINA 210 and ALINA 220) appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Burkentine Announces Phase 1 Completion of $61-Million Development in Pennsylvania’s Fastest Growing County

Yesterday marked the official opening of Hadley Place, Burkentine Real Estate Group’s new luxury rental community at 4275 Valley Rd. Enola, PA.  The development sits on 22 acres in Cumberland County, which ranks 7th in the top 10 list of fastest-growing counties in Pennsylvania according to U.S. Census data. This bedroom community serves the... The post Burkentine Announces Phase 1 Completion of $61-Million Development in Pennsylvania’s Fastest Growing County appeared first on Real Estate Weekly. Yesterday marked the official opening of Hadley Place, Burkentine Real Estate Group’s new luxury rental community at 4275 Valley Rd. Enola, PA.  The development sits on 22 acres in Cumberland County, which ranks 7th in the top 10 list of fastest-growing counties in Pennsylvania according to U.S. Census data. This bedroom community serves the needs of commuters as its close proximity to I-81 and Routes 15 and 11, will make it easy for those working in York and Harrisburg, PA. “Here in central Pennsylvania, there are several large hospitals trying to address the needs of traveling nurses and visiting specialists as well as their permanent staff,” said company owner, Mike Burkentine. “We are also near the PA State Capital where incoming legislators need rental options.  In addition, we have nearby areas specializing in tourism such as Gettysburg and Hershey. These groups come with a variety of housing needs. We are focused on creatively meeting the demand of all residents. The property will consist of 224 units, offering a mix of 1-story apartments and 3-story townhomes. Floorplan options include 1-3 bedrooms and 1-2 bathrooms. Each unit features a deck or a patio space for outdoor seating, and kitchens are well equipped with stainless steel appliances and granite countertops. Residents will enjoy a quiet, walkable, pet-friendly neighborhood. Amenities include a pool, clubhouse, and fitness center.  “We are very excited for Burkentine Properties to open Hadley Place in Enola.  This community will appeal to many and provide quality apartments and townhomes in an area with existing amenities and easy access to schools, hospitals, dining, and shopping.  Thank you for choosing Enola to build and develop this new community of housing options.” – George Book, President & CEO of the West Shore Chamber. The post Burkentine Announces Phase 1 Completion of $61-Million Development in Pennsylvania’s Fastest Growing County appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Sale of landmark hotel in New York City’s East Side closes

JLL’s Hotels & Hospitality Group announced today that it has closed the sale of 525 Lexington Ave., a 35-story, 655-key, full-service hotel in New York City’s Midtown East neighborhood. The parties have agreed to not disclose the purchase price. JLL represented the seller, Deka Immobilien, in the sale to a joint... The post Sale of landmark hotel in New York City’s East Side closes appeared first on Real Estate Weekly. JLL’s Hotels & Hospitality Group announced today that it has closed the sale of 525 Lexington Ave., a 35-story, 655-key, full-service hotel in New York City’s Midtown East neighborhood. The parties have agreed to not disclose the purchase price. JLL represented the seller, Deka Immobilien, in the sale to a joint venture of Hawkins Way Capital and Värde Partners. The hotel, which was formerly branded as the Marriott New York East Side, was closed at the time of sale and offered unencumbered by brand and management. Originally constructed in 1922 as one of the first skyscraper residential hotels, the hotel received landmark status in 2016 cementing its historical significance to Midtown. The transit-oriented hotel is located within walking distance of nine subway lines providing easy access to all five boroughs. The property is also within walking distance of popular tourist sites, including Bryant Park, New York Public Library, Grand Central Terminal, Grand Central Market, Chrysler Building and more. The JLL Hotels & Hospitality team representing the seller was led by Co-Head of US Investment Sales, Senior Managing Director Jeffrey Davis and Global CEO Gilda Perez-Alvarado, with support from Executive Vice President Stephany Chen and Chairman NY Investment Sales Bob Knakal. “New York City is experiencing a renewed interest among investors as lodging fundamentals rebound at phenomenal levels. We anticipate continued interest among groups for strategic opportunities as the city continues to recover,” said Davis. JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world. For more news, videos and research resources on JLL, please visit our newsroom. The post Sale of landmark hotel in New York City’s East Side closes appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

CoreNet NYC Hosts 2023 New Year’s Party at Ascent Lounge

CoreNet Global NYC hosted its annual New Year’s Party on Wednesday, January 18 from 6:00 PM to 10:00 PM at the Ascent Lounge. The event brought together more than 350 members of the CoreNet Global NYC Chapter to celebrate the new year with a cocktailand networking reception. CoreNet Global NYC... The post CoreNet NYC Hosts 2023 New Year’s Party at Ascent Lounge appeared first on Real Estate Weekly. CoreNet Global NYC hosted its annual New Year’s Party on Wednesday, January 18 from 6:00 PM to 10:00 PM at the Ascent Lounge. The event brought together more than 350 members of the CoreNet Global NYC Chapter to celebrate the new year with a cocktailand networking reception. CoreNet Global NYC membership is comprised of corporate occupiers and leaders from New York’s built environment and real estate industries. Thomas O’Halloran, Vice President of Business Development at Structure Tone and Chair of the New York Chapter of CoreNet Global, said, “The annual New Year’s party is an incredible networking opportunity for CoreNet members, allowing hundreds of important commercial real estate leaders to gather in one room. It’s always rewarding to look back on the successes of the past year with colleagues while celebrating the advances we are striving to make for the future.” “Ascent Lounge, which overlooks Columbus Circle and Central Park, was a wonderful space to host the New Year’s Party, it reflects the beauty of New York’s built environment,” said Tracy Davis, Marketing Director of RXR and Chair of the New Year’s Party Committee. “Seeing some of the most powerful faces in commercial real estate gathered there showcases CoreNet’s reach in the industry,” said Debra Cole, Principal/Global Client Relations Director of HLW and Chair of the Special Events Committee. The post CoreNet NYC Hosts 2023 New Year’s Party at Ascent Lounge appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 1st, 2023Related News

NYC MULTIFAMILY INVESTMENT SALES ENJOYS BEST YEAR SINCE 2016 ACCORDING TO ARIEL PROPERTY ADVISORS 2022 REPORT

Multifamily sales experienced substantial growth in 2022 after several sluggish years, according to the recently released Ariel Property Advisors 2022 Multifamily Year in Review. With $13.2 billion in dollar volume for buildings featuring 10 or more residential units, and 506 transactions in total, the report reveals that 2022 was the... The post NYC MULTIFAMILY INVESTMENT SALES ENJOYS BEST YEAR SINCE 2016 ACCORDING TO ARIEL PROPERTY ADVISORS 2022 REPORT appeared first on Real Estate Weekly. Multifamily sales experienced substantial growth in 2022 after several sluggish years, according to the recently released Ariel Property Advisors 2022 Multifamily Year in Review. With $13.2 billion in dollar volume for buildings featuring 10 or more residential units, and 506 transactions in total, the report reveals that 2022 was the best year for multifamily sales since 2016. “The entire multifamily sector performed well in 2022,” notes Shimon Shkury, Founder andPresident of Ariel Property Advisors. “The passage of the Housing Stability and Protection Act in 2019 followed by the unforeseen challenges of the pandemic significantly impacted multifamily sales over the last couple of years. In fact, the sector saw a major resurgence in 2022 with $16 billion in total dollar volume consideration for all multifamily properties (small buildings, buildings with 6-9 units and 10+ units), which is on par with 2016 market multifamily activity.” Key findings of the report include: ● Of the $38.4 million in total investment activity across all asset classes in New York City last year, multifamily sales with at least 10 residential units accounted for approximately 34% of all dollar volume traded, the highest percentage share on record. ● Approximately 76% of the dollar volume for multifamily transactions were for free marketbuildings or those with a 421a tax exemption. This segment has seen increased activity as free-market multifamily assets can be considered an inflation hedge since annual rents can be raised in response to rising expenses. ● New York City’s rents in free market buildings rose steadily last year due to the city’shousing shortage, which is expected to continue due to the lack of government incentives to build rentals after the expiration of the 421a and J51 tax exemptions. Trend Watchlist: the report also highlights trends to continue to watch including: ● Mortgage rates and therefore the cost of debt will be a major focal point within themultifamily market going forward just as it was in 2022. Multifamily dollar volume in thesecond half of 2022 decreased by 12% and transaction volume decreased by 23% whencompared to the first half primarily due to the cost of debt which rose by 100% in just one year. ● Some mortgages for predominantly rent-stabilized buildings taken out before the HSTPAof 2019 are nearing maturity or reset, so owners will need to make tough decisions on whether to cash in refinance or sell. ● State and local officials will have the opportunity to weigh options for promoting investment in multifamily buildings, such as a vacancy reset bill for rent-stabilized owners and a Housing Access Voucher Program, as well as other incentives such as a successor to the 421a and J51 tax exemption programs. ● Concern remains that the State Legislature could approve Good Cause Eviction, a law that would essentially implement universal rent control for all residential rental units in the state. Submarket Highlights: the report also includes overviews of multifamily sales activity in specific NYC submarkets. Highlights include the following: ● Manhattan saw a robust level with $7.21 billion in dollar volume, a 154% jump from 2021and the second-highest level of all time. With 137 in multifamily trades, transaction volume was on par with 2016. ● Brooklyn saw $3.78 billion in multifamily sales, the highest volume on record, breakinglast year’s high by $150 million. Transaction volume also rose to its highest level since 2016 and the Downtown/Park Slope region, boosted by the Gowanus rezoning, experienced the most dollar volume. ● The Bronx enjoyed $1.1 billion in multifamily sales across 89 transactions, the borough’sbest year for the multifamily market in both dollar and transaction volume since 2018. Amajority of the transactions occurred in the South Bronx, which accounted for a third of the total dollar volume and over half of the transaction volume. ● Queens saw a transaction volume totaling 71 trades, which was the highest on record, as well as a dollar volume of $700.2 million, which was the highest since 2018. Approximately two-thirds of the transaction volume and one-half of the dollar volume took place in Northwestern Queens. ● Northern Manhattan recorded 48 trades, the highest since 2018, and $435.1 million in dollar volume, the second lowest level in the past 10 years. The disparity was a result of a majority of the trades being smaller as 59% of the trades were below $5 million, the highest on record. To read the full 2022 Multifamily Year in Review, please click HERE. The post NYC MULTIFAMILY INVESTMENT SALES ENJOYS BEST YEAR SINCE 2016 ACCORDING TO ARIEL PROPERTY ADVISORS 2022 REPORT appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 1st, 2023Related News

Accurate Launches Leasing for Citizen Bound Brook

Citizen Bound Brook, the luxury rental community bringing a modern lifestyle experience to downtown Bound Brook, is now open for leasing, developer Accurate announced today. Located at 507 East Main Street, the new collection of 105 rental residences is surrounded by parks and amenity spaces and is conveniently located near the Somerset... The post Accurate Launches Leasing for Citizen Bound Brook appeared first on Real Estate Weekly. Citizen Bound Brook, the luxury rental community bringing a modern lifestyle experience to downtown Bound Brook, is now open for leasing, developer Accurate announced today. Located at 507 East Main Street, the new collection of 105 rental residences is surrounded by parks and amenity spaces and is conveniently located near the Somerset County borough’s downtown shops, restaurants, markets and NJ TRANSIT’s Bound Brook train station with service to Newark Penn Station and Manhattan along the Raritan Valley line. Citizen Bound Brook opens with furnished model residences and resort-style amenities available to tour. Monthly rental rates for the community’s studio, one- and two-bedroom apartments start from $1,592 net effective, inclusive of special grand opening incentives of one month free on a 13-month lease or two-months free on a 26-month lease. Initial occupancy is available. For more information and to schedule a private tour, visit www.CitizenBoundBrook.com or call 732-813-9879. “We are thrilled to bring our Citizen brand of living to this well-located Bound Brook enclave,” said Jack Klugmann, President & CEO of Accurate.  “The borough’s appeal stems from its ‘small-town’ charm, including a burgeoning downtown, coupled with the convenience of an in-town train station and proximity to a network of interstate highways.  Citizen Bound Brook residents will enjoy all that this community has to offer while elevating their lifestyle in a modern, amenitized building.” Designed by Jarmel Kizel Architects & Engineers, with interiors by Susan Strauss Design, Citizen Bound Brook offers a variety of floorplans with spacious interiors, soaring ceiling heights and upscale finishes and appointments in a boutique six-story building. Modern finishes and appointments such as luxury plank flooring, complimentary window treatments, and an in-residence washer and dryer are found in every home. Gourmet kitchens boast sleek, full-sized stainless-steel appliances, quartz countertops, full-height subway tile backsplashes, espresso soft close cabinetry, four-burner gas ranges, custom soft-close vanities and chrome Moen® faucets. An array of lifestyle amenities designed for recreation and social interaction include an elegant club room, state-of-the-art fitness center, and a landscaped outdoor terrace. The building also provides 5,000 square feet of street-level retail space that will both enhance the retail offerings of downtown Bound Brook and serve as an extended onsite amenity for residents.   Citizen Bound Brook residents are well positioned to enjoy everything Bound Brook and Somerset County offer, with an attractive, walkable downtown just outside their door and easy access to destinations such as New York City and neighboring retail and restaurant hubs such as downtown Somerville and Bridgewater Commons. The Bound Brook train station operates on NJ TRANSIT’s Raritan Valley line, which whisks commuters to Manhattan in about an hour and ten minutes and to Newark Penn Station in about 45 minutes. Entrances to Route 22 and Route 287 are easily accessible for motorists, putting the entire state at their fingertips. Bound Brook is quickly gaining momentum as a desirable downtown destination for new residents and visitors. It is in the middle of a major effort to showcase the community’s many businesses, people and places, as well as attract new commercial tenants downtown and create more recreational green space along the Raritan River.  One of the borough’s cultural treasures is Brook Arts Center, a vintage 1920s theater at 10 Hamilton Street with a full schedule of arts programming, recognized by the National Register of Historic Places. Main Street is home to a wide variety of fine restaurants, lively pubs, shops, and service businesses. Bound Brook hosts community events and festivals throughout the year, including Summer Car Cruise Nights, Family Drive-in Movies in the Park, the RiverFest Art & Music Fair, and the Battle of Bound Brook History Weekend. The 70-mile Delaware & Raritan State Park runs along the southern end of Bound Brook, offering corridors for hiking, jogging, bicycling, canoeing, fishing and horseback riding. For more information on Citizen Bound Brook, visit www.CitizenBoundBrook.com. The post Accurate Launches Leasing for Citizen Bound Brook appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 1st, 2023Related News

Gencom-Led Partnership Executes Sale of etc.venues to New York-Based Convene

Gencom, an international owner and developer of hospitality and residential properties, today announced the sale of etc.venues, an established leader in urban day conferencing with more than 500,000 square feet of space over 13 venues across London, Birmingham and Manchester and three in New York City. The buyer, Convene, is a hospitality... The post Gencom-Led Partnership Executes Sale of etc.venues to New York-Based Convene appeared first on Real Estate Weekly. Gencom, an international owner and developer of hospitality and residential properties, today announced the sale of etc.venues, an established leader in urban day conferencing with more than 500,000 square feet of space over 13 venues across London, Birmingham and Manchester and three in New York City. The buyer, Convene, is a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces, offering solutions for innovative organizations. Four years ago, a Gencom-led partnership acquired an ownership stake in etc.venues, contributing capital to position the company for continued growth, serving as a catalyst for its expansion into the U.S. and navigating challenges presented by the global pandemic that has led to its successful exit from this investment. The completion of this transaction positions Convene as the largest single provider of premium meeting and event venues in the U.S. and UK. “Gencom’s investment in etc.venues represented a unique opportunity to execute an investment strategy that aligned with our focus on hospitality holdings and operations, while allowing us to gain a stake in the growing meetings and events space sector,” said Gencom Founder and Principal Karim Alibhai. “Despite setbacks created by the pandemic, this was a business sector that rebounded stronger as more companies sought flexible meeting and work spaces in a post-pandemic world. We felt this was the right time to execute this successful transaction given the buyer Convene’s position as an industry leader in meeting, event and flex office spaces, and future growth prospects.” The Gencom partnership will maintain a significant ownership stake in Convene and Mr. Alibhai will serve on its board of directors. Founded more than 35 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $7 billion in assets under management and includes 23 assets in operation or under development with over 8,500 hotel rooms around the world. Gencom’s portfolio also includes a distinct affiliated operating platform: Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe. The post Gencom-Led Partnership Executes Sale of etc.venues to New York-Based Convene appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 1st, 2023Related News

Coldwell Banker Realty Announces Grand Opening Of New Boutique Rental Building Aspira Jersey City

Coldwell Banker Realty Announces Grand Opening Of New Boutique Rental Building Aspira Jersey City.....»»

Category: realestateSource: REALESTATEWEEKLYFeb 1st, 2023Related News

Mixed-Use Building at 430 Main Avenue, Norwalk, CT, Sells for $6,000,000

Angel Commercial, LLC, announces the sale of 430 Main Avenue in Norwalk, CT, for $6,000,000 to an undisclosed investor.  The seller was C&H Lew LLC, whose principals owned the property for 15 years. 430 Main Avenue is a 34,583 RSF multi-use building on 1.52 acres.  The building is comprised of... The post Mixed-Use Building at 430 Main Avenue, Norwalk, CT, Sells for $6,000,000 appeared first on Real Estate Weekly. Angel Commercial, LLC, announces the sale of 430 Main Avenue in Norwalk, CT, for $6,000,000 to an undisclosed investor.  The seller was C&H Lew LLC, whose principals owned the property for 15 years. 430 Main Avenue is a 34,583 RSF multi-use building on 1.52 acres.  The building is comprised of 14 retail/office units on the first and second floors and nine residential apartments on the third floor.  “Prior to the sale, we leased several units to bring the occupancy to 90% and increase cashflow,” states Brett A. Sherman, CCIM, Senior Vice President at Angel Commercial, LLC, who represented both parties in this off-market transaction.  “The new owner plans to make cosmetic upgrades and fill the remaining spaces.” 430 Main Avenue is the third property in Norwalk that Sherman has sold in the past two years, totaling $12.75 Million in sales. Located at a four-way signalized traffic light, 430 Main Avenue is directly across the street from the Merritt 7 Corporate Park, with over 1.4 million square feet of Class A Office space and minutes to over 2,000 brand-new apartments built over the last three years.  The building has excellent visibility, prominent signage, substantial street frontage, and two curb cuts. Angel Commercial, LLC, is an award-winning full-service commercial real estate brokerage firm headquartered in Fairfield County, Connecticut.  The company specializes in the acquisition, disposition, and leasing of office, industrial, retail, land, investment, and development properties locally and nationally.  Visit Angel Commercial, LLC, on the web at angelcommercial.com. The post Mixed-Use Building at 430 Main Avenue, Norwalk, CT, Sells for $6,000,000 appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 1st, 2023Related News

Bloom Holding Begins Handover of Aldhay, Six Months Ahead of Schedule

Leading real estate development company, Bloom Holding, announced today that it has begun the early handover of townhouses to owners at Bloom Garden’s fifth phase Aldhay. Aldhay was completed six months ahead of its scheduled handover date, which was set for the third quarter of 2023, adding 181 spacious two... The post Bloom Holding Begins Handover of Aldhay, Six Months Ahead of Schedule appeared first on Real Estate Weekly. Leading real estate development company, Bloom Holding, announced today that it has begun the early handover of townhouses to owners at Bloom Garden’s fifth phase Aldhay. Aldhay was completed six months ahead of its scheduled handover date, which was set for the third quarter of 2023, adding 181 spacious two to five-bedroom townhouses to the existing elegant 457 villas and townhouses at Bloom Gardens. Aldhay’s townhouses come in a variety of types and sizes that range from 124 square metres to 325 square metres. Each home is designed with a Mediterranean feel and superior, modern finishings, complimented by exceptional facilities. Carlos Wakim, CEO of Bloom Holding said: “The delivery of Aldhay townhouses ahead ofschedule is a testament to the strength of the Bloom brand, and further evidence of our ability to deliver beyond our promise and provide high-quality residential developments in a timely manner.” “Aldhay will provide residents with a premium asset that delivers great value; moreover, it will provide a home in which all family members can flourish, in a community that fosters genuine human connection.” He added. The well-established gated community is located on the Eastern Mangrove Corniche, part of Bloom’s master planned community, Bloom Gardens. Aldhay is designed to become anexclusive self-sustained residential community in one of the most prestigious areas in AbuDhabi city, close to ministries and several government departments. Aldhay enjoys a strategic location that provides easy access to the Abu Dhabi – Dubai highway and within close proximity to some of the city’s key landmarks and lifestyle destinations, including Khalifa Park, Sheikh Zayed Grand Mosque and Zayed Sport City, offering a high rental yield for UAE national investors and a great place to call home for end users. Aldhay’s residents will have direct access to premium amenities including a round-the-clocksecurity, landscaped recreational areas, exclusive clubhouse, swimming pools, kids play area, F&B outlets, prayer halls, state-of-the-art male and female gyms, as well as retail shops, and educational institutes such as Brighton College Abu Dhabi, and Bloom nursery. The post Bloom Holding Begins Handover of Aldhay, Six Months Ahead of Schedule appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 1st, 2023Related News