Avison Young has arranged a 99-year long-term ground lease at 301-307 Third Avenue on behalf of Snake River Development, who is managed by BNS Real Estate. The value of the long-term lease is estimated at $21.5 million, which equates to $300 per zoning floor area (ZFA), and contains an existing two-story building, with flexibility in development plan for market rate rentals, affordable rentals, or institutional use. The owner was represented by Charles Kingsley, Principal; Neil Helman, Principal; Erik Edeen, Principal and Director of Tri-State Investment Sales; James Nelson, Principal and Head ..read more

Rosewood Realty Group announced the $36.5 million sale of 159-161 West 54th Street, a 15-story, mixed-use building on the corner of West 54th and Seventh Avenue in Hell’s Kitchen. Rosewood Realty’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented both the buyer,  Duc Huang, a private family office and the sellers, Sol Kurtz, a private investor and Rubin Schron of Cammeby’s International. The building features 42 residential apartments, five commercial spaces and 11 office spaces. The 85,309 sq. ft. building, that was built in 1923, also features 27,806 sq. ft. of air rig ..read more

Artificial intelligence (AI) and machine learning are touching the corners of every industry in a rapidly changing and exciting way. The data center will serve as the backbone to support its explosive growth at massive scale. According to JLL’s new 1H 2023 North American Data Center Report, AI requirements, along with continued adoption of cloud services, are the main drivers of hyperscale expansion, driving record growth in the data center sector. The first half of 2023 finished with record absorption as hyperscalers, financial firms, healthcare companies and other major enterprises raced to ..read more

Miller Construction Company, a statewide, privately-held construction firm, has begun site work on an 80,000-square-foot warehouse for MSI in Orlando, Florida. MSI is the leading nationwide distributor of flooring, countertops, wall tile and hardscaping products in North America. The build-to-suit project will serve the company’s evolving storage and distribution needs in the Southeast. Located at 2140 North John Young Parkway in Orlando, the industrial site spans 3.53 acres with convenient access to the area’s major highways: I-4 and 408 Expressway. The tilt wall structure is scheduled to be ..read more

The Westchester County’s Local Development Corporation (LDC) voted on August 23 final approval of $195 million in tax-exempt bond financing for the development of a new 162,626-square-foot Patient Care Tower on the campus of Westchester Medical Center in Valhalla. “Today’s historic approval by the Local Development Corporation is yet another example of how we are working with our not-for-profit community in securing tax-exempt bond financing benefits that are provided at no cost or risk to the taxpayers of Westchester County. This magnificent new project will further enhance our County’s world ..read more

 NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has been named the exclusive brokerage for 110 Route 23 in Riverdale, N.J. NAI James E. Hanson’s Jonathan Kristofich and John Schilp will oversee the marketing of the property. Located near the intersection of Route 23 and Interstate 287 in northeastern Morris County, 110 Route 23 is a 14.51-acre, 133,032-square-foot component of Riverdale Plaza, a large retail power center. 110 Route 23 has been triple-net leased to BJ’s Wholesale Club, a leading warehouse club ..read more

 Rudin announced today that Curtis + Ginsberg Architects has signed a 12,602 square-foot lease at One Battery Park Plaza in Lower Manhattan. The NYC-based firm, known for providing award-winning architectural services and specializing in quality sustainable design, will relocate its headquarters to a portion of the 27th floor of the 35-story, 870,000 square-foot office tower as part of its 11-year lease. The practice is expected to move from its current 10,307-square-foot office at 55 Broad Street in the third quarter of 2023. Rudin recently finalized the sal ..read more

Camber Property Group announced today the acquisition and preservation of the Oakland Heights Apartments, a 12 acre 106-unit affordable housing community located at 360 Oakland Street in Manchester, Connecticut. Oakland Heights marks Camber’s first Connecticut transaction and is part of the firm’s regional expansion strategy bringing its disciplined resident-centric approach to affordable housing development, investment, and ownership. Camber partnered on the acquisition with the Community Preservation Corporation (CPC), which provided a portion of the equity. Real estate services firm Cushman ..read more

J. Calnan & Associates, Inc. (JC&A), a leading construction management firm in the Northeast specializing in world-class preconstruction services and challenging construction projects, is proud to announce the successful completion of a significant project for Biocytogen Pharmaceuticals. The grand opening of Biocytogen’s new 37,000 sqft. facility in Waltham, MA marks a notable achievement in advancing research and development in the global biomedical sector. JC&A has worked alongside LeftField Project Management, Hammel, Green & Abrahamson, and AHA Engineers to bring this proje ..read more

 NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces they have negotiated a 1,750-square-foot office space lease at 18 West Passaic Street in Rochelle Park, N.J. NAI James E. Hanson’s Josh Levering, SIOR, and Jonathan Kristofich represented both the landlord, Passaic Street Associates, LLC, and the tenant, State Farm, in the transaction. Located near the interchange of Routes 4 and 17 as well as the Garden State Parkway, 18 West Passaic Street is a one-story, 7,724-square-foot office building with executive-covered parking ..read more