News/Events
Aggregate Buys $58M Northern Virginia Portfolio
The owner of an 11-building industrial and retail portfolio in Northern Virginia has sold the assets for $58 million. Fairfax-based Aggregate Real Estate Investors acquired the 320,000-square-foot portfolio from Clarke-Hook Corporation. The portfolio includes four business complexes in Fairfax and Loudoun counties that combined were 94 percent leased to more than 90 tenants at the…
Dwight Supplies $70M Refi on Newark Multifamily Tower
New Jersey developer Yisroel Berger has sealed a $70 million loan to refinance a newly redeveloped multifamily tower in Newark, N.J., Commercial Observer has learned. A fund managed by Dwight Investment Management (formerly Dwight Mortgage Trust) provided the nonrecourse, interest-only loan for the 216-unit Cosmo 440 project in Newark’s South Ward neighborhood. The development previously received…
Cortland Sells West Palm Rental at Discount for $208M
Multifamily development firm Cortland sold a garden-style rental complex in West Palm Beach, Fla., for $208 million, property records show. The transaction ranks among South Florida’s largest multifamily sales this year, although it marked a discount for the Atlanta-based seller. Fairfield Residential bought the 812-unit asset, called Portofino Place Apartments. The property houses 34 three-story…
Westbridge Realty Group Files Plans for Three 99-Unit Buildings in the Bronx
New York City-based real estate development firm Westbridge Realty Group has filed plans to build three 99-unit residential buildings on a development site in the Bronx’s Soundview neighborhood, the latest example of the trend to cap multifamily projects at 99 units to reap maximum benefit from the city’s 485-x tax incentive. Steven Westreich, president and…
Pilates Studio Sancta Selects Tribeca’s 124 Hudson Street for First Location
A high-end Pilates studio has found its center in Manhattan’s Tribeca neighborhood. Sancta, a studio specializing in reformer Pilates, has inked a 2,350-square-foot lease for its debut location at 124 Hudson Street, Commercial Observer has learned. The studio agreed to a seven-year term with landlord Marx Realty for the ground-floor lease, with an asking rent…
Launch Expeditionary Learning Signs 77K-SF Lease for High School in Sunset Park
A public charter school is leasing space from an independent Catholic order to create a new high school in Sunset Park, Brooklyn. Launch Expeditionary Learning Charter School has signed a 15-year, 77,000-square-foot lease with Redemptorist Fathers of New York at 5902 Sixth Avenue, where it will begin growing its student body in fall of 2027,…
AI Construction Engineering Startup Spacial Taps NYU Prof Ravid Shwartz-Ziv
Spacial, an artificial intelligence-powered engineering platform for residential construction, announced that Ravid Shwartz-Ziv has joined the company as a scientific adviser. An assistant professor and faculty fellow at New York University’s Center for Data Science, Shwartz-Ziv leads large language model (LLM) research focused on using information theory to explain what neural networks actually learn. He…
Kevin Warsh Notes Inflation Concerns But Offers No Clues as to Next Fed Decision
New Federal Reserve Chairman Kevin Warsh did not tip his hand Friday about whether an interest rate hike is on the horizon but did voice concerns about a continued trend of higher inflation. “I stand here today committed to a discipline, not to a decision,” Warsh said in prepared remarks at the central bank’s annual…
Knighthead Funding Refis Chicago-Area Apartments With $32M Loan
The Drake Group has sealed a $32 million loan to refinance a newly built multifamily community in suburban Chicago, Commercial Observer has learned. Knighthead Funding supplied the loan for the 62-unit the Drake Group’s Cerca property in Glenview, Ill., that opened in June. The debt refinances a previous construction facility and pays off the property’s…
