PHILADELPHIA, PA—Precision Realty Group in Center City has joined CORFAC International as its newest domestic affiliate and will cover Philadelphia's urban and suburban submarkets and Southern New Jersey.

JERSEY CITY, NJ—Apartment rental prices in Jersey City went over the $50-per-square-foot mark in 2015, leading a rental price explosion that has also increased demands along the Garden State's new "urban gold coast." The Marketing Directors, a New York consultancy, says that means an additional 12,000 apartments will be built in New Jersey over the next five years.

FLORHAM PARK, NJ — AIG Global Real Estate Investment has sold for $165.4 million a 12-property apartment portfolio totaling 2,811 units in New Jersey, Pennsylvania and Delaware, the remains of a portfolio it acquired from Kushner Companies in 2007.

PHILADELPHIA, PA—The former Four Seasons Hotel in Center City has reopened as The Logan Philadelphia, joining the Curio – A Collection by Hilton chain following a multi-million dollar renovation.

OLD BRIDGE, NJ—Retail vacancy rates in northern and central New Jersey during the latest quarter rose to a combined 8.4 percent from 7.4 percent last year, driven mainly by the A&P bankruptcy says R.J. Brunelli & Co. CEO Ron DeLuca.

NEWARK, NJ—City National Bank, one of the ten largest African-American-owned banks in the country and a Newark-born institution, has leased a new 13,000-square-foot location in Newark's historic Hahne & Co. Department Store redevelopment project.

NORTH PLAINFIELD, NJ—Shanon McAlister, who previously ran his own brokerage firm in New York City, has joined retail real estate services firm Levin Management where he will market and lease several New York and New Jersey retail properties.

PHILADELPHIA, PA— P.A. Ridge Associates is acquiring The Independence Press Building, a vacant 156,000 square foot property at 525 North 11th Street in Philadelphia, PA, for $5 million. Ridge is planning loft-style residential units in the property.