New York

Local Queens developer Gary Tsan has acquired a 200,000-square-foot development site situated in a qualified Opportunity Zone in the Downtown Flushing submarket for $58 million, or approximately $290 per buildable square foot. The one-acre development is located at 133-25 37th Ave., and is said to be one of the last large land parcels available in the submarket.

Tall Pines Capital has loaned $120 million to the development The Element, a six-story apartment building located at 400 Claremont Avenue in Jersey City, New Jersey. The loan is split between an $84,000 construction loan and $36,000 of equity. Kathy Anderson, a founding partner of commercial real estate firm Progress Capital, arranged the loan.

A venture comprised of real estate firm Stonehenge NYC, retired Major League Baseball player Alex Rodriguez A-Rod Corp and real estate agency the Modlin Group have announced the acquisition of 340 East 51st, a 114-unit residential apartment building in Midtown East.

On Friday, Sen. Sweeney proposed to tap a total of $500 million from the state Corporation Business Tax, the New Jersey Turnpike and the Clean Energy Fund for the NJ TRANSIT operating budget.

The Bay Area-based has secured an estimated $75 million in capital commitments to its opportunity zone fund aimed at closing the affordability gap in the expensive local housing market.

Living New York, a real estate firm specializing in landlord representation, sales and new development, has acquired Mdrn. Residential, a New York-based brokerage firm.