Northeast

L&L Holding Company and Normandy Real Estate Partners has gotten the green light from the New York City Landmarks Preservation Commission to embark on the restoration and revitalization of the historic Terminal Warehouse in West Chelsea.

The deal with building owner KBS will allow BNP Paribas to continue to fully occupy the first and third floors of Building D at the six-building, 630,000-square-foot complex.

Sax LLP will be moving from 855 Valley Road in Clifton to the Latitude property by this August. The firm also maintains an office in Pennington, NJ, as well as two locations in Manhattan at 551 Madison Ave. and 350 Fifth Ave.

Cushman & Wakefield is leading the marketing sale for 7 Cross Bronx Service Rd Extension, a 23,608-square-foot residential development site in the West Farms neighborhood of the Bronx.

Separately, JLL reported that global commercial transaction volumes reached an all-time high of $800 billion in 2019, increasing 4% year-over-year.

The 824,000-square-foot complex traded for $180 million to an undisclosed buyer. Westinghouse signed a 15-year lease for the entire complex in 2017.

While there may be questions about the future of the GSEs, capital is lining up to support affordability.

In the US multifamily sector alone, more than $2.9 trillion of assets depend on valuation expertise for every transaction.