Northeast

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.

The average existing building is 40 years or older and can experience 15 to 20% degradation in operating performance each year but Hatch Data software offers efficiency, productivity and optimized asset values.

The unnamed Asian investor will contribute approximately $108 million for a 39% equity interest in the joint venture and ILPT will own the remaining 61% equity interest in the joint venture.

With the current rush to technology adoption, the construction industry is asking will it eliminate human labor.

The modernization of Riddle Hospital, part of Main Line Health, includes the development of a new five-story, approximately 230,000-square-foot Patient Pavilion building.

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.