News

In its updated 2020 Business Climate Analysis, the NJBIA report states that New Jersey has the least competitive business climate, with the highest corporate tax, state sales tax, income tax and property taxes in the region when compared to Massachusetts, Connecticut, New York, Pennsylvania, Maryland and Delaware.

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 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.

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.

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.