Globest Sectors

Long Island City was marked X on the treasure map. Then Amazon pulled out, leaving the CRE industry to wonder what's next? Short answer: Big corporate leases and an $880 million recapitalization at One Court Square.

In New Jersey, the arranged sales involving 3,683 units with a sales value in excess of $606.8 million in 2019. In the Greater Philadelphia metro region, Gebroe-Hammer Associates orchestrated more than $455 million in sales totaling more than 4,265 units last year.

Newmark Knight Frank Multifamily reports it arranged more than $61 million in financing in connection with the purchase of the property that was completed in 2000 and is located adjacent to Route 59 Metro Station.

The nearly 400,000 square foot office is owned by JBG Smith.

While capital likes multifamily and industrial, most CRE sectors, even retail, have a positive story.

NAI James E. Hanson, the exclusive leasing broker for the former Ballantine Brewery located in the Ironbound district in Newark, reports that it negotiated industrial leases for 16,504 square feet with L. Gambert, LLC, 11,000 square feet with Windsor, and 9,000 square feet with Eli Fashion.

In times of trouble, US real estate can be seen as a safe harbor. But domestic political uncertainty presents other challenges.

Avison Young was able to secure an early renewal and extension lease at 330 Washington Ave. allowing VGS to stay in the saturated Carlstadt/Rutherford submarket, while also negotiating other terms including a tenant improvement package.